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Top 10 Best Life Insurance Companies for Seniors in 2017

Life Insurance for Seniors

Depending on your specific situation, we may recommend one or two different life insurance companies from the dozens that we offer. When we recommend a life insurance policy for a senior citizen, we consider much more than age; we take into consideration your lifestyle, health, and overall needs. Only after we gather ample information can we make the best life insurance recommendation for a senior citizen.

That being said, here are our top ten life insurance companies for seniors:

Best Life Insurance for Seniors

  1. Assurity
  2. Banner
  3. Fidelity
  4. Foresters
  5. Gerber
  6. Lincoln Financial
  7. Minnesota Life
  8. North American Company
  9. Prudential
  10. Transamerica

Life Insurance Quotes over 50

The following sample monthly 10 year term life insurance for seniors quotes based on a preferred plus non-tobacco male as of February 21, 2017. Rates are subject to change and must be qualified for.

AGES $100,000 $250,000 $500,000 $1,000,000
50 14.15 23.81 41.76 75.51
51 15.06 26.21 46.56 84.35
52 16.06 28.83 51.83 93.1
53 17.14 31.69 57.57 104.91
54 18.32 34.81 63.85 116.74
55 19.61 38.21 70.68 129.69
56 21.02 41.65 77.29 142.96
57 22.55 45.36 84.43 157.31
58 24.21 49.39 92.18 172.88
59 26.29 54.44 101.9 192.4
60 28.63 60.13 112.83 214.36
61 32.64 67.67 127.28 240.85
62 37.11 76.06 143.35 270.32
63 41.98 85.21 160.89 302.47
64 47.21 95.03 179.72 337.01
65 52.73 105.42 199.61 373.48

Life Insurance Quotes for Seniors ages 60 to 80

The following sample monthly 10 year term life insurance for seniors quotes based on a preferred plus non-tobacco male as of February 21, 2017. Rates are subject to change and must be qualified for.

Ages $100,000 $250,000 $500,000
60 28.63 60.13 112.83
65 52.73 105.42 202.98
70 89.34 179.62 319.34
75 158.48 343.13 666.22
80 356.21 748.34 1490.56

In addition to the senior life insurance companies listed in this article, the above best life insurance rates by age provided by Protective LifeAIG, and AXA Equitable

Top 10 Best Life Insurance Companies for Seniors 2017

The following life insurance for seniors companies list represents what we believe are the top companies offering whole and term life insurance for seniors. These companies make up the majority of the 65 and above life insurance we write. However, with dozens of companies to choose from, the following may or may not be the right choice for you. Give us a call today for a free consultation to make sure you are applying with the right senior life insurance company.

  • Assurity

assurity logo

When you purchase whole life insurance for seniors from Assurity, you get coverage starting from the day you sign the agreement. Before 65, the amount can go up to $50,000 but once you cross 65, then the max is $25,000. You will have to answer a few questions about your health before the policy will get underwritten. If you are looking for a life insurance policy that will cover your funeral and burial insurance expenses, then this is a great option.

For more, see our Assurity Life Insurance Company Review.

  • Banner Life Insurance

banner-life-logo

Banner life insurance pops up on our top ten lists time and time again. The main reason is Banner is an excellent company for sub-standard risk clients, offering some of the most competitive life insurance rates for seniors. Banner offers both term and universal life insurance.

For more, see our Legal and General Life Insurance Company Review.

  • Fidelity Life Insurance

fidelity-logo

We recommend Fidelity Life Insurance to a lot of seniors. We also consider Fidelity Life Insurance to be one of the best no medical exam life insurance companies. Fidelity’s “hybrid” term life insurance option allows clients to get life insurance coverage within 48 hours. This policy offers 1/3 of your coverage as term insurance and the remaining as accidental death insurance. You also have the option of taking a medical exam up to six months after signing up. If you pass the medical exam you can convert your policy into a traditional policy. Don’t worry; if you fail, you still get to keep your existing policy.

For more, see our Fidelity Life Insurance Review.

  • Foresters Life Insurance

foresters-logo

Foresters Life Insurance may not be a household name like other insurance providers, but the company provides one of the best life insurance policies for seniors. Even if you have a really complicated medical history, Foresters won’t shy away from taking you on as a client. They also have competitive pricing—something that is important to a lot of senior citizens, particularly after retirement. Currently included in our best whole life insurance companies list.

For more, see our Foresters Life Insurance Review.

  • Gerber Life Insurance

gerber_life-logo

Being most famous for their life insurance policies for children and youth, it may surprise you to find Gerber Life Insurance on our list of most popular life insurance companies for senior citizens. However, they deserve it! Gerber Life Insurance tends to offer no health questions and no exam life insurance for the elderly who simply need coverage from the top final expense or burial insurance companies. When a senior is uninsurable by most life insurance providers Gerber Life Insurance still offers a great policy. For this reason, we continue to recommend Gerber Life Insurance to seniors time and time again.

For more, see our Gerber Life Review.

  • Lincoln Financial

lincoln-financial-group-logo

Lincoln Financial senior life insurance caters to clients 70 and older, including whole and term life insurance for seniors over 80. This is evident with the company’s liberal body mass index chart for males and females 70 and up. Further, the company increases limits for diabetic life insurance for seniors 70 and above, as well as blood pressure and cholesterol limits. In addition, the company offers competitive senior life insurance rates, often ranking in the top 3 for price on coverage 70 and above. The one thing to be aware of is that Lincoln Financial will not consider a prospective insured if he or she has not seen their personal physician in the past 12 months.

For more, see our Lincoln Financial Review.

  • Minnesota Life

minnesota-life-logo

An up and comer in life insurance for seniors, Minnesota Life ranks #1 for senior term life insurance rates in a lot of categories.

From the company’s website:

To remain competitive, it’s crucial to understand how to submit business for older-age applicants. Minnesota Life and Securian Life, a New York admitted insurer, have expertise in mature underwriting, with cognitive and mobility screenings, allowing us to offer Preferred Select, Preferred and Non-Tobacco Plus underwriting classes to many applicants – up to age 85.

That pretty much sums it up. Minnesota Life is definitely one of the best term life insurance companies for seniors in the marketplace. However, Minnesota Life, via Securian Life, also has great cash value life insurance policies.

For more, see our Minnesota Life Review.

  • North American Company

north-american-life-logo

Another great option among the best life insurance for seniors is North American Company. North American has an A+ rating from, A.M. Best. In particular, North American is great for life insurance 60+ because it has a solid product offering and extremely competitive rates on older clients. The cheap life insurance for seniors pricing alone is enough to make almost every senior happy.

For more, see our North American Company Review.

  • Prudential

prudential logo

This company has great brand recognition—and the reason for it isn’t simply good marketing. Prudential Life Insurance has been our go-to life insurance company in many scenarios, including special situations for seniors. They are a unique company because they have special underwriting guidelines that can work in your favor if you are: a tobacco user, cancer survivor, or in need of diabetic life insurance. These guidelines help you to get coverage no matter what—and at the most affordable life insurance for seniors price!

For more, see our Prudential Life Insurance Review.

  • Transamerica Life Insurance

logo_transamerica life insurance company

Transamerica is the senior term life insurance company. The company consistently offers some of the best whole and term life insurance for seniors 70 and above. Unlike some big name competitors, Transamerica proves to work with seniors, not against them. The company even offers elderly term life insurance for seniors over 80.

Some examples on where Transamerica excels at underwriting seniors: if you are 71 or older and have a blood pressure reading of 145/85, then you can likely qualify for the best rate class. You will also be able to get the best rate class if you have up to 5.5 cholesterol ratio. Other companies will allow a cholesterol ratio only up to 4.5. And Transamerica has some of the lowest rates on life insurance for seniors over 75, making it a top choice for older clients.

For more, see our Transamerica Life Insurance Review.

Honorable Mentions
  • Kemper Senior Solutions

kemper-logo

Guaranteed issue whole life insurance plan: Guaranteed coverage with face amounts from $2,000 – $25,000. Available for ages 40-80 (75 in Missouri). The only reason this company is not in our top ten list for senior life insurance is because it is not currently available in California or New York.

For more on this company visit our Kemper Life Insurance review.

  • Baltimore Life Insurance

baltimore-life-logo

Another company worth mentioning as one of the better senior life insurance companies is Baltimore Life Insurance Company. The flagship life insurance for seniors product is the company’s Silver Guard Simplified Issue Senior Life Insurance.

Silver Guard Simplified Issue Senior Life Insurance

  • Silver Guard I: Guaranteed Level Death Benefit
  • Silver Guard II & Silver Guard III: Guaranteed Graded Death Benefit

For more on this Company, see Baltimore Life Insurance Company.

Finding the best Life Insurance for Seniors

A few brief pointers to help you get the best life insurance policy as a senior citizen:

  • Risk factors matter. No matter what your age, whether you smoke or engage in a risky lifestyle, then you will almost always pay a premium. This is also true as a senior citizen. One of the few exceptions is for seniors who developed diabetes at a late age. There are companies who will give a better rate class for someone who has diabetes at age 55 than someone who was diagnosed with diabetes at 40.
  • Purchase life insurance today! The sooner you purchase your life insurance, generally the cheaper it will be. If you wait until you are 65+, then you will likely pay a higher monthly fee than if you buy your policy at a younger age.
  • Choose the right policy! Even if you choose the right insurance company, if you don’t choose the best type of life insurance policy, you’ll be in trouble later. For more on this, see our article that covers term versus permanent life insurance.
  • Senior business owner life insurance: Have you considered a business succession plan? Many seniors need key man life insurance or life insurance to fund a buy sell agreement in order to provide a way to pass the business on or allow time to sell a business.

How do I find that right senior citizen life insurance policy?

As we mentioned, there is no way to simply recommend a single best senior citizen life insurance company for all older clients. Each person is unique and therefore a life insurance policy recommendation must be too. For some people who are battling serious disease or illness, choosing burial insurance from among the top final expense insurance companies is probably the best route. Ultimately, the best way to find the best senior life insurance policy is to contact TermLife2Go.

About TermLife2Go

We will get to know all about you and your need and make a life insurance recommendation specifically for you. We help senior citizens find the right life insurance policy every single day.

If you are interested in a free consultation, then please get in touch with us today. We are here to serve!

Thank you for reading our article, Best Life Insurance Companies for Seniors. Please leave any questions or comments below.

 

42 comments… add one
  • Lillian M

    Need a quote for 2 seniors in early 60. Please send me an email

    • Lillian,

      We’d love to help, but we’re going to need more information that this in order to start. So… just give us a call when you have a chance and we’ll do our best to help you out!

      Thanks,

      TermLife2Go.

  • Thanks for sharing this information.this is awesome blog.

  • BETTY

    I just turned to 63 on May 17, 2017 and would like to know how I could buy a good policy locked in rate so that my family does not have too much burden in burial expense or medical. Someone told me it was too late for me to buy at my age.

    • Betty,

      Come on now, 63 years of age isn’t that old! Just give us a call when you have a chance and we’ll see if we can’t find something that will fit into your budget.

      Thanks,

      TermLife2Go.

  • Floyd B

    Mother is 77. Health is below average. Has history of cancer. Non smoker. She needs a life insurance policy to cover her reverse mortgage at her death. She wants to keep house in the family without giving them debt. Needs a 5000 to 75000 dollar policy

    • Floyd,

      Just give us a call when you have a chance and we’ll do our best to find a policy that your mother can qualify for and afford.

      Thanks,

      TermLife2Go.

  • jack i.

    Nice presentation about Best life insurance for seniors…

  • Need a quote for lns

    • Linda,

      We’d love to help you out with that, just give us a call when you get a chance!

      Thanks,

      TermLife2Go.

  • Faith

    Hello Sir/ Madam,
    I need your assistance answering my questions and finding the right type of Life Insurance for my elderly father who has multiple health problems. The Life Insurance must be able to cover all his health needs regardless of his health problems. The Life Insurance must have an affordable monthly premium payment to meet his budget which comes with cash value as well. The Life Insurance must have a selection of quotes to choose from since some life insurance have a certain amount. What happens if the insured resides in a nursing home facility? Will it affect him from receiving life insurance?

    • Faith,

      Without knowing exactly what health issues your father has, we simply wouldn’t know what types of life insurance policies he will or won’t be able to qualify for. For this reason, why don’t you just give us a call when you have a chance and we’ll do our best to help you out.

      Thanks,

      TermLife2Go.

  • Cheryl

    Need my fiance’ and business partner to have a level term life policy for the least amount possible. He is a smoker and in good health. I do not wish to be called. If you can send via email your best options for $30,000.; $50,000. & $100,000. I will be appreciative. Thank you, ~C

    • Cheryl,

      Without knowing your fiance’s age, height, or weight, along with a host of other questions we simply wouldn’t have any way of possibly answering your question.

      You’re best be would be to just give us a call and we’ll do our best to provide you with some accurate quotes.

      Thanks,

      TermLife2Go.

  • Sunil

    I am looking for inexpensive life insurance term or whole products for my parents who are aged 73 and 69. Please direct me to the right place.

    • Sunil,

      We would recommend giving us a call so we can check pricing for you and see if it’s something that will fit into your budget.

      Thanks,

      TermLife2Go.

  • I am looking for an extremely inexpensive premium for a $20,000 – $30,000 policy. I may consider a $10,000 or $15,000 policy if my choice is limited. I am a 59 y/o female. Please contact through email. No phone calls please.

  • Ravi kumar

    My Mom has RA(rheumatoid arthritis) and now we want to buy life insurance and medical insurance for my mom. Is this possible?

    • Hi Ravi,

      There are many companies that will offer life insurance for someone who has to deal with something as unpleasant as rheumatoid arthritis. How about you or your mom give us a call. We are here to answer any questions you may have.

      Sincerely,
      TermLife2Go

  • My father n law is 70 years old. He has no life insurance to provide for his wife if he passes.
    We are searching for a carrier.
    He is a smoker and has a few daily drinks.
    Can you carry him?

  • Angus Basey

    Would like quote on life ins.

    • Angus,

      Of course, we would love to provide you with any and all quotes on life insurance. Please give us a call during our business hours and we will help you out.

      Thank you,

      TermLife2Go

  • Rebecca G

    I am a female 61and seeking term life insurance. My current policy expires soon.

    • Rebecca,

      Sounds good, just give us a call when you have a chance and we’ll do our best to meet your needs.

      Thanks,

      TermLife2Go.

  • Christi M.

    I would like to more elderly finance information about insurance my age 62 years old thank you for take time my request. Please help!!

    • Christi,

      We would be happy to help, we just need to learn a little bit more about what you’re looking for. So just give us a call when you have a chance and we’ll work it out.

      Thanks,

      TermLife2Go.

  • Adriana M

    Ligr insurance for my father who is 76 yo

    • Adriana,

      If you’re looking to find out how much the insurance will cost, just give us a call and we’d be happy to provide you with a quote.

      Thanks,

      TermLife2Go.

  • Regina

    My husband’s is 60 and health.iam looking for reasonable health insurance.

    • Regina,

      That sounds good, just give us a call and we’ll do our best to help you out!

      Thanks,

      TermLife2Go.

  • Hello looking for life insurance 250,000 for my mother is 58 has diabetes, and acute chf acute kidney disease can you please help. We don’t want grantee life for 25,000 need more willing to pay high premium if needed

    • Emily,

      With acute kidney disease, it will probably be difficult for your brother to qualify for anything other than a guaranteed issue policy. That being said, why don’t you just give us a call and we’ll see what we can do.

      Thanks,

      TermLife2Go.

  • Looking for life
    Ins for a 66 year.old.

    • Mary,

      We’d love to have an opportunity to help you out, why don’t you just give us a call and we’ll see what we can do!

      Thanks,

      TermLife2Go.

  • Julie Martin

    looking for life insurance for my husband and me. we are 70. good health. please respond.

    • Julie,

      Sounds good, just give us a call and we’ll do our best to help you out!

      Thanks,

      TermLife2Go.

  • Sharon Murray

    Looking for best insurance for age 55 with no health problems and I do not use tobaccos products or consume any type of alcohol

    • Sharon,

      It sounds like you’ll be a great candidate for life insurance, but we would need to know some addition information prior to being able to make any recommendations. Things like:

      • How much coverage do you need?
      • What is your current height and weight?
      • Do you have any family history of cancer, heart disease, stroke or diabetes?
      • How long do you want the policy to be in place for?
      • What state do you live in?
      • Do you have any issues with your driving record?
      • Etc, etc..

      For this reason, why don’t you just give us a call when you have a chance and we’ll do our best to find a policy that works for you.

      Thanks,

      TermLife2Go.

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About TermLife2Go

Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.