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:
Best Life Insurance Companies for Seniors in 2025
The best life insurance companies for seniors are Protective Insurance, Gerber Life, and Legal & General. The right provider for you depends on your coverage needs.
Find out if you're overpaying for life insurance below.
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Updated: October 27, 2025
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Key Takeaways
Life insurance provides financial protection to help seniors cover final expenses, replace income, or leave a legacy, making it an important part of late-life financial planning.
Protective Insurance, Legal & General, and Gerber Life are top life insurance providers for seniors, each excelling in different areas.
Choosing the right policy depends on your age, health and financial goals. Compare premiums, coverage types and medical exam requirements to find your fit.
What are the Best Life Insurance Companies for Seniors?
Best For | Company | Avg. Monthly Cost (Term) | Max Age Supported | Coverage Limit |
|---|---|---|---|---|
Legal & General | $94 (Female), $136 (Male) | 75 | $10 million (Term) | |
Protective Insurance | $89 (Female), $126 (Male) | 85 | $10 million+ (Term) | |
Gerber Life | $151 (Female), $209 (Male) | 80 | $5 million (Term), $25,000 (Guaranteed) | |
SBLI | $77 (Female), $109 (Male) | 75 | $10 million (Term) | |
Midland National | $87 (Female), $122 (Male) | 75 | $10 million+ (Term) | |
Mutual of Omaha | $109 (Female), $152 (Male) | 80 | $10 million+ (Term) | |
Ethos | $273 (Female), $387 (Male) | 85 | $3 million (Term), $20,000 (Guaranteed) |
* 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.
Best Senior Term Life Insurance: Legal & General
Legal & General
MoneyGeek Rating
4.7/ 5
4.8/5Affordability
4.7/5Customer Experience
4.6/5Coverage Options
Avg. Monthly Cost (Term)
$94 (Female), $136 (Male)Max Age
75Policy Types
Term, Whole, Universal, IUL
Best Senior Universal Life Insurance: Protective Insurance
Protective
MoneyGeek Rating
5/ 5
5/5Affordability
5/5Customer Experience
5/5Coverage Options
Avg. Monthly Cost (Term)
$89 (Female), $126 (Male)Max Age
80Policy Types
Term, Whole, Universal, IUL
Best Guaranteed Life Insurance: Gerber Life
Gerber
MoneyGeek Rating
4.8/ 5
4.8/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Avg. Monthly Cost (Term)
$151 (Female), $209 (Male)Max Age
80Policy Types
Term, Whole, No-Exam
Most Affordable Term Life Insurance for Seniors: SBLI
SBLI
MoneyGeek Rating
4.7/ 5
5/5Affordability
4.7/5Customer Experience
3.6/5Coverage Options
Avg. Monthly Cost (Term)
$77 (Female), $109 (Male)Max Age
75Policy Types
Term, Whole
Best Whole Life Insurance for Seniors: Midland National
Midland National
MoneyGeek Rating
4.6/ 5
5/5Affordability
5/5Customer Experience
5/5Coverage Options
Avg. Monthly Cost (Term)
$87 (Female), $122 (Male)Max Age
75Policy Types
Term, Whole, Universal, IUL
Best No-Exam Term Life Insurance: Mutual of Omaha
Mutual of Omaha
MoneyGeek Rating
4.5/ 5
4.7/5Affordability
4.4/5Customer Experience
3.4/5Coverage Options
Avg. Monthly Cost (Term)
$109 (Female), $152 (Male)Max Age
75Policy Types
Term, No-Exam
Best Customer Experience: Ethos
Ethos
MoneyGeek Rating
4/ 5
3.2/5Affordability
5/5Customer Experience
5/5Coverage Options
Avg. Monthly Cost (Term)
$273 (Female), $387 (Male)Max Age
85Policy Types
Term, Whole, IUL, No-Exam
Do Seniors Need Life Insurance?
Many seniors wonder if life insurance still makes sense at their stage of life. Whether you need life insurance as a senior depends on your financial situation and what you want to accomplish. Understanding when coverage makes sense can help you decide if it's worth the investment. The decision comes down to whether you have financial obligations that would burden your family or goals that insurance can help you achieve.
You Might Need Coverage If: | You Might NOT Need Coverage If: |
|---|---|
You have a spouse who depends on your income or pension for living expenses | You're financially independent with substantial savings and no dependents |
You're still paying off a mortgage, have credit card debt, or cosigned loans | Your pension continues paying your spouse after you pass away |
You want to cover final expenses like funeral costs | Your spouse has their own income and retirement savings |
You have significant assets that will trigger estate taxes | Your assets can easily cover final expenses and outstanding debts |
You want to leave an inheritance to children, grandchildren, or charities | Your adult children are financially stable and don't need support |
You need to equalize inheritances among multiple children | You have no debts that would transfer to family members |
Your family would struggle financially without your Social Security or pension income | Your existing life insurance through work or previous policies provides adequate coverage |
LIFE INSURANCE FOR SENIORS BY AGE
Your options narrow and costs rise as you age. Here’s what you need to know:
- Ages 60 to 65: You'll find the most flexibility and affordable rates. Focus on term coverage until debts are paid or whole life coverage for estate planning. Many term policies allow conversion to permanent coverage without medical exams before age 70.
- Ages 66 to 75: Balance rising premium costs with actual coverage needs. Look into simplified issue guaranteed life insurance policies for minor health issues or pursue full underwriting for better rates if you're healthy enough for medical exams.
- Ages 75+: Limited but available options remain. Guaranteed issue policies accept all applicants but have much lower coverage limits than term policies with a medical exam. Final expense insurance covers funeral costs, which average between $7,000 and $12,000.
How to Find the Best Life Insurance Policy for Seniors
Seniors face higher life insurance 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 is 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.
How Much Does Senior Life Insurance Cost?
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:
Term Life Insurance Cost for Seniors
Data filtered by:
Female
10 years
$100,000
| 60 | $62 | $746 |
| 65 | $110 | $1,314 |
| 70 | $169 | $2,023 |
Whole Life Insurance Cost for Seniors
Data filtered by:
Female
100000.0
| 60 | $348 | $4,171 |
| 65 | $465 | $5,576 |
| 70 | $661 | $7,935 |
| 75 | $1,553 | $18,635 |
| 80 | $2,445 | $29,335 |
Universal Life Insurance Cost for Seniors
Data filtered by:
Female
100000.0
| 60 | $125 | $1,506 |
| 65 | $166 | $1,991 |
| 70 | $227 | $2,727 |
| 75 | $534 | $6,404 |
| 80 | $840 | $10,081 |
Guaranteed Acceptance Life Insurance Cost for Seniors
Data filtered by:
Female
20000.00
| 60 | $99 | $1,187 |
| 65 | $99 | $1,187 |
| 70 | $99 | $1,187 |
| 75 | $99 | $1,187 |
| 80 | $99 | $1,187 |
How Much Life Insurance Do Seniors Need?
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.
Best Senior Life Insurance Companies: Bottom Line
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.
Frequently Asked Questions (FAQs)
MoneyGeek's experts answered common questions about the best life insurance options for seniors.
Is term life insurance worth it for seniors?
Term life insurance is worth purchasing for seniors seeking affordable, temporary coverage. Term policies work best for protecting loved ones financially, covering end-of-life expenses or leaving inheritance funds without long-term commitments or higher premiums associated with permanent policies.
Can seniors over 75 still get life insurance?
Seniors over 75 can secure life insurance, though options become limited. Guaranteed issue policies older applicants but offer much lower coverage limits that don’t usually exceed $25,000. A few term life insurance companies offer coverage as high as 80 years old but often require medical exams. Final expense insurance remains available for covering funeral costs.
Do seniors need medical exams for life insurance?
Medical exam requirements for life insurance depend on policy type. Simplified issue policies skip medical exams but ask detailed health questions and more than traditional coverage. Guaranteed issue policies require no health questions but limit coverage amounts. Medical exams provide the best rates for healthy applicants.
How do common senior health conditions affect life insurance?
Controlled diabetes, high blood pressure, and high cholesterol qualify for standard or slightly higher life insurance rates when managed with medication. Heart conditions, cancer history, and stroke require detailed review but don't automatically disqualify applicants. Insurers focus on how well you manage health conditions.
What's the difference between guaranteed issue and simplified issue for seniors?
Simplified issue life insurance policies require five to 15 health questions without medical exams, offering coverage limits up to $100,000 to $300,000. Guaranteed issue policies accept everyone regardless of health but limit coverage to $10,000 to $25,000 with waiting periods. Apply for simplified issue coverage first for better rates and higher limits.
Why do life insurance premiums increase so much after age 65?
Life insurance premiums reflect increased mortality risk with aging. After 65, health complications happen more frequently and life expectancy decreases, causing insurers to charge higher premiums. Securing coverage earlier or choosing guaranteed issue policies becomes important for senior applicants.
Finding the Best Life Insurance for Seniors: Expert Advice
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Our Review Methodology
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
Unless otherwise stated, rates shown throughout this article are based on 65-year-old non-smokers with average height, weight, and health on 10-year term at $100k coverage.
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.
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About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.