The best life insurance companies for seniors at a glance
Best overall: MassMutual.
Best for payment flexibility: Guardian Life.
Best customer experience: Northwestern Mutual.
Best for coverage flexibility: USAA.
Best for burial insurance: AARP/New York Life.
The cost of life insurance coverage can increase with age, but many insurers will accommodate older adults, even if they're not in the best of health.
Here are NerdWallet’s picks for the best life insurance companies for seniors based on factors such as maximum issue age, flexibility and medical exam requirements.
Why trust NerdWallet
1,413 life insurance rates sets collected.
441 life insurers analyzed by our team of experts.
185 policies assessed.
Dive deeper: Ratings methodology for life insurance.
NerdWallet's life insurance content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in life insurance. We follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you.
Best overall: MassMutual
Best overall
MassMutual
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.- Wide range of term and permanent life insurance policies.
- Supports online claims.
- Low rate of complaints from consumers.
- Most policies require a medical exam.
💰 MassMutual sample monthly rates
Male: $228.33
Female: $156.25
Pros
- Wide range of term and permanent life insurance policies.
- Supports online claims.
- Low number of complaints.
Cons
- Most policies require a medical exam.
Why we picked it: MassMutual gets top marks on NerdWallet’s life insurance scoring system based on our analysis of financial strength, complaint rates and transparency. The company issues policies at high maximum ages, so MassMutual whole life insurance might remain accessible to older applicants even after many competitors’ policies are no longer available due to age.
MassMutual term life policies for seniors
Max issue age: 75.
Coverage: $100,000+.
MassMutual whole life policies for seniors
Max issue age: 90.
Coverage: $25,000+.
» Read the full review: MassMutual life insurance review
Best for payment flexibility: Guardian Life
Best for payment flexibility
Guardian Life
Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years.- Very few complaints from consumers for a company of its size.
- Offers unique coverage options, such as policies for HIV-positive applicants.
- Minimal policy details on the site.
- Can't buy a policy online.
💰 Guardian sample monthly rates
Male: $235.18
Female: $154.93
Pros
- Flexible payments for whole life insurance.
- Very few complaints from customers.
- Offers unique coverage options, such as policies for HIV-positive applicants.
Cons
- Minimal policy details on the site.
- Can’t buy a policy online.
Why we picked it: Guardian offers several options for when and how you pay for whole life insurance. For example, you can choose to pay premiums for a period of 10 or 20 years, after which the policy is paid up — it stays active, but you no longer owe any money for it. (You can also do regular, continuing payments if you’d prefer.)
Choosing a paid-up option could be helpful if you expect to have lower or less flexible income in later years.
Guardian term life policies for seniors
Max issue age: 75 (1-year and 10-year terms), 70 (15-year term), 65 (20-year term).
Coverage: $100,000+.
Guardian whole life policies for seniors
Max issue age: 90.
Coverage: $25,000+.
» Read the full review: Guardian Life insurance review
Best customer experience: Northwestern Mutual
Best customer experience
Northwestern Mutual
Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice.- Fewer complaints than expected for a company its size.
- Highly rated for customer satisfaction in J.D. Power study.
- Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
- Company website doesn’t give specifics about coverage amounts or riders.
- Limited riders available.
💰 Northwestern Mutual sample monthly rates
Male: $198
Female: $165.83
Pros
- Lower complaint ratio than expected for a company its size.
- Highly rated for customer satisfaction in J.D. Power study.
- Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
- Company website doesn’t give specifics about coverage amounts or riders.
- Limited riders available.
Why we picked it: Northwestern Mutual has better complaint rates than any other life insurance company NerdWallet reviewed, on average. It’s also consistently a top performer on J.D. Power studies of customer satisfaction with individual life insurance policies.
Northwestern Mutual term life policies for seniors
Max issue age: 70.
Coverage: $100,000+.
Northwestern Mutual whole life policies for seniors
Max issue age: 85.
Coverage: $50,000+.
» Read the full review: Northwestern Mutual life insurance review
Best for coverage flexibility: USAA
Best for coverage flexibility
USAA
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.- Low number of complaints from consumers.
- Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
- Option to add up to $100,000 of coverage to a term life policy after a major life event.
- Some policy types are issued by partner companies rather than USAA.
- No live chat or email options for customer service.
💰 USAA sample monthly rates
Male: $222.90
Female: $185.40
Pros
- Low number of complaints from consumers.
- 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 policy types are issued by partner companies rather than USAA.
- No live chat or email options for customer service.
Why we picked it: 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, USAA's life insurance isn't limited to military families.
USAA term life policies for seniors
Max issue age: 70.
Coverage: $100,000 to $10 million.
USAA whole life policies for seniors
Max issue age: 85.
Coverage: $25,000 to $10 million.
» Read the full review: USAA life insurance review
Best for burial insurance: AARP/New York Life
Best for burial insurance
AARP
Bottom line: AARP’s policy is available to its members and their spouses, and the insurer has a relatively low complaint volume for a company of its size.- No medical exams required.
- Fewer than the expected number of complaints to state regulators.
- Anyone age 50 and up can get access through AARP membership.
- Term life insurance premiums rise every five years.
Pros
- No medical exams required.
- Fewer than the expected number of complaints to state regulators.
- Anyone age 50 and up can get access through AARP membership.
Cons
- Limited benefits for the first two years of coverage.
- Higher coverage amounts may not be available.
Why we picked it: AARP is one of our top picks for best burial insurance. Any AARP member can qualify for up to $30,000 in guaranteed acceptance life insurance from New York Life.
This coverage is permanent and doesn’t require a medical exam or health questions. AARP members and their spouses up to age 85 are eligible in most locations, but a few states and territories have lower age limits to apply.
If you might not qualify or be able to afford other life insurance coverage due to age or health, guaranteed issue burial insurance could be an option worth considering.
AARP/New York Life guaranteed acceptance life insurance for seniors
Max issue age: 85 (80 in certain states and territories; 75 in New York).
Coverage: Up to $30,000. You may be able to request a higher coverage amount by calling New York Life.
» Read the full review: AARP/New York Life life insurance review
✏️ How NerdWallet rates life insurance companies
When NerdWallet evaluates life insurance companies, our editorial team considers the insurer's strengths and weaknesses, as well as the things that matter most to customers buying a long-term financial product. Our ratings take into account the following details about each insurer:
Financial strength (40%). We use AM Best ratings to confirm an insurer’s financial stability and ability to pay claims far into the future. For life insurance, NerdWallet typically recommends insurers with ratings of A- (Excellent) or higher. The top life insurance companies have an exceptional financial strength rating of A+ or A++ (Superior).
Consumer complaints (40%). 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. Our top-rated life insurance companies have fewer than the expected number of complaints, so you can expect a smoother customer experience.
Policy detail availability (10%). Ideally, a consumer should be able to find basic policy details on an insurer’s website. Our methodology gives higher scores to transparent insurers who include information about their policy options, coverage amounts and term lengths (if applicable) and clearly display these details in easily accessible places on their site.
Ease of communication (10%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores.
We regularly reassess insurers and adjust scores as needed. Our star ratings are a guide to help you shop for a life insurance policy, and we encourage you to compare companies to find the best fit for your needs.
More about buying life insurance as a senior
Term and whole life insurance are widely available, and can be good life insurance options for seniors in many cases.
If you can’t find a traditional term or whole life policy, look into guaranteed issue life insurance. These policies don't require a life insurance medical exam, and acceptance is guaranteed. Alternatively, you may want to consider 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.
Learn more about life insurance options for seniors:
More about top-rated life insurance companies
Looking for a specific type of life insurance policy? Check out NerdWallet’s top picks across these categories:
*Sample rates are based on a $500,000, 20-year term life insurance policy for a healthy, nonsmoking 60-year-old man and woman. If rates are not displayed, that means the insurer didn't supply them to us or doesn't offer term policies with that coverage amount.
Life insurance ratings methodology
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.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2021-2023. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
