Best Life Insurance Companies for Seniors in 2025

Universal life insurance offers lifelong coverage and cash value potential, but many seniors prefer term life insurance for a simpler, more affordable solution. Legal & General sells term life insurance with coverage up to $10 million for applicants up to 75 years old. 

A 65-year-old woman will pay $94 monthly, while a man of the same age will pay $136 for $100,000 on a ten year term. Their A rating from A.M. Best shows strong financial stability, though not quite at the highest tier. The conversion options they offer let you switch to permanent coverage up to age 70, which gives you more time to make that decision than most other insurers allow.

• A.M. Best rating: A
• NAIC complaint index: 0.35
• J.D. Power score: N/A
• Customer sentiment: 85% positive, 15% negative

• Max coverage: $10 million
• Medical exam required: Yes
• Terms available: 10-40 years
• Ages supported: 20-75
• Riders and options: Accelerated death benefit rider, child rider, stacking rider, guaranteed insurability rider, conversion options to age 70

Protective Insurance is the best universal life insurance for seniors, available up to age 85. A 65-year-old woman of average height, weight, and health seeking $100,000 in universal life insurance coverage will pay $155, while a man of the same profile will pay $179. Once you lock in your premium, it stays level for life with no surprises or increases as you age.

Their A+ rating from A.M. Best demonstrates solid financial strength, and they scored 653 out of 1,000 in J.D. Power's customer satisfaction rankings, placing 9th overall. Protective also sells term life insurance to seniors up to age 80, which is one of the highest age limits for this type of product based on our review. Their term rates are the third lowest in our list, with 65-year-old women paying $89 for $100,000 in coverage and men paying $126.

• A.M. Best rating: A+
• NAIC complaint index: N/A
• J.D. Power score: 653 (9th)
• Customer sentiment: 82% positive, 18% negative

• Max coverage: $10 million+
• Medical exam required: Yes
• Terms available: 10-40 years
• Ages supported: 20-80
• Riders and options: Child term rider, accelerated death benefit, waiver of premium, accidental death benefit, guaranteed insurability, conversion options up to age 70

If you've been turned down for coverage or worry that health issues will disqualify you, guaranteed life insurance is a good option. This type of coverage doesn't require a medical exam or health questions. Gerber Life has the best guaranteed life insurance for older people, with coverage that extends all the way to age 80. Their guaranteed policies provide up to $25,000 in coverage, which is usually enough to handle final expenses and leave something behind for loved ones. For their guaranteed policy, you’ll pay $85 for $20,000 in coverage or $107 for the maximum coverage of $25,000. 

If you need more substantial coverage, they also offer term life insurance up to $5 million for applicants up to 70 years old. At $151 monthly for 65-year-old women seeking $100,000 in coverage and $209 for men of the same age, however, their term rates are more expensive than other options in our list.

• A.M. Best rating: A+
• NAIC complaint index: N/A
• J.D. Power score: N/A
• Customer sentiment: 81% positive, 19% negative

• Max coverage: $1 million without medical exam (Term), $25,000 (Guaranteed Whole)
• Medical exam required: No
• Terms available: 10-30 years (Term)
• Ages supported: 18-70 (Term), 50-80 (Guaranteed Whole)
• Waiting Period (Guaranteed Whole): N/A
• Riders and options: Accelerated Death Benefit, Child Coverage, Guaranteed Issue Options

SBLI is the most affordable term life insurance for seniors. A 65-year-old woman pays just $77 monthly on average for $100,000 in coverage, while men of the same age pay $109. You can get high coverage too, with policies available up to $10 million for applicants ages 18 to 75.

Their A financial strength rating from A.M. Best and A+ rating from the BBB show that they're financially stable and treat customers fairly. Their NAIC complaint index of 1.08 is slightly higher than some competitors, but their low rates often offset this concern. If you're primarily focused on maximizing coverage while minimizing monthly costs, SBLI delivers what you need.

• A.M. Best rating: A
• NAIC complaint index: 1.08
• J.D. Power score: N/A
• Customer sentiment: 80% positive, 20% negative

• Max coverage: $10 million+
• Medical exam required: Yes
• Terms available: 10-30 years
• Ages supported: 18-75
• Riders and options: Accelerated death benefit, child term rider, waiver of premium, accidental death benefit, conversion options from term to permanent coverage

Midland National is the best whole life insurance for seniors with coverage that builds cash value over time while providing lifetime coverage. At age 65 with $100,000 in coverage, you’ll lock in a rate of $444 per month for women and $544 for men. While whole life costs more than term insurance, Midland National's rates stay competitive, and you're building an asset that accumulates cash value you can borrow against if needed.

Midland National also offers up to $10 million in term coverage for applicants up to age 75, with the second lowest rates among providers in our list. A 65-year-old woman pays $87 monthly for $100,000 in coverage, while men of the same age pay $122.

Their dual A+ ratings from both the BBB and A.M. Best demonstrate strong financials and customer commitment. If you want permanent coverage with a savings component, Midland National delivers reliable financial protection backed by strong ratings.

• A.M. Best rating: A+
• NAIC complaint index: N/A
• J.D. Power score: 643 (13th)
• Customer sentiment: 72% positive, 28% negative

• Max coverage: $10 million+
• Medical exam required: Yes
• Terms available: 10-30 years
• Ages supported: 18-75
• Riders and options: N/A

No-exam term life insurance gives temporary coverage without a medical exam, often with higher coverage limits than guaranteed whole life. Mutual of Omaha has the best no-exam term life insurance for seniors with up to $300,000 in coverage and accepting applicants up to 80 years old. This is a game-changer if you want to skip the hassle of physicals and blood tests while still securing substantial coverage. 

At $109 monthly for 65-year-old women and $152 for men of the same age with $100,000 in coverage, you're paying a bit more than fully underwritten policies, but the convenience and speed of approval justifies the extra cost. If you’re willing to take a medical exam, their coverage limits extend greatly to over $10 million.

They earned a J.D. Power customer satisfaction score of 659, placing them in 6th overall, and they also maintain an excellent NAIC complaint index of just 0.51. The dual A+ ratings from both the BBB and A.M. Best also underscore their reliability.

• A.M. Best rating: A+
• NAIC complaint index: 0.51
• J.D. Power score: 659 (6th)
• Customer sentiment: 74% positive, 26% negative

• Max coverage: $10 million+ with medical exam or $300,000 without medical exam (Term), $25,000 (Guaranteed Whole)
• Medical exam required: No
• Terms available: 10-30 years (Term)
• Ages supported: 18-80 (Term), 45-85 (Guaranteed Whole)
• Waiting Period (Guaranteed Whole): If death occurs from natural causes in first 2 years, beneficiaries receive premiums paid plus 10%
• Riders and options: Accelerated death benefit, child term rider, waiver of premium, accidental death benefit

Ethos makes buying life insurance easy with digital-first service that seniors appreciate. They include free access to estate planning tools for all policyholders, including wills, trusts, power of attorney documents, and caregiving resources. This makes them a great option if you’re handling end-of-life planning.

They offer term coverage up to $3 million for applicants ages 18 to 69, which is more limited than other options in our list. But they also offer guaranteed whole life insurance policies available up to age 85 at $20,000 in max coverage. Their A+ rating from the BBB and A+ rating from A.M. Best demonstrate strong financials and high customer satisfaction. At $273 monthly for 65-year-old women and $387 for men at $100,000 in coverage, their term rates run substantially higher than competitors. You're paying for the convenience of online application, quick approval, and those valuable estate planning tools that would cost hundreds elsewhere. Their guaranteed whole life insurance plans for seniors are more affordable at $109 per month for both men and women at the maximum coverage level of $20,000.

• A.M. Best rating: A+
• NAIC complaint index: N/A
• J.D. Power score: N/A
• Customer sentiment: 95% positive, 5% negative

• Max coverage: $3 million without medical exam (Term), $20,000 (Guaranteed Whole)
• Medical exam required: No
• Terms available: 10-40 years (Term)
• Ages supported: 18-69 (Term), 55-85 (Guaranteed Whole)
• Waiting Period (Guaranteed Whole): If death occurs from non-accidental causes within the first 2 years, beneficiaries receive 100% of premiums paid plus 30%.
• Riders and options: Accelerated death benefit, free will and estate planning tools