We found that MassMutual, Protective, Pacific Life, Mutual of Omaha, and Prudential have some of the best life insurance options for older adults.
Keep in mind there’s not one insurance company that’s best for everyone, so it’s a good idea to speak with an independent broker from Policygenius for answers about finding the best one for you.
Insurer | Policygenius rating | Best for | AM Best rating | Max. issue age | |
4.9/5 ★ | Whole life | A++ | 70 | ||
4.8/5 ★ | Affordability | A+ | 80 | ||
4.8/5 ★ | People over 60, people over 70 | A+ | 80 | ||
4.5/5 ★ | Final expense, people over 80 | A+ | 85 | ||
4.1/5 ★ | Seniors, term life | A+ | 75 |
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
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.
Best life insurance companies for older adults
2024 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
With nearly 4 million policyholders and 150 years to its name, Prudential offers competitive coverage options for older adults, as well as people with some of the most common medical conditions, including asthma and depression.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
More details
Who it’s best for
Older adults looking for term life insurance
Older adults with age-related health issues
What we like about Prudential
Prudential often has affordable rates for older adults looking for term life insurance. You may be able to find cheap term life rates from Prudential into your 60s and 70s — which is longer than other companies.
Prudential may also be an option if you’re looking for life insurance but have a fixed income or health that isn’t perfect. You may continue to find that Prudential has more affordable rates even with age-related health issues like osteoporosis or a stroke.
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
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.
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.
How can you tell which life insurance company is best for you?
Your best life insurance company depends on factors specific to you, like your age, health and medical history, assets and debt, and why you need to get life insurance as an older adult in the first place.
These factors will determine the life insurance company that’s best suited to your needs and budget — especially if you’re retired and living on a fixed income. You don’t want to buy a policy that’s too expensive and risk losing your coverage because you can’t afford your premiums.
Is there a best type of life insurance for older adults?
Your best type of life insurance depends largely on how you want to use your death benefit. Thinking about this can help you decide whether or not you need term life insurance or permanent coverage that’s guaranteed to pay out.
Life insurance can get complicated to understand, especially if you’ve never had coverage before. Consider speaking with an independent broker from Policygenius to get answers to your questions and help match a policy to your needs.
Read more about the best types of life insurance for older adults
All about life insurance for older adults
