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Allstate has strong financial credentials and a long history of credible service. When you add its low term life premiums and high age limits to the equation, it’s a great option for seniors seeking life insurance. The fact that Allstate does not manage its own life insurance policies, however, can be a little confusing and off-putting for some seniors.
State Farm life insurance is not available in Massachusetts or Rhode Island, but it is available in every other state. The low premiums, conversion flexibility, and high age limits make State Farm a great provider for seniors. Just remember that you will not be able to handle the entire application process online. Instead, you will need to speak directly with a State Farm agent to get a quote and apply for your life insurance policy.
If you or someone in your family is serving or has served in the military, then we recommend considering USAA as your life insurance provider. USAA offers its services only to military service members and their families, but it also provides special incentives to make it more appealing than other third-party life insurance companies. If you are over the age of 70, then you will be eligible only for a whole life insurance policy.
Many people may be wary of a provider that does not underwrite its own life insurance policies, but it is difficult to ignore Progressive’s low premiums and easy application process. The primary downside for seniors is the age restrictions. If you want to get a low-cost life insurance policy through Progressive, then make sure you apply before you turn 65!
Farmers is a great option for seniors who need life insurance because it helps you pick the right plan. Even if you are a decade into retirement, there is a good chance you can still purchase a new plan through Farmers, thanks to its high age limit and wide variety of plans. If you choose a term life plan, however, the minimum coverage is higher than it would be with most other providers, which means the premiums will be higher as well.
If you are willing to sign up for an AARP membership (or you are already a member), then you should strongly consider the AARP Life Insurance Program from New York Life Insurance Company. The plans are flexible and specifically designed to meet the needs of people over 50. Just remember that if you purchase a term life plan, then you should expect to see increases in your premiums every five years.
Life insurance policies have a lot of variables the average consumer may not have considered, so we evaluated all the top life insurance companies based on the following criteria:
By comparing the factors above, our team analyzed different providers and policies to determine which companies offer the best life insurance policies for seniors and how their offerings specifically benefit people in (or nearing) retirement.
Allstate$25 per month8080Term, universal, wholeStrong financial ratings
|Starting premiums*||Age limit (whole)||Age limit (term)||Types of plans||Additional benefits|
|State Farm||$15 per month||85||74||Term, universal, whole||Easy conversion from term to whole life|
|USAA||$15 per month||70||70||Term, universal, whole, final expense||Free add-ons, such as severe injury payment|
|Progressive||$16 per month||65||65||Term, universal, whole, final expense||Fast online quotes|
|Farmers||$20 per month||80||75||Term, universal, whole||Help choosing the best plan for you|
|AARP||$12 per month||80||80||Term, whole||Access to AARP resources|
*Premiums for term life insurance plans of 20 years, ranging between $100,000 and $250,000 in coverage (as of 2022). These are the lowest available premiums; actual premiums will vary based on age, location, health, and other factors.
This question comes up a lot, and, in most cases, the answer is “yes.” Having a life insurance policy is one of the safest ways to ensure your loved ones will be financially secure when you’re gone. Certain types of life insurance can accrue cash value that you can withdraw if and when the need arises. These withdrawals can even help pay for medical bills that Medicare does not cover or similar living expenses. That doesn’t mean, however, that every older adult should rush out and buy life insurance right now.
Did You Know: As of 2020, 54 percent of all individuals in the U.S. were covered by some form of life insurance1.
Many seniors live on a fixed income through Social Security and do not have the resources to add a life insurance plan. You will need to consider your budget and the cost of available plans when making a decision. Moreover, if you do not plan to leave death benefits to a beneficiary, you probably don’t need a life insurance policy.
The list above provides some great options, but you may still want to do a bit of research on your own. Here are a few tips to help you choose the best life insurance policy for you:
Absolutely not! The premiums will be higher when you are 65 or older, but life insurance can be a great way to ensure your spouse, dependents, or other beneficiaries can receive a lump sum when you are gone.
Whole life or final expense life insurance policies are generally the best options for seniors over 70. That said, it all depends on your specific needs. If you want to cover only the cost of your funeral, then you should get a final expense plan. If you want to leave behind a lump sum for your family, then a whole life policy is a better option.
Most insurance providers will not sell a life insurance plan to anyone over the age of 80, but there are a select few that sell to people up to 85 years old.
Even if you have a pension, you may still want to get life insurance. Not all pension plans allow spouses or family members to access the funds once you are gone.
Since graduating from Harvard with an honors degree in Statistics, Jeff has been creating content in print, online, and on television. Much of his work has been dedicated to informing seniors on how to live better lives. As Editor-in-Chief of the personal… Learn More About Jeff Hoyt
LIMRA. (2020). 2020 Insurance Barometer Study.