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.
To put together this list, NerdWallet reviewed insurers that offer term or whole life policies to seniors, taking into account our star ratings for each company, as well as policy features like the maximum issue age. Here are our top picks.
» MORE: A guide to buying life insurance for seniors
The best life insurance for seniors in September 2024
Company | Maximum issue age |
|---|---|
Guardian Life 5.0 NerdWallet rating | Term: 75. Whole: 90. |
MassMutual 5.0 NerdWallet rating | Term: 75. Whole: 90. |
Northwestern Mutual 5.0 NerdWallet rating | Term: 70. Whole: 85. |
New York Life 5.0 NerdWallet rating | Term: 75. Whole: 90. |
State Farm 5.0 NerdWallet rating | Term: 75. Whole: 80. |
USAA 4.5 NerdWallet rating | Term: 70. Whole: 85. |
NerdWallet rates insurers at the company level, not the policy level. | |
Best life insurance for seniors in September 2024
Learn more about each company in our list by reading the brief summaries below and checking out the NerdWallet review links.
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Guardian Life: Best for payment flexibility.
MassMutual: Best for elderly applicants.
Northwestern Mutual: Best for the potential to earn dividends.
New York Life: Best coverage range.
State Farm: Best for customer satisfaction.
USAA: Best for coverage flexibility.
Best for payment flexibility 5.0 NerdWallet rating Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent Best for payment flexibility on Nerdwallet 5.0 NerdWallet rating Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years. Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent
Guardian Life
Guardian Life
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Overview: 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+
» Read the full review: Guardian Life insurance review
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Best for elderly applicants 5.0 NerdWallet rating 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. on Nerdwallet Financial strength rating Exceptional Online purchase Yes NAIC complaints Far fewer than expected Policies offered Term, permanent & no-exam Best for elderly applicants on Nerdwallet 5.0 NerdWallet rating 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. Financial strength rating Exceptional Online purchase Yes NAIC complaints Far fewer than expected Policies offered Term, permanent & no-exam
MassMutual
MassMutual
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
Overview: 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 beneficiaries.
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+.
» Read the full review: MassMutual life insurance review
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Best for the potential to earn dividends 5.0 NerdWallet rating Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent Best for the potential to earn dividends on Nerdwallet 5.0 NerdWallet rating Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice. Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent
Northwestern Mutual
Northwestern Mutual
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Overview: 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+.
» Read the full review: Northwestern Mutual life insurance review
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Best coverage range 5.0 NerdWallet rating Bottom line: New York Life offers both term and whole life policies that span a significant range of coverage. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term & permanent Best coverage range on Nerdwallet 5.0 NerdWallet rating Bottom line: New York Life offers both term and whole life policies that span a significant range of coverage. Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term & permanent
New York Life
New York Life
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren't available online.
Overview: 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).
» Read the full review: New York Life insurance review
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Best for customer satisfaction 5.0 NerdWallet rating 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. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam Best for customer satisfaction on Nerdwallet 5.0 NerdWallet rating 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. Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam
State Farm
State Farm
Pros
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
Overview: 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+.
» Read the full review: State Farm life insurance review
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Best for coverage flexibility 4.5 NerdWallet rating 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. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam Best for coverage flexibility on Nerdwallet 4.5 NerdWallet rating 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. Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam
USAA
USAA
Pros
Had fewer than the expected number of complaints compared to other companies.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add $100,000 coverage to its term life policy after a major life event.
Cons
Some policies not available in New York or Montana.
Overview: 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.
» Read the full review: USAA life insurance review
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How we ranked the top life insurers
NerdWallet’s life insurance 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.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
How we review life insurance companies
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
Other life insurance options for seniors
If you can’t find a traditional term or whole life policy, there are some alternatives to consider, such as guaranteed issue life insurance. These policies don't require a life insurance medical exam, and acceptance is guaranteed.
» MORE: The best life insurance companies
Alternatively, you may want to look at burial insurance, sometimes referred to as final expense insurance. These are small whole life policies that can help cover end-of-life costs like funeral expenses.
More about buying life insurance as a senior
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