Best Life Insurance Companies for Seniors in 2025

We researched senior life insurance companies in the industry, selecting the best products for universal, term, guaranteed, and whole life insurance along with several other use cases. Compare the providers in our list to determine which is the right fit for your needs:

* Rates shown are average monthly costs for 65-year-old non-smokers of average height, weight, and health for 10-year term life insurance at $100,000 in coverage. Rates are based on our standardized quote methodology and may differ from what you receive based on your specific health profile, location, and chosen coverage options.

Many seniors wonder if life insurance still makes sense at their stage of life, and it's a valid question. Whether you need life insurance as a senior depends on your financial situation and what you want to accomplish. There's no one-size-fits-all answer, but understanding when coverage makes sense can help you decide if it's worth the investment. The decision usually comes down to whether you have financial obligations that would burden your family or goals that insurance can help you achieve.

Shopping for life insurance as a senior means facing higher premiums and more stringent health evaluations than younger applicants. Focus on these features when comparing policies:

• Policy 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 with locked in rates, which may be more suitable for long-term financial planning.
• Affordability. Premiums increase with age, so finding policies that balance cost and coverage becomes essential. Term plans tend to be more affordable.
• Underwriting Process. Some policies require medical exams, while simplified issue or guaranteed issue options skip medical exams. No-exam policies help applicants with pre-existing health conditions but carry higher premiums.
• Riders and Additional Features. Look for beneficial riders like accelerated death benefits, which allow you to access portions of death benefits when diagnosed with terminal illnesses.

If you're concerned about life insurance costs as you age, you're not alone. Premiums do increase with age to reflect health risks. Understanding how age, health, and policy type impact your rates helps you make informed decisions about coverage. 

The tables below show average monthly costs by age and policy type, giving you a clear picture of what to expect:

Choosing between term, whole, universal, and guaranteed life insurance can feel overwhelming when each type serves different needs. The best type of life insurance for seniors depends on whether you need temporary or permanent coverage, your budget, and your health. 

Each type serves different needs. Use this simple comparison table to choose the right option for you:

Figuring out exactly how much coverage you need can feel like guesswork, but there are proven methods that take the uncertainty out of the decision. Here are two proven methods to help you calculate your coverage need:

• The "DIME" method calculates coverage by adding up four key categories: Debt (credit cards, medical bills, car loans), Income replacement (how much your family needs to maintain their lifestyle), Mortgage balance (what you still owe on your home), and Education expenses (college funds for grandchildren or dependents). Add these four numbers together to get your total coverage estimate.
• The "income replacement" method determines how many years of income your family would need to remain financially stable without you. Multiply your annual income by 5 to 10 years depending on your situation. Use the higher end if you have a younger spouse or dependents and the lower end if your spouse is close to retirement age. Add any outstanding debts, anticipated medical expenses, and expected funeral costs to this number to get your total coverage need.

Life insurance gives seniors a financial safety net for their families by covering final expenses, replacing lost income or leaving financial legacies.

Protective Insurance is the best universal life insurance for seniors, while Gerber Life is the best guaranteed life insurance, and Legal & General is the best term life insurance.

Choose the right plan by evaluating policy types, premiums and provider reputations that match your coverage needs and budget.

MoneyGeek's experts answered common questions about the best life insurance options for seniors.

Shopping for life insurance as a senior feels different from how it was in your 30s. Your health history matters more, term lengths become crucial decisions, and you're weighing financial protection against affordability on a fixed income. We designed our research specifically around these senior-focused concerns.

Our Research Approach

We analyzed three key factors that matter most when you're shopping for senior life insurance, weighting them based on what drives real-world decisions:

• Affordability: 50%
• Customer Experience: 30%
• Coverage Options: 20%

Each company earned up to five points per category, with this weighted average creating our overall MoneyGeek score out of 5 points. This system highlights insurers that balance affordability with reliability, exactly what seniors need when choosing life insurance.

Each company’s score incorporates:

• Cost data obtained through online quotes
• Financial strength ratings from AM Best and the number of years in business
• Customer satisfaction data from the National Association of Insurance Commissioners (NAIC) customer complaint index
• Availability of tools to aid in the buying process, such as online product materials and multiple payment options
• Diversity of life insurance products offered

Sample Customer Profile

We gathered quotes using a standard senior profile across all companies:

• Age range: 50 to 85
• Non-smoker
• Average height and weight
• Average health rating

Premiums are based on the standard profile unless otherwise noted.

We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the best life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.

We identified pricing trends across age groups and projected costs to help you understand how premiums change as you age. This approach reveals which companies offer the most predictable rate increases, which is crucial information when you're planning coverage that may last decades.