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6 Best Life Insurance Companies for Seniors in July 2024
Guardian, MassMutual and Northwestern Mutual top our list of the best life insurance companies for seniors.
Georgia Rose Lead Writer | Finance, technology, science
Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post, The New York Times, The Independent and The Associated Press. Throughout her career, Georgia has written on a variety of subjects, including personal finance, government policy, science and technology. She enjoys researching complex topics and distilling the information for her readers. Before joining the international team, she wrote for the insurance vertical, specializing in life insurance.
Lisa Green Assigning Editor | Insurance, data journalism
Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. She is based in Nashville.
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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.
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.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.
Term: 70.
Whole: 85.
NerdWallet rates insurers at the company level, not the policy level.
Best life insurance for seniors in July 2024
Learn more about each company in our list by reading the brief summaries below and checking out the NerdWallet review links.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
With few complaints and flexible payment options, Guardian Life is a smart coverage choice for many seniors. It sells whole life policies to applicants up to age 90 and term policies up to age 75.
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 ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
With few complaints and flexible payment options, Guardian Life is a smart coverage choice for many seniors. It sells whole life policies to applicants up to age 90 and term policies up to age 75.
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
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
Policy type: Term.
Max issue age: 75 (1-year and 10-year terms), 70 (15-year term), 65 (20-year term).
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 ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
If you’re looking for term life insurance with generous coverage, MassMutual could be right for you. It doesn’t place a limit on how much term insurance you can get, and issues coverage to applicants up to age 75. You can also buy whole life insurance up to age 90.
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 ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
If you’re looking for term life insurance with generous coverage, MassMutual could be right for you. It doesn’t place a limit on how much term insurance you can get, and issues coverage to applicants up to age 75. You can also buy whole life insurance up to age 90.
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
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.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
The largest insurer in the U.S., Northwestern Mutual boasts high customer satisfaction scores and has consistently paid out dividends each year to its permanent policyholders. Term and whole life coverage is available for applicants up to age 70 and 85, respectively.
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 ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
The largest insurer in the U.S., Northwestern Mutual boasts high customer satisfaction scores and has consistently paid out dividends each year to its permanent policyholders. Term and whole life coverage is available for applicants up to age 70 and 85, respectively.
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
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
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren't available online.
With many insurers, coverage for seniors is often capped at comparatively low amounts. However, New York Life offers coverage from $25,000 to over $1 million and issues policies for applicants up to age 75 for term and age 90 for whole life insurance.
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 ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren't available online.
With many insurers, coverage for seniors is often capped at comparatively low amounts. However, New York Life offers coverage from $25,000 to over $1 million and issues policies for applicants up to age 75 for term and age 90 for whole life insurance.
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren't available online.
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
Policy type: Term.
Max issue age: 75 (1- and 10-year terms) and 65 (15- and 20-year terms).
Coverage: $100,000+.
Policy type: Whole.
Max issue age: 90.
Coverage: $25,000+ (for applicants ages 18 and over).
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 2023 U.S. Individual Life Insurance Study.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Drew fewer life insurance complaints to state regulators than expected for a company of its size.
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
State Farm stands out for its exceptional customer service, few complaints and customizable coverage, making it an ideal choice for seniors who want a say in managing their policies. If you’re in the market for term life insurance, you can buy a policy up to age 75 for term insurance.
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 2023 U.S. Individual Life Insurance Study.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Drew fewer life insurance complaints to state regulators than expected for a company of its size.
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
State Farm stands out for its exceptional customer service, few complaints and customizable coverage, making it an ideal choice for seniors who want a say in managing their policies. If you’re in the market for term life insurance, you can buy a policy up to age 75 for term insurance.
Pros
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
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
Policy type: Term.
Max issue age: 75 (10-year term), 65 (20-year term).
Coverage: $100,000+.
Policy type: Whole.
Max issue age: Varies by policy (80 for final expense whole life).
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 ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Had fewer than the expected number of complaints compared to other companies.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add $100,000 coverage to its term life policy after a major life event.
Cons
Some policies not available in New York or Montana.
USAA life insurance is available to both military members and civilians, unlike other products it sells. Seniors can buy a term policy up to age 70 and whole insurance up to age 85. Plus, USAA offers a guaranteed issue policy, which lets you skip the health questionnaire and medical exam.
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 ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Had fewer than the expected number of complaints compared to other companies.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add $100,000 coverage to its term life policy after a major life event.
Cons
Some policies not available in New York or Montana.
USAA life insurance is available to both military members and civilians, unlike other products it sells. Seniors can buy a term policy up to age 70 and whole insurance up to age 85. Plus, USAA offers a guaranteed issue policy, which lets you skip the health questionnaire and medical exam.
Pros
Had fewer than the expected number of complaints compared to other companies.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add $100,000 coverage to its term life policy after a major life event.
Cons
Some policies not available in New York or Montana.
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.
NerdWallet’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.
How we review life insurance companies
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Alternatively, 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.
