Best Life Insurance Companies for Seniors

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If you are young and healthy, buying life insurance is a walk in the park. You are seen as a low-risk consumer by life insurance companies and get the best possible rates.

If you are a senior, on the other hand, buying life insurance might prove to be a slightly difficult task. You are seen as a high-risk consumer by insurance companies due to your age and any health problems that you might already have or might develop in the future.

It does not, however, mean that life insurance companies do not cater to the needs of senior citizens at all.

Almost all the insurance providers issue policies for elderly people and some companies even cater specifically to the needs of those who are on the wrong side of 50.

In this article, we discuss why it is important for you to compare different companies before buying a policy, how choosing an insurance provider is different for a senior compared to a younger person, the best policies for seniors, and the best life insurance companies for seniors.

Choosing an Insurer is Different for Seniors Compared to a Younger People

For a young person in their 20’s or 30’s, buying life insurance is a pretty straightforward process. They need to undergo a medical exam, get a clean bill of health, and choose a company that offers the amount of coverage they need at affordable rates.

For a senior citizen, however, the process is slightly more complicated.

First of all, you are not likely to qualify for some of the policies that are available for younger people. Many insurance companies have a cut-off age, beyond which they do not issue term policies. They only offer permanent life policies for people beyond the cut-off age and the premiums could be significantly higher.

Many insurance companies have strict underwriting policies and require the applicants to undergo a medical exam. If you have any preexisting conditions or have a family history of hereditary diseases, the results of your medical exam could severely dent your insurability. If you are considered a high-risk consumer, the company is likely to charge you a lot more than what it charges a younger person.

Some insurance companies primarily cater to a younger consumer base and reserve their best rates only for them. While they do issue policies for older people, the premiums are often exorbitantly high and very few people can afford to pay them. So, as a senior, you cannot afford to randomly pick and choose an insurance company. You need to look for a company that caters to the financial needs of older people and offers affordably priced policies.

This is why you need to be very careful while buying life insurance as a senior citizen. Young people can afford to make mistakes because they have time on their side. If they end up buying the wrong policy accidentally, they can cancel it, apply for another policy, and get accepted without any issue.

You, on the other hand, cannot afford to make such mistakes. If you choose the wrong policy or the wrong insurance provider, you cannot cancel it and expect to get qualified for another policy instantly. With every passing year, your insurability reduces significantly.

So, you need to keep these factors in mind while choosing an insurance provider.

Seniors Should Carefully Compare Various Life Insurance Companies

It is no secret that insurance companies charge senior citizens more compared to what they charge young people. Still, the rates differ from one company to another due to various factors.

Some companies have lenient underwriting policies and accept you even if you have health problems like high cholesterol levels, diabetes, and high blood pressure. Some others, on the contrary, have very strict underwriting policies and reject people who are old and have preexisting conditions.

Some companies accept older people as long as they do not have any major health issues and even offer them favorable rates.

Some companies accept older people with preexisting conditions, but tend to charge exorbitant rates.

Some companies do not require older people to undergo a medical exam at all, but charge a higher rate compared to people who undergo a medical exam.

Basically, your chances of getting accepted or declined depend on the insurance company’s policy regarding senior citizens. Similarly, the rate you will be charged also depends on the company’s underwriting guidelines.

As you know, each insurance company has its own underwriting policy, which means you never know which company is likely to accept you and which one is likely to reject you, unless you get a quote from them. This is why it becomes so crucial for seniors to compare different companies before buying a life insurance policy.

Most insurance companies these days offer personalized online quotes, based on which you can decide if a particular company is the right choice for you.

You only have to fill out a form and the company will provide you with a customized quote based on your age and health status. You can get such quotes from several companies, compare them with each other, and then choose a company that meets your needs.

Medical Exam – A Factor to Consider

If you are a senior citizen who is in the market for life insurance, you need to decide if you are ready to undergo a medical exam or not.

  • If you are healthy and do not have any major health problems, it actually might be a good idea for you to undergo a medical exam to qualify for life insurance. There are many companies that offer policies at very competitive rates for older people who do not have any health issues. So, you might be able to save a lot of money by undergoing a medical exam and qualifying for an affordably priced policy.
  • If you, on the other hand, are suffering from health problems and/or have a family history of hereditary diseases, it is advisable for you to choose an insurance company which does not require you to undergo a medical exam. There are many companies that issue no-exam policies which you can qualify for without undergoing a medical examination.

It should be noted that even insurers that do not require you to undergo a medical exam can reject you at times, if you have severe health issues, chronic diseases, or a terminal illness. In such cases, it might be prudent for you to choose a company that offers guaranteed acceptance policies.

There are absolutely no entry barriers for these policies. All you need to do is apply and you will get accepted.

Best Life Insurance Companies for Seniors

new york life logoNew York Life

A.M. Best: A++

Moody’s: Aaa

Standard & Poor’s: AA+

Fitch: AAA

New York Life is one of the few companies in the industry that have a generous age limit (up to the age of 85) for their guaranteed universal life policies. The coverage amount starts at $25,000, which is ideal for those who are looking for a final expenses policy. Depending on your needs, you can open the window for a larger death benefit as well.

There are no medical exams required and you will be accepted as long as you are within the age limit of 85 years. This can be extremely beneficial for those who are suffering from various ailments and are not likely to qualify for a fully underwritten policy.

New York Life also offers a living benefits rider, which gives you access to a portion of the death benefit in case you are diagnosed with a terminal illness.

Apart from its own policies, New York Life also offers term and whole life policies through the American Association of Retired Persons (AARP). The company offers a term policy, a whole life policy, and a guaranteed acceptance whole life policy, all of which do not require any medical exams.

mutual of omaha logoMutual of Omaha

A.M. Best: A+

Moody’s: A1

Standard & Poor’s: A+

Mutual of Omaha has been in the insurance business for more than a century and is one of the most established names in the industry today.

The company offers a guaranteed universal life policy for people within the age limit of 85. The coverage starts at $50,000 and you do not need to undergo any medical exam if your policy’s death benefit does not exceed $250,000.


A.M. Best: A–

Assurity has been in the industry for more than 120 years and is a leading insurance provider in the country. It offers a policy called Non Med Term 350, which does not involve a medical exam. You need to be between the ages of 18 and 65 in order to qualify for the policy.

The policy has a death benefit of $350,000, which is sufficient to cover most of your financial needs.

sagicor no exam life insurance reviewSagicor

A.M. Best: A–

A list of ‘best life insurance companies for seniors’ would not be complete without mentioning Sagicor. The company offers a term policy as well as a universal life policy, both of which do not need you to undergo any sort of medical exam.

The death benefit for both policies ranges from $25,000 to $1,000,000. The company also has a very simple application process, which only takes about 30 minutes.


A.M. Best: A+

Moody’s: A1

Standard & Poor’s: A+

Fitch: AA–

Principal offers a term life policy that does not involve any lab tests or medical exams. The coverage amount could be anywhere from $50,000 to $1,000,000. The term length could be 10, 15, 20, or 30 years. You need to be between the ages of 18 and 60 in order to get qualified for the policy.

Best Life Insurance for Seniors Over 60

60 is actually a tricky age, as it is the cut-off age beyond which you are not likely to be issued a term life policy by many companies. Still, there are companies that offer term policies for people aged 60 and above with a reasonably high death benefit.

So, what should you do? If you are in good health, you could opt for a term life policy, even if it means undergoing a medical exam.

You might be able to buy a policy at surprisingly competitive rates. Otherwise, a simplified issue whole life policy might be a better choice for you. There are no medical exams and you only have to answer a few questions on your health status, based on which you might be accepted or declined.

Best Life Insurance for Seniors Over 70

If you are over 70, you are not likely to qualify for a term life policy. So, a whole life policy is the best choice for you. If you do not have any serious diseases, you can press the button for a simplified issue policy. Otherwise, you should choose a guaranteed acceptance policy with a sufficient death benefit to cover your needs.

Best Life Insurance for Seniors Over 80

If you are in your 80’s, you are unlikely to have any major financial commitments. So, you only need a policy to cover your final expenses. There are several companies that offer final expense policies whose death benefit range from $2,000 to $25,000.

If, on the other hand, you still have financial commitments, you should choose a universal life policy with sufficient coverage. There are several companies, some of which are listed above, that offer guaranteed universal life policy up to the age of 85. So, it might be the best option for you.

Why Choose NoExam.Com?

Buying life insurance can be a complicated process for seniors. If you are not careful, you might end up choosing the wrong policy and end up paying exorbitant premiums.

So, it is pivotal to acquire quotes from several companies, compare them, and choose a policy that covers your needs and does not require you to pay through your nose at the same time.

We at can help you find the right policy for you, irrespective of your age, health condition, or income level.

Jonathan Holloway

Jonathan is a licensed life insurance agent at that writes about insurance, personal finance, lifestyle, and sports. See our pages on life insurance and life insurance rates for more.

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