What are the best-rated life insurance companies for seniors?

Life insurance is beneficial at all stages of life. Older adults searching for the best life insurance company may have questions about their eligibility and available options. They may also be concerned that older adults cannot benefit from life insurance the way younger people do. The best-rated life insurance companies for seniors, however, offer flexible policies tailored to the needs of older adults.

This review breaks down seven of the best life insurance companies for senior citizens today. We look at term life and whole life insurance, and we discuss the policy benefits that are most advantageous for older adults. 

Before you read about the best-rated life insurance companies for seniors, enter your ZIP code into our free tool to see quotes from today’s top-rated companies.

What are the best-rated life insurance companies for seniors?

The best-rated life insurance companies for seniors today are:

• Mutual of Omaha. Best overall
• Northwestern Mutual. Best term life insurance
• Transamerica. Best final expenses life insurance
• Banner Life. Best included benefits
• AIG Direct. Best guaranteed issue coverage
• Prudential. Best living benefits
• MassMutual. Best whole life insurance

Each of these companies offers plans with options designed to help ensure that older adults can approach their finances with a sense of security.

Mutual of Omaha

Mutual of Omaha provides term life, whole life, and universal life insurance policies. Services are available online or through in-person enrollment.

Mutual of Omaha offers guaranteed whole life coverage online for anyone ages 45-85 (ages 50-70 in NY).

Whole life plan benefits range from $2,000 to $40,000 and may vary depending on the state. Mutual of Omaha’s whole life insurance plans for seniors build cash value over time. Premium rates will never increase, and most claims are paid within 24 hours.

Mutual of Omaha term life plans are customizable and can be tailored to your needs. Payouts begin at $100,000, and policies are available for ages 18-80.

Northwestern Mutual

Life insurance offerings through Northwestern Mutual include whole life, term life, variable life, and universal life insurance.

Northwestern Mutual offers term life insurance plans for less than $1 per day.

The features of a Northwestern Mutual whole life insurance policy for seniors include premiums that never increase, guaranteed death benefits, and a tax-free cash value that can be used for any expenses.

Term life insurance plans are affordable, with plans starting at $1 per day. Northwestern Mutual term life plans are flexible and can be converted into whole life plans.

Transamerica

Transamerica life insurance is a good choice for older adults interested in final expenses life insurance with a simplified application process. Transamerica also offers whole life, term life, and universal life insurance plans.

Same-day approval without a physical exam is possible with a Transamerica final expenses life insurance policy.

Final expenses life insurance plans include payouts up to $50,000, guaranteed, tax-free death benefits, and are available for ages up to 85. Plans build cash value over time, and you may be eligible to enroll with no medical exams or labs. Policies are available with an online application and with automatic underwriting.

Banner Life

Banner Life offers universal life and term life insurance. Plans are customizable and include many benefit options.

Term life insurance plans with Banner Life automatically include an accelerated death benefit rider.

The accelerated death benefit rider allows the policyholder to access the cash value of the plan while they are still alive. These funds can be used to cover the costs of medical treatment, a prolonged stay in a medical facility, or funeral arrangements. This money can even be used for non-medical, “bucket list” activities with family.

Term life policies are available in a wide variety of options and durations. Coverage is available for ages 20-75, with affordable options designed specifically to fit the budgets of senior citizens. Coverage begins at $100,000, and payouts are tax-free. Universal life policies include lifetime coverage with adjustable death benefits. It is possible to convert a term life policy into a universal life insurance plan.

AIG Direct

If you’re looking for one of the best-rated life insurance companies for seniors that offers guaranteed issue coverage, AIG Direct life insurance is a good choice. AIG Direct provides term life, universal life, and whole life insurance policies.

AIG offers guaranteed issue whole life insurance for ages 50-80.

Guaranteed issue whole life insurance through AIG is available for older adults aged 50-80. These plans are available with no medical exams or health questions. Term life insurance plans with AIG can be converted to permanent policies. Universal life options include indexed universal, variable universal, and guaranteed universal life insurance.

Prudential

If you’re interested in a plan with the best living benefits, a Prudential life insurance policy may be a smart choice. Prudential provides term life and universal life insurance.

With Prudential, if you become disabled, you have access to a premium waiver rider.

Prudential stands out because of the many living benefits it provides. Both term life and universal life insurance policies through Prudential can be customized with riders beneficial to older adults. Helpful riders include an accelerated death benefits option and a premium waiver if you become disabled.

Term life insurance plans with Prudential are available for online enrollment. Options include year-by-year coverage, accelerated death benefit riders, and additional add-on benefits. Universal life plans are available in indexed and variable forms, and policies may qualify for guaranteed coverage.

MassMutual

MassMutual, also known as Massachusetts Mutual, offers whole life and term life insurance plans for seniors.

MassMutual whole life policies include a guaranteed death benefit, no matter how long you live.

MassMutual offers a whole life insurance plan with guaranteed death benefits. This means that regardless of how long you live and continue to pay premiums, your plan payout is guaranteed not to change. Payouts begin at $25,000. Whole life plans build value that may be used to help you through retirement or an emergency. MassMutual offers term life insurance plans that may be converted to whole life policies.

Features of the Best Life Insurance Companies for Seniors

When shopping for the best life insurance companies for senior citizens, it’s important to look for a few key features.

• Guaranteed issue coverage. This refers to insurance coverage that you can get without a medical exam. This type of coverage is important for anyone who suffers from a medical condition. It also means you cannot be denied coverage based on your age.
• Term length. The best life insurance companies for seniors offer terms of varying length. This is beneficial for older adults who are not interested in being locked into a lengthy plan.
• Added benefits. Many companies offer additional benefits that can be used while you’re still alive. Popular and useful benefits often include accelerated death riders and premium fee waivers.

When searching for the best-rated life insurance company for seniors, it is wise to explore all options to locate the plan best suited to your individual needs.

Financial Ratings for the Best Life Insurance Companies for Seniors

It is important to check an insurance company’s financial ratings. Financial ratings are third-party estimations of a provider’s ability to meet its financial obligations.

Each of the best life insurance companies for seniors has been favorably rated by A.M. Best, one of the country’s most trusted financial reviewers.

Best-Rated Life Insurance Companies for Seniors: Final Considerations

Each of the companies described here offers plans suited to older adults. It’s important to remember to look for the key features that set the best-rated insurance companies for seniors apart from other providers. Access to a wide variety of benefit options, customizable plans, helpful riders, and guaranteed issue coverage are just a few of the characteristics to look for in a life insurance company.

Choosing a life insurance plan for seniors is a hard decision. It’s important to research all of your options. As part of your search for the best-rated life insurance companies for seniors, enter your ZIP code into our free quote comparison tool to view rates from industry-leading companies.