Buying life insurance is often associated with younger couples starting a family or buying a home.
But there are many reasons you may still need to financially protect your family when you're older. You may want to replace a group policy that ended when you retired, get coverage for funeral expenses or leave a financial legacy.
CNBC Select compared dozens of life insurance companies to find the best options for seniors in a variety of categories. (See our methodology for more on how we made our picks.)
Best for affordability: Pacific Life
Pacific Life Life Insurance
Cost
The best way to estimate your costs is to request a quote
Online quote for term policy
No
Policy highlights
Pacific Life offers term, permanent and no-exam life insurance, with an accelerated death benefit included at no charge.
Pros
- Most plans have age limit of 90 for enrollment
- Term policies can convert to permanent life without an exam
Cons
- No online quotes
- Must be purchased through an advisor
Who's this for?Pacific Life has affordable term life insurance for seniors that is renewable up to age 95.
Types of policies: Term, universal, indexed universal, variable universal
Standout benefits: Pacific Life also has both indexed and variable universal life insurance policies that build cash value early and can supplement retirement income. Pacific Life doesn't set maximum coverage limits and some policies can pay out more than $10 million.
Best for no medical exam: Mutual of Omaha
Mutual of Omaha Life Insurance
Cost
The best way to estimate your costs is to request a quote
Online quote for term policy
No
Policy highlights
Mutual of Omaha offers term, whole, indexed universal life and universal life policies
Pros
- Policies available up to age 80 for term policies, up to age 85 for final expense coverage*
- No-medical-exam policies available
- Can convert term life into whole life policy with no medical exam
Cons
- Guaranteed whole life limited to $25,000
- Online term life quotes not available, must call for a quote
Who's this for? If you'rebetween 45 and 85 (or 50 and 75 in New York),Mutual of Omaha has no-medical exam policies with guaranteed acceptance and coverage up to $25,000.
Types of policies: Term, whole, universal, final expense
Standout benefits: Mutual of Omaha has other plans with high age caps, including term life policies up to 80. Its online Mutual Cares platform offers seniors info on health and wellness, combating loneliness, estate planning and more.
Best for customer service: State Farm
State Farm Life Insurance
Cost
The best way to estimate your costs is to request a quote
Online quote for term policy
Yes
Policy highlights
State Farm offers nearly a dozen term, whole, and universal life insurance products, including survivorship and no-medical exam plans.
Pros
- Reasonable rates
- Top-rated for customer service
- Return of premium benefit available
- Term policies can be converted to permanent
Cons
- Policies must be purchased through a State Farm agent
- Doesn't sell policies in Rhode Island or Massachusetts
- Fewer riders than the competition
- Accelerated death benefit costs extra
Who's this for? In 2024, State Farm earned the top spot in J.D. Power's U.S. Individual Life Insurance Study, which surveys customers' satisfaction with a provider's value, ease of doing business, product offerings, digital channels and more.
Types of policies: Term, whole, universal, joint universal, final expense
Standout benefits: You can apply for and buy a State Farm policy the same day and premiums can be paid monthly or annually.
Best for final expense insurance: AARP
AARP Life Insurance
Cost
The best way to estimate your costs is to request a quote
App available
Yes
Policy highlights
AARP offers term and permanent life insurance products through New York Life, alongside other types of insurance.
Pros
- No medical exam
- Guaranteed acceptance option
- A++ financial strength rating
Cons
- Must be an AARP member to apply
- Not available in all states
Who's this for? AARP members have access to life insurance offers through New York Life, with $25,000 in coverage to help with funeral costs, cremation, medical and legal bills and other end-of-life expenses.
Types of policies: Term, whole, final expense
Standout benefits: Acceptance is guaranteed with no medical exam or health questions and fixed rates for the life of the policy. (Benefits are limited in the first two years, however.)
Best for whole life insurance: Guardian
Guardian Life Insurance
Cost
The best way to estimate your costs is to request a quote
App available
Yes
Policy highlights
Guardian offers a variety of policies, including term, whole and universal. Term life insurance can be converted into whole or universal life policies.
Pros
- Has paid dividends since 1868
- Whole life insurance policies up to age 90
- Available in all 50 states
Cons
- Can't get rate quotes or apply online
- Customer service not available 24/7
- Doesn't offer auto or home insurance
Who's this for? Guardian offers robust whole life insurance policies up to age 90. There's no maximum coverage limit and endorsements include long-term care, waiver of premium and a charitable benefit rider that provides an extra 1% to a charity of your choice when your death benefit is paid out.
Types of policies: Term, whole, universal, joint
Standout benefits: Policyholders can convert term insurance to a whole life policy in the first five years for free, a benefit competitors usually charge for.
Best for couples: Prudential
Prudential Life Insurance
Cost
The best way to estimate your costs is to request a quote
Policy highlights
As one of the largest life insurers by market share that sells individual policies, Prudential has a 145-year history. It offers a variety of policies, and allows conversions to permanent policies for those who purchase term coverage if needs change.
App available
No
Pros
- One of the largest insurers with a long history
- Offers a variety of policies to a wide spectrum of ages
Cons
- You may need to speak to an agent to find out how much a policy will cost.
Who's this for? Prudential offers universal life policies for applicants up to age 85 (and up to 90 for conversion from term life). The Survivorship BenefitAccess rider allows couples to tap the death benefit if one or both become chronically or terminally ill.
Types of policies: Term, universal, indexed universal, indexed variable universal, variable universal, final expense.
Standout benefits: If you take a loan out against the cash value of your policy, Prudential's overloan protection can shield you from a lapse in coverage if the money isn't repaid.
Best for growing cash value: MassMutual
MassMutual Life Insurance
Cost
The best way to estimate your costs is to request a quote
Online quote for term policy
No
Policy highlights
MassMutual has several whole life insurance options, including a survivorship policy, as well as universal and variable life insurance products.
Pros
- Variety of term and permanent policies
- High customer satisfaction rankings
Cons
- Online quotes are not available
- Policies must be purchased through an agent
Who's this for? MassMutual's whole life insurance policies grow cash value quickly with high interest rates. And, policies are available for seniors up to age 90.
Types of policies: Term, whole, universal, variable universal
Standout benefits: MassMutual's whole life customers are eligible for dividends, which the company has issued annually since 1869. The company anticipates a 6.40% dividend interest rate in 2025, accounting for a record $2.5 billion payout.
How much does life insurance for seniors cost?
Seniors pay more for life insurance than younger adults. Here's how the monthly cost of several different policy types breaks down, according to Policygenius.
| 10-year, $100,000 term life insurance | $10,000 of final expense whole life insurance | $100,000 of whole life insurance | |
|---|---|---|---|
| 60-year-old male | $42.45 | $43.76 | $416 |
| 60-year-old female | $34.13 | $32.71 | $336 |
| 70-year-old male | $112.00 | $74.61 | $595 |
| 70-year-old female | $85.89 | $53.24 | $675 |
Source: Policygenius data, based on average rates for non-smokers in good health
What type of life insurance is best for seniors?
No one type of life insurance is a good fit for everyone. Here's what you need to know about common types.
Term life insurance
If you want to make sure your debts are covered, term life insurance is a convenient and affordable option at any age — and your plan may be able to be converted to a whole life policy. Once you reach age 60, however, the longest term you'll typically find is for 20 years.
Whole life insurance
As long as you keep up with your premiums, a whole life policy stays in effect without you needing to requalify, which can be a big plus for seniors. The rates are considerably higher than term life, but it can be an option if your focus is on leaving a financial legacy to your loved ones.
Universal life insurance
Like whole life, universal life insurance policies have a cash value component. But, because they're linked to investments that either you or your insurance company choose, they require more oversight. If you don't monitor the cash value, the policy could become underfunded — and either end or require you to make large payments to keep your coverage.
Final expense insurance
Also known as pre-need, funeral or burial insurance, final expense insurance is a popular option for seniors who don't want to leave the burden of a burial, outstanding medical or legal bills or other expenses to their loved ones.
It's a guaranteed-issue whole life policy, so you don't have to worry about it expiring or having to get approved or take a medical exam. But a final expense policy can be expensive, especially considering the payout is usually limited, between $5,000 to $25,000.
How to choose life insurance as a senior
If you're buying life insurance after age 65, consider these factors when deciding what type is right for you
- Your budget: Life insurance in your 60s, 70s or beyond will be more expensive than in your 40s. You may be tempted to get a policy without a medical exam, but that could mean your premiums are even higher.
- Your goals: Are you buying insurance to pay off the mortgage or even cover daily expenses? Are you interested in leaving your family some money for their future or just enough for a funeral? Your answers will steer you toward the right policy.
- Your health status: Do you have a pre-existing condition that could keep you from getting approved? If so, you may want to narrow your search to guaranteed-issue whole life or universal life policies that don't require a medical exam.
Pros and cons of life insurance for seniors
- Can pay for funeral and other final expenses
- Can pay off debt or leave your family a financial legacy
- Can create an additional income stream in retirement (for permanent life insurance)
- Getting approved may be harder
- Premiums are more expensive
- Coverage options are more limited
Life insurance for seniors FAQs
How old can you be and still get life insurance?
It's possible to buy life insurance at any age, depending on the policy and the provider. The typical maximum age for term life is 85, while some whole life and universal policies are available up to age 90. You can get final expense or guaranteed issue policy past 85, though premiums will get considerably more expensive.
What is the best life insurance for seniors over 70?
The best life insurance for someone over 70 depends on their health, their budget and their goals. If you're concerned about being approved, you could buy a guaranteed issue policy without a medical exam or health questions that would pay enough to cover final expenses. If you have more to spend or want to create a financial legacy, a whole life policy could make sense.
Who has the best life insurance for seniors?
The best life insurance company for seniors depends on what kind of coverage you want, how much you have to spend and your goals for the payout. We've found that Pacific Life, Mutual of Omaha, State Farm, AARP, Guardian, Prudential and MassMutual are among the leading providers for seniors, with higher maximum issue ages, reasonable rates and solid financial strength.
Is life insurance worth it for seniors?
Life insurance can be an invaluable financial tool for seniors. Even if the house is paid up and the kids are grown, a life insurance policy can pay for a funeral, protect your spouse, give a gift to your heirs or provide for long-term care.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every life insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of life insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine the best life insurance companies for seniors, CNBC Select considered dozens of data points from leading life insurance companies.
We reviewed the types of life insurance products offered, looking at maximum issue ages as well as coverage limits, average premiums, the application process and the availability of no-medical-exam policies.
We incorporated customer satisfaction scores from J.D. Power's U.S. Individual Life Insurance Study, the National Association of Insurance Commissioners complaint index and the Better Business Bureau, as well as A.M. Best financial strength ratings.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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