The best senior life insurance companies are trustworthy, reputable, and established, and they have an affordable product that meets your needs.
Your focus is likely to be permanent coverage, so you want this company to be there when your survivors need the benefits you paid for. This could be decades from now.
Financial strength ratings for a company are helpful, but they are only one piece of the puzzle.
There are other more subtle nuances to consider as well, such as whether you want a specific type of driver or are shopping for heritage preservation versus a strictly minimal death benefit.
However, the life insurance companies we recommend can serve more than one need. Just because you don’t see a company listed below doesn’t mean we won’t offer their product to you, if the shoe fits you, so to speak.
With these parameters in mind, we have done a lot of work for you.
Here are our top 10 life insurance companies for seniors this year:
- Mutual of Omaha
- Fidelity Life
- Northwestern Mutual
MUTUAL OF OMAHA LIFE INSURANCE COMPANY
Whether you need easy-to-get coverage up to $ 50,000, or require a larger death benefit while you live, Mutual of Omaha Life, a century-old “A +” rated company, offers a full line of product options.
Mutual of Omaha is simply the best pick considering its reputation, strength, and product selection, and the value is always there for every demographic, especially as you age.
For most, it will be the best bang for your buck, period.
If you want a selection, a streamlined underwriting, and an extremely strong company, then you may want to dig a little deeper into Mutual of Omaha.
TRANSAMERICA LIFE INSURANCE COMPANY
Our best company for senior life insurance is Transamerica Life Insurance Company.
Already on our list of one of the best burial life insurance companies and our list of top general carriers, it’s not hard to see them as a superior solution for seniors when you consider their full line of products.
Transamerica has everything from simplified end-needs options to fully underwritten options for more complex scenarios.
Whether you need a small death benefit and don’t want to take the medical exam, or you and your spouse need long-term estate planning using a universal life insurance product, Transamerica Life can help.
Backed by over 110 years in business, they are a long-standing and secure company.
am Best, Fitch, Moody’s and Standard & Poor’s agree, having given Transamerica Life Insurance Company “A” or better ratings across the board, something few operators achieve.
PROTECTIVE LIFE INSURANCE COMPANY
Over a century old, Protective Life offers some of the best value on the market, dollar for dollar, especially for guaranteed universal coverage.
Protective Life, a trusted and world-class company, offers several options within the universal life insurance arena.
Their senior life insurance plans are customizable and competitively priced, and Protective Life has options for individual and survival plans.
You won’t find much for Protective’s small burial policies, but you can get relatively low nominal amounts for permanent coverage with fully underwritten options.
These are great options for those who want a little flexibility with long-term coverage.
BANNER LIFE INSURANCE COMPANY
Having entered as one of the top 5 companies on our overall list, Banner Life Insurance Company has two distinct advantages for seniors:
- price and
- underwriting risk.
People with serious health problems can get a little help in the Banner tables below.
Banner has made an impact on the life insurance market in recent years for its term life insurance options, but few know how suitable they are for seniors with their universal products and a more liberal underwriting style.
Their strong financial position and excellent use of independent agents make them a great selection.
Seniors can’t use Banner’s no-test products due to their age, but their Step Up UL is a great option for anyone looking for competitively priced permanent products.
If health is an issue, you will definitely want to look at Banner as they are consistently one of the best priced carriers for seniors with medical conditions who can only qualify for sub-standard rates.
SAGICOR LIFE INSURANCE COMPANY
Rounding out the top 5 life insurance companies for seniors is Sagicor Life Insurance Company, a top-tier, no-vet life insurance company that meets the needs of seniors due to some of the your products warranty without expiration.
170-year-old company with an AM “A” rating Best of all, Sagicor Life is reputable, financially strong, and meets our criteria for exceptional value.
Ages up to 85, Sagicor also hits a sweet spot for older buyers – you can skip the exam, but doing so might not lead to the best rates.
The no-expiration warranty on your universal life insurance products provides guarantees and keeps premiums low.
For more sophisticated cases, Sagicor Life is home to a couple of indexed universal life insurance products, much more targeted growth, and an advanced planning option.
It is not for everyone, but it can be a good option for various scenarios.
FIDELITY LIFE ASSOCIATION
Many people know the name Fidelity. An “A” rated insurance company that started before 1900, Fidelity is the first company to make our list strictly because of its final expense products.
Fidelity Life is second to none in a couple of different product areas for senior burial coverage, including its graduated and hybrid life insurance policies.
Made specifically for people over the age of 50, Fidelity offers some guaranteed life insurance products for those who would otherwise be denied due to health concerns.
There are no exams, acceptance is almost instantaneous, and the payment structure is fair.
Fidelity’s hybrid life insurance combines life insurance and accidental life insurance, something you can’t find in many other places.
ASSURITY LIFE INSURANCE COMPANY
Assurity Life has been around for a long time, but the name dates only to 2007 when three established companies were combined into one brand.
Assurity, an “A” rated company, is a top-notch, no-test company that works well for many people 55 and older.
One facet to consider is your access to critical illness and disability coverage, along with your choice of universal and term life insurance policies.
Assurity underwriters can be a bit more selective than other carriers, but qualifying applicants can expect competitive rates, especially on universal life insurance coverage.
On the advanced planning side, Assurity offers a single premium option, ideal for something like financing a policy in advance and then adding an irrevocable life insurance trust to meet the needs of the estate plan.
5STAR LIFE INSURANCE COMPANY
Although newer to the market, 5Star Life has ranked in the top 10 this year for easy access and excellent value.
Rated “A-“, 5Star is a safe company that offers a good set of options for both short and long-term needs, including final expenses.
Plus, simplified underwriting (and guaranteed underwriting) means quick approval, and you won’t feel the price hit like you do with other companies offering this type of life insurance policy.
One notable product is 5Star’s Family Protection Plan-TI, which has tier premiums up to 100 years (although the benefit may decrease over time).
Furthermore, the application asks only seven questions and does not check the databases.
For anyone looking for quick and simple coverage to meet a specific budget, this is a great option.
NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
On our list this year is Northwestern Mutual Life Insurance Company, one of the oldest mutuals, with the highest ratings of any life insurance company.
Although Northwestern Mutual will not offer its best deal on a final expense burial insurance policy, the company excels at advanced financial planning life insurance solutions.
You can also get everything from term to permanent, and even variable products, when needed.
Like Transamerica, Northwestern offers long-term care, often a great combination with senior financial planning.
With Foresters Financial, you can enjoy the confidence of security and a wide selection of final expense options from a company established in 1834.
An “A” rated non-profit company expects good value with benefits you can trust.
Foresters Financial made the cut primary due to its selection of whole life, burial, and even accidental coverage.
While a small portion of people will need it, the Foresters whole life insurance policy is a great option for those who want easier approval with benefits available on the day the policy takes effect.
There are also several universal life insurance options to choose from if whole life insurance does not meet your needs.
A full review of Foresters Financial can be found here.