Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She is a wife, mom, and former school teacher, specializing in helping families. As parents, it's our responsibility to ensure our family is financially sound, regardless of what life brings. Her goal is to make the process of obtaining life insurance as simp...

Full Bio →

Written by

Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

Full Bio →

Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Nov 17, 2020

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

There are many things you need to know about senior life insurance. We will explain the different types available and some common mistakes that are made when choosing the type that is right for you.

If you have loved ones who would suffer financially should you pass away, you need a life insurance policy that is in force. Seniors buy life insurance for this very reason.

One of the first things that seniors need to decide is what type of life insurance they need. Does term life insurance, whole life insurance, or final expense insurance work best?

Here is the ultimate truth about life insurance: the only policy that matters is the one that is in force on the day you die. – Tom Hegna, economist, author, retirement expert

There are seven top mistakes seniors need to avoid before applying for a life insurance policyKeep reading to discover these mistakes and how you can avoid them.

When you’re ready to apply, you can be confident that you’re purchasing the best policy you qualify for at the most affordable price.

Enter your ZIP now to compare life insurance quotes for seniors today.

Types Of Life Insurance For Seniors

There are many different types of life insurance out there for seniors. Keep reading to find out about them and discover which type is right for you.

This table explains the differences between the five types of life insurance for seniors.

Five Types of Senior Life Insurance
TypeSpecifics
TermPays a benefit for a specific amount of time.
Guaranteed UniversalA hybrid between term life insurance. Usually, it does not accumulate cash value.
WholePays a benefit for the rest of your life and accumulates cash value.
UniversalBenefits last your whole life and policy accumulates cash value. Cash value is tied to investments.
Final ExpenseDesigned to pay for end-of-life expenses including medical and funeral bills.
Get Your Rates Quote Now
Compare RatesStart Now →

Compare quotes to find the most affordable coverage that fits your needs.

Is life insurance available for seniors?

Yes, most life insurance options are available for people into their 80s. Although some types of life insurance may become more expensive or unavailable as you age, there is life insurance out there for seniors.

What is term life?

As the name implies, term life insurance provides a benefit for a specific amount of time. Contrary to popular belief, term life insurance is purchased by seniors regularly.

What are the important considerations?

  • How old are you? At some point, your age can disqualify you from purchasing term life. Each life insurance company is different, but generally, age limits look like this:
    • 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
    • Unsurprisingly, term life insurance rates increase with age.
  • How is your health? Less than perfect health means higher rates or a possible decline. As we age, it’s common to develop chronic health conditions including:
    • hypertension
    • diabetes
    • cardiovascular disease
    • anxiety

What’s the bottom line?

Your age and health are two main components to securing life insurance. It’s possible you will need to complete a paramedical exam that often includes an EKG.  Typically after age 70, many companies will include a cognitive and physical function test.

Here’s one more thing to think about.

There are no exam (simplified issue) term life insurance options for seniors, too. At up to age 65, healthy seniors may be able to purchase a moderate amount of term life insurance (up to $500,000).

From ages 66–80, healthy seniors may have the option to purchase a modest no exam policy of up to $99,000.

What is guaranteed universal life insurance?

Think of guaranteed universal life insurance (GUL) as a bridge between term and whole life insurance. GUL is regularly recommended to seniors because it has some of the appealing aspects found in both term and whole life insurance.

What are the key features?

  • More affordable than whole life insurance
  • Tends to be more expensive than traditional term life insurance
  • GUL is technically not considered permanent life insurance because you select the length of the policy
    • However, the policy length is expected to outlast your life
  • Many GUL policies do not accumulate significant cash value
  • Rates can be level for a lifetime
    • Rates are not tied to investment volatility or interest rates
  • GUL is often used for:
    • Minimizing estate taxes
    • Providing a legacy to a beneficiary
    • Financing end of life expenses
  • The underwriting process is often the same as a term life insurance application

So, what’s the bottom line?

Guaranteed Universal life insurance is commonly purchased by seniors. Level rates, a policy term that outlasts your life, and the ability to leave a legacy to your beneficiaries are primary reasons many seniors select a GUL.

What is whole life insurance?

Whole life insurance provides a death benefit for the rest of your life and also accumulates a cash value. Unlike term life insurance, whole life insurance remains in force as long as you pay your rates. Additionally, your rates remain the same amount for the life of the policy.

What is a cash value?

Cash values, which accumulate on a tax-deferred basis just like assets in most retirement and tuition savings plans, can be used in the future for any purpose you wish.  – Permanent Insurance, Life Happens, a nonprofit life insurance awareness organization

What are the main characteristics of Whole Life?

  • Not common for seniors to purchase, however, can make sense in some instances:
    • A desire to leave a specific amount to a beneficiary (i.e. family member, university, or charity)
    • Utilize the policy loan option
    • As a strategy to minimize estate taxes
  • Policy lasts a lifetime
  • Rates are more expensive than term life insurance
  • Accumulates cash value
    • Ability to take policy loans and withdrawals from the cash value.
  • Underwriting guidelines are similar to term life insurance for seniors
    • Usually, the cutoff age for purchasing whole life is 75-80 years old
    • Your age and health factor into whether or not you qualify for whole life insurance

What’s the bottom line?

Whole life insurance isn’t purchased by seniors all the time, but it can make sense in certain circumstances. Underwriting is similar to term life insurance.

What is universal life insurance?

Universal life insurance (UL) lasts a lifetime. The name implies that it’s similar to a GUL. However, there are some key differences and universal life insurance is usually not purchased by seniors.

What are the specifics?

  • Universal life insurance is considered a form of permanent life insurance as it lasts a lifetime
  • UL does have a cash value component
    • Cash value is directly linked to the policy’s investment performance
    • Ability to take policy loans against the cash value of the policy
  • Designed to provide flexibility in your policy:
    • Payments must be made to cover the cost of the policy
    • Additional payments can be made to the savings component of the policy
  • The volatility of its investments directly affects the policy
    • In other words, there is no guarantee of investment earnings
    • Depending on the policy’s performance, payments may need to be increased to maintain the policy
  • Death benefit is adjustable
  • Underwriting guidelines for UL are usually the same as a term life insurance application

Seniors do not usually buy universal life insurance. The policy does last a lifetime and provides flexibility, however, there are risks associated with the structure of the policy.

What is final expense life insurance?

Final expense (FE) life insurance makes all the sense in the world for seniors under certain circumstances. Aptly named, final expense works well for those seeking funds to cover end-of-life financial needs.

What you need to know:

  • Final expense or burial insurance is permanent life insurance and lasts a lifetime.
  • FE secures funds for end-of-life costs:
    • Funeral and burial expenses
    • Medical bills
  • Policies amounts typically range between $50,000 – $100,000
  • Often FE policies can grow a cash value, meaning that you can access funds during the life of the policy (policy loans)
  • Underwriting for Final Expense is different than standard term life insurance:
    • Approval can be instant after you pass the health questionnaire

Final Expense is a popular life insurance option for seniors. While the policy amounts are modest compared to other life insurance options, it may be the right amount of life insurance needed for your family.

Further, the underwriting process is more lenient, and instant approval is possible.

Senior life insurance reviews will help you determine the correct life insurance for you.  This table is an easy way to compare the different types of life insurance out there.

Features of Life Insurance Policies for Seniors
Type of Life InsuranceCash ValuePermanent Life InsuranceLevel RatesLarger Policy Size OptionLenient Underwriting
TermXX
Guaranteed UniversalXXX
WholeXXXX
UniversalXXX
Final ExpenseXXXX
Get Your Rates Quote Now
Compare RatesStart Now →

You need to compare the features of each type of life insurance to see what’s right for you.

Who has the best life insurance for seniors?

There is not a one size fits all answer to has the best life insurance for seniors.

Many factors like the condition of your health will determine which company will offer your coverage and the rate you will be charged.

Shopping around for life insurance is very important, especially for seniors. Not every company will offer the same coverage at the same price. So even if one company won’t insure you or will insure you at a very high rate, another company may offer you much cheaper coverage.

Enter your ZIP code below to compare cheap life insurance rates.

 Secured with SHA-256 Encryption

Mistakes To Avoid For Life Insurance For Seniors

There are 7 top mistakes seniors need to avoid in order to buy the best life insurance they qualify for.

This table breaks them down for you.

Seven Mistakes to Avoid for Senior Life Insurance
What to be Aware ofMistake
Policy TypeYou neglect to analyze the different types of life insurance
Face AmountYour policy size does not meet your financial needs
BeneficiariesYour beneficiaries are not properly established
Contract PartiesThe parties to your contract are not carefully considered
RidersYou did not evaluate available riders to see if they make sense
No ExamNo medical exam life insurance options are ignored
Buy from CompanyYou opt to purchase a policy directly from a life insurance company
Compare RatesStart Now →

Let’s uncover these mistakes and find out what to do instead.

Mistake #1: You do not analyze the types of life insurance

Seniors have a number of options for a life insurance purchase.

If you neglect to evaluate the different types of life insurance, you run the risk of buying a policy that does not fit your needs.

For example, if your life insurance requirements are only temporary, avoid higher rates by purchasing a term life insurance policy.

What should you do instead?

You will want to review the different types of life insurance available to you. That way, you are protecting those you care about most with the type of life insurance that makes sense for you.

In this article, we will define and review the main types of life insurance available to senior citizens:

  1. Term
  2. Guaranteed Universal
  3. Whole
  4. Universal
  5. Final Expense

Insurance is not one size fits all. Learn what type of life insurance is best for you.

Mistake #2: Your face amount does not match your financial needs

The face amount of your policy is also known as the death benefit your beneficiaries receive.

In addition to the face amount, permanent policies (like Whole, Universal, Final Expense) also have a cash value component.

Life insurance is not for you. You purchase life insurance to financially protect your loved ones.

If your policy is not for the right amount, especially if it’s too small, those you care about most may be left in a tough spot financially.

What should you do instead?

Conduct a needs analysis, as elderly individuals have unique life insurance needs. An independent agent can help you with this.

Grab a pencil and some paper and calculate the following:

  1. Annual income
  2. Current financial obligations. (e.g. mortgage, debts, bills, personal loans)
  3. Future financial obligations plans. (e.g. charitable giving, college tuition for loved ones)

At the end of the day, your policy should cover the financial loss your loved ones would experience should you pass away.

Some life insurance is better than no life insurance. Even if you are unable to purchase a face amount that meets all of your financial needs, a modest policy (such as final expense) will provide some financial relief.

Free Life Insurance Comparison

Enter your ZIP code below to compare cheap life insurance rates.

 Secured with SHA-256 Encryption

Mistake #3: Your beneficiaries are not properly established

If your policy does not appropriately list who you want your death benefit to go to, there is a chance your life insurance payout will not reach the people you want it to.

Instead, your death benefit may be directed to your estate (think taxes and time-consuming process).

This can easily happen to seniors.

What should you do instead?

Plan to do three things, thoughtfully:

  1. List your primary beneficiaries. A primary beneficiary is first-in-line to receive the death benefit. (e.g. spouse)
  2. Select a contingent beneficiary. It’s possible your primary beneficiary will be unable to receive your death benefit. Establish second-in-line beneficiaries. (e.g. children)
  3. Consider a tertiary beneficiary. Some policy owners opt to list tertiary beneficiaries, who are third-in-line to receive the death benefit. (e.g. grandchildren)

There are some situations in which contingent and tertiary beneficiaries are unnecessary. For example, sometimes seniors establish an Irrevocable Life Insurance Trust (ILIT).

Revisit your policy regularly. Especially if a major change has happened in your life (marriage, divorce, birth, death), be sure to verify your policy’s beneficiaries are updated as needed.

Mistake #4: You do not consider the parties to your life insurance contract

If there are multiple people involved in the purchase of your policy, and there often is for seniors, you will want a firm understanding of the different parties to a life insurance contract.

Sometimes, seniors will finalize a life insurance purchase before understanding the main parties (and their roles) to a policy.

What should you do instead?

Familiarize yourself with a life insurance contract’s primary parties so that you know how you want your policy to look. This is especially important if someone else would like to own and make the payments on your life insurance.

Life insurance policy parties:

  1. Insured – the person whose life is insured
  2. Policy Owner – the person (or entity) who owns the contract and is responsible for making payments
  3. Beneficiary- the recipient of the death benefit should the insured die

Knowing the parties in your contract will help you have a better understanding of the contract.

[Imperative] Mistake #5: You do not evaluate riders

Often overlooked, life insurance riders are additional benefits to your life insurance contract. Seniors regularly secure a life insurance policy without considering what riders are available on the policy.

As an example, if you are diagnosed with a serious illness, not having the proper rider in place can be devastating financially.

6 in 10 adults in the United States have a chronic disease. – Centers for Disease Control and Prevention

Ignoring riders means potentially forgoing the opportunity to utilize funds during a time when you might need it most.

What should you do instead?

When evaluating which life insurance company to apply with, be sure to look at the specific policies included (and available) riders.

For instance, the most commonly used rider is the Accelerated Death Benefit. It gives you the option to accelerate a portion of your death benefit if you are diagnosed with a qualifying chronic, critical, or terminal illness.

Additionally, other common riders for seniors to consider are

  • Children’s Term – option to provide life insurance for a child (or grandchild) on your policy
  • Waiver of Rate – ability to waive payments under certain circumstances, like disability
  • Accidental Death- your death benefit increases (typically doubles) should you die as the result of a qualifying accident

Make sure you read all of the riders on your policy.

Mistake #6: You ignore options for no exam life insurance for seniors

No medical exam life insurance for seniors is regularly an excellent option.

Sometimes, seniors unwittingly sign themselves up for a physical exam when it’s in their best interest to skip it.

What should you do instead?

Know your no medical exam options.

There are three situations in which we recommend seniors opt for a no exam life insurance policy:

  1. You can’t stand the thought of needles, nurses, or liquid samples (or you’d rather bypass the inconvenience)
  2. It has been a couple of years since your last check-up. Something concerning could pop up in your labwork that you are unaware of (e.g. elevated blood sugar)
  3. Your best life insurance option is a policy that never includes a medical exam (e.g. final expense is always no exam)

It’s important to know if you need a medical exam so that you can skip it if possible.

Mistake #7: You buy life insurance directly from a company

Occasionally, seniors will apply for life insurance directly with a company.

We advise against this.

If you submit an application directly to a life insurance company, you run the risk of not securing the best policy or the best rates.

What should you do instead?

Partner with an independent life insurance agent.

It is in the best interest of elderly individuals to analyze multiple quotes from multiple companies.

Your unique situation – age, health status, financial obligations, desired riders – will determine the ideal company to apply with. Each company is different and seniors will want to collaborate with an agent acting as an advocate for their needs.

Free Life Insurance Comparison

Enter your ZIP code below to compare cheap life insurance rates.

 Secured with SHA-256 Encryption

Life Insurance Quotes For Seniors

To get a general idea of cost, we have provided life insurance quotes for seniors from age 60 to over 80 years old. In general, the older a person is, the more they will pay for life insurance.

Quotes include term, guaranteed universal, whole, and final expense. That way, you can have a comprehensive understanding of approximately how much different types of life insurance might cost you.

There are a couple of things to keep in mind. Term life insurance quotes are for a 10-year term. And, quotes are based on healthy individuals, although final expense underwriting is very lenient and health conditions are not as much of a concern.

What are the life insurance rates for seniors over 60?

These tables will show you the rates for different types of life insurance if you are 60-69 years old.

First, we have term life insurance for men over 60 years old.

Average Monthly Senior Term Life Insurance Rates For Men Over 60
Age of InsuredAverage Monthly Life Insurance Rates for a $50,000 PolicyAverage Monthly Life Insurance Rates for a $100,000 PolicyAverage Monthly Life Insurance Rates for a $250,000 Policy
60 Year Old$23.23$28.39$60.16
61 Year Old$24.70$32.64$65.19
62 Year Old$26.47$36.84$72.41
63 Year Old$28.66$38.68$80.94
64 Year Old$31.35$40.51$91.00
65 Year Old$34.68$42.35$96.69
66 Year Old$36.58$54.34$116.38
67 Year Old$38.85$63.79$129.06
68 Year Old$40.85$69.21$144.38
69 Year Old$43.15$73.41$158.34
Compare RatesStart Now →

You can see that the difference between coverages is not huge, so it will just depend on the coverage you need.

Average Senior Term Life Insurance Rates for Women Over 60
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
60 Year Old$17.53$23.26$42.14
61 Year Old$18.37$24.92$46.23
62 Year Old$19.41$26.73$51.19
63 Year Old$20.72$28.74$55.34
64 Year Old$22.35$30.90$60.59
65 Year Old$24.39$33.43$67.38
66 Year Old$26.90$37.35$73.50
67 Year Old$29.83$42.50$80.72
68 Year Old$31.32$44.98$88.77
69 Year Old$33.19$49.26$97.79
Compare RatesStart Now →

Term life insurance for women over 60 is slightly lower than the rates for men.

Next, let’s look at quotes for universal life insurance for men over 60.

Average Senior Guaranteed Universal Life Insurance Rates For Men Over 60
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
60 Year Old$118.47$166.88$383.42
61 Year Old$125.64$176.13$409.45
62 Year Old$133.21$186.70$435.65
63 Year Old$141.47$197.07$461.01
64 Year Old$149.91$208.21$488.25
65 Year Old$158.77$219.39$519.77
66 Year Old$168.92$234.49$555.87
67 Year Old$179.72$251.01$594.15
68 Year Old$191.68$267.39$626.74
69 Year Old$204.13$285.02$661.68
Compare RatesStart Now →

Now, for the universal life insurance quotes for women over 60.

Average Senior Guaranteed Universal Life Insurance Rates For Women Over 60
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
60 Year Old$105.24$142.16$323.68
61 Year Old$111.28$150.47$342.91
62 Year Old$118.21$159.17$363.07
63 Year Old$125.12$168.34$384.32
64 Year Old$132.45$177.89$406.43
65 Year Old$140.43$187.81$429.48
66 Year Old$149.57$199.83$458.66
67 Year Old$159.23$213.00$490.70
68 Year Old$169.80$227.32$525.58
69 Year Old$182.23$242.62$563.08
Compare RatesStart Now →

Again, the cost for women is less than for men in the same age range.

Next up is quotes for whole life insurance for men over 60.

Average Senior Whole Life Insurance Rates For Men Over 60
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
60 Year Old$173.64$324.71$802.33
61 Year Old$183.71$343.96$837.59
62 Year Old$193.73$360.96$876.74
63 Year Old$203.79$377.75$919.37
64 Year Old$213.81$396.70$966.57
65 Year Old$223.87$416.64$1019.21
66 Year Old$240.23$438.92$1076.63
67 Year Old$256.59$462.67$1138.40
68 Year Old$272.96$488.33$1205.17
69 Year Old$289.32$516.26$1278.47
Compare RatesStart Now →

Let’s look at the rates for women over 60 for whole life insurance.

Average Senior Whole Life Insurance Rates For Women Over 60
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
60 Year Old$158.07$279.62$670.55
61 Year Old$166.95$291.62$700.57
62 Year Old$175.88$304.50$733.19
63 Year Old$184.76$318.33$768.86
64 Year Old$193.68$333.47$808.01
65 Year Old$202.56$350.09$850.64
66 Year Old$217.57$367.75$895.88
67 Year Old$232.53$386.28$943.30
68 Year Old$247.49$406.29$994.85
69 Year Old$262.46$428.48$1052.27
Compare RatesStart Now →

Lastly, we will look at quotes for final expense life insurance for men over 60.

Average Senior Final Expense Life Insurance Rates For Men Over 60
Age of InsuredAverage Rates for a $10,000 PolicyAverage Rates for a $25,000 PolicyAverage Rates for a $50,000 Policy
60 Year Old$35.79$85.66$181.40
61 Year Old$37.63$90.25$192.27
62 Year Old$39.47$94.84$198.31
63 Year Old$42.19$101.66$207.15
64 Year Old$44.93$108.50$216.96
65 Year Old$47.35$115.18$228.23
66 Year Old$49.87$121.49$240.85
67 Year Old$52.61$128.33$254.53
68 Year Old$55.59$135.70$269.45
69 Year Old$58.50$142.42$285.56
Compare RatesStart Now →

These numbers are for women over 60 looking for final expense life insurance.

Average Senior Final Expense Life Insurance Rates For Women Over 60
Age of InsuredAverage Rates for a $10,000 PolicyAverage Rates for a $25,000 PolicyAverage Rates for a $50,000 Policy
60 Year Old$28.02$66.22$159.69
61 Year Old$29.37$69.59$166.61
62 Year Old$30.72$72.97$173.83
63 Year Old$32.22$76.73$180.48
64 Year Old$33.93$81.01$187.44
65 Year Old$35.65$85.30$194.84
66 Year Old$37.36$89.57$202.14
67 Year Old$39.07$93.86$209.80
68 Year Old$40.94$98.54$220.20
69 Year Old$42.81$103.21$232.03
Compare RatesStart Now →

In all of the cases, insurance is cheaper for women than for men. Term life is the cheapest choice for seniors over 60.

What are the life insurance rates for seniors over 70?

This set of tables will show the sample quotes of different types of life insurance for men and women over 70.

Let’s start with term life insurance quotes for men over 70.

Average Senior Term Life Insurance Rates For Men Over 70
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
70 Year Old$51.07$79.36$178.06
71 Year Old$57.03$97.78$207.87
72 Year Old$63.95$109.31$236.73
73 Year Old$71.99$121.19$268.68
74 Year Old$81.52$127.49$301.32
75 Year Old$92.74$133.79$325.28
76 Year Old$147.41$155.75$380.19
77 Year Old$176.53$177.71$435.09
78 Year Old$211.60$199.68$490.00
79 Year Old$253.86$221.64$544.91
80 Year Old$304.76$243.60$599.81
Compare RatesStart Now →

You can see that men over 70 will pay significantly more than men in the 60-year-old range.

Average Senior Term Life Insurance Rates For Women Over 70
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
70 Year Old$39.06$55.48$107.62
71 Year Old$43.33$66.18$128.89
72 Year Old$48.20$74.80$151.19
73 Year Old$53.90$85.10$179.74
74 Year Old$60.51$90.74$198.99
75 Year Old$70.07$96.25$217.73
76 Year Old$106.53$115.85$280.44
77 Year Old$131.78$135.45$329.44
78 Year Old$163.31$155.05$378.44
79 Year Old$202.69$175.53$429.63
80 Year Old$250.69$195.21$478.84
Compare RatesStart Now →

Women over 70 will still pay quite a bit less than their male counterparts.

Now, we will look at universal life insurance quotes for men over 70.

Average Senior Guaranteed Universal Life Insurance Rates For Men Over 70
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
70 Year Old$216.95$304.39$699.94
71 Year Old$234.04$328.26$747.08
72 Year Old$253.63$354.70$802.73
73 Year Old$275.68$378.03$866.33
74 Year Old$297.98$408.70$929.73
75 Year Old$321.56$446.71$997.42
76 Year Old$359.06$483.55$1124.03
77 Year Old$395.97$524.08$1219.45
78 Year Old$434.53$566.45$1319.19
79 Year Old$468.96$610.36$1422.51
80 Year Old$502.34$661.61$1543.05
Compare RatesStart Now →

Men over 70 will pay more than double for universal life insurance than men in their 60’s.

Average Senior Guaranteed Universal Life Insurance Rates For Women Over 70
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
70 Year Old$194.81$259.12$603.26
71 Year Old$213.76$279.01$648.61
72 Year Old$233.53$300.09$696.51
73 Year Old$254.98$322.35$746.95
74 Year Old$278.71$346.48$801.52
75 Year Old$304.02$371.99$858.97
76 Year Old$329.58$401.40$928.01
77 Year Old$357.33$433.11$1002.45
78 Year Old$387.41$466.77$1081.55
79 Year Old$416.37$502.66$1165.88
80 Year Old$450.88$541.37$1256.84
Compare RatesStart Now →

Women will still pay less than men for universal life, but still more than double what women in their 60’s will pay.

Next, let’s look at whole life insurance quotes for men over 70.

Average Senior Whole Life Insurance Rates For Men Over 70
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
70 Year Old$305.68$546.97$1359.38
71 Year Old$314.87$578.64$1443.11
72 Year Old$337.71$611.00$1528.81
73 Year Old$360.50$646.67$1623.64
74 Year Old$383.29$688.17$1734.56
75 Year Old$406.13$738.11$1868.98
76 Year Old$437.98$791.70$2014.49
77 Year Old$469.83$847.29$2166.30
78 Year Old$501.68$912.02$2342.69
79 Year Old$533.68$992.84$2562.15
80 Year Old$565.43$1097.07$2801.93
Compare RatesStart Now →

Now for the quotes for women over 70.

Average Senior Whole Life Insurance Rates For Women Over 70
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
70 Year Old$277.46$453.36$1117.30
71 Year Old$277.42$480.15$1187.99
72 Year Old$298.73$508.43$1262.81
73 Year Old$320.03$539.40$1345.24
74 Year Old$341.34$574.29$1438.76
75 Year Old$362.64$614.22$1546.43
76 Year Old$390.29$656.07$1660.40
77 Year Old$417.94$698.96$1778.28
78 Year Old$445.59$747.77$1912.26
79 Year Old$473.24$807.36$2074.52
80 Year Old$490.66$882.53$2277.66
Compare RatesStart Now →

Lastly, we will look at final expense life insurance for men over 70.

Average Senior Final Expense Life Insurance Rates For Men Over 70
Age of InsuredAverage Rates for a $10,000 PolicyAverage Rates for a $25,000 PolicyAverage Rates for a $50,000 Policy
70 Year Old$61.18$149.13$302.94
71 Year Old$63.86$155.83$320.88
72 Year Old$66.55$162.54$339.24
73 Year Old$72.17$176.59$359.30
74 Year Old$77.78$190.61$382.08
75 Year Old$83.39$204.66$408.81
76 Year Old$89.00$218.68$439.75
77 Year Old$94.61$232.71$474.09
78 Year Old$103.50$254.92$511.45
79 Year Old$111.99$276.78$551.44
80 Year Old$120.42$297.86$593.60
Compare RatesStart Now →

Next, check out the quotes for women over 70 wanting final expense life insurance.

Average Senior Final Expense Life Insurance Rates For Women Over 70
Age of InsuredAverage Rates for a $10,000 PolicyAverage Rates for a $25,000 PolicyAverage Rates for a $50,000 Policy
70 Year Old$44.68$107.89$244.95
71 Year Old$46.55$112.56$259.39
72 Year Old$48.54$117.51$276.18
73 Year Old$52.66$127.82$294.50
74 Year Old$56.88$138.38$314.68
75 Year Old$61.11$148.94$338.13
76 Year Old$65.34$159352$364.75
77 Year Old$69.56$170.09$394.02
78 Year Old$75.83$185.75$426.52
79 Year Old$82.09$201.41$463.32
80 Year Old$88.36$217.07$505.64
Compare RatesStart Now →

Although life insurance over 70 is much more expensive for men and women, final expense life insurance is the cheapest option.

Free Life Insurance Comparison

Enter your ZIP code below to compare cheap life insurance rates.

 Secured with SHA-256 Encryption

What are the life insurance rates for seniors over 80?

These tables will give you information on different types of life insurance once you are over 80.

First, let’s look at term life quotes for men over 80.

Average Guaranteed Universal Life Insurance Rates For Men Over 80
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
81 Year Old$545.26$805.29$1858.72
82 Year Old$591.92$903.90$2094.66
83 Year Old$655.90$1016.25$2351.25
84Year Old$737.07$1153.28$2689.72
85 Year Old$810.80$1254.63$2926.47
Compare RatesStart Now →

Next, we have numbers for term life for women over 80.

Average Senior Guaranteed Universal Life Insurance Rates For Women Over 80
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
81 Year Old$499.58$726.46$1677.07
82 Year Old$556.18$785.31$1834.01
83 Year Old$614.58$849.58$1985.14
84Year Old$695.03$919.05$2148.53
85 Year Old$779.97$994.35$2325.60
Compare RatesStart Now →

A with the other ages, women over 80 will pay considerably less than their male counterparts.

Next, let’s look at the cost of whole life insurance for men over 80.

Average Senior Whole Life Insurance Rates For Men Over 80
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
81 Year Old$598.50$1190.70$2967.30
82 Year Old$631.58$1256.85$3132.68
83 Year Old$664.65$1323.00$3298.05
84Year Old$697.73$1389.15$3463.43
85 Year Old$730.80$1455.30$3628.80
Compare RatesStart Now →

Now we will check out what women over 80 can expect to pay for whole life insurance.

Average Senior Whole Life Insurance Rates For Women Over 80
Age of InsuredAverage Rates for a $50,000 PolicyAverage Rates for a $100,000 PolicyAverage Rates for a $250,000 Policy
81 Year Old$509.86$975.27$2524.11
82 Year Old$529.99$1053.68$2624.74
83 Year Old$550.99$1095.68$2729.74
84Year Old$573.72$1140.74$2824.39
85 Year Old$597.76$1189.21$2963.58
Compare RatesStart Now →

Lastly, these are the costs of final expense life insurance for men over 80.

Average Senior Final Expense Life Insurance Rates For Men Over 80
Age of InsuredAverage Rates for a $10,000 PolicyAverage Rates for a $25,000 PolicyAverage Rates for a $50,000 Policy
81 Year Old$129.29$320.05$637.97
82 Year Old$138.66$343.46$684.80
83 Year Old$148.46$367.33$734.10
84 Year Old$157.91$390.96$785.87
85 Year Old$167.36$414.57$840.10
86 Year Old$215.88NANA
87 Year Old$233.60NANA
88 Year Old$254.68NANA
89 Year Old$277.44NANA
90 Year Old$302.74NANA
Compare RatesStart Now →

Finally, these are quotes for women over 80 who want final expense life insurance.

Average Senior Final Expense Life Insurance Rates For Women Over 80
Age of InsuredAverage Rates for a $10,000 PolicyAverage Rates for a $25,000 PolicyAverage Rates for a $50,000 Policy
81 Year Old$95.21$234.20$531.59
82 Year Old$104.07$256.34$567.21
83 Year Old$112.30$276.93$604.22
84 Year Old$121.18$299.12$642.69
85 Year Old$130.05$321.30$682.51
86 Year Old$166.98NANA
87 Year Old$183.01NANA
88 Year Old$195.83NANA
89 Year Old$207.50NANA
90 Year Old$256.36NANA
Compare RatesStart Now →

You can see that once a person reaches 80 years old, the amount of final expense life insurance they can access is limited.

How To Apply for Life Insurance

Seniors have specific life insurance considerations and as an independent life insurance agency, we’ll collaborate with you to find the best policy at the most competitive price.

Independent agents are not held captive to a particular life insurance company. You will receive multiple quotes from multiple companies.

Some life insurance is better than none. And, the best time to become insured is today.

Shop around for life insurance to get the best senior life insurance company, coverage, and the lowest price. Read different senior life insurance company reviews to pick the best company for you.

Enter your ZIP to compare life insurance quotes for seniors today.

Enter your ZIP code below to compare cheap life insurance rates.

 Secured with SHA-256 Encryption

Frequently Asked Questions: Life Insurance For Seniors

Keep reading to find the answers to some commonly asked questions about life insurance for seniors.

#1 – How much life insurance do seniors need?

There is a simple question to ask yourself when deciding how much (if any) life insurance you need.

Will someone I care about suffer financially when I pass away?

If the answer is yes, and for many it is, you will want to purchase life insurance.

You need to calculate the following:

First, determine the amount of financial loss someone would experience. For instance, it could be your annual salary if you are still working. Or, you may have debt or a mortgage balance you are responsible for.

Next, calculate how long that financial need will exist. For some, the need may be temporary, like 10 years. For others, your loved ones may depend on your indefinitely.

Finally, determine the face amount (and policy type) to fit your needs.

Consider a couple of examples.

Joe’s wife depends on his annual salary of $25,000. He plans to work for 10 more years. After that, his pension will begin. Joe purchases a 10-year term life insurance policy for $250,000 to protect his income until he retires.

Carol’s young grandson lives with her. He will depend on Carol indefinitely. She plans to leave a financial gift for her grandson regardless of the age she passes away. Carol purchases a whole life insurance policy for $50,000

#2 – Is cheap life insurance for seniors available?

The type of policy you want (and how your application is evaluated) determines just how cheap your life insurance will be.

In other words, your unique circumstances will determine what the cheapest life insurance option will be.

If you’re healthy, here’s what you need to know.

For seniors that qualify, term life insurance is the biggest bang for your buck. Term provides the largest fact amount for the lowest rates.

Keep in mind, you will want to verify that your life insurance needs are temporary.  As the name implies, term lasts for a specific period of time, like 10 years.

For life insurance that will last your entire life, guaranteed universal life insurance is likely the most affordable option for healthy seniors.

If you have health concerns, you will need to do things a little differently.

It’s common for seniors to have health conditions. There are still plenty of life insurance options.

For seniors with fairly serious medical complications or who take certain prescription medications, final expense life insurance is often the cheapest option.

#3 – Can seniors buy no medical exam life insurance?

Yes.

Seniors are able to bypass the medical exam and purchase life insurance without needles or blood pressure cuffs.

Be that as it may, you may be limited in the face amount and policy type.

For example, guaranteed issue life insurance is always issued without a medical exam.

On the other hand, depending on your age and health, you might be required to take an exam if you’d like a term, guaranteed universal, or whole life insurance policy.

#4 – What is the best life insurance for seniors?

It depends.

The best policy for you is the one that financially safeguards your loved ones for an appropriate amount and length of time.

Additionally, the best life insurance for you is the kind you qualify for, as age and health conditions may preclude you from certain life insurance policies.

In general, the most popular types of life insurance for seniors are:

  • Term – best for seniors in need of a large face amount for a specific period of time.
  • Guaranteed universal – ideal for seniors looking for long-term coverage with a large face amount.
  • Final expense – recommended for seniors looking for a permanent policy to cover end-of-life expenses.

Do some research to determine which type of life insurance is right for you.