One of the hardest things to do is getting a favorable life insurance policy as a senior.
The reason is that most insurance companies tend to design life insurance policies that favor mostly younger people with kids.
For instance, younger people tend to pay less for life insurance than older people.
Although it doesn’t sound fair, that standard doesn’t seem like it will change in a while.
But you can always rise above the standard by carefully choosing the insurance company to stick to.
Here are the 10 best life insurance for seniors over 60. Check them out for the best rates and juicy discounts.
Note: This article is for seniors aged between 60 to 64. If you are 65 or over, check this article.
10 Best Life Insurance For Seniors Over 60
Best Overall: Penn Mutual
Runner-Up: New York Life Insurance
Flexible Policies: Prudential Insurance
Turnaround & No-Medical Exam: Lincoln Financial Life Insurance
Low Premiums & Cash Value Growth: Protective Life Insurance
Best For Smokers & People With Health Condition: Guardian Life Insurance
Bundling Discount: Nationwide life insurance
Best For Permanent Life Insurance: AXA Equitable
Has Coverage Variety: Banner Life
Best No Medical Exam: AARP
Life Insurance Companies For Seniors Over 60 Review
#1. Penn Mutual
Overall Rating: 4.0/5
Why Do They Stand Out?
They are great for estate planning and give a chance for policyholders to customize insurance options to suit their families.
Their customer care service is impressive.
Overview
Perhaps one of the best things we love about Penn Mutual is how they spread their arms wide open to accommodate anybody, from seniors to anyone in any age range.
The best part is that they offer different riders that help you customize your policy for your family.
It started in Philadelphia in 1847, but in 2022, Penn Mutual exposed policyholders to a wide range of life insurance options.
Penn Mutual is dedicated to making policyholders satisfied and happy with its products and services.
In addition, they offer some riders and add-ons so customers can fully extend coverage to their family members.
Penn Mutual provides some of these riders: Lapse Protection Rider, Child Life Insurance Rider, Accidental Death Benefit Rider, Waiver of Monthly Deduction Rider, Waiver of Surrender Charges Rider Return of Premium Rider, Spouse/Other Insured Rider, etc.
They are also the best insurance company for estate planning. Frankly, Penn mutual deeply cares about its policyholders.
The care is the easy part as policyholders own it.
Pros
- Guaranteed renewable term life insurance till 98 years.
- Great for estate planning
- Variety of insurance policies and riders
- High coverage amount.
Cons
- You can’t get quotes online.
- You’ll need to purchase policies through an agent.
#2. New York Life
Overall Rating: 4.8/5
Why Do They Stand Out?
They personalize policies for their customers. They also provide dividends and discounts.
Overview
New York insurance is one of the best insurance companies for seniors.
Everything they do, from creating the policies to the discounts and dividends, is tailored to satisfy their audience.
For instance, they connect their customers with their agents to sell insurance policies to them and render advice to prospective policyholders so they can make wise decisions.
That way, clients won’t get confused reading through the extensive list of insurance policies offered by New York Life.
This insurance company takes paying dividends to their policyholders seriously.
Although this company offers its policies to everyone, seniors will access the available policies at affordable rates.
Policyholders would also be able to bless their family members with the death benefits.
The best part is that there’s no medical exam, and New York life insurance offers level premiums to their policyholders.
The major policies are term life, whole life, universal life, and variable universal life insurance.
These insurance policies are further broken down into various units to fit the needs of their policyholders.
Established in 1854, New York Life insurance now holds the title of the best mutual insurance company in the United States.
Pros
- They never fail to issue dividends to eligible policyholders.
- There’s the level premium guarantee feature.
- Their agents patiently render advice to help you make the best choice.
- You can convert your term life option
Cons
- You can’t get quotes online; you have to go through their agents.
#3. Prudential Insurance
Overall Rating: 3.9/5
Why Do They Stand Out?
Prudential insurance provides a wide variety of policies for seniors and people with medical conditions.
They are also an excellent choice for estate planning.
Overview
Everyone loves assurance. Sometimes, it’s not about trust issues- at least not when it comes to life insurance.
All you want is a company that promises you the whole world and delivers not just the world but also the heavens.
Prudential life does that so well. Born in 1875, this insurance company never hesitated to keep its end of the bargain by paying its policyholder’s death benefit as agreed.
With $680 billion in assets, an A+ AM rating, and an A S&P global rating, there’s no reason to doubt their credibility.
The best part about Prudential is that they seem to have a large heart, as represented by the numerous life insurance policies they issue to seniors.
Guess what? You don’t need to accept the policies as they come; you can customize them to accommodate your needs.
If you’re living with HIV aids, Prudential won’t cast you out.
Instead, they’ll accommodate you as they have policies for you. Generally, they have two policies- term life insurance and universal life insurance.
But these two policies are further broken down into diverse sub-categories like the Term essential, PruTerm One, Indexed universal insurance, survivorship universal life, etc.
Pros
- 100% stable and reliable
- Grants you access to your death benefit to cater to nursing home expenses
- Valuable online resources and tools to help make informed decisions
- Variety of Universal life insurance policies.
Cons
- They’ll only give you a quote after peeking into your medical history.
- No final expense policy.
#4. Lincoln Financial Life Insurance
Overall Rating: 3.9/5
Why Do They Stand Out?
They operate a speedy turnaround and do not require medical exams to qualify.
They also provide life insurance policies at an affordable rate for seniors, which is hard to find in the galaxy of life insurance companies in the United States.
Overview
Lincoln Financial Life Insurance got into the game in 1905. Since then, they’ve risen to prominence.
Fun fact; Abraham Lincoln’s son (Robert Todd Lincoln) permitted Lincoln financials to use Abraham Lincoln’s name and his resemblance to forge part of the company’s identity.
One of our favorite features of Lincoln financial is their accelerated underwriting. More so, their term life policies are incredibly affordable to seniors.
Trust me; not many companies offer affordable policies to their clients. The rule of the game is; that the older you get, the more expensive the life insurance becomes.
In addition, there are riders you can add to your policy, like the ability to waive premium payment in case the policyholder becomes disabled.
There is also the Children’s term rider and accelerated death benefit.
Pros
- Level premiums on some policies
- Lesser complains, according to the National Association of Insurance Commissioners.
- Affordable term life insurance rates
- Fast turnarounds
- The medical exam is not part of their application process/ criteria.
Cons
- Lacks whole life or guaranteed issue insurance.
#5. Protective Life Insurance
Overall Rating: 4.2
Why Do They Stand Out?
They provide policyholders the chance to save on their term life insurance.
Their term insurance is affordable.
Overview
You’ll gain a lot with Protective life insurance, and it starts with up to $50 million in coverage.
They also boast of giving their policyholders the chance to save on their term life insurance policy.
Protective life insurance is rated as a financially superior insurance company by AM Best and S&P global rating.
That means they can uphold their end of the bargain when paying death benefits, etc.
Now, protective life offers some insurance policies like the Protective Classic Choice Term, Custom Choice Universal Life, and other policies. There are also riders for easy customization.
Some of the available rider options include Terminal Illness Accelerated Death Benefit Rider, Guaranteed Insurability Rider, Accidental Death Benefit Rider, Waiver of Premium Rider, Overloan Protection Rider, Disability Rider, Child Life Insurance Rider, etc.
With a 10-day free look period, policyholders can cancel the purchased policy without charges.
But cancellation has to happen within the 10-day period. The company started in 1907 in Birmingham, Alabama.
So, they’re not kids in the game.
Pros
- Variety of universal policies
- Low-premium on term insurance.
- Cash-value growth
- Excellent rider options for all policies.
Cons
- Slow cash value growth at the early stage of a policy.
- There’s no online quote for universal and whole life policy.
#6. Guardian Life
Overall Rating: 4.0/5
Why Do They Stand Out?
Customer complaints are incredibly low, and their policies also cover people with health conditions, especially those living with HIV Aids.
Overview
The first feature that stretched my face into the broadest smile is that they pay their policyholders dividends.
Over the past years, they’ve consistently paid dividends to policyholders, so there’s no need to doubt that they would.
Aside from that, their product varieties fit into their clients’ lifestyles, covering as much as they need.
It started in 1860 and has evolved into one of the best high-risk life insurance providers in the United States.
They extend their policies to people with significant health conditions and are transparent with their policies.
You won’t have issues trying to understand their policies as they’ve got nothing to hide.
The best part is that their policies are affordable.
Some of their available policies include Variable universal life, EstateGuard (Survivorship) Whole Life, Level Premium Whole Life, etc.
According to the National Association of Insurance Commissioners (NAIC), Guardian life lives up to its customers’ expectations and handles complaints well.
Guardian life isn’t clear about the policy cancellation feature as their website has little to zero information about it.
You’ll have to go through an agent to learn more about policy cancellation.
Pros
- The permanent life policy is open to people of all ages.
- Their policies are perfect for people with medical conditions
- They pay eligible policyholders dividends.
- Smokers pay decent rates to acquire policies.
Cons
- Basic term life insurance options
- There’s not enough information online about their policy rider.
#7. Nationwide Life Insurance
Overall Rating: 3.8/5
Why Do They Stand Out?
Nationwide provides policyholders with juicy benefits and bundling discounts.
Aside from that, their customer care service is top-notch.
Overview
Nationwide is excellent at offering fantastic discounts on their products to policyholders.
More so, their coverage is up to $1 million.
As a policyholder with Nationwide, you have access to some permanent life insurance products.
These products come with riders that easily customize your life insurance policy. You also get to manage your account with their mobile app.
Some of the insurance policies they provide are Term life, Whole life, Indexed universal life, guaranteed universal life, and variable universal life.
Before you opt for any policy, reach out to their agents to learn all you can.
That way, you’ll make an informed decision on which policy is best for you. You can customize your policy with riders.
Some of the policies allow cash value accumulation.
Pros
- They provide amazing discounts
- Policies are reliable
- Encourages cash value accumulation
- Customer satisfaction is top-notch.
Cons
- Some policies take years to build cash value.
#8. AXA Equitable
Overall Rating: 4/5
Why Do They Stand Out?
They provide a lot of permanent and term life insurance coverage for policyholders.
Overview
If you’re specifically looking for a better permanent and term life policy for you and your family, then Axa Equitable is the one for you.
They are a niche life insurance company specializing in providing a variety of permanent and term life insurance to their customer.
The best part is that they do not only sell insurance policies to you; they manage your insurance policies for you.
The amount in coverage for their product is a minimum of $500,000.
While the available policies are open to seniors and young people, the elderly do not need to worry about getting ripped off as they’ll also get AXA Equitable policies at affordable rates.
This insurance company understands that providing policyholders with a variety of what they want would confuse them.
That’s why their professional support is first-class. They help policyholders understand the power they wield under each life insurance policy.
Pros
- A variety of universal and term life insurance is available.
- You can annually renew your term life insurance.
- Few customer complaints as analyzed by industry experts.
Cons
- They have no whole life policy
- Their permanent life policy doesn’t have a fixed rate.
#9. Banner Life
Overall Rating: 4.0/5
Why Do They Stand Out?
Their policies are affordable, and they provide an extensive coverage range on their policies.
Their underwriting favors smokers and people with Sleep Apnea or Mild Asthma.
Overview
If you’ve heard of Legal & General America and wonder if they have any affiliation with Banner Life insurance, you’re correct.
Banner life is a subsidiary of Legal & General America.
They provide the best term and universal life policies for seniors over 60.
Since its birth in 1949, Banner life has spread its operations to 49 states in the United States, leaving New York out of the equation.
My favorite part about Banner life is that while they do not have many life insurance options, their coverage is extensive.
Specifically, you’ll get universal coverage until you’re 100 years of age.
Banner life ensures that seniors with good health and those with health conditions like sleep apnea access excellent life insurance policies.
Their underwriting is flexible enough to include terms that favor most people.
However, there are certain groups of people to whom Banner life won’t dish out any of their insurance policies.
They are people who have undergone substance or alcohol abuse treatment.
It also includes people with a history of reckless driving violations and a DUI in the past two years.
Pros
- They have dedicated finance policies for policyholders.
- Their riders give you the best from your insurance policy.
- Smokers, people with Sleep apnea, and mild asthma would benefit from their policies.
Cons
- You can’t purchase policies online; you’ll need to go through their agents.
- You’ll need to take a medical exam to acquire some policies.
#10. AARP
Overall Rating: 4.0/4
Why Do They Stand Out?
They offer life insurance without a medical exam. Their insurance policies cover older people with and without health issues.
Overview
AARP is an acronym for the American Association of Retired Persons. From their name, their insurance policies are targeted toward older people.
They provide term and whole life policies to older people without the need for them to take a medical exam.
They’ve successfully offered seniors over 60 these policies in partnership with New York Life.
When it began operations in 1958, AARP only had one goal; to grant older people access to high-quality insurance policies at an affordable rate, and they’re good at that.
They are categorized as one of the largest non-profit organizations in the United States.
The best part about AARP is that customers can easily sign up for any policy.
All they need to do is make a request for a free quote online and sign up anytime they’re ready.
Customers can either sign up online or over the phone.
Although AARP is available in all States in the US, not all its products are in all states.
Pros
- You won’t need to take a medical exam to qualify.
- Whole life policies are affordable
- They’ll give you a free online quote
- Applying for any policy is easy.
Cons
- Their coverage limit is $100,000
Comparison Table
| Provider | Age Issues | AM Ratings | Premium | S&P Global Rating | Policies |
|---|---|---|---|---|---|
| Penn Mutual | Issue till 85 | A+ | Varies | AA+ | Term, Universal, and Whole life insurance with sub-categories. |
| New York Life | Issues till 90 | A++ | Varies | AA+ | Universal life, Whole life, variable universal life, Term life. |
| Prudential Insurance | 18-75 | A+ | Varies | A | Term life, universal life, indexed universal life, variable universal life. |
| Lincoln Financial Life Insurance | 18-80 | A+ | Varies | AA- | Fixed-rate universal life, Guaranteed universal life, Indexed universal life, Term life Variable universal life |
| Protective Life Insurance | 50-80 50-75 (New York) | A+ | Varies | AA- | Term life, Whole life, Universal life, Indexed universal life, Variable universal life. |
| Guardian Life | Issues till 75 | A++ | Varies | A++ | Universal Life, Term Life, Whole life, Survivorship life. |
| Nationwide | Issues till 70 | A+ | Varies | A+ | Term life, Whole life, Indexed universal life, Guaranteed universal life, variable universal life. |
| AXA Equitable | Issues till 85 | A+ | Varies | A+ | Term life, Indexed universal life, Variable universal life. |
| Banner Life | Issues till 85 | A+ | Varies | AA- | Term Life, and Universal Life. |
| AARP | Issues till 80 | A++ | Varies | A++ | Term life, Whole life, and Guaranteed acceptance whole life. |
Methodology
While researching the best insurance companies with the best deals for seniors over 60, we took a couple of things into consideration.
We examined the financial strength ratings, their rates for older adults with and without health issues, company history, online reviews, customer satisfaction results, and customer complaint records stored with the BBB.
Then, we selected 10 life insurance companies for seniors over 60 that offered a good deal.
Lastly, always remember that it is always better to have life insurance than nothing. If your elderly parents don’t want to get a policy, convince them.
Frequently Asked Questions
What Is The Best Life Insurance Company For Seniors?
Honestly, it’s challenging to decide which life insurance company is the best for seniors.
That’s why we came up with a list of 10 companies. Every insurance company is unique.
So, it’s best to find which company fulfills all your needs- you’ll get one from our list.
Can Seniors Over 60 Get Life Insurance Without Writing A Medical Exam?
Yes, seniors over 60 can get life insurance without writing a medical exam. There are excellent life insurance companies that skip the medical exam for seniors.
We explored some of those companies on this list. Feel free to check them out.
Conclusion
Now that you know some of the best life insurance for seniors over 60, there’s no need to stall on applying or introducing a senior who needs life insurance with a good deal to these companies.
The truth is, it’s never too late to apply for life insurance, and you don’t need to pay extra for signing up for life insurance late.
Without further ado, these companies come to your rescue.
