The 6 Best Senior Life Insurance Companies of July 2024

Why We Picked Fidelity Life

Fidelity Life is worth considering if you are older, have serious health issues or have been denied coverage in the past. The company offers several options for permanent no-exam coverage, including whole life, final expense and accidental death benefit policies. Its term and whole products for applicants aged 50 to 85 do not require a medical exam.

The company’s no-exam RAPIDecision Senior Term Life is available to people aged 50 to 70 for terms of 10, 20 and 30 years for amounts from $10,000 to $150,000. Fidelity Life also holds an A rating with AM Best, indicating “excellent” financial strength, according to the credit rating agency.

Fidelity offers the following types of life insurance policies:

• Term life insurance
• Whole life insurance
• Guaranteed issue life insurance

Cost

To give you an idea of how much Fidelity Life coverage could cost, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. Our data includes rates for a 65-year-old man and woman but we could not obtain estimates for other ages from the company.

Why We Picked MassMutual

MassMutual is one of the nation’s oldest and most financially stable insurance providers, holding an A++, the highest rating possible, from credit rating agency AM Best. For seniors who might have trouble getting approved for standard life insurance coverage, the company offers a guaranteed issue policy available to applicants from ages 50 to 75.

MassMutual has a wide range of policy and rider options and receives high marks for its customer service. It earned the third-best spot on J.D. Power’s 2023 customer satisfaction survey, scoring 809 out of 1,000 points.

MassMutual offers the following types of life insurance policies for seniors:

• Term life insurance
• Whole life insurance
• Universal life insurance
• Variable universal life insurance
• No-exam final expense life insurance

Cost

To estimate the cost of MassMutual life insurance coverage, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class.

Why We Picked Northwestern Mutual

Northwestern Mutual could be a good option for seniors looking for living benefits in addition to receiving life insurance protection. The company has paid dividends on its whole life insurance policies every year since 1872, according to its website. Its financial stability is also affirmed by credit rating agency AM Best, which gives Northwestern Mutual an A++, its top rating.

Term life policies are available in most states up to age 65, while whole life policies are available with benefits up to $25,000 for adults aged 45 to 85. One of Northwestern Mutual’s strengths is its diversity of products, including universal life and variable universal life. The provider also features far fewer complaints than expected for a company of its size.

Northwestern Mutual offers the following coverage options to seniors:

• Term life insurance
• Whole life insurance
• Universal life insurance
• Indexed universal life insurance
• Variable universal life

Cost

To estimate Northwestern Mutual’s life insurance pricing, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. Our data includes rates for a 65-year-old man and woman but we could not obtain estimates for other ages from the company.

Why We Picked Mutual of Omaha

Backed by its A+ rating with AM Best, Mutual of Omaha is a financially strong company offering term and permanent policies with accelerated death benefits. Policies are available to new enrollees up to age 85, with end-of-life benefits ranging from $2,000 to $25,000. Mutual of Omaha also offers no-exam coverage to applicants up to age 85 across its range of policy options.

Mutual of Omaha’s broad range of coverage is matched by its efficient customer experience, as suggested by the company’s strong scores on the J.D. Power 2023 U.S. Individual Life Insurance Study and a below-average 0.43% NAIC complaint ratio.

Mutual of Omaha offers the following coverage options to seniors:

• Term life insurance
• Whole life insurance
• Universal life insurance

Cost

To get an idea of how much Mutual of Omaha policyholders might pay, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class:

Why We Picked Guardian Life

Guardian Life Insurance is our top pick for older seniors because it is one of a handful of insurers we’ve reviewed that issues policies up to age 90. It offers no-exam policies up to $3 million in coverage, though seniors might face significant rates for higher coverage amounts.

It also features an A++ rating with AM Best, the highest possible financial strength score. One option that seniors might find attractive is Guardian Life’s SafeGuard360 product, which offers whole life insurance, long-term care and disability income insurance in one solution.

Guardian Life offers the following coverage options to seniors:

• Term life insurance
• Whole life insurance
• Universal life insurance
• Variable universal life insurance

Cost

To estimate how much life insurance costs with Guardian Life, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. Note that our data only includes estimates for policies with $250,000 and $500,000 in coverage.