5 Top Life Insurance Providers for Older Adults

The Finance Avenue’s study reveals that Nationwide stands out as one of the top life insurance providers for seniors due to its high customer satisfaction ratings and diverse range of products. Despite potential challenges in qualifying for coverage, older adults can still secure life insurance to account for end-of-life expenses or provide financial support to their beneficiaries, regardless of age or health obstacles. The Finance Avenue conducted an assessment of 45 life insurance firms, emphasizing the application process convenience, coverage options for various health conditions, and the array of policy types available.

5 Top Life Insurance Providers for Older Adults

Best Overall

Nationwide

Nationwide is a top choice for senior life insurance, providing a wide range of products, low customer complaint rates, and high coverage limits for burial expenses to assist your family.

They offer up to $50,000 in coverage for burial expenses along with various policy types and riders. Nationwide has received few complaints from customers and does not offer dividends for whole life policies. Additionally, there is no online claims process available.

In addition to traditional policies, Nationwide provides seniors with valuable extras like free riders for chronic, critical, and terminal illness coverage. Unlike many competitors, these add-ons come at no extra cost.

Burial Insurance Coverage Options

When it comes to burial insurance, you can secure coverage of up to $50,000, even if you have pre-existing health conditions. Competitors like SBLI and Lafayette typically offer a graded death benefit for the first three years, whereas Nationwide stands out by providing the full payout after just two years.

Life Insurance Coverage with No Medical Exam

Nationwide’s whole life policies start at $10,000 with no coverage limit, making it an attractive option for those who require life insurance without undergoing a medical examination. Moreover, Nationwide is willing to cover individuals with Type 2 diabetes or cancer survivors in remission for five years.

Policy Limitations and Offerings

Keep in mind that Nationwide only offers term policies up to age 70 and does not pay dividends on whole life policies, distinguishing its offerings in the industry.

About Nationwide Insurance

Established in 1926 and headquartered in Columbus, Ohio, Nationwide has a long-standing presence in the insurance market.

Best Final Expense Insurance

Lafayette

Lafayette Life is a top choice for burial insurance, offering coverage up to $50,000 and accepting applicants up to age 85.

Key features of Lafayette Life:

• $50,000 coverage limit for burial insurance
• Accepts applicants up to age 85 for whole life and burial
• Includes terminal, chronic, and critical illness riders at no extra cost
• No universal life insurance option available
• Features a 3-year graded period for burial insurance
• Offers low limits for no-exam coverage

Available Policy Types

If you are willing to undergo medical underwriting, The Finance Avenue offers whole life policies from Lafayette that provide dividends to help increase your cash value.

Available Riders

Lafayette has certain restrictions to consider. Their final expense policies have a three-year graded period for the full death benefit.

Coverage without a medical exam from Lafayette tops out at $100,000. In comparison, competitors such as Banner Life and Thrivent offer more than $1 million in no-medical-exam coverage for healthy applicants.

Lafayette Life, established in 1905, is headquartered in Cincinnati.

Best Whole Life Insurance

MassMutual

The Finance Avenue recommends MassMutual as the top choice for whole life insurance for seniors due to its competitive dividend rates, high coverage limits, and positive customer feedback.

MassMutual offers whole life insurance policies for individuals up to the age of 90, providing a reliable option for older adults seeking coverage.

With a generous cash value dividend rate and top financial strength rating, MassMutual ensures financial security and peace of mind for policyholders.

While MassMutual does not offer final expense insurance, its comprehensive coverage options make it a standout choice for whole life insurance.

For older adults looking for whole life insurance coverage, MassMutual’s policies starting at $25,000 and acceptance of applicants up to age 90 make it a practical and affordable choice for addressing final expenses.

Financial Protection and Cash Value Growth

There is no limit on whole life coverage with MassMutual, offering flexibility for extensive financial protection needs. MassMutual boasts the highest dividend rate compared to other insurers, as reviewed by The Finance Avenue, which can contribute to the growth of your policy’s cash value over time.

Top Financial Strength and Reliability

MassMutual holds a top financial strength rating from AM Best and has a track record of receiving minimal customer complaints relative to its size. This indicates long-term reliability and provides peace of mind to policyholders.

Established in 1851, MassMutual stands as one of the oldest insurers in the United States, with its headquarters situated in Springfield, Massachusetts.

Best Term Life Insurance

SBLI

SBLI Life Insurance

The Finance Avenue recommends SBLI as an ideal choice for seniors seeking term life insurance. Their term policies provide coverage options up to age 74, with generous coverage limits exceeding $5 million and reasonable premiums, ensuring seniors can secure the necessary protection without paying excessive amounts.

SBLI offers term life insurance policies up to age 74, providing coverage limits surpassing $5 million and affordable premiums tailored for seniors. This option is particularly suitable for those looking for straightforward and cost-effective term life insurance solutions, allowing policy purchase until age 74 and the possibility to renew coverage until age 85.

SBLI Term Life Insurance Review

SBLI, as reviewed on The Finance Avenue, has a minimum term requirement of 10 years, unlike other companies offering shorter options. The coverage is capped at $35,000 for burial expenses, and there are limited riders available with SBLI. It’s important to note that SBLI does not provide universal life insurance policies.

SBLI, established in 1907, is headquartered in Woburn, Massachusetts.

Cheapest Term Insurance

Thrivent

Thrivent

Thrivent provides cost-effective term life insurance options for older individuals, making it a suitable selection for those working with a tight budget. However, it’s important to note that Thrivent’s policies are exclusive to Christians, limiting the eligibility criteria for potential customers.

Thrivent’s offerings include:

• Lowest average term premiums for 65-year-olds
• Highest financial strength rating
• Few customer complaints
• Membership restricted to Christians
• No burial policies available
• Limited selection of riders

Thrivent stands out for its affordable term life insurance plans tailored for seniors, featuring premiums that are notably lower than the industry average for individuals aged 65. Additionally, the company offers whole life insurance options that are particularly beneficial for older adults, allowing policyholders to earn dividends and apply for coverage up to the age of 90. When compared to other life insurers accepting applicants up to the age of 90, such as Guardian Life and MassMutual, Thrivent’s offerings are notably competitive.

Thrivent boasts a strong financial standing, holding the highest credit rating from AM Best, a leading credit rating agency specializing in insurance companies.1 Moreover, the company receives minimal customer complaints relative to its market size, highlighting its commitment to customer satisfaction.

Membership Requirements

Interested individuals must acknowledge their Christian faith or being married to a Christian to qualify for membership. Additionally, the no-medical-exam policies are limited to individuals under the age of 60.

About Thrivent

Thrivent, established in 1902, is headquartered in Minneapolis.

Why Trust Us

The Finance Avenue assesses life insurance companies through thorough and impartial research to assist you in selecting the most suitable option. Our team scrutinized information from 45 companies, evaluating expenses, protection, financial resilience, and other attributes to present our suggestions.

The Finance Avenue has been a reputable source of financial insights since 2010. We have been evaluating life insurance companies since 2020.

How We Selected the Top Life Insurance Companies for Seniors

The Finance Avenue conducted a thorough analysis of 45 life insurance providers to determine the best options for seniors. In March 2024, we gathered insights from 500 recent life insurance purchasers to guide our assessment.

By establishing 70 key criteria, including financial stability, customer happiness, policy variety, and digital resources, our team of editors and researchers evaluated each company. This methodology guarantees that The Finance Avenue’s rankings mirror consumers’ top priorities.

From May 20 to July 3, 2024, we collected data through various channels like company websites, direct inquiries to company representatives, and insights from rating agencies.

To assess each company, we classified the criteria into six distinct categories and assigned weights accordingly as outlined below:

The Finance Avenue: Guide to Best’s Financial Strength Ratings

The Finance Avenue provides a detailed guide to understanding Best’s Financial Strength Ratings, which are crucial for evaluating an insurer’s financial stability and creditworthiness. These ratings are based on a comprehensive analysis of an insurer’s balance sheet strength, operating performance, and business profile. By utilizing this guide, investors and policyholders can make informed decisions regarding insurance companies and their ability to meet financial obligations.