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Allstate is one of the most popular insurance providers in the country. The company offers varied types of life insurance, including whole life insurance, universal life insurance, and term life insurance with periods between 10 and 30 years. These policies are not technically provided by Allstate, but by various partners of the company.
If you’re looking for term life insurance, then Allstate’s policies have competitive pricing. Whole life insurance through Allstate tends to be priced higher, however, and you can expect the premiums to rise with age. If you are worried about age restrictions, then Allstate is one of the best in the business since it offers life insurance policies to consumers until the age of 80.
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.
Much like Allstate, State Farm is a large insurance provider that offers a wide range of insurance solutions. Its life insurance policies are specifically designed to meet the needs of people at various stages of life. Younger people who want a quick, affordable policy, for example, can get one without a medical exam. The options for seniors, however, are a bit more limited.
FYI: Want to learn more about life insurance before making a decision? Visit our comprehensive guide to life insurance to learn more.
State Farm stands out for having one of the highest age limits, with whole life insurance age limits as high as 85 years old. Unlike Allstate, State Farm manages all its life insurance policies in-house, making it easier to manage your policy over time. If you start with a State Farm term life policy, then you can choose to convert to a whole life policy later on.
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.
USAA is the top insurance provider for military service members and their families. In addition to insurance, it also provides banking and lending services to military personnel. USAA’s life insurance policies are diverse and flexible. For example, some policies come with a free $25,000 severe injury payment for service members on active duty. Veterans also get guaranteed coverage once they retire from the military and the option to switch from a term to whole life policy at any time.
Did You Know: USAA offers a variety of resources, assistance programs, and senior discounts to veterans and military families.
USAA offers some of the best life insurance policies for military families. If you are an older senior, however, you are mostly limited to whole life insurance policies since the age limit for USAA term limit policies is 70. The type of coverage you can get may be limited based on where you live. That said, USAA offers very competitive rates to eligible individuals and families.
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.
Progressive is known primarily as a provider of high-quality auto insurance, but it also offers other forms of insurance, including term, whole, universal, and final expense life insurance. Much like Allstate, Progressive outsources its life insurance policies to various partners. That can cause some confusion if and when you have questions about your policy, but it does not change the fact that Progressive has some of the most competitive rates and easy access to quotes and applications through its website.
Did You Know: Some types of insurance can actually grow in value, allowing you to make withdrawals to cover your own expenses.
For seniors, Progressive life insurance has its downsides. Most notably, you cannot purchase a new life insurance policy through Progressive if you are over the age of 65. That means even if you want to buy a whole life insurance policy, you will need to plan ahead and purchase it before you hit the standard retirement age.
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 another large insurance provider that offers essential life insurance solutions, including term, whole, and universal life insurance. One of the best elements of Farmers life insurance is the ability to use the in-house life compass tool and online quotes to find the best life insurance plan for you. You can apply for life insurance until age 80, which is higher than many other providers.
Money-saving Tip: On a tight budget? Visit our list of the best cheap life insurance for seniors to find out how to get the best deal.
Farmers offers a variety of flexible plans, but it does not provide the option to purchase add-ons (known as riders) for your policy. As a result, people who want to make changes to their life insurance over time may not be fully satisfied. Otherwise, Farmers makes it easy and affordable to acquire a life insurance policy in as little as 24 hours.
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.
AARP is an organization specifically designed to educate and provide assistance to anyone over the age of 50. You have to pay a small annual fee to be a member, but there are millions of seniors across the United States who already benefit from AARP. As an added bonus, members can purchase life insurance plans through their AARP membership. This is called the AARP Life Insurance Program from New York Life Insurance Company.
Did You Know: AARP has been helping older adults navigate their financial lives for more than 60 years.
AARP life insurance plans from New York Life are particularly beneficial because they do not require any medical exams. The high age limit and availability of guaranteed acceptance plans makes AARP one of the best options for seniors. Whole life insurance policies are more accessible since the age limit is 80, whereas the age limit is 74 with term life insurance policies.
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.
