For an older person, the right life insurance policy can protect your loved ones, cover final expenses and even leave behind a financial legacy. While premiums generally increase with age, many insurers still offer affordable coverage, including policies that don't require a medical exam.
CNBC Select evaluated top life insurance companies with policies for older people to find the best, based on factors such as cost, age eligibility, coverage options, policy features, financial strength and customer satisfaction. For more about how we made our picks, read our methodology.
Best life insurance for older people
Best for term life: Pacific Life
Who's this for? Pacific Life offers term life insurance for older people up to age 75. Policies also include the ability to convert your term policy to a cash value policy.
Standout benefits: Pacific Life also has both indexed and variable universal life insurance policies. Indexed universal policies invest in a fund that tracks a stock market index, while a variable universal policy invests a subaccount in stocks and bonds. These policies build cash value early and can supplement retirement income. Pacific Life doesn't set maximum coverage limits and some policies can pay out more than $10 million.
Policy types: Term, universal, indexed universal and variable universal.
Pacific Life Life Insurance
Cost
The best way to estimate your costs is to request a quote
Online quote for term policy
No
Policy highlights
Pacific Life offers term, permanent and no-exam life insurance, with an accelerated death benefit included at no charge.
Pros
- Most plans have age limit of 90 for enrollment
- Term policies can convert to permanent life without an exam
Cons
- No online quotes
- Must be purchased through an advisor
Best for no medical exam: Mutual of Omaha
Who's this for? If you're between 45 and 85 (or 50 and 75 in New York), Mutual of Omaha has no-medical-exam policies with guaranteed acceptance and coverage up to $25,000.
Standout benefits: Mutual of Omaha has other plans with high age caps, including term life policies up to age 80. Its online Mutual Cares platform offers older people info on wellness, estate planning and more.
Policy types: Term, whole and universal.
- Term policies available up to age 80, whole life to 85
- Coverage available without a medical exam
- Can convert term life into whole life with no medical exam
- Guaranteed whole life limited to $25,000
- Online term life quotes not available
Best for customer service: State Farm
Who's this for? State Farm receives fewer complaints than expected for a company of its size, according to the National Association of Insurance Commissioners. It also earned the second-highest spot in J.D. Power's 2025 Individual Life Insurance Study, which surveys customers' satisfaction with value, ease of doing business, product offerings and more.
Standout benefits: You can buy a State Farm policy the same day you apply and premiums can be paid monthly or annually.
Policy types: Term, whole, universal, joint universal and final expense.
- Reasonable rates
- Top-rated for customer service
- Return of premium benefit available
- Term policies can be converted to permanent
- Policies must be purchased through a State Farm agent
- Doesn't sell policies in Rhode Island or Massachusetts
- Fewer riders than the competition
- Accelerated death benefit costs extra
Best for final expense insurance: AARP (New York Life)
Who's this for? AARP members enjoy discounted policies from New York Life, with up to $150,000 in coverage for funeral costs, medical and legal bills and other end-of-life expenses.
Standout benefits: There's no medical exam and most who apply are accepted. These policies also have level premiums that won't change as you get older, making it easy to budget for your premiums.
Policy types: Final expense.
AARP Life Insurance
Cost
The best way to estimate your costs is to request a quote
App available
Yes
Policy highlights
AARP offers term and permanent life insurance products through New York Life, alongside other types of insurance.
Pros
- No medical exam
- Guaranteed acceptance option
- A++ financial strength rating
Cons
- Must be an AARP member to apply
- Not available in all states
Best for whole life insurance: Guardian
Who's this for? Guardian offers whole life insurance policies with options for long-term care coverage and waivers of premium after a disability. A charitable benefit rider can provide an extra 1% to a charity of your choice when your death benefit is paid out.
Standout benefits: While most providers charge a fee, Guardian policyholders can convert term insurance to a whole life policy for free in the first five years.
Policy types: Term, whole, universal and joint.
Guardian Life Insurance
Policies
Term, whole and universal
Policy highlights
Term life can be converted into whole or universal life policies. While dividends are not guaranteed, Guardian has paid dividends to eligible policyholders annually since 1868.
Age limits
75 for 10-year term policies, 55 for 30-year term policies, no upper age limit for whole life
Coverage limits
$5 million for term life
Availability
Guardian Life is available in all 50 U.S. states and Washington, D.C.
Online quote for term policy
Yes
Read CNBC Select's review of Guardian life insurance
Pros
- Has paid dividends since 1868
- Whole life insurance policies up to age 90
- No-medical-exam policies up to $3 million
- Available in all 50 states
Cons
- Can't get rate quotes or apply online
- Customer service not available 24/7
- Doesn't offer auto or home insurance
Best for couples: Prudential
Who's this for? Prudential offers universal life policies for applicants up to age 85 (and up to 90 for conversion from term life). The survivorship rider allows couples to tap the death benefit if one or both become chronically or terminally ill.
Standout benefits: If you take a loan out against the cash value of your policy, Prudential's overloan protection can shield you from a lapse in coverage.
Policy types: Term, universal, indexed universal, indexed variable universal, variable universal and final expense.
Prudential Life Insurance
Cost
The best way to estimate your costs is to request a quote
Policy highlights
As one of the largest life insurers by market share that sells individual policies, Prudential has a 145-year history. It offers a variety of policies, and allows conversions to permanent policies for those who purchase term coverage if needs change.
App available
No
Pros
- One of the largest insurers with a long history
- Offers a variety of policies to a wide spectrum of ages
Cons
- You may need to speak to an agent to find out how much a policy will cost.
Best for growing cash value: MassMutual
Who's this for? MassMutual's whole life insurance policies grow cash value consistently with guaranteed interest rates.
Standout benefits: MassMutual's whole life customers are eligible to receive dividends, which the company has paid annually since 1869.
Policy types: Term, whole, universal and variable universal.
- Variety of term and whole life insurance policies
- Whole life insurance policies can be paid up before age 65
- Strong record of dividends, paid every year since 1869 to eligible policyholders
- Online quotes are not available
- Policies must be purchased through an agent
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How much does life insurance cost for older people?
By the time you're middle-aged, your fitness level, diet, smoking status and lifestyle have a huge impact on your life insurance premiums. Your specific age, along with the type and amount of coverage you want, will also be factors.
After all, costs increase as you age. A healthy 60-year-old woman would pay about $48 per month for a $15,000 whole life insurance policy, and a man the same age would pay about $63 per month, according to life insurance agency Choice Mutual. However, a 70-year-old woman would pay about $78 per month, and a man of the same age would pay about $103.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Amica offers a level term life insurance and whole life insurance policies payable for 20 years or until ages 65 or 100. Both include a terminal illness rider at no extra charge.
Terms Apply
Pacific Life offers term, permanent and no-exam life insurance, with an accelerated death benefit included at no charge.
Terms Apply
Life insurance riders for older people
Also known as endorsements, riders enable you to customize coverage to fit your family, lifestyle, health history and more. Riders that policyholders in their 50s or older should consider include:
Long-term care rider: Standalone long-term care insurance policies are increasingly rare and expensive. This rider allows you to access some or all of your benefits to pay for home health care or a facility if you can't take care of your daily needs. Long-term care riders are generally available with permanent life policies, but can reduce the death benefit.
Disability income rider: Receive a monthly payout if you become disabled before retirement age and are unable to continue in your line of work. Benefits are usually limited to a set number of years and follow a waiting period.
Waiver of premium rider: If you become totally disabled before retirement age, you can keep your policy in force without having to continue paying premiums.
Paid-up additions (PUA) rider: You can add to your death benefit and cash value using dividends or deposits. A PUA rider can help if it has become harder to buy more insurance due to health issues you've developed.
If you're buying life insurance after age 65, consider these factors:
- Your budget: Life insurance in your 60s, 70s or beyond will be more expensive than it was in your 40s. You may be tempted to get a policy without a medical exam, but that could mean high premiums, especially if you're in good health.
- Your goals: Are you buying insurance to pay off the mortgage or even cover daily expenses for your loved ones? Are you interested in leaving your family some money or just enough for a funeral? Your answers will determine how large your death benefit needs to be, and therefore the right type of policy.
- Your health status: Do you have a pre-existing condition that could keep you from getting approved? If so, you may want to narrow your search to guaranteed-issue whole life or universal life policies that don't require a medical exam.
Types of life insurance for older people
No single type of life insurance is a good fit for everyone..
Term life insurance
If you want to make sure your debts are covered, term life insurance is a convenient and affordable option at any age, and your plan may be convertible to a whole life policy. However, once you reach age 60, the longest term you'll typically find is for 20 years.
Whole life insurance
As long as you keep up with your premiums, a whole life policy stays in effect without you needing to requalify, which can be a big plus for older people. The rates are considerably higher than term life, but it can be an option if your focus is on leaving a financial legacy for your loved ones.
Universal life insurance
Like whole life, universal life policies have a cash value component. But, because they're linked to investments that either you or your insurance company chooses, they require more oversight. If you don't monitor the cash value, the policy could become underfunded and either get canceled or require you to make large payments to keep it active.
Final expense insurance
Also known as funeral or burial insurance, final expense insurance is a popular option for older people who don't want to leave the burden of a funeral, outstanding medical or legal bills or other expenses to their loved ones.
It's a guaranteed-issue whole life policy, so you don't have to worry about it expiring or having to get approved or take a medical exam. But these policies can be expensive, and payouts are usually limited to $5,000 to $25,000.
Pros and cons of life insurance for older people
- Can pay for a funeral and other final expenses
- Can pay off debts or leave a financial legacy for your family or community
- Permanent life insurance can create a revenue stream in retirement
- It may be harder to get approved if you've developed health issues or waited until a more advanced age
- Premiums are more expensive than those for younger adults
- Your coverage options may be more limited
Life insurance FAQs
How old can you be and still get life insurance?
It's possible to buy life insurance at any age, depending on the policy and the provider. The typical maximum age for term life is 85, while some whole life and universal policies are available up to age 90. You can get a final expense or guaranteed-issue policy after age 85, though premiums will be considerably higher.
What is the best life insurance for people over age 70?
The best life insurance for someone over the age of 70 depends on their health, budget and goals. If you're concerned about being approved, you could buy a guaranteed issue policy without a medical exam or health questions, which would pay enough to cover final expenses. If you have more to spend or want to create a financial legacy, a whole life policy could make sense.
Who has the best life insurance for older people?
The best life insurance company for an older person depends on the kind of coverage, the budget and the goals for the payout. We've found that Pacific Life, Mutual of Omaha, State Farm, AARP, Guardian, Prudential and MassMutual are among the leading providers for older people, with higher maximum issue ages, reasonable rates and solid financial strength.
Is life insurance worth it for older people?
Life insurance can be a valuable financial tool for older people, providing for a family, paying for a funeral, giving a gift to one's heirs or providing for long-term care.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every life insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of life insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine the best life insurance companies for older people, CNBC Select considered dozens of data points from leading insurers.
We reviewed the types of life insurance products offered, looking at maximum issue ages as well as coverage limits, average premiums, the application process and the availability of no-medical-exam policies.
We incorporated customer satisfaction scores from J.D. Power's U.S. Individual Life Insurance Study, the National Association of Insurance Commissioners' complaint index and the Better Business Bureau, as well as A.M. Best financial strength ratings.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
From there, we sorted our picks into:
- Best for affordability: Pacific Life
- Best for no medical exam: Mutual of Omaha
- Best for customer service: State Farm
- Best for final expense insurance: AARP (New York Life)
- Best for whole life insurance: Guardian
- Best for couples: Prudential
- Best for growing cash value: MassMutual
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