What Is The Best Type Of Life Insurance For Seniors?

Curious about the best life insurance for seniors? Well, the truth is, there's no one-size-fits-all answer. It really depends on your specific needs and budget. But don't worry, there are a few options that may make more sense for you than others.

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Take final expense insurance, also known as burial insurance, for example. This type of policy is great for covering things like funeral costs and any outstanding debt or expenses you may have. However, it can also be a bit pricey and doesn't offer a large amount of coverage.

If you're looking to leave more behind for your loved ones, then whole life insurance or universal life insurance might be a better fit. These permanent policies provide guaranteed death benefits and can also accumulate cash value over time. Just keep in mind that they can be a significant expense.

You can even personalize your life insurance policy with riders, like adding long-term care coverage. And if you're on a tight budget, it may make more sense to save the money you would spend on premiums instead.

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What about life insurance companies? There are some top contenders out there like Penn Mutual, known for its strong performance history, and Guardian Life for its flexible payment options. Other great choices include MassMutual, Protective, Pacific Life, Equitable, and John Hancock.

Ultimately though, the best type of life insurance and company for you will depend on your unique situation and preferences. So take some time to consider all your options before making a decision.

Main Points

  • Whole life insurance or permanent life insurance provides coverage for the entire life of the policyholder and guarantees a death benefit as well as accumulation of cash value over time.
  • Term life insurance offers coverage for a specific period of time and tends to be more affordable than whole life insurance, but does not offer any cash value accumulation.
  • The choice of best life insurance company for seniors differs according to individual needs and preferences.
  • As for companies, some top contenders for seniors include Penn Mutual, Guardian Life, MassMutual, Protective, Pacific Life, Equitable, and John Hancock.

Whole Life Insurance

When planning for your future and ensuring your loved ones are taken care after you're gone, life insurance plays a crucial role. As we age, this sentiment becomes even more pressing. That's why you may be considering whole life insurance as an option. So, what makes this type of insurance the best choice for a senior? Well, let's take a look.

Whole life insurance is different from term life insurance in that it provides coverage for your entire life span. This means that no matter when you pass away, your beneficiary will receive benefits. Unlike term life insurance, which only covers a certain period of time, whole life insurance offers security for your loved ones no matter what.

Many people choose whole life insurance because they want to ensure their loved ones are taken care of upon their death. The thought of leaving behind debt or expenses can be stressful, which is why having whole life insurance can provide peace of mind. It's important to start thinking about these things sooner rather than later – don't wait until it's too late. With affordable options from companies like Aflac, you can choose a policy that works best for you and your family's needs. So if you're considering which type of life insurance is best for seniors, definitely keep whole life insurance in mind as a reliable and secure option.

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Cash Value Accumulation

Whole life insurance not only provides coverage for your entire life, but it also builds up a cash value over time. This means that a portion of your premiums go towards an investment account that grows over time. So not only are you ensuring financial support for your loved ones after you're gone, but you're also building up a savings for yourself.

This is one of the main benefits of a whole policy. 

Now, you may be wondering why this is important when it comes to planning for the future. Well, first and foremost, having a cash value accumulation can act as a cushion for any unexpected expenses or emergencies that may arise in your retirement years. It can also serve as additional income or supplement for your other retirement savings. And if you decide to cancel your policy or take out a loan against the cash value, you have that option as well.

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Guaranteed Death Benefit

Life insurance is a way to ensure that loved ones are taken care of after a person is gone. Whole life insurance provides coverage for the entire lifespan, which means that beneficiaries receive benefits upon the death of the insured person.

This is a good option for those who want to ensure financial security for their family. Leaving behind debt or expenses can be overwhelming, but a guaranteed death benefit gives peace of mind.

Although these policies are more expensive, they can be a very good choice for some people.

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Term Life Insurance

This type of life insurance plan allows you to choose the specific length of time your policy will be in effect, whether it's 10, 20, or 30 years.

So why is term life insurance a good choice for seniors? The main reason to purchase this type of policy, is that term life insurance premiums tend to be lower compared to other types of policies like whole or universal life. Plus, you can choose for how long you'll be insured - it can be beneficial for your particular situation.

However, keep in mind that as with any type of insurance, there are some factors to consider. The older you are when applying for this type of plan, the less variety there may be in terms of lengths offered by insurers and the premiums will be higher.

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Limited Coverage Time

Having control over the length of coverage can be really helpful. As a senior, you may have an idea of how long you'll need life insurance for. With term life insurance, you can choose a specific period of time, whether it's 10, 20, or 30 years.

This way, you're not paying for coverage that may not align with your needs. And if something were to happen to you within that chosen period of time, your loved ones would receive benefits from the policy.


Affordability is a key factor for choosing a term life policy. Premiums tend to be lower compared to other types of policies like whole or universal life. This means less money coming out of your pocket each month and more in your wallet to enjoy during your golden years.

And, we all know how important it is for seniors to keep as much of retirement money as possible.

Top Life Insurance Companies for Seniors

Welcome to the world of senior life insurance! If you're over 65 years old, chances are you're starting to think about your end-of-life plans and how to protect your loved ones financially. It may seem daunting, but don't worry - we've got you covered with all the information you need.

We already discussed the different types of life insurance for seniors. What about life insurance companies?

When it comes to specific companies, Protective, Pacific Life, Midland National and Transamerica are at the top of our list. They offer great rates and coverage options for seniors up to age 75 (or even 80 in Transamerica's case). But if you're over 80, burial insurance may be your best bet. It typically offers lower coverage amounts but can still provide financial support for funeral costs and other end-of-life expenses.

If you have pre-existing health conditions that make it difficult to get approved for traditional life insurance, don't worry - there are still options available. Burial insurance or guaranteed issue life insurance may be worth considering. And if you already have a policy but no longer want or need it? You can always cancel it or explore the option of selling it through a third party.

Now let's talk about tapping into your life insurance benefits while you're alive. You can do this through taking out a loan against your policy or surrendering it in exchange for the cash value. Just keep in mind that these options will affect the overall payout amount upon your passing.

Ultimately, whether life insurance after age 65 is worth it depends on your individual circumstances and needs. It's always important to consider all aspects of your financial situation before making any decisions - and speaking with a financial advisor is never a bad idea.

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Penn Mutual

According to our research, Penn Mutual is one of the top life insurance companies for seniors over 65 years old. They offer great rates and coverage options for people up to age 75 (or even 80 in some cases!). But if you're over 80, burial insurance might be a better choice. It may have lower coverage amounts, but it can still provide financial support for funeral expenses and other end-of-life costs.

So is Penn Mutual worth considering? Well, their cash value investment options for universal and whole life policies have performed very well over the past five years according to Veralytic. And while past performance isn't guaranteed, it's definitely a good sign.


A+ Superior
In March 2023, Penn Mutual's A+ Superior rating was affirmed, ranking the second highest out of 15 rankings.

Moody's Investors Service
Aa3 High Quality
Penn Mutual's Aa3 High Quality rating, which was confirmed in May 2023, is the fourth highest out of 21 ratings.

Standard & Poor's
A+ Strong
Penn Mutual's A+ Strong rating was affirmed in December 2022, ranking the fifth highest out of 22 ratings.

AA- Very Strong
In November 2023, Penn Mutual's AA- Very Strong rating was affirmed, ranking fourth out of 21 ratings and including a stable outlook.

AA Very Strong
Penn Mutual maintains its AA Very Strong rating, which was confirmed in November 2023. This rating is the third highest out of 23 and includes a stable outlook.

Penn Mutual life insurance rates!

Guardian Life

If you're a senior looking for life insurance, Guardian is a great choice. They offer term, whole, and universal policies that can be combined to suit your needs.

Guardian has high age limits, offers free conversion from term to whole policies within the first five years, and has great customer satisfaction ratings and financial strength. Before making any final decisions, do thorough research and speak with a financial advisor about your individual needs.

Moody's Investors Service
Aa1 High Quality

A.M.Best Company
A++ Superior

Standard & Poor's
AA+ Very Strong

Guardian life insurance rates!


MassMutual is a top life insurance company for seniors. They offer both term and permanent life insurance options with a range of coverage amounts to fit individual budgets.

MassMutual has a great reputation for customer service and quick claims payouts. If you no longer need your policy, you can get a loan or cash surrender value, but this will affect the payout upon passing.

A.M. Best Company
Outlook: Stable

Fitch Ratings
Very Strong
Outlook: Stable

Moody's Investors Service
High Quality
Outlook: Stable

Standard & Poor's
Very Strong
Outlook: Stable

MassMutual rates!


Protective Life is one of the top life insurance companies for seniors, offering both term and permanent life insurance. Term life covers a specific period of time while permanent life lasts until death.

Protective stands out for their competitive rates and options for seniors up to age 75. For those over 80, they offer burial insurance. Those with health conditions or trouble getting approved can consider burial or guaranteed issue insurance. It's also possible to cancel a policy or sell it through a third party.


A.M. Best

S&P Global Ratings



Protective rates!

Pacific Life

Pacific Life offers great rates for seniors up to age 75 or 80. If you're over 80, burial insurance could be your better option as it provides financial support for funeral expenses. Pacific Life understands the difficulties seniors face in getting traditional life insurance due to pre-existing medical conditions, and offers options like burial insurance or guaranteed issue life insurance.

You can cancel or sell your policy if you no longer need it. You can also tap into your benefits while alive through a loan or surrendering the policy for cash value. It's important to weigh your options and consult with a financial advisor before making a decision because Medicare doesn't offer senior life insurance.


A.M. Best
A+ (Superior)

AA- (Very Strong)

Aa3 (Excellent)

S&P Global
AA- (Very Strong)

Pacific Life rates!

John Hancock

John Hancock is a well-known company with a solid reputation. But what sets them apart for seniors? Well, they offer both term and permanent life insurance options, which is ideal for our age group. Plus, they have a few unique features like their "Vitality" program that rewards healthy living habits.

But maybe you have some health issues that make it hard to get approved for traditional life insurance. That's okay - John Hancock also offers guaranteed issue policies, meaning no medical exam required. And if you're looking to sell your current policy or cancel it altogether, they can help with that too.


A.M. Best Rating: A+ (Best financial strength rating).

Term and universal life policies offer coverage up to $65 million.

Up to a $3 million policy payout is available without the need for a medical exam.

Permanent policies are offered to individuals aged three months to 90 years.


Does not offer whole life policies.

May be pricier than other insurance companies.

John Hancock Life Insurance rates!


What makes Equitable stand out among other companies? Well, for starters, they offer both term and permanent life insurance options for seniors. This means you can choose a policy that fits your specific needs and budget. And even if you're over 75 years old, Equitable may still have coverage options for you.


A.M. Best Company
Outlook: Stable

Outlook: Stable

Standard & Poor's
Outlook: Stable

Equitable quote


Secure your loved ones' financial wellbeing with life insurance. While whole life insurance offers guaranteed protection and potential cash value growth, term life insurance is a budget-friendly option for seniors looking for coverage during their retirement years. Don't know where to start?

Consider highly-regarded companies like Penn Mutual and Guardian Life for a reliable and flexible policy, or MassMutual and Protective for affordable options.

Don't wait, take charge of your future and make a well-informed decision that brings peace of mind for you and your family.

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