6 Best Life Insurance Companies for Seniors in September 2024

Guardian, MassMutual and Northwestern Mutual top our list of the best life insurance companies for seniors.

Georgia Rose
Lead Writer | Finance, technology, science

Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post , The New York Times, The Independent and The Associated Press . Throughout her career, Georgia has written on a variety of subjects, including personal finance, government policy, science and technology. She enjoys researching complex topics and distilling the information for her readers. Before joining the international team, she wrote for the insurance vertical, specializing in life insurance.

Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. She is based in Nashville.

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Just because you’re older doesn’t mean you can’t find a life insurance policy that meets your needs. The cost of coverage can increase with age, but many insurers will accommodate older adults, even if they're not in the best of health.

To put together this list, NerdWallet reviewed insurers that offer term or whole life policies to seniors, taking into account our star ratings for each company, as well as policy features like the maximum issue age. Here are our top picks.

The best life insurance for seniors in September 2024

Maximum issue age

NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.

NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.

NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.

NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.

NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.

NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.

NerdWallet rates insurers at the company level, not the policy level.

Best life insurance for seniors in September 2024

Learn more about each company in our list by reading the brief summaries below and checking out the NerdWallet review links.

Guardian Life

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Drew significantly fewer complaints to state regulators than expected for a company its size.
• Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.

• Minimal policy details on the site.

With few complaints and flexible payment options, Guardian Life is a smart coverage choice for many seniors. It sells whole life policies to applicants up to age 90 and term policies up to age 75.

Guardian Life

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: Depending on your age, you may have the option to pay off your whole life policy in 10, 15 or 20 years.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Drew significantly fewer complaints to state regulators than expected for a company its size.
• Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.

• Minimal policy details on the site.

With few complaints and flexible payment options, Guardian Life is a smart coverage choice for many seniors. It sells whole life policies to applicants up to age 90 and term policies up to age 75.

Drew significantly fewer complaints to state regulators than expected for a company its size.

Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.

Minimal policy details on the site.

Overview: Guardian also offers whole life policies that are paid up by age 65, 95, 99 and 121. If you’re looking for other types of permanent coverage, you may want to consider Guardian’s universal and variable universal life products, which are issued up to age 85.

Policy type: Term.

Max issue age: 75 (1-year and 10-year terms), 70 (15-year term), 65 (20-year term).

Policy type: Whole.

Max issue age: 90.

MassMutual

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: Few providers issue whole life products to applicants over age 85, which makes this insurer a good bet for older seniors looking for permanent coverage.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Wide range of term and permanent life insurance policies.
• Supports online claims.

• Most policies require a medical exam.

If you’re looking for term life insurance with generous coverage, MassMutual could be right for you. It doesn’t place a limit on how much term insurance you can get, and issues coverage to applicants up to age 75. You can also buy whole life insurance up to age 90.

MassMutual

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: Few providers issue whole life products to applicants over age 85, which makes this insurer a good bet for older seniors looking for permanent coverage.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Wide range of term and permanent life insurance policies.
• Supports online claims.

• Most policies require a medical exam.

If you’re looking for term life insurance with generous coverage, MassMutual could be right for you. It doesn’t place a limit on how much term insurance you can get, and issues coverage to applicants up to age 75. You can also buy whole life insurance up to age 90.

Wide range of term and permanent life insurance policies.

Supports online claims.

Most policies require a medical exam.

Overview: With MassMutual, there’s no limit to how much term life coverage you can buy (subject to restrictions). You may find this appealing if you’re looking for a substantial payout for your life insurance beneficiaries .

Policy type: Term.

Max issue age: 75.

Policy type: Whole.

Max issue age: 90.

Northwestern Mutual

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Far fewer complaints to state regulators than expected for a company its size.
• Highly rated for customer satisfaction in J.D. Power study.
• Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.

• Company website doesn’t give specifics about coverage amounts or riders.
• Limited riders available.

The largest insurer in the U.S., Northwestern Mutual boasts high customer satisfaction scores and has consistently paid out dividends each year to its permanent policyholders. Term and whole life coverage is available for applicants up to age 70 and 85, respectively.

Northwestern Mutual

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: With far fewer complaints than expected for a company of its size, Northwestern Mutual is a trustworthy choice.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Far fewer complaints to state regulators than expected for a company its size.
• Highly rated for customer satisfaction in J.D. Power study.
• Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.

• Company website doesn’t give specifics about coverage amounts or riders.
• Limited riders available.

The largest insurer in the U.S., Northwestern Mutual boasts high customer satisfaction scores and has consistently paid out dividends each year to its permanent policyholders. Term and whole life coverage is available for applicants up to age 70 and 85, respectively.

Far fewer complaints to state regulators than expected for a company its size.

Highly rated for customer satisfaction in J.D. Power study.

Company website doesn’t give specifics about coverage amounts or riders.

Limited riders available.

Overview: Northwestern Mutual's whole life policyholders may be eligible to receive dividends, which the company has paid out consistently since 1872.

Policy type: Term.

Max issue age: 70.

Policy type: Whole.

Max issue age: 85.

New York Life

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: New York Life offers both term and whole life policies that span a significant range of coverage.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
• Drew fewer complaints to state regulators than typically expected for a company of its size.

• Quotes aren't available online.

With many insurers, coverage for seniors is often capped at comparatively low amounts. However, New York Life offers coverage from $25,000 to over $1 million and issues policies for applicants up to age 75 for term and age 90 for whole life insurance.

New York Life

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: New York Life offers both term and whole life policies that span a significant range of coverage.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
• Drew fewer complaints to state regulators than typically expected for a company of its size.

• Quotes aren't available online.

With many insurers, coverage for seniors is often capped at comparatively low amounts. However, New York Life offers coverage from $25,000 to over $1 million and issues policies for applicants up to age 75 for term and age 90 for whole life insurance.

Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.

Drew fewer complaints to state regulators than typically expected for a company of its size.

Quotes aren't available online.

Overview: Depending on your needs and policy type, you can select payout amounts anywhere from $25,000 to well into the millions.

Policy type: Term.

Max issue age: 75 (1- and 10-year terms) and 65 (15- and 20-year terms).

Policy type : Whole.

Max issue age: 90.

Coverage: $25,000+ (for applicants ages 18 and over).

State Farm

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: If you’re looking for a company with a great reputation, State Farm ranked first out of 22 companies for overall customer satisfaction in J.D. Power’s 2023 U.S. Individual Life Insurance Study.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Drew fewer life insurance complaints to state regulators than expected for a company of its size.
• Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
• Broad range of term products, including instant answer life insurance.

• Life insurance policies not available in Massachusetts.
• Some restrictions for Android smartphones when accessing policy details through online portal.

State Farm stands out for its exceptional customer service, few complaints and customizable coverage, making it an ideal choice for seniors who want a say in managing their policies. If you’re in the market for term life insurance, you can buy a policy up to age 75 for term insurance.

State Farm

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: If you’re looking for a company with a great reputation, State Farm ranked first out of 22 companies for overall customer satisfaction in J.D. Power’s 2023 U.S. Individual Life Insurance Study.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Drew fewer life insurance complaints to state regulators than expected for a company of its size.
• Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
• Broad range of term products, including instant answer life insurance.

• Life insurance policies not available in Massachusetts.
• Some restrictions for Android smartphones when accessing policy details through online portal.

State Farm stands out for its exceptional customer service, few complaints and customizable coverage, making it an ideal choice for seniors who want a say in managing their policies. If you’re in the market for term life insurance, you can buy a policy up to age 75 for term insurance.

Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.

Broad range of term products, including instant answer life insurance.

Life insurance policies not available in Massachusetts.

Some restrictions for Android smartphones when accessing policy details through online portal.

Overview: State Farm offers its customers broad, customizable coverage. For instance, you can add more coverage for yourself or another person through a term rider. This can be useful if you need to buy a small amount of coverage for a partner but don’t want to purchase a separate policy.

Policy type: Term.

Max issue age: 75 (10-year term), 65 (20-year term).

Policy type: Whole.

Max issue age: Varies by policy (80 for final expense whole life).

USAA

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: USAA allows you to convert your term policy to permanent coverage before it expires, which can be useful if you think you’ll want lifelong coverage at a later date.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Had fewer than the expected number of complaints compared to other companies.
• Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
• Option to add $100,000 coverage to its term life policy after a major life event.

• Some policies not available in New York or Montana.

USAA life insurance is available to both military members and civilians, unlike other products it sells. Seniors can buy a term policy up to age 70 and whole insurance up to age 85. Plus, USAA offers a guaranteed issue policy, which lets you skip the health questionnaire and medical exam.

USAA

NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.

Bottom line: USAA allows you to convert your term policy to permanent coverage before it expires, which can be useful if you think you’ll want lifelong coverage at a later date.

Financial strength rating

These ratings indicate an insurer’s ability to pay future claims.

This indicates whether the company offers a way to apply for and purchase policies entirely online.

Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Had fewer than the expected number of complaints compared to other companies.
• Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
• Option to add $100,000 coverage to its term life policy after a major life event.

• Some policies not available in New York or Montana.

USAA life insurance is available to both military members and civilians, unlike other products it sells. Seniors can buy a term policy up to age 70 and whole insurance up to age 85. Plus, USAA offers a guaranteed issue policy, which lets you skip the health questionnaire and medical exam.

Had fewer than the expected number of complaints compared to other companies.

Some policies include free perks for military personnel, such as a $25,000 severe injury payment.

Option to add $100,000 coverage to its term life policy after a major life event.

Some policies not available in New York or Montana.

Overview: For anyone looking to skip the medical exam, USAA offers a guaranteed issue policy, underwritten by Mutual of Omaha. You’re not required to answer any health questions or take a life insurance medical exam to qualify for coverage. Plus, unlike some of its other financial products, the company’s life insurance isn't limited to military families.

Policy type: Term.

Max issue age : 70.

Coverage: $100,000 to $10 million.

Policy type: Whole.

Max issue age: 85.

Coverage: $25,000 to $10 million.

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How we ranked the top life insurers

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines .

In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories:

Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.

Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.

Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

Other life insurance options for seniors

If you can’t find a traditional term or whole life policy, there are some alternatives to consider, such as guaranteed issue life insurance . These policies don't require a life insurance medical exam , and acceptance is guaranteed.

Alternatively, you may want to look at burial insurance , sometimes referred to as final expense insurance. These are small whole life policies that can help cover end-of-life costs like funeral expenses.

More about buying life insurance as a senior

More about top-rated life insurance companies

Looking for a specific type of life insurance policy? Check out NerdWallet’s top picks across these categories:

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