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Last updated on Jun 11, 2020

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

Best for
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

Best for
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

Best for
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

Best for
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

Best for
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.