Best Life Insurance Companies for Seniors After 65
According to US News, the top three companies for seniors in 2023 are New York Life, Prudential, and State Farm.
Insurer |
AM Best Rating |
Maximum Age for Policies |
Types of Policies |
New York Life |
A++ |
N/A |
Term
Whole
Universal |
Prudential |
A+ |
90 |
Term
Universal
Survivorship |
State Farm |
A++ |
90 |
Term
Whole
Survivorship |
Mutual of Omaha |
A+ |
85 |
Term
Whole
Survivorship |
Transamerica |
A |
85 |
Term
Whole
Survivorship |
Pacific Life |
A+ |
N/A |
Term
Whole
Universal |
New York Life
New York Life offers several term and permanent policies with the ability to customize your coverage amount. The downside is you can’t apply online, and you’ll likely have to submit to a medical exam.
But your willingness to work with an agent directly means you can take out term life insurance policies up to 20 years in length with the option to convert them at their expiration into a permanent policy. You can also choose from several permanent life insurance policies and customize your death benefit amount.
Prudential
Prudential lets you take out a policy up to age 90 with several riders available. The only downside is if you live in New York, some of their policies aren’t available to you, and they increase their premiums on several term life insurance policies after the first year.
Still, they have over nine plans which is significantly more than most other insurance companies offer, and you can choose riders such as:
- Enhanced cash value
- Overload protection
- Accidental death benefits
- Estate protection
State Farm
State Farm has life insurance policies that don’t include a medical exam. This is better for people who need a policy sooner rather than later. They have a guaranteed issue final expense policy that you can take out until you turn 80.
With State Farm, you also get different riders, such as:
- Payor insurance
- Flexible care benefits
- Waiver of premium for disability
- Guaranteed insurability
Married? With State Farm, you can pick whole life insurance policies that provide death benefits for you and your spouse.