What You Should Know About Life Insurance

Sep 1, 2022

  • According to a study by PolicyGenius, 40% of people with life insurance regret not buying a policy sooner.
  • Life insurance offers consumers peace of mind that they can leave money behind for loved ones when they die.
  • According to Lincoln Advantage, funeral costs alone can range from $7,000 to $12,000.
  • Paying for life insurance can be costly, especially for those who purchase a policy in old age.
  • There are many strategies available for lowering the cost of life insurance, including buying as early as possible, comparing quotes from multiple insurers, and combining multiple policies using the “ladder” strategy. 

Life insurance is often considered less of a need for seniors than it is for other age groups, but there are still many situations in which seniors find themselves searching for a life insurance policy. Seniors who have debts may like the peace of mind of a term policy while they pay off a mortgage or other obligation, and many seniors are particularly interested in small whole life policies that will help their relatives pay for burial expenses or final medical bills when they pass.

Whatever the reason for shopping, seniors who are looking for life insurance find out quickly that they face fewer options and higher costs than their younger counterparts. In fact, a recent PolicyGenius survey found that 40% of those who are insured wish they had bought life insurance at a younger age. Since insurance companies base premiums on age, health, and other risk factors, seniors often struggle to find low costs in this market.

We created this guide to help seniors overcome the challenges of looking for life insurance in a market that’s geared toward younger customers. We investigated some of the most popular companies on the market, ranking them according to several factors that seniors care about. Overall, we found Mutual of Omaha, New York Life, and John Hancock offered some of the best choices for seniors, but all nine companies that made our list are great options. Below, we’ve explained each brand’s scores on a 1-5 point scale.

The Best Life Insurance of 2022:

  1. Mutual of Omaha: 4.5
  2. New York Life: 4.2
  3. John Hancock: 3.8
  4. Transamerica: 3.5
  5. State Farm: 3.5
  6. Principal: 3.3
  7. Nationwide: 3.0
  8. Protective: 3.0
  9. Northwestern Mutual: 2.74

The Top 9 Life Insurance Companies in 2022

Company Overall Score
(1-5 Scale)
Ratings and
Riders and
Online Services
Mutual of
4.5 8.4 5.7 5 10 6.67
New York Life 4.2 10 8.6 3.3 6 0
John Hancock 3.8 4.2 2.9 10 8 1.67
Transamerica 3.5 7 0 8.4 6 3.34
State Farm 3.5 1.4 10 5 0 8.34
Principal 3.3 5.6 4.3 3.3 2 10
Nationwide 3.0 2.8 7.2 0 4 10
Protective 3.0 1.4 1.4 6.7 4 10
2.7 0 10 1.7 0 5