Best Life Insurance Companies for Seniors

There is a common misconception that once people reach a certain age, they no longer need life insurance coverage. In most cases, that’s completely false. Your life insurance needs have nothing to do with your age, there are several other factors that you should consider before you drop life insurance protection.

One of the most common reasons that seniors do not have the life insurance coverage that they need is because they assume that it’s going to be too expensive. There are plenty of ways that you can get affordable insurance, regardless of your age. Not having life insurance is one of the worst mistakes that you could make for your loved ones. Another common misconception about seniors obtaining life insurance is that they feel their health is too poor to qualify. This again, is not true. There are options out there for those with health issues, such as a no medical exam life insurance policy, which will come with a higher premium rate, but will get you the insurance coverage that you need for your family.

Do You Need Life Insurance?

There are some simple calculations that you can do that will show you if you still need life insurance coverage. It’s important that your family has the insurance coverage that they need if anything tragic were to happen to you.

The first number that you should crunch is your debts and final expenses that they would be responsible for. The primary purpose of your life insurance is to give them the money that they need.  Add up all of your major debts and unpaid bills. One of the biggest bills that they would be left with is your mortgage. If you’ve already paid off your mortgage loan, then you can consider purchasing a small life insurance policy or dropping your coverage altogether.

The next number that you should look at is your annual income. Your life insurance plan should be large enough for your family to replace your paycheck if you were to pass away. If you’re one of the main income earners in your home, then your family would struggle to pay for any necessary expenses without that salary. If you still have family members that rely on your paycheck, then your life insurance can replace that.

The Best Life Insurance Companies for Seniors


Gerber Life is one of the most popular insurance companies on our list. While they are famous for their insurance plans for children, they also have some good options for seniors as well. Not only do they have good plans for seniors, but they also have excellent customer service.

Gerber really shines with their final expense policies. These are a great option for anyone that doesn’t have a massive amount of debt and doesn’t have anyone that relies on your income.

Learn more about Gerber and what they have to offer by reading our Gerber Life Insurance Company Review.

Banner Lifebanner life

Banner Life is a company that is featured on just about every “best of” life insurance list that you will find. They continue to offer excellent rates for a lot of age groups. They have years of experience working with all types of high-risk applicants. They are going to have some of the best rates for seniors, and they have a traditional term plan and a universal life insurance policy.

Learn more about Banner and what they have to offer by reading our Banner Life Insurance Company Review.


While you may not have heard of Assurity, but they are a great place to start your senior life insurance search. They offer a whole life insurance plan for seniors that you can get up to $50,000 of coverage until you turn 65. After that, they will still sell you $25,000 worth of whole life insurance protection. When you apply, they are going to ask you a few simple health questions before they accept your application.

Learn more about Assurity and what they have to offer by reading our Review of Assurity Life Insurance Company.


Prudential is another big name on our list. More than likely you’ve seen their logo on a commercial or a piece of mail. Not only do they put a lot of money in marketing, but they also get a lot of customer through referrals. They have years of experience working excellent life insurance at an affordable rate.

One area that Prudential stands out from among the competition is with cancer survivors or anyone with diabetes. These are two high-risk categories where their rates tend to be much better. If you have any severe preexisting conditions, then Prudential is a great company for you.

Learn more about Prudential and what they have to offer by reading our Prudential Life Insurance Company Review.


Last but not least, is Transamerica. They have both term and whole life insurance plans for applicants over the age of 70. If you’re well past your prime, the Transamerica will still give you great rates. In fact, they have term life insurance for people over the age of 80, which most companies don’t offer.

Getting Affordable Life Insurance for Seniors

If you think that life insurance is going to be too expensive because of your age, don’t believe it. There are several ways that you can get lower insurance premiums. There are several options for cheap life insurance coverage.

The best way to ensure that you’re getting the lowest available rates is to compare dozens of plans before you pick the one that is going to work best for you. All of the companies are different, and they will all offer you different premiums based on their medical underwriting and rating system. Finding the right company for you could be the difference in getting cheap life insurance protection or paying for a plan that’s going to break your bank every month.

Instead of wasting your valuable time calling companies yourself, let one of our independent insurance agents do all of that hard work for you. Unlike traditional agents, our independent brokers work with dozens of highly rated companies across the nation, which means we can bring all of the best quotes directly to you. We can give you a set of personalized quotes to fit your needs.

You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the insurance protection that your family deserves. If you have any questions about life insurance for seniors or the available options, please contact us today. We would be happy to answer those questions and connect you with the best plan available.


Susan Wright holds a BA from Michigan State University and an MBA from St. Louis University. Having over 20 years of working experience in the insurance and financial services industry, she has trained more than 10,000 financial services representatives. Susan has had licenses in real estate, insurance, and NASD Securities, and she has earned nine industry professional designations, including CLU, ChFC, RHU, REBC, CSA, CLTC, CCFC, CSS, and ADPA. Read more about her on Google+

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