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Shopping for senior life insurance may seem daunting. Premiums can be high, plan details confusing, and the ramifications of your decision can be wide-ranging. You'll generally get the best rates and options if you contact companies directly. If you're in good health, consider applying for a policy that requires a medical exam—since rates increase with age and poor health, it may be to your advantage to show the company you're healthy.
Our research found New York Life to be the best option due to its long history and top score in our rating system. To choose the best life insurance companies for seniors, we evaluated companies based on their highest maximum issue ages for term and cash-value life insurance (30%), financial stability based on AM Best financial strength ratings (24.5%), incidence of consumer complaints filed with the National Association of Insurance Commissioners (NAIC) and customer service features (24.5%), policy features and available riders (16%), and maximum coverage amounts (5%).
Best Life Insurance Companies for Seniors of 2024
- Best Overall: New York Life
- Very Few Complaints : Guardian
- Best for a Positive Customer Experience: Pacific Life Insurance
- Best If You Want a Term Policy: John Hancock Life Insurance
Compare life insurance quotes with our partner Covr Financial from multiple providers before buying.
Best Overall : New York Life
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A++
- Accepts Credit Cards: No
New York Life has been in business since 1845, has an A++ (Superior) AM Best rating, and has paid dividends every year since 1854, and had a higher overall score than another of the other 90 companies we analyzed.
Policies available to 90-year-old applicants
A++ AM Best rating
Long history of dividend payments
Few customer complaints
Broad selection of riders
Must talk to an agent to get a quote and apply
Limited policy information online
New York Life ranks as having the overall best senior life insurance for a number of reasons. It’s one of very few companies we reviewed that issues policies to applicants up to age 90 (most companies cap applicant age at 85). And considering that it was founded in 1845 the company has weathered many financial storms, including multiple recessions and the Great Depression. Its strong financial position has earned it an A++ rating (the highest available) from AM Best. An A++ (Superior) rating means AM Best believes the company has a superior ability to meet its ongoing insurance obligations.
The company receives few complaints with the NAIC. Plus, whole life policyholders are eligible for life insurance dividend payments, and have been receiving them every year since 1854, the longest record for consistent dividend payments of all companies we reviewed.
New York Life also offers an array of riders with which to customize your policy, including a disability waiver of premium, a spouse's paid up insurance purchase option, and living benefits. The downside is that you’ll need to provide your phone number and other personal information to get detailed policy information and a quote. Not surprisingly, there’s no online application option either.
- Maximum age: 90 years old
- Policy types: Term, variable universal life, universal life, whole life
- Coverage amounts: Start at $25,000 (whole life)
Very Few Complaints : Guardian
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A++
- Accepts Credit Cards: Yes
Guardian Life has an A++ (Superior) financial stability rating from AM Best and a record of few complaints with the National Association of Insurance Commissioners (NAIC).
A++ AM Best rating
Few customer complaints
Policies available to 90-year-old applicants
Pays dividends on whole life policies
Can’t apply without an agent
Some policy information is not available online
In business since 1860, Guardian Life received an A++ rating from AM Best for financial stability. Fewer than 10% of the companies we reviewed received this rating; New York Life is the only other one on this list. Also like New York Life, 90-year-old applicants to Guardian are eligible to apply for coverage, and whole life insurance policyholders are eligible for dividends.
Guardian also has a low incidence of customer complaints, according to the NAIC. Based on three years of complaints, Guardian received a low number for a company of its size—among the lowest complaint indexes (based on its size) out of the 91 companies we reviewed.
And while you can find copious educational material on the company’s website, finding policy-specific information is difficult to impossible. You’ll need to reach out to an agent for that. You’ll also need to contact an agent to apply.
- Maximum age: 90 years old
- Policy types: Term, variable universal life, universal life, whole life
- Coverage amounts: $250,000 to at least $5 million (term)
Best for a Positive Customer Experience : Pacific Life Insurance
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
- Accepts Credit Cards: No
Pacific Life has an excellent track record with the NAIC, as well as a strong rating in J.D. Power's customer satisfaction study.
Very few customer complaints
Term coverage available to 75-year-old applicants
Many accelerated death benefits and riders available
No online quote or application on the website
Pacific Life's complaint rate was among the lowest relative to its size of all 91 insurance companies we reviewed. The company is especially good for seniors because it offers senior life insurance in the form of term coverage for applicants up to 75 years of age. It also offers universal life policies that guarantee coverage until age 90, extendable to age 121.
Additionally, Pacific Life offers accelerated death benefits in the form of included terminal illness riders. Other companies may charge for this. Like some other insurance companies on this list, the online capabilities at Pacific Life are limited. You can’t get a quote or apply without calling the company or applying through a third-party agent or broker.
- Maximum age: 75 years old for term life, possibly higher for permanent coverage
- Policy types: Term, variable universal life, universal life, indexed universal life
- Coverage amounts: Up to $3 million and higher
Best If You Want a Term Policy : John Hancock Life Insurance
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
- Accepts Credit Cards: No
John Hancock offers the most compelling term life insurance offerings of our top-ranked companies for seniors.
High maximum age for term insurance applicants
Offers insurance for diabetics
Optional critical illness rider doesn’t reduce the policy’s death benefit
Wellness program
Most living benefits riders cost extra on term life policies
No online quote, application, or live chat for applicants
John Hancock issues term policies to applicants up to age 80, while many competitors have cutoffs at age 75 or younger. Its maximum issue age for other types of insurance is also high, at 90.
In addition, we like that John Hancock offers a critical illness rider that isn’t an accelerated benefit, so the death benefit doesn’t get reduced if the rider is used. That’s uncommon. The company also caught our eye for its insurance for diabetics as well as its Vitality rewards. Vitality provides incentives for policyholders to live a healthy lifestyle, including potential discounts on senior life insurance premiums.
John Hancock’s main weaknesses are that most living benefits riders cost extra on term policies, and, like others on this list, it doesn’t allow you to get a quote or apply online without an agent.
- Maximum age: 90 years old
- Policy types: Term, variable universal, index universal, universal
- Coverage amounts: $250,000-$30 million (term), $50,000-$65 million (permanent)
Compare the Best Life Insurance Companies for Seniors of 2024
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AM Best Rating
AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.
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Term Life Sample Cost
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Policy Types
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Accepts Credit Cards
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*Quotes above are examples of what a 40-year-old in excellent health might pay for a 30-year $250,000 policy. Get life insurance quotes from multiple companies to find your best rate.
Final Verdict
The best senior life insurance company for you will be determined by what type of coverage you’re looking for and your personal preferences. If you want a rock-solid company with a long history of financial stability, look to New York Life and Guardian. They have the added benefit of being the only two companies on this list that pay dividends.
And while both of those companies have a low incidence of customer complaints, Pacific Life has fewer. Guardian and New York Life issue some policies to applicants as old as 90.
For term policies, consider John Hancock, especially if you're an older applicant. You’ll need to talk to an agent, but can apply for a 10-year term policy if you’re 80 years old. This is not the case with any other carriers on this list.
More About Our Top Insurance Companies
Here is an overview of some of the key features of the life insurance policies our top companies provide.
| Companies | Age Limit | Policy Types | J.D. Power 2023 ranking (out of 22 companies) | AM Best Financial Stability Rating |
|---|---|---|---|---|
| New York Life | Up to 90 for permanent | Term, whole, variable, universal | #8 | A++ (Superior) |
| Guardian | Up to 90 for permanent/75 for term | Term, whole, variable, universal | #12 | A++ (Superior) |
| Pacific Life | 75 for term | Term, index, variable, universal | #6 | A+ (Superior) |
| John Hancock | Up to 90 for permanent/80 for term | Term, index, variable, universal | #15 | A+ (Superior) |
How to Choose the Right Life Insurance
The best life insurance companies offer the type of policy you need at a price you can afford and meet the following criteria:
- An A or above rating from AM Best: AM Best gives A ratings and above to companies it considers to have an “excellent” (A-, A) or “superior” (A+, A++) ability to meet their ongoing insurance obligations. All companies in our best life insurance for seniors list have at least an A+ rating.
- Few customer complaints: You can see how many complaints a life insurance company has received using the NAIC’s Consumer Insurance Search tool. Look at the insurance company’s “complaint index” for life insurance. An index greater than 1.0 means the company received more complaints than expected for its size, an index less than 1.0 means it received fewer.
- The policy features you want: Some companies automatically include value-added benefits or riders in their coverage, while other companies charge extra for you to add them. This is particularly the case with accelerated death benefit riders like chronic, critical, and terminal illness riders. Make a note of which companies and policies offer the best living benefits.
- A manageable application process: Once you’ve determined which companies you like, it’s time to get life insurance quotes and apply for coverage. It’s likely you’ll talk to an agent, which can give insight into how transparent or accessible service may be in the future, so pay attention to the agent’s behavior in your communications with them.
Alternative Life Insurance Options for Seniors
If you find yourself unable to afford the premiums of a permanent life insurance policy and you don't qualify term life insurance, there are alternative options. Generally speaking, you can get a guaranteed policy or a simplified issue policy. Guaranteed policies don't require a medical exam and your health doesn't factor into your eligibility. Simplified issue policies require minimal information about your health.
In both cases, however, the death benefit your policy includes will likely be much lower than a term or permanent policy. For example, guaranteed benefit policies typically cap the death benefit at $25,000.
More Ratings of Top Life Insurance Companies
- Best Life Insurance Companies
- Best Life Insurance Companies for People Over 50
- Best Whole Life Insurance Companies
- Best Universal Life Insurance Companies
- Best Children’s Life Insurance Companies
Frequently Asked Questions
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What Is Senior Life Insurance?
Senior life insurance is life insurance that seniors are eligible for. Senior life insurance usually refers to final expense insurance, which is also called burial insurance or funeral insurance. These policies often limit the death benefit to $25,000 and require few or no health questions and no medical exam, making them easy to qualify for.
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Do Seniors Need Life Insurance?
While the answer to this question depends on your financial circumstances, generally speaking, yes, seniors need life insurance. At the very least, a final expense policy can help loved ones cover the cost of a funeral and burial. Term and permanent life policies offer significantly higher death benefits, which can be a financial lifeline if your spouse or partner would be in financial distress if you were to pass.
- Pros: A life insurance death benefit can provide financial stability for loved ones who depend on you, and, in some cases, you can take out a loan against your policy's cash value to help you pay for expenses like financial emergencies or vacations
- Cons: Premiums can be very high if you obtain a policy late in life, and you're also likely to pay significantly more if you're dealing with health issues.
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What Is the Average Cost of Life Insurance for Seniors?
Senior life insurance is more expensive than life insurance for younger individuals. A 60-year-old might pay between $100 and $200 per month for $25,000 worth of guaranteed issue whole life insurance coverage, while a 70-year-old might pay $160 to over $300 per month for the same coverage. Life insurance gets progressively more expensive as you get older.
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Which Type of Life Insurance Is Best for Seniors?
Whether you purchase term or whole life insurance as a senior depends on how much coverage you need, for how long, and what you can afford. A term policy may be a good idea if you only need coverage for a limited amount of time, such as the last few years of making your mortgage payments. But if you want to provide for loved ones whenever you pass, get permanent whole life insurance or a burial insurance policy.
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How Does a Graded Death Benefit Work?
A policy with a graded death benefit has a waiting period, usually two or three years. If the policyholder dies from natural causes within the waiting period, the beneficiaries don’t get the full death benefit. Instead, the insurance company provides a return of premium plus a small percent. A graded death benefit is a feature of some burial insurance and final expense insurance policies.
For example, if the insured person dies during the first two years of coverage, the policy might pay a return of premiums plus 10%. After the graded death benefit period, or for accidental death at any time, the policy would pay the full death benefit.
The reason insurance companies have graded death benefits is so they can afford to offer coverage to high-risk applicants at affordable premiums. Otherwise, insurers would need to charge much larger premiums to cover their costs or they’d simply deny coverage. This is because life insurance premiums are based on when the insured person is most likely to die—and the highest risk applicants (the type that guaranteed issue policies are designed for) are most likely to die sooner rather than later. A graded death benefit helps the company soften this risk so that it can offer affordable coverage.
Methodology
In order to compile our list of the best life insurance companies for seniors, we developed a comprehensive life insurance methodology. We started off by researching what consumers want from life insurance companies, and for that, we looked to third-party consumer studies, including J.D. Power’s 2022 U.S. Life Insurance New Business Study and the 2022 Insurance Barometer Study, by Life Happens and LIMRA.
With those findings in mind, we gathered more than 50 data points on 91 life insurance companies, including ratings for financial strength, customer satisfaction, and customer complaints, as well as information about years in business, online tools, no-exam options, policy types and features, maximum issue age, and available riders.
Our review process gave preference to companies with superior financial stability, few customer complaints, and a high maximum issue age for policies. In particular, we valued the availability of accelerated death benefit riders and whether they’re included in policies free of charge. Companies received ratings boosts if they provide educational materials, accept credit cards, and make large coverage amounts available. We ranked each company according to the following categories and weights.
- Maximum issue age: 30%
- Financial stability: 24.5%
- Consumer complaints and customer service features: 24.5%
- Policy features and riders: 16%
- Maximum coverage amount: 5%
To finalize our list, we considered third-party customer satisfaction ratings, and compared individual offerings between top companies by delving deeper into product specifics and the application process. We used this research to determine the best life insurance for seniors.
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