Your reasons for buying senior life insurance should guide your decision on the types of life insurance to consider. Here are some tips for seniors buying life insurance. Show
Avoid graded death benefit life insuranceIt’s best to have life insurance that pays the full death benefit from day one. Therefore, you’ll want to consider a traditional life insurance policy and avoid a “senior policy” that has graded death benefits. With a graded death benefit policy, your beneficiaries won’t get the full death benefit if you pass away from a non-accident cause within the first two or three years of owning the policy. For example, if you die from pneumonia a year after buying life insurance, a graded death benefit policy will pay your beneficiaries only a refund of the premiums you paid with some interest. If you die in an accident, such as a car crash, these policies will typically pay the full death benefit any time. Don’t be rushed into a life insurance purchaseFinancial predators often focus on seniors. They may try to get you to purchase unnecessary coverage, or a more expensive policy than you need. Be wary of anyone who tries to rush you into making a decision or discourages you from discussing a proposed policy with a family member or trusted advisor. Don’t be sold on policy projections that aren’t guaranteedLife insurance policies that can build cash value will have “policy illustrations” that show projections for costs and cash value over time. For some types of cash value policies, not all amounts shown in an illustration are actually guaranteed. “Beware of ‘advisors’ offering policy reviews comparing non-guaranteed premiums, cash values and/or death benefits for some limited number of products,” says Barry Flagg, founder of Veralytic. These sales practices are now considered “misleading,” “fundamentally inappropriate” and unreliable by the financial, insurance and banking industry authorities. “Insist that quotes include year-by-year disclosure of costs, often referred to as detailed expense pages or policy accounting pages,” says Flagg. Work with an advisor who will explain what’s guaranteed and what’s not. Insurance agents and advisors should be able benchmark a policy’s internal policy costs and historical performance against the insurer’s peers, just like you do for other assets in your portfolio, says Flagg. Get professional helpBecause seniors are likely to have health issues, it’s especially important to work with a qualified life insurance advisor who can help you compare policies from multiple insurance companies. Your advisor should review your medical history and send informal (anonymous) queries to multiple insurance companies to determine the best available rate for you. By doing anonymous inquiries, you’ll save time and avoid any possible application denials. Don’t base your decision solely on costPrice is a critical factor when choosing a life insurance policy, but you shouldn’t base your decision only on cost. Check out financial strength ratings for the insurers, such as AM Best ratings. Research the available life insurance riders for the policies you’re considering. Life insurance riders allow you to add on coverage. Some riders let you access your death benefit while you’re still living for qualifying circumstances, such as accelerated death benefits for chronic or terminal illness, and long-term care riders. Once you’re comfortable with a list of insurance companies, you can get quotes to find the best senior life insurance policy for you. Check out: Should I Buy Life Insurance For My Parents? Shopping for life insurance as a senior can present some challenges, since we all become more expensive to insure as we age. However, most seniors can still benefit from life insurance to provide financial protection for their spouse or other dependents. We put together this guide to help you review the life insurance options that will help cover your outstanding financial responsibilities — whether you’re seeking a term life insurance policy, or you’re only looking to cover final expenses.
We don't get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer
experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection,
but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price. → Read more about our reviews methodology here Best overall life insurancePrudential3.4 Policygenius rating How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.  With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia. Pros
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Why we picked it Prudential has competitive term life insurance rates for seniors of all ages, making it our top choice for people over 60, including 70-year-olds. Prudential offers the most flexibility for people with health conditions associated with older age. Individuals with osteoporosis or other aging-related health issues, for example, can qualify for cheaper premiums with Prudential than with other insurers. It also offers more flexible income requirements than other insurance companies, making it easier for retirees to get the amount of coverage they need. Runner-up: TransamericaWhy we picked it Transamerica offers relatively affordable term life rates for seniors in their 60s and 70s. Seniors in their 60s can even apply for up to $50,000 of term coverage without a medical exam. Transamerica also accepts retirement income for financial justification, and offers a minimum coverage amount of $25,000, which is lower than many other companies, giving older adults more flexibility in choosing a coverage amount that's best suited for them. → Read more about health classifications and how they affect your life insurance premiums Cheapest life insuranceProtective4.9 Policygenius rating How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features. Protective has some of the most affordable and comprehensive life insurance options available. Pros
Cons
Why we picked it Protective’s pricing makes it a top contender for seniors looking for relatively cheap term life insurance. Protective has flexible financial guidelines regarding unearned income such as pensions and Social Security, too. Best term life insurance: PrudentialWhy we picked it As our best overall pick, Prudential also makes our top pick for term insurance for seniors due to its favorable guidelines toward health conditions associated with aging, its flexible income requirements, and its living benefits rider. Runner-up: TransamericaWhy we picked it Consistent with our overall top contenders, Transamerica is a great option for term life insurance for seniors due to its options for coverage amounts, potential no-med opportunity, and flexible financial guidelines. Best whole life insuranceMassMutual3.8 Policygenius rating How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features. MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends. Pros
Cons
Why we picked it For seniors in good health seeking more than $50,000 of whole life coverage, MassMutual is a reputable company that pays higher dividends to its cash value policyholders than most of its competitors. Best life insurance for estate planningPacific Life4.6 Policygenius rating How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features. Pacific Life has high third-party financial ratings and a competitive application process (also known as underwriting). Pros
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Why we picked it Pacific Life has high third-party financial ratings and competitive underwriting, along with affordable guaranteed universal life insurance — a solid option for estate planning since it provides a permanent death benefit at a relatively low cost compared to other types of permanent policies. Best life insurance for people over 60: Pacific LifeWhy we picked it Pacific Life’s rates stay competitive in nearly every age group, including people in their 60s who might have trouble finding affordable coverage. Pacific Life also offers life insurance to people with several types of health concerns, such as diabetes. Pacific Life has a coverage minimum of $50,000 for term policies, while other companies have a minimum of $100,000, offering older adults more flexibility for their coverage amounts. Best life insurance for people over 70Transamerica4.4 Policygenius rating How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features. Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount. Pros
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Why we picked it Transamerica provides relatively affordable term pricing, even for people over 70. Like Pacific Life, it accepts Social Security income and pension income when considering financial justification for coverage. It also offers a lower coverage minimum than other companies. You can apply for as little as $25,000 in term coverage, which can be convenient for seniors who don’t need a large amount of coverage. Transamerica also offers a term policy with living benefits, which includes terminal, chronic, and critical illness riders. Best life insurance for people over 80Mutual of Omaha3.4 Policygenius rating How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features. Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that seniors can select the type of life insurance that best suits their needs. Pros
Cons
Why we picked it A burial insurance policy from Mutual of Omaha is the best choice for seniors age 80 to 85 (age 85 is when most insurers stop offering coverage), as well as the best no-medical-exam life insurance option for this age group. If you’re in your 80s, you might have difficulty buying a term or whole life insurance policy due to your age or pre-existing conditions, so a burial insurance plan, which offers coverage with few medical restrictions, is likely your best bet. Compared to other insurance companies, Mutual of Omaha’s coverage amounts are more flexible and policies are available in more states. Best guaranteed life insurance: Mutual of OmahaWhy we picked it Mutual of Omaha’s guaranteed issue life insurance option offers near-certain approval and is best for seniors who may have a serious health condition. It’s more competitively priced than similar products from other companies Runner-up: AIGWhy we picked it AIG offers a guaranteed issue policy option as well, with coverage amounts between $5,000 and $25,000, and an application with near-certain approval rates. Best life insurance for final expenses: Mutual of OmahaWhy we picked it Mutual of Omaha offers several different final expense policies to account for older adults with varying health concerns. Best life insurance for living benefits: PrudentialPrudential is also our top pick for people who want more living benefits options in a policy. Living benefits allow you to pay for qualifying medical care using part of your policy’s death benefit, but many riders only apply to a terminal illness. Prudential’s living needs benefit rider is included at no cost and offers access to 70% to 100% of the death benefit — depending on the diagnosis — to policyholders who are terminally ill, expected to permanently reside in a nursing home, or who need an organ transplant. Runner-up: TransamericaWhy we picked it Transamerica offers a living benefits term policy that includes a terminal illness rider, a chronic illness rider, and a critical illness rider. These features allow the insured to access part of the death benefit if they are diagnosed with a terminal or chronic illness, or if they have suffered a critical health event such as a heart attack or stroke. Summary of the best life insurance companies for seniors
What is life insurance for seniors?There are several different types of life insurance available to seniors. The goal of life insurance in general is to provide your loved ones financial support if you were to die. Depending on health and financial need, seniors can apply for term, whole, or final expense life insurance. Pros and cons of buying life insurance as a seniorThe pros to buying life insurance as a senior are similar to buying life insurance at other stages of life — you’ll have peace of mind knowing your financial obligations are covered and your loved ones won’t struggle financially in your absence. Seniors likely need less coverage than younger adults who are just starting their families. On the other hand, life insurance premiums increase every year we age at the time of application, so it’s increasingly more expensive to buy life insurance the older you get. What should seniors consider when shopping for life insurance?First, think critically about your financial obligations. How would your loved ones pay for your final expenses? Is there any outstanding debt that you need covered? Are you more focused on estate planning and minimizing estate tax for your children? Once you’ve determined how much coverage you actually need, you can start shopping around to apply with a company that has strong financial ratings. It’s also important to apply with a company that is a good fit for your health profile, since some insurance companies calculate risk associated with various health conditions differently. Most insurance companies want to see that seniors have a primary care physician, especially if they are applying for a term policy. If you're above the age of 70 and don’t have a doctor you see regularly, you may find it more difficult to qualify for a term policy. What is the best type of life insurance for seniors?For people in their 60s, term is likely still going to be the cheapest life insurance option, especially if you are preparing to retire or still have any outstanding liabilities, like a mortgage. For people in their 70s, it’s important to think through your financial obligations to determine if a term policy would be better suited for you, as opposed to a final expense policy. And for people in their 80s, a final expense policy is typically the best fit if your main financial concern would be your loved ones paying for a funeral and other final bills. Every person’s coverage needs are different, so below are policy options for seniors to consider. A licensed advisor can help you determine which type of insurance is the best fit for you. Term life insuranceTerm life insurance is one of the most popular types of life insurance because it’s straightforward and affordable. Term life insurance rates increase by an average of 4.5% to 9% every year you age, so it will be more expensive to buy as a senior, but still more affordable than other types of life insurance. Whole life insuranceWhole life insurance is a type of permanent life insurance policy that does not expire. It also includes a cash value separate from the death benefit that grows tax-deferred. Whole life insurance is generally best for high income earners and people with long-term financial obligations. No-medical-exam life insuranceNo-medical-exam life insurance refers to life insurance that does not require the standard medical exam. The no-medical-exam options that are available to seniors typically consist of simplified issue and burial insurance. No-medical-exam term options are usually not available over the age of 60, because of the way insurance companies assess risk. Guaranteed issue life insuranceGuaranteed issue life insurance is a type of permanent coverage geared toward paying final expenses, especially for those who may have some health concerns. It does not require a medical exam and offers near-certain approval rates. Simplified issue life insuranceSimplified issue life insurance is a type of life insurance that does not require a medical exam and uses a simpler form of underwriting. This allows you to get coverage faster. Simplified issue can refer to burial insurance, but some companies offer simplified issue term policies. Simplified issue term policies often have a maximum coverage amount of around $100,000, but it depends on the specific company. Burial insuranceBurial insurance, also called final expense insurance, is a type of permanent coverage designed to pay a small death benefit to cover end-of-life expenses. Maximum coverage amounts are typically between $20,000 and $40,000. Hybrid long-term care insuranceHybrid long-term care insurance typically refers to life insurance policies that include long-term care benefits. Some permanent policies combine the need for permanent life insurance policies and long-term care. You can also add long-term care riders or benefits on certain term insurance policies. What is the difference between term, whole & burial insurance for seniors?Term life insurance is generally the most straightforward type of life insurance: it lasts for a set amount of years, and expires at the end of the term. Whole life insurance is a type of permanent life insurance that is more expensive but does not expire. Whole life insurance includes a cash value that can accumulate in addition to the standard death benefit. Burial life insurance is a type of permanent insurance with a smaller death benefit– it also doesn’t expire. This type of insurance is generally reserved for people with more health conditions or who are just looking to cover final expenses, but don’t have a need for more coverage. How much does life insurance for seniors cost?Your premiums will depend on your age, health, and the type of policy you decide to purchase. Below are approximations of rates for seniors applying for the different types of life insurance policies. Term
Methodology: Average monthly rates are calculated for male and female applicants obtaining a $100,000 and $250,000 10-year term life insurance policy at a Preferred health class. Average term life insurance rates are based on policies offered by AIG, Banner Life, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 11/01/2022. Whole
Methodology: Monthly rates are calculated for male and female applicants obtaining a $50,000 and $100,000 whole life insurance policy. Whole life insurance rates are based on policies offered by MassMutual. Individual rates will vary as specific circumstances will affect each customer’s rate. Not all policies available in all states. Rate illustration valid as of 11/01/2022. Guaranteed
Methodology: Average estimated monthly rates are calculated for male and female applicants for a $15,000 and $25,000 guaranteed issue whole life insurance policy. Average whole life insurance rates are based on policies offered by Mutual of Omaha and AIG. Not all policies are available in all states. Rate illustration valid as of 11/01/2022. Burial
Methodology: Estimated monthly rates are for male and female applicants for a $20,000 and $40,000 burial life insurance policy from Mutual of Omaha. Individual rates will vary as specific circumstances will affect each customer’s rate. Rate illustration valid as of 11/01/2022. The best life insurance for seniors over 60 will depend on their health and financial
obligations. In many cases, term insurance will likely still be the most affordable. The best life insurance for seniors over 70 can be either term, whole, simplified issue, or burial insurance, depending on their needs. Seniors should get enough life insurance to cover their remaining financial obligations– the amount will depend on the remaining needs, such as income for a surviving spouse, a funeral, or the remainder of a mortgage. Speaking with an advisor can help you determine how much
coverage is ideal for your situation. The type of coverage that is best for you will depend on your specific situation and your health. If you’re seeking coverage for estate planning or to cover final expenses, whole life is probably a good fit.If you’d like a few more years of coverage to pay off a mortgage and are healthy, a term policy is probably a better fit. Life insurance is no longer needed when you can self-insure with your existing assets. If you have no dependents, no
outstanding debts, and have self-insured for a funeral, you likely don’t need life insurance. Burial insurance policies are primarily intended for seniors who don’t have a need for high coverage but would like to cover final expenses, but most options like this begin eligibility as early as 45. How much term life insurance can I get without a medical exam?If you qualify for no medical exam life insurance, you can now get coverage up to $2 million. That sounds like a lot—and it is. But you'll need 10–12 times your annual salary in term life insurance to make sure your family can replace your income if something happens to you.
What is the best life insurance for a 60 year old?Best life insurance policies for seniors
Guardian Life: Best for extended coverage. AARP: Best for skipping the medical exam. MassMutual: Best for elderly applicants. New York Life: Best coverage range.
Does AARP life insurance require a medical exam?AARP life insurance policies
The AARP program features permanent and term life insurance with simplified underwriting, which means applicants answer health questions but do not have to undergo a medical exam to qualify. The program also offers whole life insurance with guaranteed acceptance for everyone.
What kind of life insurance can I get without a medical exam?Guaranteed issue policies are usually for whole life insurance. It's main benefits are that you generally don't need to undergo a medical exam or fill out a questionnaire. No matter which type of policy you choose, your coverage amount may be capped.
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Best life insurance for seniors over 60 no medical exam
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