Life insurance needs often shrink as you get older, but they don’t always disappear. You might have business obligations, people who rely on you financially, or a mortgage you’re paying off.
Still, not every older adult needs a policy. If you’re debt-free, no one relies on your income, and you’ve already saved enough for funeral costs, buying life insurance could create another monthly bill you don’t really need. Here’s what to know when shopping for policies.
How life insurance rates and eligibility change with age
Age is one of the biggest factors insurers use to set life insurance rates. The older you are, the more likely the company is to pay out a claim — so your premium will reflect that risk.
Prices tend to get especially steep once you’re in your late 60s or 70s. Your policy options can also start to dwindle.
Older applicants can also face lower coverage limits, stricter underwriting, and fewer no-exam options. Pacific Life’s accelerated underwriting program, for example, is limited to qualifying applicants ages 18 to 60, even though its term policy is available to some applicants through age 80.
Term life insurance for seniors
Term life insurance covers you for a set period, such as 10, 20, or 30 years. If you die while the policy is active, the insurer pays the death benefit to your beneficiaries. If you outlive the term, the coverage ends without a payout unless you renew or convert the policy.
Most term policies have a level premium during the initial term, so once you buy your policy, your bill won’t increase each year.
Some policies also let you convert your term coverage into permanent insurance without taking another medical exam. That could be useful if your health declines, but you’ll want to pay attention to the policy’s conversion deadline and make sure there are no maximum age provisions.
A term life policy is usually the cheapest way to buy a meaningful amount of coverage, even when you’re older.
However, all term life insurance options may not be available once you hit a certain age. A healthy 60-year-old might still qualify for a 20-year term policy, but someone who’s over 75 may be limited to a 10-year policy — and even that could be expensive.
Whole life insurance for seniors
Whole life insurance is a form of permanent insurance that’s designed to last for the rest of your life as long as you keep paying the premiums.
It generally includes a fixed death benefit, level premiums, and a cash-value account that grows over time.
While most people tend to buy whole life insurance in the 35-54 age bracket, people age 55 and older still accounted for 33% of new policies sold, according to 2024 data from LIMRA, an insurance industry trade group.
The big downside is cost. Whole life insurance is significantly more expensive than term coverage — think six to ten times more than a comparable term life policy — and those costs only escalate when you buy later in life.
Guaranteed issue and no-medical-exam options
Underwriting is the process of assessing your health to determine if you qualify for coverage and, if you’re approved, your premium cost. Health issues increase with age, so underwriting can be a huge barrier if you’re older.
Some insurance companies offer what’s known as no-exam policies, but “no medical exam” doesn’t necessarily mean the insurer won’t look into your health.
An accelerated underwriting policy might skip the full exam, but it still pulls information from your health records, and it’s rarely available to people over the age of 70.
Guaranteed issue life insurance is different. It generally doesn’t require a medical exam or health questions.
“No-exam policies are priced on the assumption that many applicants wouldn’t qualify if they had to go through medical underwriting, so such policies are more appealing to people who couldn’t otherwise qualify than they are to people in good health,” said Scott Witt, a fee-only insurance advisor and actuary at Witt Actuarial Services in New Berlin, Wis.
But these policies have important downsides. Death benefits are usually small, premiums are high for the amount of coverage you get, and the policy may include a graded death benefit.
During a graded period — usually the first two or three years of your policy — the insurer generally won’t pay the full death benefit if you die from natural causes. Instead, your beneficiary will likely receive a refund of the premiums you paid, plus interest.
Burial and final expense insurance
Burial insurance, also called final expense insurance, is usually a small whole life policy designed to help pay for a funeral and medical bills left behind after death.
Coverage amounts are modest (think $20,000 or less), and the application process usually involves simplified underwriting or no health questions at all.
Despite the name, the payout from a final expense insurance policy doesn’t have to be spent on a funeral — your beneficiary can use the money for anything, just like any other life insurance policy.
“But consumers need to understand that policies such as this are generally not a good deal in terms of potential benefits relative to the premiums paid,” said Witt. In fact, because death benefits are so low, you could end up paying more in premiums than the policy is actually worth.
“This is definitely a ‘buyer beware’ type of situation because the combination of agent pressure and overpriced benefits can lead to inappropriate sales,” said Witt.
If you’re relatively healthy, it pays to check whether you qualify for a fully underwritten policy with a larger death benefit and a lower cost per $1,000 of coverage. “Consumers should slow down and compare multiple quotes and consider whether this kind of coverage is appropriate at all,” said Witt.
Cost of life insurance for seniors
The following sample monthly rates are for a healthy, preferred nonsmoking applicant buying a $250,000, 10-year level term policy.
Sample life insurance rates by age
Sample monthly rates as of March 9, 2026. from Choice Mutual, an independent insurance agency specializing in senior coverage.
The price jump is hard to miss. Sample premiums are nearly six times more expensive at age 75 than at age 60 for both men and women.
Keep in mind these are only sample rates. Your actual cost might be much higher if you smoke or have health problems. Permanent life insurance policies also tend to cost more than a fully underwritten term policy.
9 factors that impact life insurance premiums for seniors
Age is usually the biggest factor impacting your premium, but it’s not the only one. Two 70-year-old applicants could receive very different quotes based on their health, gender, and the specific terms of the policy.
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Gender: Women generally pay less than men because they have a longer average life expectancy.
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Health conditions: Heart disease, cancer, diabetes, uncontrolled high blood pressure, and other chronic health issues can jack up your rate or lead to a flat-out denial.
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Height and weight: If your weight falls outside an insurer’s preferred BMI range, you can get put into a more expensive health classification.
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Tobacco and nicotine use: Smokers often pay two to three times more than nonsmokers.
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Medical records: Recent hospitalizations or abnormal test results can increase rates or delay a decision.
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Family health history: If one or more close relatives died at a relatively young age or there’s a family history of cancer or other serious health issues, you might not get the best rate.
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Driving history: DUIs, reckless driving, and serious traffic violations can raise your premium.
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Lifestyle: Risky hobbies, hazardous jobs, and a history of substance abuse can impact your eligibility or rate.
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Coverage amount and policy type: A larger death benefit costs more than a smaller one, while whole life and other permanent policies usually cost more than term insurance.
Comparing life insurance providers for seniors
There isn’t one specific life insurance company that’s cheapest or best for everyone over 60. Rates, age limits, and health requirements vary widely from one insurer to another.
The following companies aren’t a definitive ranking, but instead show a few different paths you might take, such as traditional term coverage or a guaranteed-issue whole life policy. Always compare quotes and policy terms from several insurers before buying coverage.
Pacific Life
Pacific Life has been around since 1868 and offers term life insurance along with several types of permanent coverage. They’re worth considering if you’re relatively healthy and want more than a small burial policy.
The company’s PL Promise Term policy accepts some applicants through age 80 and has a minimum death benefit of $50,000, though the exact amount of coverage is subject to age and underwriting. The policy also includes a conversion option so that you can switch to permanent coverage down the road without another medical exam.
Protective
Protective was founded in 1907 and sells term, universal, and variable universal life insurance policies.
Its Classic Choice Term policy offers 10-year coverage through issue age 80, 15-year coverage through age 75, and 20-year coverage through age 70, with a minimum death benefit of $100,000.
Protective also offers term conversion options, though the deadline and available permanent policies depend on the details in your specific contract.
Mutual of Omaha
Mutual of Omaha was founded in 1909, and it offers term, whole, and universal life insurance.
The company is known for its guaranteed whole life insurance, which might be worth considering if you have serious medical conditions and can’t qualify for traditional coverage.
Its guaranteed whole life policy is available to applicants ages 45 to 85 in most states, though age and product rules differ in New York. It doesn’t require an exam or health questions, and premiums are fixed. Coverage ranges from $2,000 to $25,000 in most states.
The policy includes a two-year graded death benefit, so if you die from natural causes during that period, your beneficiary will only receive the premiums paid plus 10% rather than the full death benefit amount. However, accidental death is covered in full from day one.
How to choose the right policy for you
Before you start comparing companies, figure out whether you actually need life insurance.
If no one depends on your income and you’ve already set aside enough money for final expenses, paying expensive premiums might not be worth it.
If you do need coverage, start with the problem you’re trying to solve. If you want money set aside so your spouse can finish paying off the mortgage, a term life policy makes the most sense. But if you want to provide for a lifelong dependent or leave an inheritance, then permanent life coverage is likely a better fit.
How much the policy costs per month is another crucial consideration, especially in retirement. A premium that feels manageable at 60 when you’re still working could become a financial burden at 80 if you’re living on a fixed income or your spouse dies. And if your policy lapses after you’ve paid premiums for years, you could be left with little or nothing to show for it.
Older buyers should pay close attention to both graded death benefits and maximum renewal ages. A graded benefit could reduce the payout if you die during the policy’s first few years, while a maximum renewal age could leave you with few options if you want to extend your coverage later.
How to apply and what to expect during underwriting
A life insurance application will usually ask about your health, medications, tobacco use, driving history, occupation, and finances. You’ll also name your beneficiaries and choose a death benefit.
With traditional underwriting, you’ll likely need to complete a short medical exam, and the insurance company might also request records from your doctors. Be patient — it can take several weeks for the insurer to request and review your records before making a decision.
Accelerated underwriting may still be an option for some applicants in their late 50s or around age 60, but people in their 70s shouldn’t count on it. LIMRA reports that about 90% of accelerated underwriting programs set a maximum eligibility age of 60 or younger.
Simplified-issue and guaranteed-issue policies are usually faster, but they often come with smaller death benefits, higher premiums, or both. The average death benefit amount for simplified-issue policies was $15,344 in 2025, according to LIMRA, while guaranteed-issue policies carried an average face amount of $11,299.
While many so-called no-exam policies are marketed to older people, don’t assume that’s your only option — or the cheapest one. If you’re in reasonably good health, going through full underwriting could get you more coverage for your money.
Remember, the quote you receive at the beginning of the application process isn’t final. After reviewing your information, the insurer may approve the quoted rate, charge more, offer less coverage, or deny it outright.
Life insurance for seniors FAQs
Do seniors need life insurance?
While many people’s need for life insurance decreases as they get older, that’s not always the case. If your household budget relies on two Social Security checks and your spouse is unlikely to qualify for survivor benefits, a life insurance policy can help fill that gap. Coverage can also make sense when an adult child with disabilities still needs support or most of your net worth is tied up in a house or business that heirs shouldn’t have to sell to free up cash.
For plenty of retirees, though, the original reason for carrying insurance tends to decline over time. Your kids are grown, the house is mostly or fully paid off, and you’ve built a sizable nest egg. But if your death would leave a hole in someone else’s finances, coverage can still be worthwhile.
How much does life insurance cost for seniors?
The cost varies widely based on your age and other factors, but in the sample table, a healthy 60-year-old woman pays about $39 per month for a $250,000, 10-year term policy. At 75, the sample premium rises to $224. For men, the sample rate rises from about $58 at age 60 to $329 at age 75.
Can you get life insurance after age 70 or 80?
You can still buy life insurance in your 70s, especially if you’re healthy enough to qualify through medical underwriting. However, longer terms disappear quickly: Many insurers stop offering 20-year policies around age 70. After 75, getting approved can become much more difficult.
By the time you hit 80, you’re near the cutoff for traditional term insurance at many companies, and you might need to explore whole life or final expense coverage instead, usually with a smaller death benefit.
