Find The Best Term Life Insurance For Seniors

Updated: June 2021

If you’re a senior over 50, 60, 70 or even 80, and looking for term life insurance, this guide is for you.

Life insurance policies for seniors can become increasingly difficult to find as time goes on, especially for those with health complications. However, many life insurance providers do offer plans specifically designed for seniors that give financial security at affordable rates.

Today, you’ll learn:

• The best life insurance companies for seniors including sample rates.
• How to choose term life insurance as a senior.
• Alternative types of life insurance for seniors, and how to apply for the best life insurance policy for your needs.

Quick Navigation

5 Best Companies for Seniors
Life Insurance Rates – Age 50, 60, 70, 80
Benefits Of Term Life Insurance
How to Choose the Best Term Life Insurance for Seniors
Other Types to Life Insurance for Seniors
How to Apply for Term Life Insurance

First, we will show you the best companies and rates based on age. Then you’ll learn exactly how you can choose the right type of senior term life insurance policy.

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The 5 Best Term Life Insurance Companies for Seniors

While there are many life insurance companies on the market, there are a few who really stand out when it comes to term life insurance for seniors.

We compiled this list of the 5 Best Term Life Insurance Providers for Seniors.

1. Protective Life

Protective Life has been on the market for over a hundred years.

They have an amazing history of customer satisfaction, paying out claims, and securing affordable life insurance rates for seniors.

• Pros: They offer longer time frame options for seniors and have great pricing.
• Cons: They require a medical exam, and the full review of records takes time.

2. AIG

AIG life insurance has great financial strength and offers many different policy options.

We consider AIG to be one of the best life insurance options for seniors over 60.

• Pros: They can accept more pre-existing conditions and have great pricing.
• Cons: They require a medical exam, and the full review of records takes time.

3. Prudential

Prudential has made it a point to provide life insurance to all seniors, regardless of their medical conditions.

There are special underwriting policies offered for people who have survived cancer, have been using tobacco, or are diabetic.

• Pros: They can accept more conditions than other companies, and they can offer non-smoker rates for chewing tobacco users and cigar smokers.
• Cons: A health check is required and that can take more time.

4. Foresters

Foresters has great financial stability. They have many policy options, including term, whole, and universal life insurance policies.

• Pros: If you have a good health review, there is a possibility for no medical exam to be required.
• Cons: Depending on your age, they have limited amounts of coverage available.

5. Mutual of Omaha

Mutual of Omaha has high financial ratings. They provide insurance for people with disabilities, people with critical illnesses (for example, cancer, as well as heart and stroke problems), and people in long-term care facilities.

• Pros: They have a fast process and no medical exam option.
• Cons: They can be more costly per month.

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Term Life Insurance Rates for Seniors

The premium that you have to pay for a term life insurance policy varies according to your age and health.

Health complications that result from old age and long-term lifestyle choices like smoking also have a heavy impact on the cost of life insurance for elderly seniors and are considered high-risk life insurance. Life insurance for smokers falls in that category and can add even more to your monthly premiums.

All life insurance providers do not offer the same rates for people in the same risk profile, and therefore you need to compare multiple companies or work with an expert before deciding on the right provider.

The senior life insurance rates below may not be your rates. However, they serve as a guideline for what types of term life insurance rates seniors can expect.

To get a more accurate quote, fill out the form on this page and call one of our independent agents so we can compare over a dozen term life insurance companies for you.

Rates for Seniors Over 50

Depending on your exact age, life insurance for seniors over 50 options sometimes include 10, 20, and 30-year term life insurance plans.

Below are sample monthly term life insurance rates for a 50-year-old in great health. These rates are for $500,000 of coverage.

Term	Males	Females
10 Year	$51	$43
20 Year	$86	$62
30 Year	$159	$114

Rates for Seniors Over 60

Term life insurance for seniors over 60 often includes 10-year and 20-year term life insurance plans.

Below are some sample monthly rates for a term policy with $500,000 in coverage for a 60-year-old male or female in great health.

Term	Males	Females
10 Year	$117	$77
20 Year	$238	$182
30 Year	N/A	N/A

Rates for Seniors Over 70

Term life insurance for seniors over 70 generally becomes more limited than the previous age groups.

Most term life insurance policies only extend to age 75, with the ability to convert to a whole life policy at age 75. However, there are a few companies out there that offer term life insurance policies for people that cover up to age 85 and 95.

Here are some sample monthly term life insurance rates for a 70-year-old man and woman in excellent health, looking for $500,000 of coverage.

Term	Males	Females
10 Year	$418	$260
20 Year	$951	$797
30 Year	N/A	N/A

Rates for Seniors Over 80

Term life insurance for seniors over 80 is generally limited to 10-year term policies.

The sample monthly rates below are for an 80-year-old person in exceptional health purchasing $500,000 of coverage.

Term	Males	Females
10 Year	$1,738	$1,395
20 Year	N/A	N/A
30 Year	N/A	N/A

As you can see, traditional term life insurance quickly becomes very expensive very quickly as you get older. That’s why there are other types of life insurance available.

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Benefits Of Term Life Insurance For Seniors

Term life insurance is often an excellent option for seniors, but it’s not your only option.

Read: Our Guide on Different Types of Life Insurance

However, there are several pros to purchasing a term life insurance policy.

Term Life Insurance is Cost-effective

Term life insurance is very affordable compared to other forms of life insurance. You are able to secure a larger face amount (policy size) without breaking the bank.

Term Coverage Gives You Options

Term life insurance can be purchased for various lengths: 10, 15, 20, 25 or 30-year terms. This gives you more flexibility with your policy, and many term policies even give you the choice to convert to a whole life insurance policy (see below).

Note: Age limits exist for term lengths as discussed above.

Term Life Insurance Policies are Convertible

Many term life insurance policies can be converted into a permanent life insurance policy – with no paramedical exam or proving insurability – should you decide you need coverage to last your whole life.

Note: Restrictions do apply for when a conversion is allowed and restrictions vary by carrier.

You Can Purchase Policy Riders

Policy riders to your life insurance contract can provide additional benefits.

Common riders include:

Accelerated Death Benefit 

The option to accelerate a portion of your death benefit, should a qualifying need arise. Life insurance proceeds are typically doubled (or tripled) if a death occurs as a result of a qualifying accident.

Disability Waiver of Premium 

If a qualifying disability occurs, the option to waive premium payments and keep your policy in force.

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How to Choose the Best Term Life Insurance for Seniors

As a senior choosing a life insurance policy, you want to consider what your family’s financial needs will be in the event of your death.

These needs can include:

• Mortgage and other large loan debts.
• Credit card expenses.
• Necessary funds for beneficiaries to maintain their current lifestyle.
• Burial and funeral expenses.
• The legacy you want to leave your beneficiaries

Choosing the Right Coverage Amount

Below we’ll show you a few of the reasons seniors typically purchase term life insurance to help you understand what type of coverage you might need.

Some seniors only need $5,000 in coverage to help with final expenses, while others may want up to a $1 million policy to leave a legacy for their family.

Life Insurance to Cover Final Expenses

Once major debts have been taken care of by your death benefit, you want to also consider the expenses for funeral and burial. Funeral and burial costs in the United States range between $7,000 to $12,000.

That’s why having a plan to pay for burial expenses and purchasing burial insurance for seniors becomes even more important.

Consider the Living Expenses of Your Spouse or Dependents

Next, you want to take into mind how much money your spouse or dependents will require to be able to live comfortably in the absence of your income.

If you are both already retired and receiving income from pension or retirement plans, this shouldn’t be a problem. If you are still working, however, you should consider how much of your income they need in order to maintain their current lifestyle comfortably when choosing a policy.

Term Life Insurance Helps Other Family Members

Lastly, how much do you want to leave for your children, grandchildren, and other family members?

If you want to plan an estate and have real estate and other assets that you want to be protected in the event of your death, and want to be able to pass along to your family in a safe way, a whole life insurance policy may be a better option for you. Whole life insurance allows you to invest, establish a trust, and generally plan more for your beneficiaries in the event of your death.

Account for Your Other Financial Assets

Also, your current financial condition greatly impacts your decision.

Whole life insurance is more expensive than a term life insurance policy. Therefore, if you are following a tight budget, you might want to choose term life insurance.

Also, if you have other financial assets to leave your loved ones, you may not need as much coverage. Financial planning as a senior is very important and can get complicated so it’s often best to work with a professional.

Choosing the Length of Your Term Life Insurance Policy

A primary consideration for whether or not term life insurance will be a good fit for you is your age.

While each carrier is different and age limits are subject to change, the following is a general guideline for age cutoffs. The right side is the maximum term you can likely get for that age.

Age	Maximum Available Term
80 years old	10 year term
75 years old	15 year term
70 years old	20 year term
65 years old	25 year term
58 years old	30 year term

If you are on the younger end of this spectrum, you should consider how long you need coverage. A 60-year-old person with 2 younger kids and a spouse who does not work, may need a longer term than someone that same age with no dependents.

Note: As we get older, the cost of term life insurance will increase, just as it will for all forms of life insurance.

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Other Types of Life Insurance for Seniors

For seniors that cannot afford term life insurance or whole life insurance, there are still other options available.

Seniors generally have five life insurance options to analyze. Term is an excellent choice, but it’s worth taking a moment to view the other four options.

In addition to term, seniors can also purchase:

1. Whole Life Insurance

Permanent, or whole life insurance, does not expire, as long as you make your premium payments.

Key features include:

• More expensive than term life.
• Accumulates cash value.
• Underwriting process is similar to term life insurance.
• Not purchased by seniors often.

2. Guaranteed Universal Life Insurance (GUL)

Guaranteed universal life insurance is a branch between term and whole life insurance.

Key features include:

• Less expensive than whole life.
• More expensive than term life.
• Does not accumulate cash value.
• Technically term life insurance that’s designed to last longer than your life (i.e. policies typically last until after age 100).
• Regularly purchased by seniors.

3. Universal Life Insurance (UL)

Universal life insurance is a specific type of permanent life insurance.

Key features include:

• More expensive than term life.
• Accumulates a cash value that is directly connected to investments.
• Premium payments are not level and increase to maintain the integrity of the policy.
• Premium increases, should they happen, are connected to the policy’s investment performance.
• Death benefit is not level.
• Not purchased by seniors often.

4. Final Expense or Burial Insurance

Final expense, or burial insurance, is a form of permanent life insurance designed to cover end-of-life costs.

Key features include:

• Policies are modest in size (typically cap at $100,000).
• Typically purchased to cover medical bills and funeral costs.
• Accumulates cash value.
• Underwriting is simple – usually a basic health questionnaire.
• Regularly purchased by seniors.

Two other options that are less common are guaranteed acceptance life insurance and a non-traditional form of term life insurance called annual renewable term life insurance.

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How to Apply for Term Life Insurance for Seniors

There are many life insurance options out there on the market. You have to choose from dozens of companies, types of policies, and ways to purchase them.

As you get older, however, life insurance becomes more important, and your life insurance options become slimmer. So, finding the best term life insurance for seniors can often seem like a difficult task.

But it doesn’t have to be.

If you are a senior looking for affordable life insurance, we recommend you use our instant quote tool and give one of our independent life insurance agents a call. We work with some of the industry’s premier life insurance providers and help you find the best life insurance for your specific situation. All at no cost to you.

Our independent life insurance agents have helped 1000’s of other seniors secure affordable life insurance, and want to help find the best term life insurance policy for you!