Best life insurance companies for seniors

As a senior, it can be challenging to find coverage that suits your needs — but these providers aim to make it affordable and accessible.

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Seniors face two major obstacles when shopping for life insurance: costs and the level of coverage. These five life insurance companies cater to seniors in terms of cheaper premiums, competitive underwriting and flexibility.

The 5 best life insurance providers for seniors

In no particular order, these are the top life insurance providers that tailor their offerings to seniors.

Best for lenient underwriting: Legal & General (formerly known as Banner Life)

In many cases, insurers charge seniors sky-high prices or deny coverage because their age and health pose a risk. But Legal & General has a more relaxed approach to underwriting — and in turn, offers slightly cheaper rates to seniors. Its competitive underwriting caters to those with pre-existing conditions like diabetes and poor family health histories.

Best for guaranteed universal life policies: Mutual of Omaha

This insurance giant issues guaranteed universal life (GUL) policies up to age 85, and waives the medical exam for policies worth less than $250,000. Since the need for life insurance decreases with age, this number should be sufficient for most seniors’ needs — making Mutual of Omaha an attractive option.

Best for customizable coverage: New York Life Insurance Company

New York Life’s insurance lineup caters to a wide range of needs. Its guaranteed universal life policies start at $25,000, which suits budget shoppers and those who don’t need a lot of coverage.

On the flipside, its death benefits top out at the company’s “retention limits” — which are reported to be in the millions. Also, the insurer offers a living benefits rider that allows policyholders to access up to $250,000 of the death benefit if you’re diagnosed with a terminal illness.

Best for generous death benefits: Lincoln Financial

If you’re looking for a larger policy, Lincoln Financial might be a good fit. The death benefit for its permanent policies start at $100,000, which is a higher entry point than most of its competitors. With this face value, you’ll have access to a longer list of riders and be able to build cash value faster. Cash value grows with interest, too, so your earnings will be higher than they would be with a smaller policy.

Best for simplified issue policies: Transamerica

If you’re buying life insurance to cover your end-of-life expenses, or if you want to skip the medical exam, you might be in the market for a simplified issue policy. Transamerica offers a solid final expense policy. Once your policy is approved, it’s issued immediately, and the premiums never change. The insurer has various payment plans to choose from too, though you’ll need to speak to an agent for more details.

Must read: How we picked our best providers

Our writers and editors are committed to objectivity and empowering our readers to make decisions free of bias.

When analyzing life insurance providers, we assess the insurer’s reputation in the industry, as well as their product lineup, rider selection and underwriting standards.

To determine industry reputation, our editorial team researches the company’s financial strength, accreditations and ratings, and reads customer reviews.

Financial ratings for the providers we reviewed

An insurer’s financial strength is important because your beneficiaries might not file a claim for years — or even decades — to come. The five insurers on our list scored top-tier ratings with the major ratings agencies, and Mutual of Omaha and New York Life also ranked highly on J.D. Power’s latest life insurance study.

Agency Legal & General Mutual of Omaha New York Life Lincoln Financial Transamerica
A.M. Best A+ (Superior) A+ (Superior) A++ (Superior A+ (Superior) A (Excellent)
Moody’s N/A A1 (Good) Aaa (Highest quality) A1 (Good) A1 (Good)
Standard & Poor’s AA- (Very strong) AA- (Very strong) AA+ (Very strong) AA- (Very strong) AA- (Very strong)
Fitch AA- (Very strong) N/A AAA (Highest quality) A+ (Very high quality) A+ (Very high quality)
J.D. Power N/A 4 out of 5 circles or “better than most” 4 out of 5 circles or “better than most” 3 out of 5 circles or “about average” 2 out of 5 circles or “the rest”

Customer reviews

To find out how providers treat their policyholders, we referred to the Better Business Bureau. Ratings and reviews reflect each company as a whole — and not just their life insurance departments.

Provider BBB rating Customer reviews
Legal & General A+ None
Mutual of Omaha A+ 1.5 out of 5 stars
New York Life A+ 2 out of 5 stars
Lincoln Financial A+ None
Transamerica A- 1.5 out of 5 stars

Compare life insurance providers

Name Product Issue Ages Coverage Range Medical Exam Required State Availability
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
All 50 states
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
21 - 54 years old
$50,000 to $1,000,000
No
Not available in Alaska or New York
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
20 to 60 years old
$100,000 to $8,000,000
No
Not available in New York
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
18 - 64 years old
$100,000 to $3,000,000
No
All 50 states
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
25 - 60 years old
$100,000 to $5,000,000
No
Available in all states except for Montana
Offers term life insurance with accelerated underwriting. No-exam coverage up to $1,000,000 for those who qualify.

Compare up to 4 providers

Bottom line

Most people buy life insurance for income replacement purposes. With that in mind, many seniors might not need life insurance. But if you have debt, financial dependents or want to make sure your beneficiaries aren’t burdened with your funeral costs or medical expenses, it’s worth looking into a policy.

Coverage becomes more expensive as you age. To get the best possible premium, compare life insurance providers.

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