Term Life Insurance For Seniors

See Rates, 4 Best Companies & How To Apply

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 more difficult to find as time goes on. Finding affordable term life insurance for seniors is even more difficult, especially for those with health complications.

Luckily, many insurance providers offer life insurance plans for seniors that can give financial support to your family in the event of your death at affordable rates.

Today, you’ll learn what you need to consider when choosing term life insurance as a senior. Then we’ll show you policy rates for men and women by age, the best term life insurance companies for seniors, and how to apply for term life insurance.

Quick Navigation

How to Choose the Best Term Life Insurance for Seniors
How Long are Term Life Policies for Seniors?
Benefits Of Term Life Insurance
Term Life Insurance Rates – Age 50, 60, 70, & 80
4 Best Term Life Insurance Companies for Seniors
Alternatives to Term Life Insurance
How to Apply for Term Life Insurance

Term Life Insurance for Seniors

Before we show you the rates and companies, we’ll show you exactly how you can choose the right type of term life insurance policy for seniors.

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 current lifestyle
  • Burial and funeral expenses
  • The legacy you want to leave your beneficiaries

Term 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. Believe it or not, funeral and burial costs in the United States range between $7,000 to $12,000 when everything is said and done!

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

Senior Term Coverage for Living Expenses

Next, you want to take into mind how much money your spouse 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, you should strongly consider how much of your income they need in order to maintain their current lifestyle comfortably.

Term Life Insurance to Help 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.

Consider Your Other Financial Assets

Also, your current financial condition greatly impacts your decision.

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

How Long are Term Life Insurance Policies for Seniors?

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.

  • 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

Note: As we get older, the cost of term life insurance will increase, just as it will for all forms of life insurance. Unsurprisingly, the cost of term life insurance for a 30 year old will be less than the cost for the same policy for a 70 year old.

Benefits Of Term Life Insurance For Seniors

Couple with Term Life Insurance for SeniorsTerm life insurance is often an excellent option for seniors, but it’s not your only option.

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

Term Life Insurance is Cost-effective

Term 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.

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 – without taking a 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

Provisions to your life insurance contract that provide additional benefits.

Common riders include:

Accelerated Death Benefit 

The option to accelerate a portion of your death benefit, should a qualifying need arise.

Accidental Death Benefit 

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.

Term Life Insurance Rates for Seniors

Term Life Insurance CostThe premium that you have to pay for a term life insurance policy varies according to your age and health.

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

For that reason, the senior life insurance rates we have listed may not necessarily fit your health profile. 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.

Term Life Insurance 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.

Here are some examples of term life insurance rates for a 50-year-old man and woman in great health.  Both are looking for $500,000 of coverage over 10, 20, and 30-year term policies.

Term Male Female
10 Year $42/mo. $35/mo.
20 Year $72/mo. $55/mo.
30 Year $125/mo. $97/mo.

Term Life Insurance Rates for Seniors Over 60

Term life insurance for seniors over 60 often includes 10-year and 20-year term life insurance plans.  As you can expect, the older you get, the more expensive your rates become.  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 seniors.

Here are some examples of term life insurance rates for a 60-year-old man and woman in great health.  Both are looking for $500,000 of coverage over 10, 20, and 30-year term policies.

Term Male Female
10 Year $113/mo. $76/mo.
20 Year $206/mo. $139/mo.
30 Year N/A N/A

Term Life Insurance Rates for Seniors Over 70

Term life insurance for seniors over 70 generally becomes more limited than the previous age groups.  This is because the older you get, the more likely you are to pass away.  It is a sad truth of the world.

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 examples of term life insurance rates for a 70-year-old man and woman in great health.  Both are looking for $500,000 of coverage over 10, 20, and 30-year term policies.

Term Male Female
10 Year $42/mo. $200/mo.
20 Year $72/mo. $532/mo.
30 Year N/A N/A

Term Life Insurance Rates for Seniors Over 80

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

Here are some examples of term life insurance rates for an 80-year-old man and woman in great health.  Both are looking for $500,000 of coverage over 10, 20, and 30-year term policies.

Term Male Female
10 Year $1,194/mo. $952/mo.
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.

The 4 Best Term Life Insurance Companies for Seniors

While there are many life insurance providers 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 4 Best Term Life Insurance Providers for Seniors:

Company J.D. Power Rating Customer Satisfaction
Protective Life 774 4.3 / 5
Banner Life N/A 4.2 / 5
Prudential 777 4.3 / 5
Transamerica 780 4.0 / 5

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. Protective Life offers a large selection of life insurance policies and also provides specific policies and riders such as Protect My Child and Survivorship Universal Life options.

2. Banner Life

Banner Life has a customer base of more than 70k clients and has been on the market for over 150 years. The insurance policies offered by Banner Life are considered to be affordable and convenient. Their term life insurance policies extend to provide coverage of up to $1,000,000.

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.

Prudential offers affordable rates and enjoys an A+ financial ranking by A.M. Best. Their term life insurance coverage can be up to $250,000, and the duration of the policy falls within 10-30 years. However, the policy must remain as is, i.e., you can’t convert into whole life insurance.

That’s a drawback for those who are looking to converting their term life insurance policy. There is also a terminal illness rider available for individuals that have received an unexpected diagnosis.

4. Transamerica

Transamerica offers life insurance policies for seniors over 70 years of age. The company is known for providing insurance for the elderly and is considered to be one of the best life insurance companies for seniors. Seniors that are above 70 years can qualify for some of the best rates if their blood pressure levels are maintained.

Moreover, the cholesterol level requirement for the life insurance policy by Transamerica is relatively flexible. Therefore, if you are thinking of getting life insurance for elderly parents, Transamerica is the first provider that you should check out. There is also a terminal illness rider in place, and the coverage of their term life insurance policies for seniors extends to up to $900,000.

Alternatives to Term 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 life insurance that does not expire, as long as you make your premium payments. Key features include:

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

2. Guaranteed Universal life insurance (GUL)

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 that your life (i.e. policies typically last until after age 100)
  • Regularly purchased by seniors

3. Universal life insurance (UL)

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

A form of permanent life insurance designed to cover end-of-life costs

  • 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.

If you are a senior looking for affordable life insurance, we recommend you give one of our independent life insurance agents a call today to speak about your life insurance options for free. We work with some of the industry’s premier life insurance providers and will help you find the best life insurance for your specific situation.

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.

We work with dozens of the best life insurance providers on the market to help people find the best life insurance rates and coverage for their specific situation.

Our independent life insurance agents are ready and willing to help you find the best life insurance policy for your specific situation by understanding your financial goals. We’ve helped 1000’s of other seniors secure affordable life insurance, and want to help you too.

Give us a call today to work with an expert for free and find the best term life insurance for you!

Compare Term Life Insurance Rates for Seniors

Quick and Easy Comparisons

 

Spectrum Insurance Group logo

Spectrum Insurance Group is made up of life insurance agents who are licensed in all 50 states and the District of Columbia. Spectrum Insurance Group has helped 1000’s of consumers purchase life insurance online & over the phone.

All content on this site has been written by life insurance experts & licensed life insurance agents.