Best life insurance companies for seniors
| Company | Best for | No-exam option? |
|---|---|---|
| Mutual of Omaha | Best overall & guaranteed acceptance (45–85) | Yes |
| AARP (New York Life) | Members wanting simple term or whole life | Yes |
| State Farm | Service and a local agent to talk to | Some plans |
| Transamerica | Affordable final-expense whole life | Yes |
| Guardian | Whole life with coverage into later age | Some plans |
| Corebridge (AIG) | Guaranteed-issue whole life | Yes |
| Colonial Penn | Small “by the unit” final-expense policies | Yes |
Based on 2026 ratings (sources: CNBC Select, NerdWallet). Availability, ages and acceptance rules vary by state and policy.
What it costs by age
Rates climb with age, but small policies stay affordable. As a rough guide for a $35,000 whole life policy, non-smoker:
| Your age | Approx. monthly premium |
|---|---|
| 55 | ~$110–$140 |
| 60 | ~$135–$175 |
| 65 | ~$170–$220 |
| 70 | ~$210–$265 |
| 75 | ~$290–$360 |
Estimates only. Guaranteed-acceptance policies (no health questions) cost more and usually cap coverage around $25,000.
Two things move these numbers more than anything else: smoking (expect to pay roughly 30–50% more) and the coverage amount you choose. Your health matters too — but guaranteed-acceptance policies skip the health questions entirely in exchange for a higher price and a waiting period (more on that below).
Which type do you actually need?
Covering a funeral
- A small final-expense or guaranteed-acceptance policy ($10k–$25k)
- No exam, easy approval
- Mutual of Omaha and Colonial Penn approve regardless of health
The “graded benefit” trap to watch for
Most guaranteed-acceptance policies come with a graded death benefit: if you pass away in the first two years from natural causes, the policy usually refunds your premiums plus a little interest instead of paying the full amount. Accidental death is typically covered from day one. It’s not a scam — it’s how insurers can say “yes” to everyone — but it’s the one clause seniors miss. If you’re in reasonable health and can answer a few questions, a simplified no-exam policy skips that waiting period and usually costs less.
Real examples
If you’re 68 and just want to cover a funeral: you don’t need a $100,000 policy. A $15,000 final-expense plan from Mutual of Omaha or Colonial Penn runs well under $100 a month, approval is quick, and it’s enough to keep your family from footing a $12,000 funeral bill out of pocket.
If you’re 62 and in good health: get a term quote before anything else. A healthy 62-year-old can often lock in a 10- or 15-year term policy for far less than whole life — and if the only goal is to cover the years until a mortgage is paid off, term is usually the smarter buy.
If you’ve been declined before for health reasons: a guaranteed-acceptance policy from Mutual of Omaha will take you regardless — just plan around that two-year graded period and buy only what you need.
The bottom line
Start with the goal, not the brand. For funeral costs, a small no-exam policy from Mutual of Omaha or Colonial Penn is the simple answer. If you’re healthy, price a term policy before defaulting to pricier whole life. Buy only the coverage you actually need, and compare at least two quotes before you sign.
Here’s the advice I’d give my own parents: don’t let anyone sell you more than you actually need. If the goal is just to cover a funeral and not leave the family with a bill, a small final-expense or guaranteed-acceptance policy from Mutual of Omaha does the job — no medical exam, approved regardless of health. If you’re healthy and in your early 60s, it’s worth pricing a term policy first, because it can be a lot cheaper than jumping straight to whole life.
The thing I’d avoid is a big, expensive whole-life policy bought in a hurry — at older ages the premiums are steep, and you can end up paying in close to what it pays out. Work out the real goal (funeral? leaving something behind? clearing a debt?), buy exactly that, and nothing more. And read the fine print on that two-year waiting period — it’s the detail people regret missing.
FAQs
What’s the best life insurance for seniors?
Can seniors get life insurance without a medical exam?
How much does it cost?
What is a graded death benefit?
Can I be turned down at my age?
Do I need a big policy?
Sources: CNBC Select and NerdWallet (2026 senior life insurance ratings); NAIC consumer resources; Insurance Information Institute.