Just because you’re older doesn’t mean you can’t find a life insurance policy that meets your needs. The cost of coverage can increase with age, but many insurers will accommodate older adults, even if they're not in the best of health. Show
To put together this list, NerdWallet reviewed insurers that offer term or whole life policies to seniors, taking into account our star ratings for each company, as well as policy features like the maximum issue age. Here are our top picks. Why you can trust NerdWallet: Our writers and editors 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. Here is a list of our partners, and here’s how we make money. The best life insurance for seniors in 20235.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. 5.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. 5.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. 5.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. 5.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. 5.0 NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. NerdWallet rates insurers at the company level, not the policy level. How we ranked the top life insurersNerdWallet’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. Best life insurance policies for seniorsLearn more about each company in our list by reading the brief summaries below and checking out the NerdWallet review links. Best for payment flexibility  5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years. Financial strength rating Exceptional
Best for payment flexibility 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years. Financial strength rating Exceptional
Overview: Guardian also offers whole life policies that are paid up by age 65, 95, 99 and 121. If you’re looking for other types of permanent coverage, you may want to consider Guardian’s universal and variable universal life products, which are issued up to age 85. Guardian senior life insurance policy details Max issue age: 75 (10-year term), 70 (15-year term), 65 (20-year term). Best for elderly applicants 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. 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. Financial strength rating Exceptional
Best for elderly applicants 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. 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. Financial strength rating Exceptional
Overview: With MassMutual, there’s no limit to how much term life coverage you can buy (subject to restrictions). You may find this appealing if you’re looking for a substantial payout for your life insurance beneficiaries. MassMutual senior life insurance policy details Best for the potential to earn dividends 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice. Financial strength rating Exceptional
Best for the potential to earn dividends 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice. Financial strength rating Exceptional
Overview: Northwestern Mutual's whole life policyholders may be eligible to receive dividends, which the company has paid out consistently since 1872. Northwestern Mutual senior life insurance policy details 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: New York Life offers both term and whole life policies that span a significant range of coverage. Financial strength rating Exceptional
5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: New York Life offers both term and whole life policies that span a significant range of coverage. Financial strength rating Exceptional
Overview: Depending on your needs and policy type, you can select payout amounts anywhere from $25,000 to well into the millions. New York Life senior life insurance policy details Coverage: $25,000+ (for applicants ages 18 and over). Best for customer satisfaction 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: If you’re looking for a company with a great reputation, State Farm ranked first out of 22 companies for overall customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance Study. Financial strength rating Exceptional
Best for customer satisfaction 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. Bottom line: If you’re looking for a company with a great reputation, State Farm ranked first out of 22 companies for overall customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance Study. Financial strength rating Exceptional
Overview: State Farm offers its customers broad, customizable coverage. For instance, you can add more coverage for yourself or another person through a term rider. This can be useful if you need to buy a small amount of coverage for a partner but don’t want to purchase a separate policy. State Farm senior life insurance policy details Max issue age: 75 (10-year term), 65 (20-year term). Max issue age: Varies by policy (80 for final expense whole life). Best for coverage flexibility 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. 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. Financial strength rating Exceptional
Best for coverage flexibility 5.0 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data. 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. Financial strength rating Exceptional
Overview: 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, the company’s life insurance isn't limited to military families. USAA senior life insurance policy details Coverage: $100,000 to $10 million. Coverage: $25,000 to $10 million. Find the right life insurance plan for you Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners. Other life insurance options for seniorsAlternatively, you may want to look at 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. Insurer complaints methodologyNerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare to 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. What is the best life insurance for seniors over 70?Best life insurance policies for seniors. Guardian Life: Best for payment flexibility.. MassMutual: Best for elderly applicants.. Northwestern Mutual: Best for the potential to earn dividends.. New York Life: Best coverage range.. State Farm: Best for customer satisfaction.. USAA: Best for coverage flexibility.. What kind of life insurance is best for seniors?A guaranteed issue life insurance policy is often the best option for seniors in poor health. This is a type of life insurance that does not require a medical exam or answer any health questions, and you can't be turned down in any case.
Who has the cheapest life insurance for seniors?MoneyGeek found that Transamerica offers the most affordable life insurance for seniors in their 60s, while State Farm is the lowest-cost option for 70 and 80-year-olds. The premiums you pay for a life insurance policy increase with your age.
What is the oldest age you can get life insurance?However, you may not find a lot of companies willing to issue you a policy if you're age 85 or older. In general, many insurers tend to set their maximum age to issue a policy at 75 or 80, but again, that's up to the insurer.
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Life insurance for the elderly over 70
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