Best life insurance companies for seniors in 2025

Many people associate buying life insurance with younger couples starting a family or buying a home, but seniors may still need to financially protect their family.

You may want to replace a group policy that ended when you retired, get coverage for funeral expenses or leave a financial legacy.

CNBC Select compared dozens of life insurance companies to find the providers with the best options for seniors in a variety of categories. (See our methodology for more information on how we made our picks.)

Who's this for? Pacific Life has affordable term life insurance for seniors that's renewable up to age 95 after the level term period ends.

Standout benefits: In addition to term life, Pacific Life has both indexed and variable universal life insurance policies that build cash value early and can supplement retirement income. Pacific Life doesn't set maximum coverage limits, with some policies paying out more than $10 million.

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Who's this for? If you're between 45 and 85 (or 50 and 75 in New York), Mutual of Omaha has no-medical exam policies with guaranteed acceptance and coverage up to $25,000.

Standout benefits: Mutual of Omaha has other plans with high age caps, including term life policies up to 80. Its online Mutual Cares platform offers seniors info on health and wellness, combating loneliness, estate planning and more.

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Who's this for? In 2024, State Farm earned the top spot in J.D. Power's U.S. Individual Life Insurance Study for the fifth consecutive year. The large-scale study surveys customers' satisfaction with trust, value, ease of doing business, people, product offerings, ability to get service, problem resolution and digital channels.

Standout benefits: You can apply for and buy a State Farm policy the same day and premiums can be paid monthly or annually.

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Who's this for? AARP members have access to life insurance offers through New York Life, with $25,000 in coverage to help with funeral costs, cremation, medical and legal bills and other end-of-life expenses.

Standout benefits: Acceptance is guaranteed with no medical exam or health questions and fixed rates for the life of the policy. (Benefits are limited in the first two years, however.)

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Who's this for? Guardian offers robust whole life insurance policies up to age 90, including options for HIV+ policyholders. There's no maximum coverage limit and endorsements include long-term care, waiver of premium and a charitable benefit rider that provides an extra 1% to a charity of your choice when your death benefit is paid out.

Standout benefits: Policyholders can convert term insurance to a whole life policy in the first five years for free, a benefit competitors usually charge for.

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Who's this for? Prudential offers universal life policies for applicants up to age 85 (and up to 90 for conversion from term life). The Survivorship BenefitAccess Rider allows couples to tap the death benefit if one or both become chronically or terminally ill.

Standout benefits: If you take a loan out against the cash value of your policy, Prudential's overloan protection can shield you from a lapse in coverage if the money isn't repaid.

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Who's this for? MassMutual's whole life insurance policies grow cash value quickly with high interest rates. And, policies are available for seniors up to age 90.

Standout benefits: MassMutual's whole life customers are eligible for dividends, which the company has issued annually since 1869. The company anticipates a 6.40% dividend interest rate in 2025, accounting for a record $2.5 billion payout.

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Founded in 1868, Sacramento-based Pacific Life is the ninth-largest life insurance company in the U.S., with a market share of nearly 3%. It also offers annuities, which can provide a guaranteed income stream in retirement.

Availability: Available nationwide except in New York

Types of policies: Term, universal, indexed universal, variable universal

J.D. Power customer satisfaction ranking: Above average

NAIC complaint index: Fewer complaints than expected

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One of our top picks for life insurance, Mutual of Omaha paid out nearly $7.1 billion in benefits in 2023, with close to 6.5 million policies in force. In addition to life insurance, it offers long-term care and disability insurance, supplemental Medicare, mortgages, and investment services.

Availability: Available nationwide except in New York

Types of policies: Term, whole, universal, final expense 

J.D. Power customer satisfaction ranking: Above average

NAIC complaint index: Fewer complaints than expected

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Founded as an auto insurance company in 1922, State Farm is now one of the largest life insurance providers in the U.S., with $1.1 trillion in policies in force. In 2023, it issued more than $725 million in dividends.

Availability: Nationwide except Massachusetts and Rhode Island

Types of policies: Term, whole, universal, joint universal, final expense 

J.D. Power customer satisfaction ranking: Above average

NAIC complaint index: Fewer complaints than expected

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Focused on the needs of Americans over 50, AARP offers no-medical-exam policies underwritten by New York Life with online approval available for term life plans up to $150,000 ($100,000 in New York) and whole life policies up to $50,000. AARP also offers long-term care policies and AARP Medicare Advantage, as well as insurance for homeowners, autos, travel, pets and more.

Availability: Available in all 50 U.S. states

Types of policies: Term, whole, final expense

J.D. Power customer satisfaction ranking (for New York Life): Below average

NAIC complaint index (for New York Life): Fewer complaints than expected

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The Guardian Life Insurance Company of America was the second-highest-ranked insurer in J.D. Power's 2024 Individual Life Insurance Study. In addition to term, whole and universal life insurance, it offers disability insurance and critical illness policies. Guardian has paid dividends to eligible policyholders every year since 1868, with a record $1.4 billion payout in 2024.

Availability: Available in all 50 states

Types of policies: Term, whole, universal, joint

J.D. Power customer satisfaction ranking: Above average

NAIC complaint index: Fewer complaints than expected

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Founded in 1875 as the Widows and Orphans Friendly Society, Prudential is the nation's fourth-largest life insurance company, with nearly $11 billion in direct premiums written in 2023. Term, whole and universal insurance policies are available through a network of more than 2,800 advisors nationwide.

Available: Available in all 50 states

Types of policies: Term, universal, indexed universal, indexed variable universal, variable universal, final expense 

J.D. Power customer satisfaction ranking: Below average

NAIC complaint index: More complaints than expected

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MassMutual or the Massachusetts Mutual Life Insurance Company, is the fifth largest life insurance provider in North America, with over $9.2 billion in direct premiums in 2023 and more than 7,600 financial professionals available across the nation. It has issued dividends annually since 1869, with a record $2.5 billion announced for 2025.

Available: Available nationwide except in Alaska

Types of policies: Term, whole, universal, variable universal

J.D. Power customer satisfaction ranking: Above average

NAIC complaint index: More complaints than expected

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Seniors pay more for life insurance than younger adults. Here's how the monthly cost of several different policy types breaks down, according to Policygenius.

No one type of life insurance is a good fit for everyone. Here's what you need to know about common types.

Term life insurance

If you want to make sure your debts are covered, term life insurance is a convenient and affordable option at any age — and your plan may be able to be converted to a whole life policy. Once you reach age 60, however, the longest term you'll typically find is for 20 years.

Whole life insurance

As long as you keep up with your premiums, a whole life policy stays in effect without you needing to requalify, which can be a big plus for seniors. The rates are considerably higher than term life, but it can be an option if your focus is on leaving a financial legacy to your loved ones.

Universal life insurance

Like whole life, universal life insurance policies have a cash value component. But, because they're linked to investments that either you or your insurance company choose, they require more oversight. If you don't monitor the cash value, the policy could become underfunded — and either end or require you to make large payments to keep your coverage.

Final expense insurance

Also known as pre-need, funeral or burial insurance, final expense insurance is a popular option for seniors who don't want to leave the burden of a burial, outstanding medical or legal bills or other expenses to their loved ones.

It's a guaranteed-issue whole life policy, so you don't have to worry about it expiring or having to get approved or take a medical exam. But a final expense policy can be expensive, especially considering the payout is usually limited, between $5,000 to $25,000.

If you're buying life insurance after age 65, consider these factors when deciding what type is right for you

• Your budget: Life insurance in your 60s, 70s or beyond will be more expensive than in your 40s. You may be tempted to get a policy without a medical exam, but that could mean your premiums are even higher.
• Your goals: Are you buying insurance to pay off the mortgage or even cover daily expenses? Are you interested in leaving your family some money for their future or just enough for a funeral? Your answers will steer you toward the right policy.
• Your health status: Do you have a pre-existing condition that could keep you from getting approved? If so, you may want to narrow your search to guaranteed-issue whole life or universal life policies that don't require a medical exam.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every life insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of life insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best senior life insurance companies.

To determine the best life insurance companies for seniors, CNBC Select considered dozens of data points from leading life insurance companies.

We reviewed the types of life insurance products offered, looking at maximum issue ages as well as coverage limits, average premiums, the application process and the availability of no-medical-exam policies.

We incorporated customer satisfaction scores from J.D. Power's U.S. Individual Life Insurance Study, the National Association of Insurance Commissioners complaint index and the Better Business Bureau, as well as A.M. Best financial strength ratings.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

After reviewing the above, we sorted our recommendations into the best for low premiums, for no medical exam, for customer service, for final expenses, for whole life insurance, for couples and for growing cash value.

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