Best Life Insurance Companies for People Over 51

People over 50 often look for similar things in life insurance as anyone. However, pricing gets more expensive as we age, and coverage needs may change as children become independent adults.

Investopedia’s extensive research found Nationwide to be the best overall life insurance company for people applying for a new policy in their 50s because it has many different types of policies and riders to choose from, affordable rates, and a stand-out final expense policy. We researched 45 companies in this category and made our picks based on 70 criteria, including customer satisfaction, financial strength, and policy types.

Best Life Insurance Companies for People Over 50

Best Overall, Best for Living Benefits, Best for Final Expense Insurance: Nationwide
Best for Whole Life Insurance: Lafayette
Best for Term Life Insurance: Protective
Best for Financial Stability: State Farm
Best for No-Medical-Exam Life Insurance: Penn Mutual
Best for Cheap Term, Best for Seniors: Thrivent
Best for Dividends: MassMutual

Best Life Insurance Companies for People Over 50

Best Overall, Best for Living Benefits, Best for Final Expense InsuranceNationwide

Financial Strength Rating: A+
Complaint rate: Much better than expected for company size

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Why We Chose It

Best Overall

Nationwide is a great life insurance company for people in their 50s for many of the same reasons it tops our overall list of the best life insurance companies. It’s financially strong, garners relatively few customer complaints, and offers the most policy types of all the companies Investopedia researched. It has one of the biggest selections of riders, too. Plus, you can buy up to $1.5 million of coverage without a medical exam and get an instant decision.

Best for Living Benefits

Nationwide includes three living benefits riders for free with many policies. These riders, also known as accelerated death benefits, let you use your death benefit while you’re alive if you develop a terminal, chronic, or critical illness. You can also add a long-term-care rider. You have to pay for that, but many competitors don’t even offer such a rider, and none include it for free.

Best for Final Expense Insurance

Nationwide offers final expense insurance with up to $50,000 in coverage. Most other companies Investopedia researched limit final expense coverage to $35,000 or less.

Pros & Cons

Pros

Outstanding selection of product types and riders
Superior financial strength rating (A+)
3 living benefits included in many policies
Very few customer complaints to state regulators
High maximum coverage limit for final expense insurance

Cons

No online claims or live chat
Whole life insurance doesn’t pay dividends
Men over 49 and women over 54 can’t get a 30-year term policy

Overview

Nationwide is a great all-around insurer for people over 50. It’s rated A+ for financial strength by AM Best, indicating a “superior” ability to meet ongoing financial obligations.1 It received far fewer complaints to state regulators than expected for its size, according to the National Association of Insurance Commissioners (NAIC) Complaint Index. And Nationwide came in No. 5 in J.D. Power’s 2024 survey of customer satisfaction among life insurance companies.2

A few of Nationwide’s advantages make it particularly good for new applicants over 50, including large coverage limits for instant-decision no-medical exam policies and for final expense insurance (also called burial or funeral insurance).

However, there are some downsides. You aren’t eligible to buy a 30-year term policy if you’re a man age 50-plus or a woman age 55-plus. And no one over 70 can apply for any kind of term insurance. Whole life insurance policyholders at Nationwide are not eligible for dividends. And there’s no way for beneficiaries to start a claim online.

Nationwide was founded in 1925 and is based in Columbus, Ohio.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Final expense
Children’s whole life
Universal life
Indexed universal life
Variable universal life
No-medical-exam life

Available Riders

Term conversion
Child term
Guaranteed insurability
Waiver of premium
Accidental death benefit
Terminal illness
Long-term care
Chronic illness
Critical illness

Best for Whole Life InsuranceLafayette

Financial Strength Rating: A+
Complaint rate: Much better than expected for company size

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Why We Chose It

Lafayette is the winner of our overall best whole life insurance list and the top whole life provider for people in this age group. It offers seven types of whole life insurance policies with expansive coverage limits, including one final expense policy. You also receive three accelerated death benefits for no extra cost.

Pros & Cons

Pros

Offers many types of whole life policies with high coverage limits
Received fewer customer complaints than expected, given its size
Includes living benefits riders on some policies

Cons

No online quotes or applications
No live chat
Doesn’t operate in New York State

Overview

With seven types of whole life insurance, Lafayette offers policies to fit a wide variety of needs. They include basic dividend-paying whole life and children’s whole life with no coverage limits, as well as final expense whole life insurance with a generous $50,000 coverage maximum. Three living benefits riders, included for free with some whole life policies, protect you if you develop a serious illness. You can get approved on the same day you apply for no-exam life insurance with a death benefit as big as $100,000.

But if you live in New York state, you can’t buy life insurance from Lafayette. Investopedia also found the company’s online interface lacking. You can’t get a quote, apply for a policy, or chat with a live person through the website.

Lafayette is based in Cincinnati and has been in business since 1905.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Dividend-paying whole life
Final expense
Children’s whole life

Available Riders

Term conversion
Child term
Guaranteed insurability
Waiver of premium
Accidental death benefit
Terminal illness
Chronic illness
Critical illness

Best for Term Life InsuranceProtective

Financial Strength Rating: A+
Complaint rate: Better than expected for company size

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Why We Chose It

Protective has some of the lowest premiums for term life insurance for 55- and 65-year-olds in Investopedia’s study. It issues policies to applicants up to age 80, with terms as long as 35 years for 50-year-olds.

Pros & Cons

Pros

Affordable term premiums for people over 50
35-year terms for 50-year-olds
No max coverage for term life
Low customer complaint level relative to its size
Offers online quotes and application

Cons

No final expense insurance
No live chat

Overview

Protective has some of the best prices for term life insurance for older adults in Investopedia’s analysis. Only Corebridge quoted lower prices for 55-year-olds. It also imposes no coverage limit for its term insurance, unlike many of the 45 companies Investopedia studied.

You can choose from term lengths of 10, 15, 20, 25, 30, or 35 years. Protective also has 40-year policies, but you must be 45 or under. Applicants up to age 60 can qualify for up to $1 million in courage without taking a medical exam through Protective’s accelerated underwriting program.

While Protective has a whole life insurance policy with a $1,000 minimum coverage amount, it doesn’t sell a burial insurance policy. So, if you’re looking for coverage strictly for funeral expenses, you may want to look elsewhere. Also, while you can apply for a policy online, there’s no live chat function.

Protective was founded in 1907 and is based in Birmingham, Alabama.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Universal life
No-medical-exam life

Available Riders

Guaranteed insurability
Waiver of premium
Accidental death benefit
Terminal illness
Chronic illness

Best for Financial StabilityState Farm

Financial Strength Rating: A++
Complaint rate: Much better than expected for company size

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Why We Chose It

State Farm has an A++ financial strength grade from AM Best, the highest rating possible. Only six other insurers we reviewed received the same rating.

Pros & Cons

Pros

Superior financial strength
Ranked No. 1 in J.D. Power customer satisfaction survey
Few customer complaints, relative to its size
Wide selection of policy types
Offers a return-of-premium term rider

Cons

No free riders
Low coverage limit for no-medical-exam policies
No online claims or live chat

Overview

State Farm’s A++ rating from AM Best means it has an even better likelihood of paying its insurance claims than most other insurers on this already elite list.1 State Farm has a great customer satisfaction record, with a very good NAIC complaint index and the number 1 ranking in J.D. Power’s 2024 life insurance customer satisfaction survey.2

State Farm’s large life insurance product line includes dividend-paying whole life, survivorship life insurance, and no-medical-exam term life. It also offers a strong lineup of riders, including a return-of-premium rider, which is fairly rare in the industry.

However, State Farm is one of the few carriers among the 45 Investopedia researched that charges for all of its living benefits riders. We also found coverage limits lower than competitors’ limits for its no-medical-exam term life and final expense policies. And it has no online live chat or claim filing features.

State Farm was founded in 1929 and is headquartered in Bloomington, Illinois.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Dividend-paying whole life
Children’s whole life
Final expense
Universal life
No-medical-exam life
Survivorship life

Available Riders

Term conversion
Child term
Return of premium
Spouse rider
Guaranteed insurability
Waiver of premium
Long-term care
Chronic illness

Best for No-Medical-Exam Life InsurancePenn Mutual

Financial Strength Rating: A+
Complaint rate: Much better than expected for company size

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Why We Chose It

You can buy a no-medical-exam life insurance policy from Penn Mutual with a death benefit as large as $10 million. That’s the highest limit for this type of policy that Investopedia’s research uncovered.

Pros & Cons

Pros

Large coverage limit for no-medical-exam policies
One of the best complaint records in the industry
Offers a variety of life insurance policies
Whole life insurance pays dividends

Cons

Doesn’t sell final expense insurance
No online quotes or applications
No live chat

Overview

Penn Mutual is a great option if you want to buy life insurance without having to take a medical exam when you apply. You can get a policy as big as $10 million through age 65, provided you can qualify based on your income. That’s huge compared to most competitors, who cap no-exam coverage at $3 million or less.

Given the company’s market share, Penn Mutual receives far fewer complaints than expected. And if you’re not sure what kind of life insurance you want, Penn Mutual offers a wide array to choose from—nine types, including whole life insurance with dividends.

However, the company is better suited to people who want larger policies. It doesn’t sell final expense policies, and its minimum coverage level for whole life insurance is $50,000. Some competitors, like Protective and Lafayette Life, offer whole life policies as small as a few thousand dollars.

When it comes time to find out how much your coverage could cost, you’ll need to contact an agent. Penn Mutual doesn’t have online quotes or applications. There’s also no online chat with live agents.

Located outside Philadelphia, Penn Mutual has been selling insurance since 1847.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Dividend-paying whole life
Children’s whole life
Universal life
Indexed universal life
Variable universal life
No-medical-exam life
Survivorship life

Available Riders

Term conversion
Child term
Spouse rider
Guaranteed insurability
Waiver of premium
Accidental death benefit
Terminal illness
Chronic illness

Best for Cheap Term, Best for SeniorsThrivent

Financial Strength Rating: A++
Complaint rate: Much better than expected for company size

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Why We Chose It

Best for Cheap Term

Thrivent’s term life insurance premiums for people over 50 were the lowest Investopedia found when gathering quotes for 45 companies.

Best for Seniors

Thrivent accepts applicants at older ages than many of its competitors do, which makes it a good option for life insurance shoppers age 65 and older.

Pros & Cons

Pros

Lowest term life premiums for people over 50
High maximum issue age on many policies
Strongest financial stability rating available
Best NAIC complaint index of the companies Investopedia researched

Cons

Only Christians and their spouses can apply
Few riders available
No final expense insurance
No online applications

Overview

Based on our analysis of term life insurance quotes from 45 insurers, Thrivent has the best rates for people over 50. It’s also our favorite life insurer for seniors, with higher maximum issue ages than some competitors. For example, applicants up to age 75 can apply for term life insurance, and those up to 90 can sign up for whole life.

Once on board, customers seem to be pretty satisfied with Thrivent, lodging very few complaints compared to the company’s size. And the company’s financial strength rating is exemplary.

However, Thrivent only sells life insurance to people who identify as Christian and their spouses, and you must apply for membership to buy a policy.

Thrivent was founded in 1902 and is based in Minneapolis.

Pros & Cons

Available Policy Types

Term life
Whole life
Dividend-paying whole life
Children’s whole life
Universal life
Variable universal life
No-medical-exam life
Survivorship life

Available Riders

Term conversion
Guaranteed insurability
Waiver of premium
Terminal illness

Best for DividendsMassMutual

Financial Strength Rating: A++
Complaint rate: Much better than expected for company size

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Why We Chose It

According to Investopedia’s examination of 45 companies, MassMutual’s whole life insurance paid the highest dividend rate on the market. Dividends are never guaranteed, but MassMutual has paid them every year since 1869.

Pros & Cons

Pros

Market-leading dividend interest rate
Whole life policies available up to age 90
Stellar customer complaint record
Excellent rank in customer satisfaction survey

Cons

No online quotes
No online applications
Doesn’t offer live chat

Overview

MassMutual has paid dividends to eligible policyholders for 155 straight years. Its dividend rate for 2024 was 6.1%, the highest among the 45 companies Investopedia investigated. The total 2024 estimated dividend payout set a new company record, at $2.2 billion.

MassMutual is also a leader in other areas, with the highest maximum issue age (90) for whole life insurance policies in our study. The company also has one of the best customer complaint records we saw, and it took third place in J.D. Power’s customer satisfaction survey.2

There isn’t much to dislike about MassMutual, but it’s not a company for people who want robust online features. You can’t get a quote or apply for a policy online, and it doesn’t have live chat.

The insurer was established in 1851 and is based in Springfield, Massachusetts.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Dividend-paying whole life
Children’s whole life
Universal life
Variable universal life
Survivorship life

Available Riders

Term conversion
Spouse rider
Guaranteed insurability
Waiver of premium
Disability income
Terminal illness
Chronic illness

Why You Should Trust Us

All of Investopedia’s life insurance reviews are based on extensive research and analysis by a team of expert researchers, editors, and writers. To create this list of the best life insurance companies for people over 50, we collected data on dozens of criteria from 45 companies. The criteria helped us score each company’s costs, coverage options, financial stability, and other features and come up with objective evaluations to help you choose the best provider for you.

Investopedia has been publishing trustworthy financial information since 1999 and has been reviewing life insurance companies since 2020.

How We Chose the Best Life Insurance Companies for People Over 50

Investopedia’s list of the best life insurance companies for people over 50 is based on extensive research into the top providers. We first commissioned a consumer survey about life insurance and consulted information about market share and popularity to understand which companies to consider. We then removed providers who didn’t meet our baseline standards for online transparency, financial strength, and customer satisfaction, leaving us with 45 companies to research further.

Between May 20 and July 3, 2024, our experts gathered 3,150 data points related to 70 criteria. The data came from company webpages, media representatives, rating agencies (AM Best, NAIC, and J.D. Power), and customer service calls.

Then, staff editors and research analysts created a quantitative model that scores each company based on six major categories, which we weighted as such:

Policy Features and Riders: 34%
Application and Online Service Features: 20%
Policy Types: 16%
Cost: 14%
Customer Satisfaction: 10%
Financial Stability: 6%

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