We found that Protective, Legal & General America, MassMutual, Pacific Life, and Mutual of Omaha have some of the cheapest life insurance rates for older adults.
Since there’s not one insurance company that has the best rates for all older adults, it's smart to compare quotes from a few different insurers before buying coverage. That way, you avoid paying more than you have to for coverage.
Insurer | Policygenius rating | Best for … | Max. issue age | |
|---|---|---|---|---|
4.8/5 ★ | Affordable rates | 80 | Get quotes | |
4.9/5 ★ | Smokers, age-related health conditions | 75 | Get quotes | |
4.9/5 ★ | Whole life | 70 | Get quotes | |
4.8/5 ★ | Universal life insurance, people over 60, people over 70 | 80 | Get quotes | |
4.5/5 ★ | Final-expense coverage, people over 80 | 85 | Get quotes |
Life insurance terms you should know
Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.
Cash value: The portion of a permanent life insurance policy’s monetary value that grows tax-deferred over the life of the policy.
Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.
Face amount: The dollar amount, or death benefit, your beneficiaries receive if you die while your life insurance policy is active.
Insured: The person who is covered by the insurance policy.
Policy: The legal document that includes the terms and conditions of your life insurance contract.
Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.
Permanent life insurance: A type of life insurance that lasts for the rest of your life and usually includes a cash value account.
Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.
Riders: Add-ons to a life insurance policy that provide more robust coverage, sometimes for an extra cost.
Term life insurance: A life insurance policy that lasts for a set number of years before it expires. If you die before the term is up, your beneficiaries receive a death benefit.
Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.
Should you get the cheapest life insurance policy?
As an older adult, life insurance may cost hundreds or even thousands of dollars a month. You want to find a policy that fits within your budget, but the cheapest plan isn't always best.
The policy with the lowest rates may not give you the coverage you need, or may come from an insurance company that’s disreputable or financially unstable.
It’s better to get life insurance from an insurance company that combines affordability with a positive customer service experience, financial stability, and coverage offerings that line up with your needs.
Who has the cheapest life insurance for older adults?
Protective
4.8
30+ year terms
Why we chose it
Protective has some of the most affordable and comprehensive life insurance options available, even for older adults who have health issues.
Pros and cons
Pros
Competitive rates for all ages and health classifications
Good for people with mental health conditions, kidney conditions, and some cancers, including prostate cancer
Term lengths up to 20 years
Cons
Not available in New York
Not great for people who have filed for bankruptcy, marijuana users, or visa holders
Limited no-medical-exam policy options
More details
Who it’s best for
Older adults looking for cheap rates
Retirees or people looking to retire soon
What we like about Protective
Protective often offers cheap life insurance to older adults compared to its competitors. Its rates tend to remain affordable for people with different health classifications, making Protective a top pick if you’re an older adult who’s not in perfect health.
Besides cheap life insurance rates, Protective also has flexible financial guidelines when it comes to unearned income (like your pension, Social Security, or investment income), which may make it easier for you to find coverage if you’re retired.
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the most competitive life insurance rates available for smokers and people with health conditions.
Pros and cons
Pros
Competitive rates for smokers
Offers coverage despite some age-related health issues
Cons
Rates aren’t the most competitive for healthy older adults
More details
Who it’s best for
Current and former smokers
Older adults with certain medical conditions
What we like about Legal & General America
We found that Legal & General America often has some of the best life insurance rates for older adults who are or were recently tobacco smokers. It may also be a good place to find affordable coverage with an age-related health condition, such as diabetes or high cholesterol.
You may qualify for term life insurance from Legal & General America up to age 85 — longer than other insurers. At 60 years old, it may even be possible to qualify for up to $2 million in term life coverage without taking a medical exam.
2024 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
As a financially stable insurer with good customer service, MassMutual is a top option for older adults looking for the type of permanent coverage that whole life insurance offers.
Pros and cons
Pros
Higher potential for dividends for whole life policyholders than many competitors
Good customer satisfaction ratings
Strong financial stability ratings
Cons
High term life premiums
Term life not available through Policygenius
More details
Who it’s best for
Older adults who want whole life insurance
What we like about MassMutual
We like MassMutual for its whole life insurance coverage, a type of permanent life insurance that includes a cash-value component separate from its death benefit. The cash-value component that MassMutual offers may pay higher dividends to its policyholders than other competitors.
You may be able to get whole life insurance from MassMutual up to age 75, which is longer than other insurers. You may also get coverage from MassMutual even with some age-related medical conditions, though it depends on your exact condition and health history.
2024 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers low life insurance rates and flexible coverage to older adults in their 60s, 70s, and even some in their 80s, as well as multiple universal life insurance options.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
May not be the best fit for active duty military, people who have a history of alcohol abuse, and people who have filed for bankruptcy
More details
Who it’s best for
Many adults in their 60s, 70s, and 80s
Older adults who want universal life insurance
What we like about Pacific Life
One of the strengths of Pacific Life is its availability, as you can often still qualify for coverage into your 60s, 70s, and even your 80s. You may even be able to find affordable coverage if you have an age-related health condition such as diabetes, arthritis, and certain cancers.
We also like Pacific Life’s range of coverage options. In addition to offering term coverage with flexible minimum limits, Pacific Life also offers older adults a range of universal life insurance options up to age 80.
Mutual of Omaha
4.5
No-medical-exam option
Why we chose it
Mutual of Omaha offers a variety of final expense coverage options, even some that don’t require a medical exam. It’s a top insurer for older adults looking for some flexibility as they think about their end-of-life needs.
Pros and cons
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
More details
Who it’s best for
Older adults looking for final-expense coverage
Older adults who don’t want to take a medical exam
Older adults ages 80 to 85
What we like about Mutual of Omaha
We like that Mutual of Omaha offers older adults affordable rates for a couple of different types of final expense coverage, which pays a small benefit meant to cover your funeral, burial, and other end-of-life expenses. It offers both:
Simplified issue life insurance: Requires you to fill out a medical questionnaire and a simple application, but not a full medical exam.
Guaranteed issue life insurance: Doesn’t require a medical exam or questionnaire about your health, but costs more than a simplified issue policy.
Depending on the type of policy you decide on, you may get up to $50,000 in coverage. Most of the time, Mutual of Omaha offers final expense coverage (and even term coverage, depending on your health and other factors) up to age 80.
What is the cheapest type of life insurance?
Term life insurance is usually the cheapest type of life insurance for older adults. If you die while your term life policy is active, your beneficiaries can collect a payment.
It may be hard for you to find an insurer that will offer you term life insurance once you’re in your mid- to late-70s. At this point, it’s likely cheaper (and may fit your coverage needs better) to get final expense insurance instead.
When does life insurance stop being affordable?
It’s a good idea not to think about affordability as “cheap rates” once you’re older. It’s never going to be as cheap to get life insurance as an older adult than when you were younger.
Instead, ask yourself whether life insurance is still worth it to you as you age. If you’ve paid off most or all of your debt and your beneficiaries could afford to live comfortably if you suddenly died, you might not need life insurance.
However if you have more debt than you’re likely to pay off before you die, it may be worth paying more money for life insurance coverage so that your family won’t have to worry about it after you’re gone.
All about life insurance for older adults
