Best Life Insurance for Seniors Over 65: Top Providers & Key Considerations
life insurance providers for seniors.As people age, securing financial protection for their loved ones becomes increasingly important. For seniors over 65, life insurance can help cover funeral expenses, outstanding debts, or provide an inheritance for family members. However, finding affordable and reliable life insurance at this stage can be challenging due to higher premiums and limited policy options.
In this guide, we’ll explore the best life insurance companies for seniors, key factors to consider, and tips for choosing the right policy.
Why Do Seniors Over 65 Need Life Insurance?
Before diving into the best providers, it’s essential to understand why life insurance is valuable for seniors:
- Funeral and burial expenses – The average funeral costs between $7,000 and $12,000, which can burden surviving family members.
- Outstanding debts – Life insurance can help pay off mortgages, medical bills, or credit card debt.
- Estate planning – Policies can provide tax-free inheritance to beneficiaries.
- Supplementing retirement income – Some policies, like whole life insurance, accumulate cash value over time.
- Leaving a legacy – Seniors may want to leave financial support for grandchildren or charitable donations.
Since premiums increase with age, it’s crucial to compare policies carefully. Below, we review the top life insurance companies for seniors over 65, including their coverage options, age limits, and unique benefits.
Best Life Insurance Companies for Seniors Over 65
1. New York Life Insurance Company
Best for Seniors Up to 90 Years Old
New York Life is one of the few insurers offering whole life insurance for seniors up to age 90, making it an excellent choice for older applicants.
Key Features:
- Coverage starts at $25,000 for whole life policies.
- A++ (Superior) AM Best rating, indicating strong financial stability.
- Dividend payments – Policyholders may receive annual dividends (paid since 1854).
- Customizable riders, including living benefits and disability waivers.
Drawbacks:
- No online quotes – Seniors must contact an agent for pricing.
2. Guardian Life Insurance
Best for Low Complaint Rates & High Coverage Limits
Guardian Life is another top-rated insurer with policies available for seniors up to 90 years old.
Key Features:
- A++ AM Best rating for financial strength.
- Very few customer complaints (per NAIC data).
- Offers whole, universal, term, and variable universal life insurance.
- Coverage amounts range from $250,000 to over $5 million.
Drawbacks:
- No online quotes – Requires speaking with an agent.
3. Pacific Life
Best Affordable Coverage for Seniors Over 70
Pacific Life provides some of the most budget-friendly policies for seniors, with term life available up to 75 years and universal life extending to age 121.
Key Features:
- Term life insurance up to age 75.
- Universal life insurance up to 90+ years.
- Terminal illness rider included at no extra cost.
- Coverage up to $3 million or more.
Drawbacks:
- No online applications – Must apply through a broker.
4. John Hancock
Best for Seniors with Health Conditions
John Hancock stands out for its flexible underwriting and Vitality Rewards program, which offers premium discounts for healthy habits.
Key Features:
- Accepts term applicants up to 80 years old.
- Critical illness riders that don’t reduce death benefits.
- Vitality program rewards policyholders for wellness activities.
- Coverage amounts can reach several million dollars.
Drawbacks:
- Requires an agent for applications.
5. Fidelity Life
Best No-Exam Policies for Seniors
Fidelity Life specializes in no-exam life insurance, making it ideal for seniors who’ve been denied coverage elsewhere.
Key Features:
- No-exam term and whole life insurance for ages 50–85.
- RAPIDecision Senior Term Life offers $10,000–$150,000 coverage.
- A (Excellent) AM Best rating.
- Online and offline purchasing options.
Drawbacks:
- Lower maximum coverage compared to competitors.
How to Choose the Best Life Insurance for Seniors
When comparing policies, consider these factors:
✔ Type of Insurance – Term life is cheaper but temporary; whole life lasts a lifetime with cash value.
✔ Age Limits – Some insurers cut off at 80, while others go up to 90+.
✔ Premiums – Compare rates from multiple providers.
✔ Financial Strength – Look for AM Best A-rated companies.
✔ Riders – Check for accelerated death benefits, waiver of premium, or chronic illness riders.
✔ Ease of Application – Some insurers allow no-exam policies, while others require medical underwriting.
Final Thoughts
Securing life insurance after 65 is possible, but premiums will be higher than for younger applicants. New York Life and Guardian are excellent for whole life coverage, while Pacific Life and Fidelity Life offer more affordable options. John Hancock is ideal for seniors with health concerns.
Before purchasing, get quotes from multiple insurers, review policy details, and consult a financial advisor if needed. By choosing the right provider, seniors can ensure their loved ones are financially protected.
Next Steps
- Compare quotes from top insurers.
- Consult an independent agent for unbiased advice.
- Review policy exclusions before signing.
By taking these steps, seniors can find the best life insurance policy to meet their needs and budget.
Those over 65 might have varied reasons to get life insurance, such as covering funeral expenses or securing the family’s financial future. And while life insurance for seniors is a good option, many of these come with high premiums. This is because life insurance premiums typically increase with age. That said, quite a few insurance policies for seniors are worth the money. But to pick the right plan, seniors must compare them using different parameters.
New York Life Insurance Company
Obtaining life insurance policies for seniors is difficult. This is why opting for a policy with a higher age bracket offers customers more options when seeking financial protection. Here, seniors can go for New York Life Insurance Company’s plan, as it is one of the few companies that offers policies for seniors up to 90 years old. It can help them cover expenses and provide sound financial protection for dependents. The coverage starts at $25,000 for whole life insurance.
New York Life Insurance Company has a Superior or A++ AM Best Rating because of its solid financial position. This implies that AM Best highly commends New York Life for its current insurance obligations. In addition, whole-life policyholders receive dividend payments on their insurance. The company has paid dividends since 1854, the longest period of payouts among most of the companies on this list.
Beyond this, the company offers various riders to personalize the policy, such as living benefits, a partner’s paid-up insurance purchase benefit, and a disability premium waiver. That said, there is no option for seniors to receive online life insurance quotes. As a result, they will have to provide their personal information and phone number to obtain the quote and policy information.
Guardian
The company’s headquarters are in New York City. Like New York Life, Guardian Life offers life insurance for seniors up to 90 years old and dividends for its whole-life insurance holders.
According to the National Association of Insurance Commissioners (NAIC), Guardian has had very few customer complaints in the last three years for a company of its size, and AM Best has given it an A++ rating for financial stability.
It is important to note that life insurance quotes for seniors are not available on their website. So, interested customers will have to contact an agent to seek these details. They can get coverage amounts ranging between $250,000 and at least $5 million on policies like whole life, universal life, term life, and variable universal life.
Pacific Life
A California-based company, Pacific Life offers one of the cheapest life insurance plans for seniors. It has a low complaint rate and is particularly well-loved, as it provides insurance for seniors over 70. Its term insurance is valid for seniors up to 75 years old. Beyond this, the company offers universal life insurance with coverage until 90. That said, it is extendable to 121 years.
Besides this, Pacific Life offers terminal illness riders without a penny extra, which most companies charge for. Additionally, it provides coverage amounts that can reach up to $3 million and, in some cases, even higher. While it offers affordable life insurance for seniors, it is not very online-friendly. Customers can’t apply online and get a quote. They will have to apply via a broker or a third-party agent.
John Hancock
Based out of Boston, John Hancock is another company that offers insurance for seniors over 70; it accepts term applicants up to 80. Moreover, the cut-off age for other insurance plans is as high as 90 years. In addition, the company offers critical illness riders, and when used, it does not lower the benefit, which is a rarity in the industry.
John Hancock also offers insurance for those with certain conditions. Its Vitality Rewards program comprises many incentives for policyholders to lead a good lifestyle, such as discounts on insurance premiums for seniors.
The company does not let anyone apply online without an agent. Its coverage amounts to permanent life insurance, and term insurance can go up to a few million.
Fidelity Life
This is another company that offers life insurance plans for seniors. In fact, it offers cheap life insurance for seniors who have been denied coverage. Fidelity Life also has policies for older adults with conditions and offers plenty of alternatives for permanent no-exam coverage, such as accidental death benefit policies, whole life insurance, and finance expense coverage.
Further, applicants aged 50 to 85 are eligible for its no-exam whole and term life insurance. In addition, the company’s no-exam RAPIDecision Senior Term Life is applicable for those between 50 and 70. They can choose from 10, 20, or 30 years for $10,000 and $150,000.
The company has an A rating from AM Best, a great sign of its financial stability. It offers both whole and term life insurance. Unlike others on the list, Fidelity Life makes it easier for customers to shop for affordable life insurance for seniors online and offline. The cost usually varies between $28 and $68.
These are the top companies offering life insurance for over 65-year-olds. Seniors or caregivers must thoroughly research and ensure the chosen company offers competitive rates, lucrative terms, and adequate financial stability. It will give them peace of mind knowing that their money is safe.
