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Some companies allow seniors to sign up for life insurance after age 60. To learn more, check out our guide to the best life insurance for seniors.
Life Insurance Companies For Seniors Over 70
By Graeme Rae Graeme Rae Senior Writer Graeme Rae is a writer with twenty years of experience in journalism, digital marketing and advertising. He has written everything from corporate branding guides and websites to PR campaigns. Graham’s knowledge of the insurance industry is supported by his experience as a licensed life and health insurance agent in 30 states.
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Edited by Tory Addison Edited by Tory Addison Editor Tory Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, government, and academic sectors. A journalist by profession, she began her career covering politics and news in New York’s Hudson Valley. Her work includes coverage of local and state budgets, federal financial regulations and health care law.
The guidance team selected Fidelity Life as the best life insurance company for seniors after extensive market research on age limits, cost, customer service and other factors. While we make our selections to help you in your search, we recommend working with a licensed life insurance agent or financial advisor to help you make an informed decision before choosing a policy.
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Our editorial team follows a comprehensive methodology for rating and reviewing life insurance companies. Advertisers do not influence our rankings.
It’s important to note that while life insurance rates often increase with age, we’ve found that the following companies offer the best insurance options for seniors.
Process offers without test coverage Customers can easily get quotes and apply online Offers sudden death benefit policy Cons Standard whole life policy is issued only up to age 65 Offers less ridership than some competitors
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Fidelity life should be considered if you are elderly, have serious health problems or have been denied insurance in the past. The company offers several no-test permanent insurance options, including whole life, final expense and accidental death policies. For applicants between 50 and 85 years of age, this term and all products do not require a medical examination.
RAPIDecision’s no-test seniors are available from $10,000 to $150,000 for 10-, 20- and 30-year terms, Fidelity Life also has a rating from AM Best, which signifies “excellent” financial strength. . According to the rating agency.
To give you an idea of how much Fidelity Life coverage costs, we’ve calculated the rates below for a 10-year term for a non-smoker applicant who qualifies for the premium health rate class. Our data includes prices for men and women aged 65, but we were unable to obtain estimates from the company for other ages.
Pros has been offering guaranteed issue policies for customers up to age 75 paying investment dividends to policyholders for life since 1869 when it was founded based on a study of customer complaints by the National Association of Insurance Commissioners (NAIC). A very low number policy is often higher than that. In competitions, based on our reviews applicants must work directly with an agent for most policies
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MassMutual is one of the nation’s oldest and most financially sound insurance providers, with a top rating of A++ from AM Best. For seniors who may have trouble getting approved for standard life insurance, the company offers guaranteed cost policies to applicants between the ages of 50 and 75.
MassMutual has a wide range of policies and customer options and gets high marks for customer service. It ranked third in JD’s customer satisfaction survey. Strength in 2023, 809 points out of 1000 points.
To estimate the cost of MassMutual life insurance, we set the following rates based on a 10-year policy for a non-smoker applicant who qualifies for the premium class of medical rates.
Top-rated customer service and strong finances with renewal options up to age 95 Term life insurance coverage available in all states Impaired life Maximum benefit is $15,000 To purchase a policy, contact an agent
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Although State Farm is a household name that primarily owes its status as the nation’s largest property and auto insurer, it has also issued life insurance policies for nearly a century. State Farm earned points in our review for offering multiple bundle options and discounts. The company offers whole life policies in addition to term life insurance plans that can be renewed up to age 95. For seniors who may have health issues, State Farm offers a final expense guarantee for applicants between the ages of 45 and 80.
State Farm’s financial stability and longstanding reputation as a home and auto insurer also extends to its life insurance offerings. Company J.D. Power ranked the company #1 among life insurers in its 2023 customer satisfaction survey. State Farm Life also has an A++ financial strength rating from credit rating agency AM Best, potentially giving policyholders peace of mind that beneficiaries will have financial security.
We are unable to obtain information on state farm expenditures. For more information on pricing, please contact the company directly.
Received a low complaint rate from NAIC Excellent AM rating for financial stability Consistently pays policyholders investment dividends over their lifetime Cons Provides little specific information about coverage amount or ridership The website has a limited rider selection compared to some of the competitors we considered
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Northwest Mutual can be a good choice for seniors looking for life benefits in addition to life insurance. According to its website, the company has paid dividends on its life insurance policies every year since 1872. Financial stability is also confirmed by credit rating agency AM Best, which gives Northwest Mutual an A++, the highest rating.
Whole life policies are available in most states up to age 65, while whole life policies are available for adults between the ages of 45 and 85 with benefits up to $25,000. One of Northwest Mutual’s strengths is its variety of products, including universal life and variable universal life. The supplier also has far fewer complaints than expected for a company of its size.
To estimate the cost of Northwest Mutual Life Insurance, we used the following rates based on a 10-year policy for a non-smoker applicant who qualifies for the premium class of medical rates. Our data includes prices for men and women aged 65, but we were unable to obtain estimates from the company for other ages.
Professional seniors can buy whole life policies online Allows you to sign up for whole life coverage up to age 85 Offers flexible, fast death benefits Cons Increases the maximum death benefit to $25,000 if you’re over 75 , you have to buy some policies over the phone
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Backed by an A+ rating from AM Best, Mutual of Omaha is a financially strong company that offers term and permanent policies with accelerated death benefits. The policy is available for new enrollment up to age 85 with payouts ranging from $2,000 to $25,000. Mutual of Omaha also offers test coverage for applicants under the age of 85 in a variety of policy options.
Mutual of Omaha’s broad coverage is matched by its impressive customer service experience, as demonstrated by the company’s high scores in the JD USA Individual Life Insurance Survey. Power 2023 and NAIC’s complaint rate of 0.43% is below average.
To give you an idea of how much Mutual of Omaha policyholders can pay, we’ve listed the following rates based on a 10-year policy for a non-smoker applicant eligible for the Best Health rate class:
Pros has been providing lifetime investment contributions to policyholders since 1868, when it was founded Distinguished by superior financial stability, AM’s top 90-year lifespan is higher than most competitors We Cons Online Policy Information are vague, based on our experience should. Work through a life insurance agent to apply
Average Cost Of Life Insurance: Rates By Age, Term & Amount
Guardian Life Insurance is our top pick for seniors because it’s one of the few insurers we’ve reviewed that offers policies up to age 90. It offers no-test policies up to $3 million, though seniors may face significant premiums for higher coverage amounts.
It also has an A++ rating from AM Best, the highest financial strength score. One option that may appeal to seniors is Guardian Life’s SafeGuard360 product, which offers life, long-term care and disability insurance in one solution.
Estimating how much life insurance costs
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