Pro Tip: If you’re looking into life insurance plans, you may also want to look into alternative financial planning options and investments such as annuities. Read our guide to annuities to learn more.
SeniorsList.com is compensated when you click on the provider links listed on this page. This compensation does not impact our ratings or reviews.
Best Life Insurance Providers for Seniors in 2023
The Senior List is compensated when you click on the provider links listed on this page. This compensation does not impact our ratings or reviews.
Studies show that only 52 percent of Americans have life insurance, and 40 percent of those who are currently insured wished they had purchased their policies at a younger age to maximize the eventual payout. To help you choose the best providers for your money, we’ve researched the top insurers nationally and have come up with our list of the best choices, ensuring financial stability and protection for the long term. FYI: Do you have an estate plan to protect your loved ones and ensure your assets or belongings are taken care of when you pass on? To learn about this process, read our guide: What Is Estate Planning?
Why Should Seniors Consider Life Insurance?
Many people assume that seniors have no need for life insurance due to diminishing financial demands; however, seniors often have equal, if not greater financial needs. Life insurance can act as a safety net in the event that savings and retirement income can’t cover medical or other unexpected costs. Some life insurance policies also allow you to borrow from their cash value, so even apart from an eventual payout, you can feel reasonably secure.
How We Chose the Best Life Insurance for Seniors
- Affordability: Not all life insurance policies provide affordable or flexible premiums. For instance, some insurance providers might increase their premiums or keep the same rate throughout your term. With this in mind, we tried to find providers who offer affordable policies without medical exams or premium increases.
- Age and benefit limits: If you’re shopping for life insurance, certain providers might have stricter age and benefit limits. We looked for providers with wide ranges of coverage ages.
- Insurance types: We looked into insurance providers that offer a wide range of policies, from basic types of life insurance (term and whole life) to more substantial coverage and policies such as Transamerica’s Universal Life or Final Expense Life policies.
- Rider availability: Many insurance companies offer riders or add-on services to accompany your policy. Examples of this supplemental type of coverage include a terminal illness rider, accidental death benefit rider, or other add-ons to provide more coverage alongside an existing life insurance policy. We looked for providers with multiple options for riders.
- Additional services: We gave preference to providers that offered additional services apart from life insurance, often at discounted rates. For example, some providers offer more substantial assistance such as retirement services, IRA rollover solutions, mutual funds, ETFs, or additional services such as home security systems to protect your home from theft.
- Financial stability: You’ll want to align yourself with an insurance provider that has high credit ratings through AM Best. This way, you can rest assured that your policy will actually pay out no matter what.
The Best Life Insurance Providers for Seniors in 2023
- Mutual of Omaha : Best Overall Life Insurance Provider
- AIG : Best for Preexisting Conditions
- Fidelity Life : No Medical Exam Required
- Transamerica : Widest Range of Insurance Policies
- State Farm : Best Customer Service
- Prudential Life Insurance : Best for Flexible Term Life Insurance
- USAA : Best for Military Members and Veterans
Provider
Issue Ages
Coverage Capacity
Policies Offered
Mutual of Omaha
45-85 (Whole Life)
Whole Life, Term Life, Universal Life
$29.99*
AIG
50-80 (Guaranteed Whole Life)
$5,000-$250,000
Whole Life, Term Life, Universal Life
Fidelity Life
Term Life: 18-70; Permanent Life: 50-85; Final Expense Insurance: 50-85 Term Life: 18-70; Permanent Life: 50-85; Final Expense Insurance: 50-85
$25,000 to $1 million
Term Life, Whole Life, Final Expense
Transamerica
Up to age 85
$25,000 to $10 million
Term Life, Index Universal Life Insurance, Whole Life Insurance, Final Expense Life Insurance
Prudential
18-75
$50,000 to $250,000 $1 million and up
Term Life, Universal Life, Variable Universal Life, Indexed Universal Life
USAA
45-85 (50-75 in New York)
$2,000-$25,000 in fixed coverage (Guaranteed Issue Whole Life)
Term Life, Permanent Life (Universal Life Accumulator, Simplified Whole Life, Guaranteed Issue Whole Life)
1. Mutual of Omaha - Best Overall Life Insurance Provider
4.8/5
What We Like Most:
Additional insurance
Variety of policies
Offers universal life insurance
Affordable rates
Overview
Types of Life Insurance Offered: Whole Life, Term Life, Universal Life
Issue Ages: 45-85 (Whole Life); 18-80 (Term Life)
Monthly Premium for a Healthy 65-Year-Old Man: $136 monthly premium for $25,000 in coverage
Mutual of Omaha is a trusted insurance provider that has been around for more than a century. In 1910, they began issuing health and accident insurance in Nebraska. Since then, they have been offering a variety of life insurance policies, Medicare supplemental insurance, and even disability insurance.
Coverage limits vary, but for the most part, you can obtain up to $25,000 in coverage without worrying about premium increases. You can get an online quote by specifying your estimated coverage amount or speak to a representative over the phone for the most up-to-date information.
Compared to other insurance providers, Mutual of Omaha benefits will never be reduced or taken away because of your age or existing health conditions. Additionally, there are no medical exams or health questions to answer during the process of applying for life insurance.
Currently, Mutual of Omaha offers whole life, term life, and universal life policies, making them a great insurance provider for older adults who are looking for permanent insurance or assistance with help covering end-of-life expenses or other emergencies.
Best Automatic Medication Dispensers
- Hero : Best Overall Medication Dispenser
- Pria : Best Smart Features
- MedaCube : Best Tamper Proof Device
- Philips Lifeline Medication Dispenser : Best On-Demand Dispensing
- Livi : Best Cellular Medication Dispenser
Top Automatic Medication Dispensers
These days, there are many options when it comes to medication dispensers. Luckily, we at The Senior List have done the legwork for you. Through months of testing, we’ve examined the most popular devices in the industry and have narrowed them down to only the top-performing dispensers.
Without further ado, here is our list of the best automatic medication dispensers of 2023.
Best Automatic Medication Dispensers of 2023
Pros
Additional insurance
Additional insurance: Mutual of Omaha provides insurance coverage for both individuals and employers. They offer Medicare Supplemental Insurance, comprehensive life insurance at competitive prices, and additional insurance such as disability income insurance and long-term care insurance. For example, long-term care insurance can help seniors pay for groceries, medications, and other personal services.
Variety of policies:
Mutual of Omaha offers flexible life insurance plans that are helpful for end-of-life planning or temporary needs. Currently, they offer affordable whole life, term life, and universal life insurance.
Offers universal life insurance:
Mutual of Omaha offers universal life insurance that accrues cash value over time through fixed interest rates. This cash value — or amount that’s offered by the insurer — may change over time depending on what the market’s going through or your policy’s interest rate. With universal life insurance, you can easily adjust your death benefit and have access to flexible premiums.
Affordable rates:
Affordable rates: Mutual of Omaha offers affordable rates for a variety of life insurance policies. For example, their whole life insurance has coverage amounts between $2,000-$25,000 for ages 45-85, with no medical exams or premium increases.
Cons
Limited information online:
You’ll need to talk to an agent over the phone for more information about specific products or policies. Most changes to your policy and account information need to be done over the phone, through an agent, or via snail mail.
Penalties:
If you cancel certain life insurance policies or withdraw annuities, you may be subject to certain penalties such as policy surrender charges. This is a charge that you are required to pay if you end up withdrawing money earlier on during a surrender period.
2. AIG - Best for Preexisting Conditions
4/5
What We Like Most:
High-limit coverage
No medical exam required
Coverage for preexisting conditions
Overview
Types of Life Insurance Offered: Term Life, Universal Life, Guaranteed Issue Whole Life
Issue Ages: 50-80
Monthly Premium for a Healthy 65-Year-Old Man: $248.84 monthly for $25,000 in coverage
AIG is a leading global insurance organization that offers a variety of life insurance, financial services, property insurance, and retirement services. Overall, it’s a great provider for seniors who are looking into retirement services and flexible life insurance options such as term life insurance, which is the most affordable for many individuals and lasts for 10-30 years.
Currently, AIG offers term life, universal life, and guaranteed issue whole life insurance with slightly higher premiums than other providers. In terms of a quote, I contacted customer service and spoke to a representative who diverted me to online life insurance quote resources through AIG Direct. From there, I got an estimated life insurance quote for a coverage amount of $25,000. The amount would come out to $248.84 monthly for a 65-year-old healthy man.
If you want to make sure your family is financially stable and cared for after you pass on, AIG might provide some more reassurance and higher coverage amounts than other providers. For example, the coverage limits can be up to $1 to $2 million depending on the policy you choose.
Also, AIG life insurance policies might be beneficial for seniors who are looking for affordable life insurance policies and have health conditions like diabetes, sleep apnea, or other preexisting medical conditions.
With AIG, a medical exam is not required. Additionally, AIG offers additional insurance coverage such as accidental death insurance, which can protect you or your loved ones from the financial burden of an accident.
3. Fidelity Life - No Medical Exam Required
4.8/5
What We Like Most:
Wide range of policies
Strong financial portfolio
Multiple riders
Medication
30-day, money back guarantee
Overview
Types of Life Insurance Offered: Term Life, Whole Life, Final Expense
Issue Ages: Term Life: 18-70; Permanent Life: 50-85; Final Expense Insurance: 50-85
Monthly Premium for a Healthy 65-Year-Old Man: $82.30 monthly for up to $50,000 in coverage
Fidelity Life has been around since 1896 and offers streamlined life insurance options for individuals and families across the U.S. What’s more, they provide a 30-day, money-back guarantee so you have time to decide whether the policy is right for you. Additionally, there are some policies that don’t require a medical exam, so your life insurance coverage can start within days.
Although Fidelity Life provides an option to delay your medical exam by up to six months or skip it altogether — it’s not recommended for individuals with preexisting conditions. Compared to other providers, however, Fidelity Life is a bit limited when it comes to robust life insurance policy options. It currently offers term life, whole life, and final expense insurance, with no option for universal life or variable insurance.
We appreciate that it does offer comprehensive life insurance targeting seniors, however. The product is known as RAPIDecision® Senior Life Term, and it’s affordable term coverage for older adults between the ages of 50-70 who need coverage between 10 and 30 years, with coverage amounts between $10,000 to $150,000.
In terms of quotes, you can answer a few questions via their online questionnaire such as age, marital status, and how you would rank your overall health. From there, you’ll get a personalized quote that matches the type of coverage you’re looking for and an estimated monthly premium. You can also speak with a representative over the phone to get a better idea of policies and premiums.
4. Transamerica - Widest Range of Insurance Policies
What We Like Most:
Insurance and retirement services
Availability
Index universal life insurance
Coverage for foreign nationals
Overview
Types of Life Insurance Offered: Term Life, Index Universal Life, Whole Life, Final Expense Life, Foreign Nationals
Issue Ages: Up to age 85
Monthly Premium for a Healthy 65-Year-Old Man: Quotes vary widely; contact Transamerica directly to learn more.
Transamerica was founded in 1904 by entrepreneur Amadeo P. Giannini, who wanted to make financial services available to all individuals. Since then, Transamerica has been an innovator in the insurance sector for decades.
Currently, Transamerica offers various types of life insurance: term life, index universal life, whole life, and final expense life. In addition to life insurance, they also offer retirement assistance, mutual funds, and other financial services and investments for seniors.
What sets Transamerica apart from other providers is that they offer index universal life insurance, as well as life insurance for foreign nationals. With index universal life, you have the option and flexibility to adjust both the death benefit amounts and premiums. Additionally, it can provide peace of mind for seniors who want to ensure their loved ones receive death benefits and assistance if they were to pass away.
Not many providers offer life insurance for foreign nationals, but Transamerica does. According to Forbes, foreign nationals may qualify for life insurance in the U.S. pending eligibility and other criteria, such as U.S. property deeds and residency documentation. Transamerica offers life insurance and other assistance for foreign nationals who own property or conduct business in the U.S. Currently, Transamerica offers life insurance to qualified residents in 47 countries.
To get a life insurance quote, it’s best to reach out to customer service and create an account. Many of the insurance policies offered by Transamerica give policyholders and seniors the opportunity to grow the cash value through index interest. Transamerica is a good option for seniors to consider for protecting their loved ones or for providing funds to cover emergencies.
5. State Farm - Best Customer Service
4/5
What We Like Most:
Available in 45 states
Competitive pricing
Over 19,000 local agents for personalized service
Bundled savings
Overview
Types of Life Insurance Offered: Term Life, Whole Life, Universal Life
Issue Ages: 18 to 75 for Select Term 10 years; 18 to 65 for Select Term 20 years; 18 to 45 for Select Term 30 years
Monthly Premium for a Healthy 65-Year-Old Man: $181.48 monthly for $100,000 in coverage.
State Farm was established in 1922 when GJ Mecherle sold his first auto insurance policy. Today, it’s also the second-largest life insurer since 2016. Known for its “like a good neighbor” catchphrase, State Farm is one of the most popular insurance providers in the nation. With excellent customer service and ample auto insurance discounts, State Farm might be a good option for older adults who are looking into life insurance plans.
To obtain a quote, you can browse their website, select the type of insurance you’re looking for, followed by the state you reside in, and answer a few other questions to get started. You can also speak to a licensed agent over the phone for more information.
State Farm offers both permanent life and term life insurance with affordable premiums that fit your budget and short- and long-term needs. With a permanent life insurance policy through State Farm, you can expect the cash value to increase over time with the potential for using it as a living benefit.
Additionally, if you’re not sure about your policy, State Farm will let you change your life insurance policy. You can make changes to your policy by contacting your State Farm agent first. If you are unsuccessful with contacting your agent, State Farm recommends contacting their Variable Operation Center to discuss your interest in a policy change. In some cases, you can easily change from a term life insurance policy to a permanent life insurance policy. However, if you cancel a permanent life insurance policy, some insurance providers might have a surrender fee attached to the cancellation. We’d recommend speaking to your agent or contacting State Farm to see if there’s a surrender fee or extra charge for switching or cancelling coverage just to clarify.
In terms of coverage limits for term life insurance, you can get coverage starting at $100,000 and up.
6. Prudential Life Insurance - Best for Flexible Term Life Insurance
4/5
What We Like Most:
Insurance and retirement services
Availability
Index universal life insurance
Coverage for foreign nationals
Overview
Types of Life Insurance Offered: Term Life, Universal Life, Variable Universal Life, and Indexed Universal Life
Issue Ages: 18-75
Monthly Premium for a Healthy 65-Year-Old Man: $225.43 per month for up to $40,000 in coverage
For over 145 years, Prudential has been a trusted insurance and financial services provider, offering life insurance, annuities, mutual funds, and retirement services for seniors. The types of insurance they offer include term life, universal life, variable universal life, and indexed universal life.
One of the unique aspects of this provider is that they offer multiple riders that can be added on for an extra cost to your existing life insurance policy. As an example, Prudential offers serious illness riders and disability riders that provide living benefits to individuals who are chronically ill or disabled. Other Riders include additional death benefit riders, cash value riders, and estate planning riders.
For example, if you become seriously ill, you can add on a BenefitAccess Rider. However, the downside is that if you use the benefits, they may eliminate the death benefit that your beneficiaries may receive. With the BenefitAccess Rider, you can use the money toward your illness or in any way you would like.
For a quote, you can fill out a brief questionnaire online and fill out some personal information or speak to an agent over the phone. In terms of underwriting, Prudential makes the process as fast and easy as possible through their accelerated underwriting process known as PruFast Track.
Pros
Insurance and retirement services:
Insurance and retirement services: Transamerica offers several life insurance products, as well as retirement solutions, IRAs, and annuities.
Availability
Transamerica provides insurance coverage to policyholders in all 50 states.
Coverage for foreign nationals:
Transamerica is one of the few insurance providers that offers life insurance to foreign nationals who do business or own property in the U.S.
Cons
Website and navigation:
Their website is a bit confusing to the average user. Additionally, it can be overwhelming for someone who wants to know more about life insurance but is bombarded by too many insurance product offerings.
Obtaining a quote:
Transamerica doesn’t offer instant quote estimates, and in our experience, they can be a bit dodgy about providing quotes over the phone.
7. USAA - Best for Military Members and Veterans
4/5
What We Like Most:
Reasonable rates for senior drivers
Extremely friendly discounts if you store your vehicle
Offers car replacement and accident forgiveness
Offers ride-share insurance if you drive for Lyft or Uber
Overview
Types of Life Insurance Offered: Term Life, Permanent Life (Universal Life Accumulator, Simplified Whole Life, Guaranteed Whole Life)
Issue Ages: 45-85 (50-75 in New York)
Monthly Premium for a Healthy 65-Year-Old Man: $131.40 per month for up to $150,000 in coverage
USAA provides auto, renters, life, flood, and home insurance for members of the military and their families. In addition to life insurance, USAA offers several other perks such as discounts for USAA members towards GoodRx and up to 15 percent off at SimpliSafe.
The USAA website is also very helpful. For example, they have a variety of standout features and resources that help USAA members pay off debt, use a free Savings Booster tool, and obtain important tax forms and free retirement income tips. USAA is great for older adults who are looking into retirement or estate planning. Individuals can contact a USAA Retirement Specialist to create a plan and look into other retirement income strategies. One of the other standout features of USAA is that they have a close-knit community and network of other USAA members from the military who can share and connect online and discuss topics pertaining to finances, military life, events, and more.
In terms of life insurance, USAA offers term life and permanent life policies with coverage flexibility and other benefits for members of the military and their families. For instance, if you’re a USAA member, you can opt for affordable term life insurance with payments starting at less than $12 a month. Alternatively, if you’re looking for a more permanent plan that provides lifelong protection, USAA also offers permanent life insurance policies that come with a death benefit that’s paid directly to a beneficiary and builds cash value over time while you’re alive.
For a quote, you can visit USAA online or speak to an agent over the phone for more information. You will need to fill out some personal information that requires you to disclose the state you reside in, your gender, military status, and more.
Bottom Line
Overall, it’s not too late to consider life insurance for end-of-life planning or caring for your family and future. There are many life insurance options ranging from term and whole life to universal life to consider depending on your unique situation, budget, and health status.
For the most up-to-date information and quotes, we’d recommend contacting the insurance provider of choice and speaking to a licensed agent for more information about ways you can save on life insurance.
To learn more about life insurance, be sure to check out our helpful guides:
