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The Best Life Insurance Companies for Seniors

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    Life insurance provides financial protection to your family after your death. But as you age, your coverage needs change and the options available are different. Some insurers won’t issue new life insurance policies for people over 70, and if they do, it will cost more than what younger individuals pay for similar coverage.

    We reviewed a group of providers that offer life insurance for seniors and evaluated their coverage, financial strength, customer service ratings and additional perks. The top five companies offer a combination of these criteria and present a variety of options according to your needs.

    The 5 Best Life Insurance Companies for Seniors

    Northwestern Mutual


    Overall Customer Experience
    Northwestern Mutual
    Northwestern Mutual


    Northwestern Mutual earned first place in the J.D. Power life insurance customer satisfaction study thanks to its excellent customer service. In addition, the company has a very low number of customer complaints. Seniors can count on quality customer service and insurance policies from this company. 

    Learn more about this company in our full review of Northwestern Mutual.

    ✓ Best For ✗ Not For
    Outstanding customer service Easy-to-find policy details
    • A.M Best: A++ 
    • J.D. Power: 5/5
    • Standard & Poor’s: AA+ 
    • Moody’s: AAA
    • BBB: A+ 

    Nationwide


    Online Quote Tools
    Nationwide
    Nationwide


    Nationwide stands out for its easy-to-use online life insurance quote tool. Despite this tool and extensive online resources, Nationwide falls short at offering competitive rates when compared to other companies such as Principal Financial.

    Find out more in our full review of Nationwide.

    ✓ Best For ✗ Not For
    Easy-to-use
    online quote tool
    Lowest premiums
    • A.M Best: A+ 
    • J.D. Power: 4/5
    • Standard & Poor’s: A+ 
    • Moody’s: A1 
    • BBB: A+

    New York Life


    Annuity Returns
    New York Life
    New York Life


    New York Life holds second place in the 2019 J.D. Power Life Insurance Study related to customer satisfaction with annuities. Many permanent life insurance policies include annuity components. In addition, New York Life has a special program for AARP members, which offers specially adapted life insurance policies for seniors. 

    For more details, read our full review of New York Life.

    ✓  Best For ✗ Not For
    Top of the industry
    in annuities
    Plentiful online tools
    • A.M Best: A++
    • J.D. Power: 4/5
    • Standard & Poor’s: AA+ 
    • Moody’s: Aaa
    • BBB: A+

    Mutual of Omaha


    Variety of Policy Options for Seniors
    Mutual of Omaha
    Mutual of Omaha


    Taking third place in the 2019 J.D. Power life insurance customer satisfaction study, Mutual of Omaha offers a wide range of policies, especially relevant to seniors. Some of the unique policies include life insurance for grandchildren as well as policies for cancer, heart attacks, and strokes, among others. 

    Take a look at our review of Mutual of Omaha and learn more about the company.

    ✓ Best For✗ Not For
    Variety of life insurance options Budget life insurance shoppers
    • A.M Best: A+ 
    • J.D. Power: 4/5
    • Standard & Poor’s: A+
    • Moody’s: A1
    • BBB: A+

    Principal Financial


    Most Affordable Premiums for Seniors
    Principal Financial
    Principal Financial


    If you need affordable insurance for seniors, Principal Financial has some of the best premiums in the industry. When comparing quotes among providers for a 60-year-old woman in average health, Principal Financial had the most affordable rates.

    Get a better sense of this company’s offerings by reading our full review of Principal Financial

    ✓ Best For ✗ Not For
     Affordable premiums High financial strength
    ratings

    Guide to Life Insurance for Seniors

    Life Insurance Riders and Features for Seniors

    Not every life insurance policy fits every person or family’s unique needs. Riders are one way that insurance companies offer a greater variety of options to their customers. Each rider covers certain situations or circumstances that aren’t covered in base policies. For example, riders might offer financial benefits to policyholders if they get seriously ill, or waive monthly premiums in the event policyholders become disabled. Typically, these riders incur an additional cost.

    Accelerated death benefit: This benefit allows you to use some of your life insurance death benefits, tax-free, while you’re still alive. Some common circumstances that this benefit applies to include terminal illness, a life-threatening diagnosis, or confinement to a nursing home and requiring help with basic daily activities.

    Accidental death and dismemberment: Should you suffer an accident that results in death or causes a serious condition such as paralysis, this benefit typically offers additional benefits to the regular life insurance policy. Death due to an illness or other natural causes aren’t usually covered by this insurance.  

    Waiver of premium: In an insurance policy, this clause indicates that the policyholder doesn’t need to continue paying the premium if they become disabled for an extended period of time.

    Chronic care: This rider allows policyholders to pay for serious, permanent illnesses. To apply for this benefit, a doctor may be required to certify the severity of the illness. 

    Living death benefit: A living death benefit rider is another phrase for an accelerated death benefit and offers policyholders tax-free benefits while they’re still living. 

    Learn more details about riders and how they work on our full page about life insurance riders.

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    About the Authors

    Rachel Peachey is an insurance writer for Reviews.com. Over the last few months, she’s covered topics such as insurance providers, insurance costs, and more.

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