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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.
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)
- Offers a final expense policy worth $15,000, with guaranteed acceptance for those aged 50 to 80.
- Provides convertible term life policies up to age 70.
- The company’s universal life policy lets you opt for a level premium. The “short pay” option allows you to pay off your entire policy in 10 or 15 years — which can suit you if you’re still in the workforce and earning income.
Best for guaranteed universal life policies: Mutual of Omaha
- GUL policies start at $50,000, which is ideal for people looking for larger death benefits.
- Excellent reputation for customer service. Mutual of Omaha ranked fifth of 23 insurers surveyed in J.D. Power’s latest life insurance study.
- Offers indexed universal life policies that provide coverage up to age 85, or longer if you pay a fee for a no-lapse guarantee.
Best for customizable coverage: New York Life Insurance Company
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.
- Offers GUL policies up to age 85 without a medical exam. This is great news for seniors with pre-existing health conditions who might not otherwise qualify for coverage.
- Sells term life policies in terms between five and 20 years, with the option to convert to a permanent policy before a deadline.
- Depending on your policy, you might have access to a chronic care rider and disability waiver of premium.
Best for generous death benefits: Lincoln Financial
- A guaranteed insurability rider allows you to boost your death benefit at any time.
- Other riders include an accelerated death benefit, disability waiver of premium, child or spouse rider.
- Offers term life policies spanning 15, 20 and 30 years, with death benefits ranging from $100,000 to $500,000.
Best for simplified issue policies: Transamerica
- Sells term, whole, universal and indexed universal life policies, along with accidental death coverage.
- Term life plans are convertible and available in 10-, 15-, 20-, 25- and 30-year lengths.
- Policies can be as small as $25,000, and cap out at $10 million.
- Depending on your policy, you might be able to choose a level, increasing or decreasing death benefit.
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”|
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|
|Transamerica||A-||1.5 out of 5 stars|
Compare life insurance providers
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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