Seniors often seek life insurance to secure their family's financial future. However, compared to younger individuals, they may encounter a different buying process, including higher premiums and more stringent health evaluations. With a MoneyGeek score of 93, Allstate provides the best term life insurance for seniors at an average monthly cost of $176 for a 10-year, $250,000 policy.
Best Life Insurance for Seniors





Best Term Life Insurance for Seniors
Allstate is the top choice for term life insurance for seniors based on its MoneyGeek score of 93. With an average monthly cost of $176 for a 10-year, $250,000 policy, it offers a blend of affordability and reliability. Term life insurance is popular among seniors for its straightforward coverage and lower premiums.
How was this MoneyGeek score calculated?
Best Term Life for Seniors: Allstate

pros
Affordable monthly cost for seniors
A+ AM Best rating ensures financial stability
Wide range of term lengths and coverage amounts
cons
Higher than average customer complaints
No phone support from agents
Limited support features for certain health conditions
COMPANY HIGHLIGHTS
Allstate is the top option for seniors seeking term life insurance, earning a MoneyGeek score of 93. An average monthly premium of $176 offers an affordable entry point for those looking to secure their family's financial future. The company's financial stability is backed by an A+ AM Best rating and a history spanning 92 years, giving policyholders confidence in its long-term viability.
Allstate's term policies are available with coverage amounts ranging from $100,000 to $50 million and term lengths from 10 to 40 years. It also offers whole and universal life insurance, as well as accidental death products. Policies can be issued up to 80 years old, and their Group Term to 100 policy is particularly noteworthy for seniors, as it keeps the premium level until age 100.
Despite its strengths, Allstate has some areas for improvement. The company has a higher-than-average rate of customer complaints and lacks phone support from agents. Additionally, support features are not available for policyholders with certain pre-existing conditions. Nonetheless, Allstate's term life insurance offers a balanced mix of affordability, financial stability and product diversity for seniors.
Best Whole Life Insurance for Seniors
Protective stands out as the best choice for whole life insurance for seniors, with the highest MoneyGeek score of 97 in this category. Whole life insurance may be valuable to seniors for its lifetime coverage and cash value component, which can serve as an additional financial resource in retirement.
How was this MoneyGeek score calculated?
Best Whole Life for Seniors: Protective

pros
A+ AM Best rating ensures financial reliability
Low rate of customer complaints
Diverse product offerings, including whole life policies
cons
No phone support from agents
Limited support features for certain health conditions
Lack of a mobile app for policy management
COMPANY HIGHLIGHTS
Protective, with a MoneyGeek score of 97, is the top choice for seniors in search of whole life insurance. With an A+ AM Best rating and 116 years in the business, Protective offers a level of financial stability that seniors can rely on. Customer satisfaction is another strong suit, as evidenced by a low average rate of customer complaints.
Its whole life insurance policies come with level premiums, a guaranteed death benefit and a cash value component that grows tax-deferred. These factors make Protective's whole life insurance a robust financial tool for seniors, offering both security and investment benefits. The company also provides term policies with coverage amounts ranging from $100,000 to $50 million and term lengths between 10 and 40 years.
Keep in mind there's no phone support from agents, and support features are limited for policyholders with certain pre-existing conditions. Despite these drawbacks, Protective remains a strong contender for seniors seeking comprehensive and reliable whole life insurance coverage.
Best Guaranteed Life Insurance for Seniors
AAA is the leading choice for guaranteed life insurance for seniors, earning the highest MoneyGeek score of 96 in this category. Guaranteed life insurance offers coverage without the need for a medical exam, making it accessible for seniors with various health conditions.
How was this MoneyGeek score calculated?
Best Guaranteed Life for Seniors: AAA

pros
A AM Best rating indicates solid financial stability
Phone support available for a smooth buying process
Diverse product offerings, including guaranteed life insurance
cons
Slightly higher rate of customer complaints
Limited support features for certain health conditions
Guaranteed life coverage capped at $25,000
COMPANY HIGHLIGHTS
AAA is the top option for seniors seeking guaranteed life insurance, earning a MoneyGeek score of 96 in this category. With an A AM Best rating and 54 years in the industry, AAA offers a level of financial stability that seniors can trust. The company also excels in customer service, providing phone support to assist in the policy-buying process.
AAA's guaranteed life insurance offers coverage without the need for a medical exam, making it an accessible option for seniors up to age 85. The coverage amount is available up to $25,000, and the policy can build cash value over time. Graded benefits are available in the first two years. If a policyholder suffers a covered non-accidental death within this period, beneficiaries receive 130% of the premiums paid.
However, AAA does have some limitations. Customer complaints are slightly higher than average, and support features are less comprehensive for policyholders with certain pre-existing conditions. Despite these drawbacks, AAA's guaranteed life insurance is a strong choice for seniors.
Best Final Expense Insurance for Seniors
State Farm leads the way in final expense life insurance, earning the highest MoneyGeek score of 96 in this category. Final expense insurance is designed to cover end-of-life costs such as funeral expenses and medical bills.
How was this MoneyGeek score calculated?
Best Final Expense for Seniors: State Farm

pros
A++ AM Best rating ensures top-tier financial stability
Phone support and online tools simplify the buying process
Diverse product offerings, including final expense insurance
cons
Higher than average rate of customer complaints
Limited support features for certain health conditions
Final expense coverage limited to $15,000
COMPANY HIGHLIGHTS
State Farm's MoneyGeek score of 96 makes it the leading choice for seniors needing final expense life insurance. State Farm offers strong financial stability with an A++ AM Best rating and a century-long history. The company also provides a smooth buying process, with phone support and an online quote tool available.
Final expense insurance is a specialized product that covers end-of-life costs, such as funeral expenses and medical bills. State Farm's coverage amounts range between $10,000 and $15,000. One feature of State Farm's final expense policy is the return of premium and interest if the policyholder dies from natural causes within the first two years. This offers an added layer of financial security for policyholders and their families.
State Farm does have areas for improvement. The company has a higher-than-average rate of customer complaints and offers limited support features for those with certain pre-existing conditions. Despite these drawbacks, State Farm's final expense insurance remains a strong option for seniors, providing a balanced mix of financial stability, ease of purchase and specialized coverage.
Best for Customer Satisfaction for Seniors
Protective stands out as MoneyGeek's pick for the best life insurance for customer satisfaction for seniors. Although it ties with GEICO and Mutual of Omaha in customer satisfaction scores, Protective leads with the highest overall MoneyGeek score of 92, making it a prime choice for customer-focused coverage.
Best Customer Satisfaction for Seniors: Protective

pros
Robust financial stability with A+ AM Best rating
Low rate of customer complaints highlights customer satisfaction
Online resources and free quotes enhance customer experience
cons
Monthly cost for a 10-year term may be steep
No mobile app for convenient policy management
Support features are limited for policyholders with specific health conditions
COMPANY HIGHLIGHTS
With a MoneyGeek score of 92, Protective is a standout choice for seniors who prioritize customer service in their life insurance selection. With an A+ AM Best rating and 116 years of operational history, Protective offers a financially secure backdrop for your life insurance needs. A low rate of customer complaints evidences Protective's commitment to customer satisfaction.
The company also excels in the buying process, offering online and phone payment options, along with an online quote tool. While an agent isn't available over the phone, Protective compensates by providing a wealth of online resources. These resources allow seniors to educate themselves about life insurance and retirement planning without any obligation to purchase.
When it comes to product offerings, Protective provides a wide array of options, including term policies with extensive coverage amounts and whole and universal life products. However, the average monthly cost for a 10-year, $250,000 term policy stands at $204, which may be a consideration for budget-conscious buyers. Additionally, the company's support features are less inclusive for those with certain medical conditions. Despite these limitations, Protective's focus on customer satisfaction makes it a compelling choice for seniors seeking a customer-centric approach to life insurance.
Best Affordable Life Insurance for Seniors
Transamerica is the best choice for affordable life insurance for seniors, with an average monthly cost of $175.74 for a term life policy. While GEICO offers similar rates, Transamerica has a higher overall MoneyGeek score of 92, making it the go-to option for cost-effective coverage.
Best Affordable Life Insurance: Transamerica

pros
Competitive monthly cost for term life policy
A AM Best rating indicates reliable financial stability
Diverse product offerings, including term-to-permanent conversion options
cons
Higher-than-average customer complaints may raise concerns
No mobile app for easy policy management
Limited support features for those with specific health conditions
COMPANY HIGHLIGHTS
Transamerica earns a MoneyGeek score of 92, positioning it as a leading choice for seniors seeking affordable term life insurance. With an average monthly cost of $175.74, Transamerica offers one of the most competitive rates in the market. The company's financial stability is backed by an A AM Best rating and 95 years in the business, providing a sense of security for policyholders.
Term policies are available with coverage amounts ranging from $25,000 to $10 million, and term lengths extend up to 30 years. One notable feature is the option to convert term policies to permanent ones, offering flexibility as your needs evolve.
While Transamerica excels in affordability and product diversity, it does have some drawbacks. The company has a higher-than-average rate of customer complaints, which could be a red flag for some. Additionally, the absence of a mobile app and limited support features for policyholders with certain medical conditions might be worth considering. Despite these limitations, Transamerica's competitive pricing and flexible options make it a strong contender for seniors seeking affordable term life insurance.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
Do Seniors Need Life Insurance?
Whether seniors need a life insurance policy varies depending on individual circumstances. Life insurance can help beneficiaries cover funeral expenses, medical bills and even provide an inheritance. However, the need for such a policy may diminish if you've already set aside sufficient funds for these purposes or if your children are financially independent.
When deciding on life insurance in your later years, consider several factors. First, evaluate your financial obligations and how they would impact your family if you were no longer around. Second, consider the cost; premiums tend to be higher for seniors, and some policies may require medical exams.
Lastly, assess the type of coverage that suits your needs — term, whole or universal life insurance. Each has its own set of pros and cons, so weigh them carefully to make an informed decision.
How Much Life Insurance Do Seniors Need?
Determining the right amount of life insurance for seniors involves an assessment of financial needs and obligations. A common strategy is the "DIME" method, which stands for debt, income, mortgage and education. Add up your debts, including medical bills and loans, the income you'd like to replace, any remaining mortgage balance and future educational expenses for grandchildren or others. The sum will give you a ballpark figure for the coverage you might need.
Another approach is the "income replacement" method, where you multiply your annual income by a specific number of years — often five to 10 — to provide a financial cushion for your loved ones. Keep in mind that seniors may also want to include potential medical expenses and funeral costs in their calculations. Given that premiums are generally higher for older individuals, balancing adequate coverage with affordability becomes key in purchasing the right amount of insurance.
Cost of Life Insurance for Seniors
Several factors influence the cost of life insurance for seniors, with age being a significant determinant. As you age, premiums typically rise to account for increased health risks.
For example, the average cost of a 10-year term policy with $250,000 in coverage is $91 per month for a 60-year-old. This cost jumps significantly to $243 per month for a 70-year-old.
Other factors that can impact pricing include your overall health, lifestyle choices like smoking, and the type of policy you choose. Consider these variables when shopping for a policy to ensure you get the most cost-effective coverage. The table below illustrates how the average cost of term life insurance varies by age and term length.
AVERAGE TERM LIFE INSURANCE COSTS FOR SENIORS
Best Type of Life Insurance for Seniors
If you're a senior, term life insurance is often the best choice, especially if you're looking for straightforward coverage without bells and whistles. It provides coverage for a specific period, say 10 or 20 years, and pays out a death benefit to your beneficiaries if you pass away during that term. It's generally more affordable and easier to understand than other types.
However, you might also consider whole life insurance, which offers a death benefit and a cash value component that grows over time. This can be a good option if you're interested in an investment-like feature. Universal life insurance is another avenue, offering flexible premiums and the ability to adjust your death benefit.
Seniors might also consider the following types of life insurance:
- Guaranteed Universal Life: This hybrid policy offers the permanent coverage of whole life but with lower premiums, making it more budget-friendly while still providing a death benefit.
- Final Expense Insurance: Specifically designed to cover funeral and burial costs, this policy offers lower coverage amounts and is easier to qualify for, even with health issues.
- Guaranteed Issue Life Insurance: Ideal for policyholders with significant health concerns, this policy requires no medical exam but comes with higher premiums and lower coverage amounts.
- Indexed Universal Life: Indexed universal life offers flexible premiums and a cash value component tied to a market index, allowing for potential growth over time, which can be useful for estate planning.
- Joint Life Insurance: For couples looking to leave a financial legacy, this policy pays out upon the second partner's death and is often used for estate tax planning or charitable giving.
Each type has its merits and drawbacks, so consider your financial goals, the needs of your beneficiaries and your budget to make an informed decision.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
What to Look for in a Life Insurance Policy for Seniors
When you're searching for a life insurance policy as a senior, there are several features to keep an eye on:
- Term Length or Duration: If you're considering term life insurance, the term should align with your financial planning horizon. Whole and universal life insurance offer lifelong coverage, which may be more suitable for long-term financial planning.
- Affordability: Premiums generally increase with age, so finding a policy that balances cost and coverage is beneficial. Fixed premiums, which don't increase over time, can be a valuable feature for budgeting.
- Underwriting Process: Some policies require a medical exam, while others offer simplified issue or guaranteed issue options that forgo the medical exam. These can be useful if you have pre-existing health conditions, but they usually come with higher premiums.
- Riders and Additional Features: Look for riders that may be beneficial, such as accelerated death benefits. This feature allows you to access a portion of the death benefit if you're diagnosed with a terminal illness.
By focusing on these features, you can tailor your life insurance policy to fit your personal needs and circumstances better.
Life Insurance for Seniors FAQs
The following frequently asked questions aim to guide you toward a more informed decision when purchasing the best life insurance for seniors.
Expert Advice: Finding the Best Life Insurance for Seniors
- How can seniors determine what type of life insurance policy is the best fit for them?
- Why might the best type of life insurance policy be different for older seniors versus younger seniors?
- Beyond cost and policy type, what other factors should seniors consider when looking for the best life insurance?
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