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Choosing a life insurance plan is tough. It can be even more difficult as you age because monthly premiums tend to go up with each passing year. If you are on a set retirement income, then you should consider how monthly life insurance premiums factor into your budget. Cost is not the only factor to consider, however, since some life insurance providers offer better policies for seniors than others. In today’s guide, we will take a closer look at the six best life insurance providers for seniors in 2022.

The Best Senior Life Insurance in 2022

How We Chose the Best Life Insurance Companies for Seniors

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:

  • Cost of coverage (premiums)
  • Diversity and availability of policies
  • Age restrictions
  • Customer service quality
  • Death benefit maximums
  • Accrued cash value and early withdrawals

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.

Comparing the Best Life Insurance for Seniors

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.

Do Seniors Need Life Insurance?

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.

Tips for Choosing 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:

  • Shop around before picking a policy.
  • Consult an insurance agent to learn about the fine print.
  • Consider the needs of your beneficiaries before choosing how much coverage you need.
  • Remember that most policies’ premiums increase as you age.
  • Every insurance provider has its own advantages and disadvantages; think about the things that matter the most to you (premiums, customer service, plan variety, etc.) before choosing a plan or provider.
  • Think about how life insurance can work as part of your overall retirement and estate-planning goals.

Frequently Asked Questions About Life Insurance for Seniors

  • Is it too late to get life insurance at 65?

    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.

  • What is the best life insurance for seniors over 70?

    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.

  • What is the oldest age to buy life insurance?

    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.

  • Do you need life insurance if you have a pension?

    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.

Written By

Jeff Hoyt

Editor in Chief

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