Best Life Insurance Companies for People Over 50

Based on our research, Nationwide is the best overall life insurance company for people over 50. The company received few customer complaints, according to the National Association of Insurance Commissioners (NAIC), has a good financial strength rating, and earned the second-highest J.D. Power rating for overall customer satisfaction among major insurance companies.

Individuals over 50 can choose from a variety of different life insurance policies from Nationwide. You may qualify for a no-medical-exam policy depending on your health history—if you’re between 51 and 60, the maximum coverage limit to be accelerated without medical underwriting is $1 million. We also like that most of Nationwide’s policies include several living benefits riders at no upfront cost for additional protection.

However, Nationwide has a few policy restrictions that are important to point out. If you want to purchase final expense insurance, you should know that Nationwide’s simplified issue whole life policy is only available to existing customers with an auto or home insurance policy. In addition, men over 50 can’t qualify for a 30-year term life policy. 

Learn more in our Nationwide Insurance review.

Guardian has the best financial strength rating from AM Best (along with MassMutual), earning its top score of A++ (Superior). This shows that Guardian is financially stable and is highly likely to meet policyholder obligations, such as paying claims.

Guardian issues new life insurance policies through age 90, which is the highest issue age we found during our review of 91 life insurance companies. The company offers a handful of different types of life insurance, including dividend-paying whole life. Guardian recently announced that it would pay $1.13 billion in dividends to eligible policyholders in 2022, more than it’s ever paid in the company’s history.

Guardian also does well when it comes to customer complaints. According to the NAIC Complaint Index, the company has very few complaints for a company of its size. On the other hand, J.D. Power rates Guardian slightly below-average for customer satisfaction.

We chose Protective as the best term life insurance company for people over 50. Out of the providers we reviewed, Protective has the cheapest premiums for term life insurance, making it a good option if you’re looking for affordable short-term coverage. Plus, Protective offers 35-year terms for applicants who are 50 (most providers cap available terms at 30 years).

In addition, we like that Protective offers life insurance policies for applicants up to age 85. However, if you want to get a no-medical-exam policy, keep in mind that the coverage is somewhat limited: up to $500,000 if you’re older than 45. 

Protective makes it easy to get a life insurance policy online, with online quotes and an online application process for term coverage. However, the company didn’t fare well in J.D. Power’s 2021 U.S. Individual Life Insurance study. It came in 16th out of 21 life insurers, which suggests that policyholders aren’t entirely happy with the company’s customer service.

If you want a whole life insurance policy that pays dividends, MassMutual is an excellent choice (along with Guardian). The company has a very strong dividend payment history and recently announced that in 2022 it would pay almost $1.85 billion in dividends to eligible customers, the highest payout in MassMutual’s history.

MassMutual is highly rated, with strong third-party reviews across the board. It has an A++ (Superior) financial strength rating from AM Best, fewer complaints than expected for its size, and does better than the industry average when it comes to customer satisfaction, according to J.D. Power’s 2021 U.S. Individual Life Insurance Study.

Another thing we like about MassMutual is that new policies are available to applicants up to age 90. Besides Guardian, it’s the only other provider on this list that sells coverage to people older than 85.

Mutual of Omaha is a solid option for final expense policies for people over 50. You can purchase final expense insurance until age 85 (or age 75 in New York) and choose coverage limits between $2,000 and $25,000 ($5,000 minimum in Washington). A medical exam is not required for approval.

Mutual of Omaha is a good provider to consider if you’re looking for a policy with accelerated death benefits, too. Some policies include terminal illness, critical illness, and chronic illness riders at no upfront cost. The company also offers various riders that can be added to your policy for a fee.

Another advantage of Mutual of Omaha is that you can get a quote and apply for its final expense policies online, without calling an agent. Keep in mind that the company has a below average complaint index. In 2021, it received below the expected number of complaints for a company of its size.

Learn more in our Mutual of Omaha review.

Based on our review, Penn Mutual is the best life insurance provider for no-medical-exam policies if you are over 50. Penn Mutual offers extremely generous coverage limits—up to $7.5 million without requiring a medical exam. The maximum issue age for no-med-exam policies is 65 years old.

If you’re looking for dividend-paying whole life insurance, Penn Mutual is also a good provider to consider. Looking back at the last 20 years, Penn Mutual has a very strong dividend-paying history. It has paid dividends consistently for almost 175 years. The company announced that it would pay $123 million to eligible policyholders in 2022.

Although Penn Mutual is a strong provider in many areas, its online features lag behind some of its competitors. You can’t get a quote or apply through the website. In addition, we found that Penn Mutual’s site lacks detailed information about its policies and riders.