Guardian, MassMutual and Northwestern Mutual top our list of the best life insurance companies for seniors. Just because you’re older doesn’t mean you can’t find a life insurance policy that meets your needs. The cost of coverage can increase with age, but many insurers will accommodate older adults, even if they’re not in the best of health.
Ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
Guardian Life
Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years. Guardian also offers whole life policies that are paid up by age 65, 95, 99 and 121. If you’re looking for other types of permanent coverage, you may want to consider Guardian’s universal and variable universal life products, which are issued up to age 85.
Guardian senior life insurance policy details
Policy type: Term.
Max issue age: 75 (1-year and 10-year terms), 70 (15-year term), 65 (20-year term).
Coverage: $100,000+
Policy type: Whole.
Max issue age: 90.
Coverage: $25,000+
MassMutual
Bottom line: Few providers issue whole life products to applicants over age 85, which makes this insurer a good bet for older seniors looking for permanent coverage. With MassMutual, there’s no limit to how much term life coverage you can buy (subject to restrictions). You may find this appealing if you’re looking for a substantial payout for your life insurance beneficiers.
MassMutual senior life insurance policy details
Policy type: Term.
Max issue age: 75.
Coverage: $100,000+.
Policy type: Whole.
Max issue age: 90.
Coverage: $25,000+.
Northwestern Mutual
Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice. Northwestern Mutual’s whole life policyholders may be eligible to receive dividends, which the company has paid out consistently since 1872.
Northwestern Mutual senior life insurance policy details
Policy type: Term.
Max issue age: 70.
Coverage: $100,000+.
Policy type: Whole.
Max issue age: 85.
Coverage: $50,000+.
New York Life
Bottom line: New York Life offers both term and whole life policies that span a significant range of coverage. Depending on your needs and policy type, you can select payout amounts anywhere from $25,000 to well into the millions.
New York Life senior life insurance policy details
Policy type: Term.
Max issue age: 75 (1- and 10-year terms) and 65 (15- and 20-year terms).
Coverage: $100,000+.
Policy type: Whole.
Max issue age: 90.
Coverage: $25,000+ (for applicants ages 18 and over).
State Farm
Bottom line: If you’re looking for a company with a great reputation, State Farm ranked first out of 22 companies for overall customer satisfaction in J.D. Power’s 2023 U.S. Individual Life Insurance Study. State Farm offers its customers broad, customizable coverage. For instance, you can add more coverage for yourself or another person through a term rider. This can be useful if you need to buy a small amount of coverage for a partner but don’t want to purchase a separate policy.
State Farm senior life insurance policy details
Policy type: Term.
Max issue age: 75 (10-year term), 65 (20-year term).
Coverage: $100,000+.
Policy type: Whole.
Max issue age: Varies by policy (80 for final expense whole life).
Coverage: $10,000+.
USAA
Bottom line: USAA allows you to convert your term policy to permanent coverage before it expires, which can be useful if you think you’ll want lifelong coverage at a later date. For anyone looking to skip the medical exam, USAA offers a guaranteed issue policy, underwritten by Mutual of Omaha. You’re not required to answer any health questions or take a life insurance medical exam to qualify for coverage. Plus, unlike some of its other financial products, the company’s life insurance isn’t limited to military families.
USAA senior life insurance policy details
Policy type: Term.
Max issue age: 70.
Coverage: $100,000 to $10 million.
Policy type: Whole.
Max issue age: 85.
Coverage: $25,000 to $10 million.
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FAQs about Senior Life Insurance
The top life insurance companies for seniors include Guardian, MassMutual, Northwestern Mutual, New York Life, State Farm, and USAA. These companies offer a range of coverage options and cater to the needs of older individuals.
Ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners, and weighted averages of financial strength ratings. Factors such as ease of communication, website transparency, and policy details availability are also considered.
These companies offer both term and whole life insurance policies for seniors. Term policies typically have maximum issue ages ranging from 70 to 75, while whole life policies may have maximum issue ages up to 90 or 85, depending on the insurer.
The coverage amount varies depending on the insurer and the type of policy. Generally, coverage starts from $25,000 and can go up to several million dollars, depending on individual needs and eligibility.
While some insurers may have maximum issue ages for certain policy types, many accommodate older adults, even those with health issues. However, the availability of coverage options may vary based on age and health status.
