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5 Best Life Insurance Companies for Seniors in 2025
Guardian, MassMutual and Northwestern Mutual top our list of the best life insurance companies for seniors.
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Updated · 1 min read
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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.
The cost of life insurance 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 life insurance content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in life insurance. We 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.
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.
Note: NerdWallet rates insurers at the company level, not the policy level. Star ratings reflect the company as a whole, and not just its policies for seniors.
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
Very few complaints from consumers.
Offers unique coverage options, such as policies for HIV-positive applicants.
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
Very few complaints from consumers.
Offers unique coverage options, such as policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Can't buy a policy online.
Pros
Very few complaints from customers.
Offers unique coverage options, such as policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Can’t buy a policy online
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
Pros
Wide range of term and permanent life insurance policies.
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
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Low number of complaints.
Cons
Most policies require a medical exam.
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Low number of complaints.
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
Lower complaint ratio 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.
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
Lower complaint ratio 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.
Pros
Lower complaint ratio 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.
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.
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
Low complaint volume for a company of its size.
Some policies are eligible for dividends.
Cons
Quotes aren't available online.
Pros
Low complaint volume for a company of its size.
Some policies are eligible for dividends.
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: 85.
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: 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.
Strong
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
Low number of complaints from consumers.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add up to $100,000 of coverage to a term life policy after a major life event.
Cons
Some policy types are issued by partner companies rather than USAA.
No live chat or email options for customer service.
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.
Strong
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
Low number of complaints from consumers.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add up to $100,000 of coverage to a term life policy after a major life event.
Cons
Some policy types are issued by partner companies rather than USAA.
No live chat or email options for customer service.
Pros
Low number of complaints from consumers.
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 policy types are issued by partner companies rather than USAA.
No live chat or email options for customer service.
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, USAA'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.
