The Seven Best Life Insurance Options For Seniors In 2021

Are you searching for senior life insurance? Perhaps you wish to make sure your children are taken care of financially after you are gone. Although you need life insurance to cover final expenses, traversing the many different insurance options can be a daunting task.

Life insurance costs vary greatly. There are many ways to get great insurance for seniors at a great price. There are two main types of life insurance: Term Life Policies and Permanent Life Insurance. Below you will find seven companies that have excellent coverage available for seniors according to Investopedia



For 180 years, Banner has been a competitive company in the life insurance business. Not only do they boast a positive record with rating agencies, but they also hold a Superior Financial Stability rating from AM Best. Banner has many insurance options ranging from term and final expense to universal life. You must be 75 or younger to purchase a policy, but coverage can be renewed up to 90 years of age depending on policy terms. If pricing is one of your major factors in purchasing term life insurance, Banner is by far the best option for seniors.



Founded in 1928, Transamerica is one of the few companies that allows seniors over 80 to sign up for whole life and term insurance policies. They have policies that are available to seniors up to 85 at reasonable prices. Not only that, but Transamerica touts an A rating with AM Best. Transamerica’s final expense life policies are available up to 85 years of age and higher death benefit limits than other companies. Furthermore, the majority of their offerings have full benefits available from policy inception.



When covering final expenses such as funeral and other end-of-life costs is your concern, AIG is the clear leader in guaranteed whole life insurance policies. With policies requiring no medical exam, pricing on the lower end of the scale, and coverage up to age 85, AIG’s policies deliver comfort in knowing that the family will not have to cover your funeral costs. AIG offers all of this, along with access to benefits in case of a chronic or terminal illness. 



It’s no secret that Gerber offers unparalleled coverage for your grandchildren’s future with their Gerber Grow-Up Plan. There are many advantages to a plan with Gerber. The premiums will never go up, and the policy’s face value doubles at age 18. When they turn 21, your grandchild automatically becomes the policy owner and can decide between a cashout option or continuing coverage for life. That is especially useful for children who may not be eligible for life insurance as adults.



Prudential features an impressive A+ rating from AM Best. They carry numerous life products, and many of their policies contain accelerated death or living benefits. They maintain a variety of living benefits, including three serious illness riders and three disability riders. These are available with many types of policies. You can use them if you are in a nursing home for at least six months after a permanent placement. Policyholders can also use them if they have a terminal illness where it is determined they have less than six months to live. 



MassMutual has AM Best’s best rating of A++, and is the leader in whole life policies for seniors. Unlike other insurers, MassMutual has a convertible policy that begins as term life and can be converted to a whole life policy. You can purchase this Direct Term insurance plan up to age 64. After the issue of age has passed, you can transfer it to the new senior policy. 

Mutual of Omaha


Finally, another great senior life insurance option comes from Mutual of Omaha. The company offers term, whole, and universal life insurance policies with malleable options. Not only does Omaha offer fair and competitive pricing options, but their customer service ratings from many different agencies list them at or near the top of their lists, and they boast an A++ rating from AM Best.