The best life insurance for seniors in 2025 varies by individual needs, but top recommended options include Nationwide for overall best choice with large product selection and customer satisfaction, MassMutual for whole life insurance with high dividend rates and coverage up to age 90, and SBLI for affordable term life insurance up to age 74. Guaranteed-issue life insurance is also a good option for seniors with health issues, providing coverage without medical exams though often with limited face value.
Best Life Insurance Companies for Seniors
- Nationwide : Best for final expense coverage with up to $50,000 limit, includes riders for chronic, critical, terminal illness, shorter waiting period for full benefits, strong financial strength, few complaints.
- MassMutual : Best for whole life insurance up to age 90, no cap on coverage, high dividend rates growing cash value, financially strong.
- SBLI : Good for seniors needing term life up to age 74 with multi-million coverage and reasonable premiums, coverage renewable until 85 but fewer riders.
- Thrivent : Offers affordable term life insurance with lowest premiums for 65-year-olds, but limited to Christians, no burial policies.
Types of Insurance for Seniors
- Final Expense Insurance : A type of whole life insurance aimed at covering funeral costs and small final expenses with relatively low premiums and no medical exam needed.
- Term Life Insurance : Provides coverage for a fixed period (10-30 years), premiums reasonable for large death benefits, but requires renewal or new coverage if policyholder outlives the term.
- Whole Life Insurance : Offers lifelong coverage with cash value accumulation; premiums are higher but stable over time and add a savings component.
- Guaranteed-Issue Life Insurance : No medical exam required, suitable for seniors with health issues; however, death benefits are lower and may have a waiting period before full benefits apply.
Considerations
- Age limits vary by insurer; some accept applications up to age 85 or 90.
- Premiums increase with age and health conditions.
- Final expense and guaranteed-issue policies are easier to obtain but offer lower coverage amounts.
- Consultations with agents or advisors help tailor the best policy for specific financial and health situations.
In summary, Nationwide is the top overall insurer for seniors seeking diverse policy options and strong service. For lifelong coverage with investment potential, MassMutual is recommended. SBLI and Thrivent offer good term life options for seniors on a budget. Final expense and guaranteed-issue plans provide easy access for those with health issues or older age. Choice depends on health, coverage needs, budget, and preferences regarding term vs whole life insurance.