The best life insurance company for anyone over 60 offers a variety of options regardless of your age and health status along with quality customer service and unique perks designed for this part of your life. To help you compare policies, our life insurance experts spent over 500 hours researching 100+ life insurance companies, bringing you the best life insurance options with unique features that specialize in your needs at this age.
5 best life insurance companies for seniors
These five companies cater to seniors with a wide variety of life insurance options over 60 years old, lenient underwriting, quick decisions on approval and stand-out add-ons or programs that cater to anyone over 60.
Mutual of Omaha offers term life up to 80 years old, whole life and universal life up to 85 years old and no-exam life insurance options. That means, you're eligible for any type of policy at 80, where other competitors limit access to certain policies at a younger age. And, it's term life offers term lengths up to 20 years at age 70, that's a longer term for this age group compared to other insurers. Plus, these policies offer coverage ranging from $2,000 to over $100,000 depending on which policy you choose.
Not only is there a wide range of coverage options and add-ons for seniors to choose from, but you'll get quality service, a user-friendly website and you can get quotes online, over the phone or with an agent.
Pros
High ranking for customer satisfaction
Low customer complaints with the Better Business Bureau
Free conversion to a permanent policy without a medical exam
Cons
Online account management is limited
Some policies have to be purchased with an agent
Term policies may take up to a month to be approved for
Free Quote
Phone
Insurance Products
Term, Whole, Accidental Death
Issue Age
18 to 68
Coverage Amount
$2,000 to $500,000+
Term Lengths
10, 15, 20, 30 years
Medical Exam Required
Depends on policy
Ways To File A Claim
Phone: 800-775-1000
Ratings, Accreditation and Memberships
BBB: A+
Customer Service Options
Phone: 800-775-1000, Online forms
Policy Riders Offered
Array
Issue Age
18 to 68
Coverage
$2,000 to $500,000+
Medical Exam Required
Depends on policy
AIG is best for final expense policies
AIG
4
★★★★★
Finder score
AIG's final expense guaranteed issue policies are specifically designed for seniors up to 80 years old, where many competitors cut off access to guaranteed policies at a younger age. You'll skip the medical exam and health questions and be guaranteed a policy worth up to $25,000.
What makes this final expense policy stand out is that you'll get living benefits included for free. That means if you suffer a chronic or terminal illness, like Alzheimer's or cancer you can access up to 50% of your death benefit to cover medical or day-to-day expenses.
Pros
Premiums stay the same
Terminal illness and chronic illness benefit riders included for free
Guaranteed acceptance up to 80 years old
Cons
Less than average customer satisfaction scores
Living benefits capped at 50% of your death benefit
Free Quote
Online, Phone.
Insurance Products
Term, Whole, Universal, Quality of Life, Permanent, Guaranteed Issue Whole Life Insurance, Accidental Death Insurance
Issue Age
18 to 75
Coverage Amount
$5,000 to $2,000,000
Term Lengths
10, 15, 20, 25, 30, 35 years
Medical Exam Required
Depends on the policy
Ways To File A Claim
Online
Ratings, Accreditation and Memberships
AM Best: A BBB: A +
Customer Service Options
Phone, Online.
Policy Riders Offered
No info available
Issue Age
18 to 75
Coverage
$5,000 to $2,000,000
Medical Exam Required
Depends on the policy
Prudential offers the best living benefits
Prudential
4
★★★★★
Finder score
Prudential offers living benefit riders that allow you access to your death benefit if you're diagnosed chronically or terminally ill. While you have to pay 5% to 25% extra to tack on these living benefits to a term or universal policy, you can access up to 100% of your death benefit amount. Many competitors cap how much you can take from your death benefit at 60% or less. For example, if you have a policy worth $100,000 and are diagnosed with a chronic illness like cancer, you'll be able to access all $100,000 of your death benefit to use how you see fit.
Pros
Living benefits offer up to 100% of death benefit
Offers three forms of universal life insurance
Less than average number of customer complaints
Cons
90 day waiting period to receive living benefits for a chronic illness
Fidelity Life stands out for offering life insurance specifically geared towards people over 60 with term life, whole life, guaranteed issue plans and final expense insurance. You can get up to a $150,000 term policy lasting 10 to 30 years if you're under 70. But this company stands out for more than just its term life offering, these term policies come with a quick approval or denial decision. That means, you'll skip the medical exam and just answer a few health questions instead — so you won't have to wait six to eight weeks for a decision. If you're under 65 you can access up to a $1 million policy, with an immediate decision and a delayed medical exam. And, if you prefer whole life, Fidelity Life offers a no medical exam policy for people under 80.
Pros
Quick approval or denial decisions for policies
30-day money back period
Free terminal illness add-on with guaranteed issue or final expense policies
John Hancock offers term life for people up to age 80 and permanent policies up to age 90. But it makes our list for its aspire program that caters to people living with type 1 and type 2 diabetes. This program is coupled with your life insurance plan to offer up to 25% off the cost of your insurance for making healthy choices, virtual consults with diabetes experts, free medical supplies, discounts on healthy foods and fitness devices and tools and education to support your overall health.
Pros
Healthy living discounts and rewards
Specialized incentives for diabetics
Simple application
Cons
No whole life policy
No online policy management
Free Quote
Online, Phone
Insurance Products
Term, Permanent, Final Expense with Guaranteed Acceptance
Issue Age
20 to 60
Coverage Amount
$25,000 to $65,000,000
Term Lengths
10, 15, 20 years
Medical Exam Required
Depends on policy
Ways To File A Claim
Online
Ratings, Accreditation and Memberships
AM Best: A+ BBB: A+
Customer Service Options
Phone, Email
Policy Riders Offered
Array
Issue Age
20 to 60
Coverage
$25,000 to $65,000,000
Medical Exam Required
Depends on policy
How to compare life insurance quotes over 60
In addition to the benefits, features and price of the policy being applied for, there are some key questions to ask yourself when comparing quotes on life insurance policies.
Benefit amount. What’s the maximum amount of coverage you can get? And how much do you need?
Cost. Are there expensive extras that you don’t need? Are the premiums level or rising?
Maximum entry age. What’s the cut-off age for applying?
Free look period. How long do you have to cancel and get a refund?
Claims process. What is the insurers claims process?
Policy renewal. What’s the maximum age you can renew coverage?
Best types of life insurance policies for seniors
The best type of policy for people over 60 comes down to your health, budget and if you need a policy that lasts your entire life or just to cover you for a specified number of years.
Term life insurance is best for healthy seniors
This type of policy is generally the most affordable and offers coverage for a set period of time — like 10 or 15 years. You’ll be able to buy higher coverage amounts with a term policy compared to a final expense or guaranteed issue permanent life policy.
But, it requires a medical exam, so if you’re not in the best health your rates are higher. Fred Hoffman, CoFounder of Seniors Life Insurance Finder, talked with Finder about term life insurance for people in their 60s.
Simply said, you only have one more chance in your 60s to acquire term life insurance. At this age, rates are still quite low, and you may still select a 10-year, 15-year, or 20-year term life insurance. But, this applies only when you are in a good shape. You may not be eligible for a term policy if you have an incurable illness or are not in excellent health.”
Permanent life is best for seniors who need life-long coverage
A permanent policy lasts your entire life, and builds cash value over time. However, most permanent policies come with a higher monthly rate than term policies.
Emory Smith from EJS Financial told Finder, “in most cases, seniors over 60 should own permanent life insurance. Permanent products include whole life, universal life and indexed universal life, among others. These policies last as long as 125 years old with enough premium payment. Term insurance is less expensive, but generally not a great fit since term insurance does not protect to life expectancy and loses conversion privilege at age 65 to 70.”
No-exam policies are best if you don’t qualify for traditional insurance
If you don’t qualify for traditional term life because of your age or health, the best type of policy is a final expense or guaranteed issue permanent life policy. These policies skip the medical exam and guarantee you’ll have coverage.
But these policies offer much lower coverage amounts between $2,000 to $25,000 depending on which type you choose.
Manny Lirio at Vantis Life Insurance Company suggested to Finder that “final expense insurance policies are typically designed for people who, because of age or health, may not qualify for other life insurance products or may have an underlying health condition that could prevent them from getting coverage otherwise.”
6 riders people over 60 should consider
Depending on your insurer, you may be able to customize your coverage with important riders that can support you and your family and give you peace of mind. These include:
Accelerated death benefit rider. Pays out a portion of your death benefit early if you’re diagnosed with a terminal illness, and you can use the money however like — not just on medical bills.
Critical illness rider. Pays out a lump sum if you’re diagnosed with a critical illness specified in the policy, like heart disease, cancer or stroke.
Long-term care rider. Allows you to access money from your death benefit to cover the cost of a nursing home or similar expenses if you’re diagnosed as chronically ill.
Disability income rider. Offers a monthly benefit if you become ill or injured and can’t work for a period of time — which is worth considering if you’re still in the workforce and have a family relying on your income.
Spouse rider. Pays out a death benefit if your spouse passes away, and is typically limited to half of the policy’s face value.
Estate protection rider. Usually only available on joint policies, this rider offers an additional death benefit if both policyholders die within a specified time frame.
How to save on the cost of life insurance
There are a few ways to lower the cost of your coverage:
Buy a policy as soon as you identify a need for it. The sooner you can lock in a rate, the better — as they’ll continue to go up over time.
Improve your health and lifestyle. If you’re a smoker or have some health conditions, it could cost you. However, there are still a lot policies that have competitive life insurance premiums for those who smoke and have health conditions.
Compare a handful of insurers. Shop around! Each insurer has different underwriting standards, so it pays to compare companies to get the best possible coverage at the lowest possible rate.
Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
There are plenty of reasons to consider buying life insurance, though weigh the benefis against the cost and any exclusions you may face.
Pros
Provide for your loved ones. Allows you to provide financial support for your loved ones if you die unexpectedly. Plus, add-ons can help cover medical and rehabilitation costs while your spouse maintains their current standard of living.
Cover immediate expenses. Your death could place a significant financial burden on your family, taking out life insurance cover can help them cope with the cost of your funeral and other immediate expenses.
Peace of mind. Life insurance gives you the security and peace of mind of knowing that you, your spouse and family are protected should the worst happen.
Cons
Pre-existing conditions. If you have an illness or there’s an illness that runs in your family medical history, you may be offered a policy with excluded coverage for a specific ailment.
Insurance cost. In general, older people are seen as greater risks to life insurers, this means you may be paying significantly higher premiums the later in life you apply.
Alternatives to life insurance for people over 60
If life insurance doesn’t meet your needs, there are alternatives to consider that may work for your situation.
Disability insurance. This type of policy is best for someone who hasn’t yet retired. It pays out a percentage of your salary if you experience a covered illness or injury that leaves you unable to work.
Critical illness insurance. This type of policy pays out a lump sum benefit if you suffer a covered illness like a heart attack or stroke. These types of policies are relatively low cost, but they’re limited to only cover you after specific illnesses.
Investing and saving. Most financial advisors still recommend a life insurance policy alongside investments. However, if you have the money to invest, know that it involves a greater amount of risk, but could also produce a higher rate of return that you can set aside for family.
Bottom line
The best life insurance policy for people over 60 offers the coverage you need regardless of your age or health — and offers excellent customer service with special perks for seniors. But before committing to coverage, be sure to compare multiple insurance companies to get the best possible deal. You can learn more about life insurance for seniors in our comprehensive guide.
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.
Megan B. Shepherd is a personal finance editor at Finder where she helps people navigate the financial world of loans.
Her personal finance expertise has been featured on Forbes, Nasdaq, MediaFeed, Fox News, Time, Reviews.com, and carinsurance.com, adding invaluable information related to personal loans, financial strategies and smart borrowing tactics.
Megan graduated from the University of Texas at Dallas with a BS in Business Administration with an entrepreneurial focus. She's worked as a certified financial adviser and has earned certificates of completion from A.D. Banker & Company.
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