Best Life Insurance Companies for Seniors 2023
No matter your age, a good life insurance policy is essential in order to protect your wealth and ensure that your family is provided for. While life insurance is often viewed as a long-term investment, there are still plenty of opportunities to purchase life insurance as a senior. Many insurance companies offer products that will cover people over 65 and even up to age 90.
The best life insurance companies for seniors offer multiple policy options and issue coverage to individuals over 60. Life insurance can be an important tool for estate planning and to protect your assets. Our top picks for life insurance for seniors will help you find the right coverage for your personal needs.
New York Life is the largest mutual life insurance company in the United States based on revenues.2
Founded in 1845, New York Life offers all types of life insurance, including term, whole life, and universal life, which can be purchased well past age 60. It was the top-scoring life insurance company overall in our life insurance company reviews, plus it offers the option to receive dividends on some plans. All of these reasons are why we chose New York Life as the best overall life insurance for seniors.
New York Life’s whole life policy, available for purchase up to age 90, makes you eligible for dividends. The term life policy is available up to age 75 and includes an option to convert your term policy to permanent coverage, as well as a level premium option that works for any budget. The Policy Purchase option allows you to purchase permanent coverage later on without a medical exam.
New York Life has a few advantages for seniors:
- A Money-Back option on some universal life plans
- Living Benefits options, including chronic care and terminal illness
- Option to Purchase Paid-up Additions on the whole life policy at a later time
- Spouse’s Paid-Up option on the term life policy that allows your surviving spouse to purchase life insurance for themselves without a medical exam
New York Life also offers guaranteed issue policies with no medical exam for AARP members. If you are not a member, the membership cost of $16 will be added to the price of your policy, so it is easy to get. All non-AARP policies issued through New York Life may require simplified underwriting (medical questionnaires) or a medical exam. To get a quote, you’ll need to speak with a financial professional.