4 Best Senior Life Insurance Companies In 2024

We looked at both cash value and term life insurance plans and found that the best senior life insurance is from Protective, Pacific Life, Equitable, and Corebridge.

Life insurance costs more as you get older, but that doesn’t mean you can’t get it for a good price as a senior. Seniors who are looking for life insurance usually want good rates, accurate policy descriptions, and low policy costs. Every one of our top picks has excellent or better AM. The best scores.

Summary: Best Senior Life Insurance Company Ratings

1. Protective

We think senior buyers of term life insurance will appreciate Protective’s low term life insurance rates. We also suggest considering Protective if you’re looking for cash value life insurance with low costs and reliable policy illustrations.

• Protective’s Classic Choice term life insurance rates for seniors are very competitive.
• You can renew the Classic Choice policy up to age 95 after your level term period ends.
• Protective’s cash value life insurance policies for seniors generally have low internal costs. This means more money can go toward your cash value and less for paying a company’s policy expenses.
• Company investments have performed very well over the years. This is a factor that has likely helped keep premiums and charges low.

2. Pacific Life

We like Pacific Life’s PL Promise Term policy for its low rates for seniors. Plus, the policy is renewable up to age 95 after the level term period ends.Older buyers of cash value life insurance will appreciate Pacific Life’s solid investment performance, both of which help deliver lower premiums over time.

Superior rates for term life insurance for seniors

• Policy illustrations for Pacific Life’s cash value policies tend to be reliable, so you’ll have a good projection of cash value gains over time.
• Many of Pacific Life’s policies can build cash value even in the early years, compared to other companies where it can take decades to get traction.

3. Equitable

It’s hard to find a life insurance company with more reliable policy illustrations than Equitable. For senior buyers of life insurance, this can provide some peace of mind that you likely won’t be hit with surprises in your cash value policy. We also like that Equitable offers low costs for many older ages and risk classes.Good term life insurance rates for older buyers.

• Great track record for reliable policy illustrations for its cash value products.
• Internal policy costs on cash value policies are generally low. This means more money toward your cash value and less to policy expenses.

4. Corebridge Financial (formerly AIG Life & Retirement)

We like Corebridge’s Select-a-Term policy because its available to buyers up to age 80, which is higher than most competitors. Its competitive rates should appeal to senior term life insurance buyers. We think seniors will appreciate Corebridge’s strong historical performance of its investments and its reliable policy illustrations.

• Excellent rates for term life insurance across a range of ages and coverage levels.
• Term life insurance buyers can customize their level term length between 10 and 35 years, such as 27 years.
• Offers relatively friendly underwriting for marijuana users. Buyers who use marijuana eight or fewer days per month can still qualify for the best rate class from Corebridge. But life insurance shoppers who use marijuana frequently (more than 16 days a month or more than four days a week) should expect to be declined.
• The majority of Corebridge cash value policies have admirable qualities across the board, such as low internal costs, good reliability of policy illustrations and solid performance of investments that fuel cash value growth.

Types of Life Insurance for Seniors

Senior life insurance buyers can choose among the same types of life insurance as anyone else.

Term Life Insurance

Term life is often available through age 80, although the length of the level term period available will get shorter as you get older, For example, at age 80, your longest option will likely be 10-year term life insurance. You may also be limited on coverage amounts at an older age and be required to get a life insurance medical exam.

Cash Value Life Insurance

Cash value policies such as whole life and universal life insurance can be obtained with some companies through age 85, but some insurers have lower maximum ages. Monthly costs for cash value life insurance and required medical exams can become a hurdle at older ages.

No-Exam Life Insurance

No-exam life insurance for seniors is generally available in two forms. A guaranteed issue life insurance policy has no medical exam or questions. These are an option for someone who is older or is in poor health and who is willing to pay a high price for a small amount of insurance.