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Best Senior Life Insurance Companies

Advertiser Disclosure Updated: Apr 15, 2024, 2:21pm

4 Best Senior Life Insurance Companies In 2024

Amy DaniseManaging Editor, Insurance

Amy Danise is the managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly experienced editor, writer and team leader with an extensive background in the insurance sector. With a career spanning more than three decades, she has focused her work on consumer-oriented publications.

Amy Danise

Amy DaniseManaging Editor, Insurance

Managing Editor, Insurance

Daniel AdamsLife Insurance

Daniel Adams is the Founder and President of CEG Life Insurance Services. He has been an insurance agent for over 15 years. He works with more than 30 top life insurance companies to help people all over the country with comprehensive financial security solutions using insurance products. He also supports and assists other financial professionals with insurance advice and products for their clients.

He has been an expert contributor at Forbes, CBS News, CNBC, USA Today and other media organizations.

Expert Reviewed

Daniel Adams

Daniel AdamsLife Insurance

Life Insurance

Expert Reviewed

Updated: Apr 15, 2024, 2:21pm

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Our analysis of cash value and term life insurance policies found that Protective, Pacific Life, Equitable and Corebridge have the best senior life insurance.

Life insurance costs increase with age, but that doesn’t mean you can’t find affordable senior life insurance. In addition to good rates, reliable policy illustrations and low policy expenses are usually important for senior life insurance buyers. All the companies in our top picks have excellent or superior AM Best ratings.

Buying Guides

Show Summary

Summary: Best Senior Life Insurance Company Ratings

Company	Forbes Advisor Rating for senior life insurance	Maximum issue age for 10-year term life	Complaint level	Our expert take	Learn More	"Cancel for any reason" reimbursement of lost trip cost
Protective	5.0	Classic Choice Term: age 80	Low	Best for Cost	View More	75%
Pacific Life	4.6	PL Promise Term: age 80	Very low	Great for Renewing Term Life to Older Ages	View More	75%
Equitable	4.1	Term 10: age 75	Very low	Best for Reliable Policy Illustrations for Seniors	View More	75%
Corebridge Financial	4.0	Select-a-Term: age 80	High	Best for High Maximum Issue Age for Term Life	View More	75%

Our Picks for the Best Life Insurance for Seniors

Best for Cost

Protective

Max issue age for 10-year term life

AM Best financial strength rating

A+ (Superior)

Complaint level

Low

Compare quotes from participating carriers via Lifequotes.com

A+ (Superior)

Low

Our Expert Take

We think senior buyers of term life insurance will appreciate Protective’s low term life insurance rates. We also suggest considering Protective if you’re looking for cash value life insurance with low costs and reliable policy illustrations.

Protective’s Classic Choice term life insurance rates for seniors are very competitive.
You can renew the Classic Choice policy up to age 95 after your level term period ends.
Protective’s cash value life insurance policies for seniors generally have low internal costs. This means more money can go toward your cash value and less for paying a company’s policy expenses.
Company investments have performed very well over the years. This is a factor that has likely helped keep premiums and charges low.

More: Protective Life Insurance Review

Drawbacks

Cash value accumulation during the early years of Protective’s cash value policies may be slow. If faster cash value is important to you, make sure you examine the guaranteed parts of the policy illustration to see how fast your cash value will build.

Types of Life Insurance & Riders Available

Types of Life Insurance Sold

Term life
Whole life
Universal life
Indexed universal life
Variable universal life

Life Insurance Riders Available

Accidental death benefit rider
Child life insurance rider
Disability rider
Guaranteed insurability rider
Lapse protection rider
Overloan protection rider
Return of premium rider
Terminal illness accelerated death benefit rider
Waiver of premium rider

Availability of riders could depend on the type of policy.

Great for Renewing Term Life to Older Ages

Pacific Life

Max issue age for 10-year term life

AM Best financial strength rating

A+ (Superior)

Complaint level

Very low

Compare quotes from participating carriers via Lifequotes.com

A+ (Superior)

Very low

Our Expert Take

We like Pacific Life’s PL Promise Term policy for its low rates for seniors. Plus, the policy is renewable up to age 95 after the level term period ends.

Older buyers of cash value life insurance will appreciate Pacific Life’s solid investment performance, both of which help deliver lower premiums over time.

Superior rates for term life insurance for seniors
Policy illustrations for Pacific Life’s cash value policies tend to be reliable, so you’ll have a good projection of cash value gains over time.
Many of Pacific Life’s policies can build cash value even in the early years, compared to other companies where it can take decades to get traction.

More: Pacific Life Insurance Review

Drawbacks

The cost competitiveness of its cash value policies for seniors is okay, but some competitors deliver lower policy costs. Make sure you look at internal charges in the policy illustration.

Types of Life Insurance & Riders Available

Types of Life Insurance Sold

Term life
Whole life
Fixed-rate universal life
Indexed universal life
Variable universal life

Life Insurance Riders Available

Additional insurance rider
Child life insurance rider
Chronic illness rider
Early/enhanced cash value rider
Estate protection rider
Lapse protection rider
Long term care rider
Overloan protection rider
Return of premium rider
Spouse/other insured rider
Terminal illness accelerated death benefit rider
Waiver of monthly deduction rider

Availability of riders could depend on the type of policy.

Best for Reliable Policy Illustrations for Seniors

Equitable

Max issue age for 10-year term life

A.M. Best financial strength rating

A (Excellent)

Complaint level

Very low

Compare quotes from participating carriers via Lifequotes.com

A (Excellent)

Very low

Our Expert Take

It’s hard to find a life insurance company with more reliable policy illustrations than Equitable. For senior buyers of life insurance, this can provide some peace of mind that you likely won’t be hit with surprises in your cash value policy. We also like that Equitable offers low costs for many older ages and risk classes.

Good term life insurance rates for older buyers.
Great track record for reliable policy illustrations for its cash value products.
Internal policy costs on cash value policies are generally low. This means more money toward your cash value and less to policy expenses.

More: Equitable Life Insurance Review

Drawbacks

Minimum face amount of $1 million for term life insurance.
The company’s financial strength ratings haven’t always been as high as its top competitors.

Types of Life Insurance & Riders Available

Types of Life Insurance Sold

Term life
Variable universal life
Indexed universal life

Life Insurance Riders Available

Additional insurance rider
Charitable legacy rider
Child term insurance rider
Disability waiver of monthly deductions rider
Early/enhanced cash value rider
Estate protection rider
No lapse guarantee rider
Living benefits rider
Long term care rider
Option to split/change/convert rider
Overloan protection rider
Return of premium rider
Terminal illness accelerated death benefit rider

Availability of riders could depend on the type of policy.

Best for High Maximum Issue Age for Term Life

Corebridge Financial (formerly AIG Life & Retirement)

Max issue age for 10-year term life

AM Best financial strength rating

A (Excellent)

Complaint level

Very high

Compare quotes from participating carriers via Lifequotes.com

A (Excellent)

Very high

Our Expert Take

We like Corebridge’s Select-a-Term policy because its available to buyers up to age 80, which is higher than most competitors. Its competitive rates should appeal to senior term life insurance buyers.

We think seniors will appreciate Corebridge’s strong historical performance of its investments and its reliable policy illustrations.

Excellent rates for term life insurance across a range of ages and coverage levels.
Term life insurance buyers can customize their level term length between 10 and 35 years, such as 27 years.
Offers relatively friendly underwriting for marijuana users. Buyers who use marijuana eight or fewer days per month can still qualify for the best rate class from Corebridge. But life insurance shoppers who use marijuana frequently (more than 16 days a month or more than four days a week) should expect to be declined.
The majority of Corebridge cash value policies have admirable qualities across the board, such as low internal costs, good reliability of policy illustrations and solid performance of investments that fuel cash value growth.

More: Corebridge Financial Life Insurance Review

Drawbacks

High level of complaints, mainly about delays in claim handling and policyholder service.
Financial strength was poor in previous years but has recovered since AIG’s financial implosion in 2008.

Types of Life Insurance & Riders Available

Types of Life Insurance Sold

Term life
Whole life
Guaranteed universal life
Indexed universal life

Life Insurance Riders Available

Accidental death benefit rider
Child life insurance rider
Disability rider
Early/enhanced cash value rider
Lapse protection rider
Maturity extension rider
Nursing home confinement rider.
Overloan protection rider
Return of premium rider
Spouse/other insured rider
Terminal illness accelerated death benefit rider
Waiver of monthly deduction rider
Waiver of premium rider

Availability of riders could depend on the type of policy.

Types of Life Insurance for Seniors

Senior life insurance buyers can choose among the same types of life insurance as anyone else.

Types of Life Insurance for Seniors	Types of Life Insurance
	Term life insurance is often available through age 80, although the length of the level term period available will get shorter as you get older, For example, at age 80, your longest option will likely be 10-year term life insurance. You may also be limited on coverage amounts at an older age and be required to get a life insurance medical exam.
	Cash value policies such as whole life and universal life insurance can be obtained with some companies through age 85, but some insurers have lower maximum ages. Monthly costs for cash value life insurance and required medical exams can become a hurdle at older ages.
	No-exam life insurance for seniors is generally available in two forms. A guaranteed issue life insurance policy has no medical exam or questions. These are an option for someone who is older or is in poor health and who is willing to pay a high price for a small amount of insurance. Burial insurance, or final expense insurance, is generally a small whole life insurance policy (such as $5,000 to $25,000) intended to cover only funeral costs. It may be a type of guaranteed issue life insurance with no medical exam.

Instant Life Insurance Quotes from Top Insurers

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Reasons for Seniors to Buy Life Insurance

Life insurance for seniors can:

Help beneficiaries pay for expenses such as funeral costs, medical bills and remaining debts.
Provide financial protection for your spouse if you were living on a pension that doesn’t have survivor benefits.
Provide an inheritance to your children, grandchildren or others.
Help heirs pay estate taxes on large estates.

How Much Does Senior Life Insurance Cost?

The cost of life insurance for seniors is primarily affected by age and health. The type of coverage you buy and smoking status are also significant factors.

Here’s a look at term life insurance quotes for 70-year-old buyers of senior life insurance from the companies in our analysis. Buyers at age 70 will find it difficult to buy 20-year term life insurance, and likely won’t be able to find a 30-year term life insurance policy at all.

Senior Life Insurance Costs for Females

Company	Term life insurance policy name	Cost per year: 70-year-old female for $500,000 in coverage for 10 years	Cost per year: 70-year-old female for $1,000,000 in coverage for 10 years
Protective	Classic Choice Term	$2,319	$4,307
Pacific Life	PL Promise Term	$2,319	$4,325
Equitable	Term Series 160	$2,395	$4,325
Corebridge (American General)	Select-a-Term	$2,412	$4,575
Average		$2,361	$4,383

Senior Life Insurance Costs for Males

Company	Term life insurance policy name	Cost per year: 70-year-old male for $500,000 in coverage for 10 years	Cost per year: 70-year-old male for $1,000,000 in coverage for 10 years
Protective	Classic Choice Term	$3,683	$7,038
Pacific Life	PL Promise Term	$3,684	$6,930
Equitable	Term Series 160	$3,735	$7,285
Corebridge (American General)	Select-a-Term	$3,895	$7,275
Average		$3,749	$7,132

Expert Round-Up: How to Get the Best Senior Life Insurance

Here are our top tips for seniors looking for life insurance.

Expert Round-Up: How to Find Affordable Pet Insurance
Daniel Adams Forbes Advisor Insurance Advisory Board		Make sure the type of life insurance you are purchasing matches the purpose for which you are getting it. While all types of life insurance pay out a death benefit, the cost and performance of each type can vary dramatically. Understanding the details of the different types of policies will help you find the best option for you.
Ashlee Valentine Forbes Advisor Editor		I recommend avoiding graded death benefit policies such as guaranteed issue policies, if possible. If you pass away from a non-accident within the first two to three years of owning a graded death benefit policy, your beneficiaries won’t get the full death benefit.
Amy Danise Forbes Advisor Editor		Don’t be pressured into making a decision or letting someone discourage you from speaking to family members or a financial advisor before you buy a policy. Financial predators often focus on seniors, so I would be wary of anyone who tries to rush you.
Michelle Megna Forbes Advisor Editor		If you’re buying a cash value policy, I would make sure to examine the policy illustration and pay particular attention to the guaranteed columns. Some illustrations will have a rosy projection of cash value based on non-guaranteed parts that may not ever happen.
Les Masterson Forbes Advisor Editor		I recommend that you insist on reviewing detailed expense pages with a financial advisor if you’re buying a cash value policy. This kind of analysis will give you a true picture of what you’ll be paying for the policy. Companies such as Veralytic provide these reports and show how the policy compares to others.
Penny Gusner Forbes Advisor Editor		Don’t buy any policy you don’t understand. Complex policies like indexed universal life insurance can be hard to grasp. If you’re not sure how the policy works or what you might have to pay into it down the road, I recommend working with an experienced financial advisor who can explain the policy and its risks.

Instant Life Insurance Quotes from Top Insurers

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Methodology

To find the best life insurance for seniors, we evaluated both term life and permanent life insurance:

For term life insurance analysis, we used our own research and also data provided by AccuQuote, a national online life insurance agency. AccuQuote has been in business for over 30 years and works with only top-rated insurers.
For cash value life insurance analysis, we used data provided by Veralytic, an independent publisher of life insurance research and analytics. Veralytic measures the competitiveness of permanent life insurance products and can provide a customized policy analysis to your financial advisor.

Our ratings are based on:

Cost competitiveness of cash value policies (30% of score): This measures the level of premiums and internal policy charges for seniors, including the cost of insurance, fixed administration expenses and cash value-based wrap fees.

Reliability of policy illustrations (30% of score): We evaluated the reliability over time of the company’s illustrations for senior policyholders for permanent life insurance products.

Term life insurance rates (20% score): We used term life insurance rates for healthy buyers at age 70 for 10-year term life with coverage of $500,000.

Historical performance (10% of score): This measures the historical performance of the company’s investments that fuel cash value growth.

Financial strength (10% of score): This measure incorporates the insurer’s financial strength ratings from four major ratings agencies: AM Best, Fitch, Moody’s and Standard and Poor’s.

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Other Senior Life Insurance Companies We Rated

Company	Policy name	Forbes Advisor rating
Midland	Premier Term	3.9 stars
Mutual of Omaha	Term Life Answers	3.8 stars
Minnesota Life	Advantage Elite Select Life	3.6 stars
Transamerica	Trendsetter Super	3.6 stars
Prudential	Term Essential	3.0 stars
State Farm	Level Term	3.0 stars
John Hancock	Protection Term	2.9 stars
Ameritas	Value Plus Term	2.6 stars
MassMutual	Vantage Term	2.3 stars
Guardian	Level Term	1.5 stars

Best Senior Life Insurance Frequently Asked Questions

Is life insurance for seniors worth it?

The primary need for life insurance is based upon providing income to someone who is financially dependent upon you. Seniors may need life insurance to cover debts, estate expenses, final expenses, income replacement, inheritance, a special needs child or a charitable bequest.

Is there an age limit to buy life insurance?

Life insurance companies set maximum age limits, depending on the type of policy. For example, for Corebridge Financial’s Select-a-Term policy, the maximum issue age is 80 while Equitable’s maximum issue age for a 10-year term is 75.

The younger you can buy life insurance, the more policy options you’ll have.

What is the cheapest life insurance for seniors?

The cheapest life insurance companies for healthy 70-year-old females and males are Protective and Pacific Life, based on our analysis. However, it is important to understand that personal health, circumstances and policy type impact cost, and rates are continually subject to change, so no one company will end up being the cheapest for every individual.

Are there life insurance policies designed specifically for seniors?

These two policy types are especially for senior life insurance buyers:

Guaranteed issue life insurance. These policies are offered with the promise that you can’t be turned down and won’t be asked any health questions. The trade-off is that maximum coverage amounts tend to be small, and if you die in the first two or three years after purchase your beneficiaries won’t get the full death benefit. This is known as a graded death benefit,

Guaranteed issue life insurance is pricey for the amount of insurance you’re getting, but it’s designed for seniors who have health issues.

Burial insurance. Also known as final expense insurance, burial insurance is available only in small amounts and is designed for seniors in poor health and with limited budgets. It’s meant to cover a funeral and final expenses.

What is the best life insurance for a senior in poor health?

You can buy a guaranteed issue life insurance policy without any health questions or an exam. These policies offer low amounts of coverage but are designed for people looking to cover a funeral and other smaller expenses.

Note that guaranteed issue policies have “graded death benefits.” If you pass away within the first two or three years of owning the policy, the death benefit will not be paid to your beneficiaries. Instead, the policy will usually refund your premiums plus interest.

Next Up In Life Insurance

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Amy Danise

Managing Editor, Insurance

Daniel Adams

Life Insurance

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