Affordable life insurance for mature adults is obtainable from multiple providers regardless of age.

Furthermore, you don’t have to take a medical exam if you don’t want to.

Learn which life insurance companies are best for seniors and which type of policy you should buy.

Also, discover how to avoid a waiting period and how much coverage will cost based on your age, type of policy, and the coverage amount.

 

What Is The Best Type Of Life Insurance For Seniors?

The best senior life insurance coverage is whichever policy option is both affordable and most appropriate to accomplish your goal.

Do not make the unfortunate blunder of shopping for a policy based purely on price.

If you only consider the cost, you’ll regret it in the future when you finally become aware of the details you missed because the price was your only focus.

Tip:
Ask yourself: “What will my beneficiaries use the money for when I die?” The answer to that question will determine which type of life insurance plan you should buy.

Only buy a term policy to cover a temporary need such as a mortgage, credit cards, or other debts. Or to replace your income if you have dependents who rely on you for financial support.

Buy permanent life insurance to cover a lifelong need such as funeral costs or estate planning.

One type of life insurance is not universally the best.

Choose the appropriate kind of policy that is best suited for your objectives.

 

Policy TypeAge Range For New ApplicantsTypical Coverage
Options
Average Monthly
Cost
Best Reasons To BuyMedical Exam Required?
Final Expense Whole Life0-89$1,000-$50,000$40-$150End of life expenses, final medical bills, or other last debtsNo
Guaranteed Acceptance Whole Life40-85$2,000-$25,000$50-$200Very dire health issues that renders you uninsurable for products with underwritingNo
Traditional Whole Life0-85$50,000+$200-$2,000Estate planning, debt payoff, spousal income protection, very high funeral costs, or leave a legacy for your heirs.0-80: No
81-85: Yes
Universal Life18-85$50,000+$200-$1,500You want permanent coverage with flexible payment options, estate planning, debt pay payoff, spousal income protection, retirement supplementation, final expenses, a legacy for heirs0-80: No
81-85: Yes
Term Life0-80$50,000+$100-$1,000Financial debts or income replacement0-79: No
80: Usually

 

Best Senior Life Insurance Companies

Remember, when buying life insurance, you should select the type of policy best suited to serve your needs- not just the cheapest.

That disclaimer out of the way, we’ve narrowed down which insurance providers are best for each type of policy.

Tip:
Life insurance companies all compete with one another primarily via price and underwriting. Also, keep in mind that every person has unique circumstances in terms of their health, lifestyle, financial needs, and how much life insurance they need. So while these are the best life insurance companies for each type of policy, it would be disingenuous to claim that these carriers are universally the best for everyone. We strongly recommend comparing offers from multiple providers to determine which one is truly best for your unique situation.

 

Best final expense insurance for seniors

Founding Year: 1909
A.M. Best
A+
Superior
BBB
A+
99-100

 

Mutual of Omaha Living Promise is a simplified issue whole life insurance policy meant to cover your final expenses.

Eligibility is based on answering some basic health questions. The application process does not require a medical exam.

The policy pays out a tax-free cash benefit typically within 24-48 hours.

That gives your loved ones the funds necessary to pay for the cost of a cremation or burial.

Your beneficiaries can spend the money on anything- not just the funeral costs.

Mutual of Omaha offers a high amount of coverage (among final expense providers) and low monthly premiums.

Most applicants qualify for the immediate coverage plan. Plus, every policy includes an accelerated death benefit rider at no extra charge.

To qualify for their burial insurance for seniors, you must work with an insurance agent. You cannot buy this policy online.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$40,000
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Terminal Illness Rider: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit. There is no cost for this rider.
Nursing Home Confinement Rider: You can receive up to 50% of your death benefit if you are confined to a nursing home for 90 consecutive days. There is no cost for this rider.
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 10 Minutes to 3 Business Days

 

Best guaranteed acceptance for seniors

Founding Year: 1969
A.M. Best
A
Excellent
BBB
A+
98-100
Brochure

 

AAA guaranteed issue life insurance is a whole life policy with no health questionnaire.

They will not decline you due to any pre-existing medical conditions.

Guaranteed acceptance is the best type of life insurance for seniors when you have uninsurable medical conditions such as Alzheimer’s, renal failure, or congestive heart failure, to name a few.

In other words, you should buy a guaranteed issue policy only when you cannot qualify for products that ask questions about your health.

AAA is usually the least expensive provider of guaranteed acceptance coverage.

Every guaranteed issue policy has a two-year waiting period.

With AAA, they will return 130% of your premiums for death during the first two years.

Most guaranteed acceptance companies will only refund 110% of your premiums.

They accept applicants as old as 85 and are available in most states.

$25,000 is the most you can buy, typically only enough to cover funeral bills, credit card debts, or other end-of-life medical expenses.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: Yes
Coverage Amount Range: $5,000-$25,000
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Application
Details
Where to Apply: AAA Online Application
Phone Number to Apply: 1-888-523-1863
Medical Exam Required: No
Guaranteed Acceptance: Yes
Application Approval Time: Instantaneously

 

Best whole life insurance for seniors

Founding Year: 1874
A.M. Best
A
Excellent
BBB
A
90-100
Brochure Sample Application

 

Foresters Financial Advantage Plus is a participating whole life policy.

A participating policy is one that aggressively builds cash value.

The policy can pay dividends in the form of cashback, paid-up additions (the death benefit increases), or can reduce your premiums.

Foresters Financial edged out as the top traditional whole life company for a few reasons.

They are a very fiscally sound carrier with top ratings, and they’ve been in business for nearly 150 years.

They offer very high coverage amounts, remarkable cash value growth, and give you access to free member benefits for being a policyholder.

Also, no medical exam life insurance is available for up to $400,000 until age 55.

If you’re 56-75, you can only buy $150,000 with no medical exam.

Regardless of age, you will have to take an exam if you want more than $400,000 in coverage.

It’s whole life insurance, so you can have peace of mind knowing that your coverage will last forever.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 0-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $25,000+
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: Accidental Death (2X the payout for accidental death), Children's Term (provides life insurance on your children), Waiver of Premium (waives your premiums if you become disabled), 10 or 20 Year Term (adds on a term policy for 10 or 20 years)
Application
Details
Where to Apply: Agencies licensed to sell Foresters Financial products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time (No Exam): 10 Minutes- 3 Business Days
Application Approval Time (With Medical Exam): 3-5 Weeks

 

Best term life insurance for seniors

Founding Year: 1907
A.M. Best
A
Excellent
BBB
A+
97-100

 

Term insurance is the least expensive type of life insurance because it expires after a set period of time.

It may last for a specific number of years (5, 10, 15, 25, or 30). Or it may remain until you reach a certain age, such as 65 or 75.

Either way, once a term life insurance policy expires, you no longer have life insurance.

Generally, a term life insurance policy will only cover you until age 80-85. Your current age dictates how long of a term you can get.

For example, a 70-year-old senior cannot buy a 20 or 30-year policy. At age 70, 15 years would be the longest term you could potentially buy.

Protective Classic Choice Term stood out as the best because they offer competitive rates, various term length options, and no medical exam options.

They are really good at insuring seniors with cardiac conditions such as high blood pressure, past heart attacks, or stents.

Plus, they have unique conversion options (changing the term to permanent life insurance) not typically available elsewhere.

Product
Details
Policy Type: Term Life Insurance
New Applicant Age Range: 18-75
2-Year Waiting Period: No
Coverage Amount Range: $100,000+
States Available: All States
Product
Benefits
Premiums Stay the Same: Yes
Builds Cash Value: No
Policy Duration (Years): 10, 15, 20, 25, or 30 (your age dictates which term length you can buy)
Max Term Length By Age: 10 Years: 18-75, 15 Years: 18-70, 20 Years: 18-65, 25 Years: 18-55 (18–52 for tobacco), 30 Years: 18-43 (18–43 for tobacco)
Terminal Illness Rider: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit. There is no cost for this rider.
Optional Riders: Accidental Death (2X the payout for accidental death), Children's Term (Provides life insurance on your children), Waiver of Premium (Waives your premiums if you become disabled)
Application
Details
Where to Apply: Agencies licensed to sell Protective Life products (you can't buy this plan directly from them)
Phone Number to Apply: 1-844-733-5433
Medical Exam Required: Sometimes
Guaranteed Acceptance: No
Application Approval Time: 3-21 Days

 

Best universal life insurance for seniors

Founding Year: 1905
A.M. Best
A
Excellent
BBB
NR
N/A

Brochure Sample Application

 

A guaranteed universal life policy has a fixed monthly cost and guaranteed death benefit.

You choose how long the guaranteed premium lasts. Typically, you can buy a GUL that lasts until age 95, 100, 105, or 121.

It will also build cash value.

With a “GUL” policy, you absolutely should not borrow from the cash value.

Doing so will void the guarantee that your premium and death benefit remains unchanged.

Essentially, a GUL policy is just like whole life without the cash value component (which makes it less expensive).

American National offers competitive prices and multiple living benefits other carriers cannot match.

For example, you can access 25%, 50%, 75%, or 100% of your death benefit for a terminal, critical or chronic illness.

The accelerated benefit rider could be used to pay for long-term care for certain chronic conditions.

However, if you’re concerned about long-term care, you should seek a health insurance based product to cover that need.

Plus, seniors as old as 80 can apply for a new policy.

Product
Details
Policy Type: Guaranteed Universal Life
New Applicant Age Range: 18-80 (75 for smokers)
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $25,000+
States Available: All States
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes (very minimal amount)
Policy Duration (To A Specific Age): 95, 100, 105, 121
Accelerated Benefit Rider: If you are diagnosed with a terminal, critical or chronic illness, you can accelerate 25%, 50%, 75%, or 100% of the death benefit.
Optional Riders: Children's Term (Provides life insurance on your children), Waiver of Premium (Waives your premiums if you become disabled), Guaranteed Cash-Out Rider (refunds your premiums if you surrender the policy)
Application
Details
Where to Apply: Agencies licensed to sell American National products or ANICO Direct
Phone Number to Apply: 1-800-697-0098
Medical Exam Required: Sometimes
Guaranteed Acceptance: No
Application Approval Time: 3-6 Weeks

 

How Seniors Can Get Life Insurance With No Waiting Period

Some senior life insurance options make you wait for two years before you’re effectively insured.

If there is a waiting period, the insurer will only refund your premiums (plus a small amount of interest) if you die during the first 24 months.

But many policies cover you 100% (for natural or accidental death) the day you make your first payment.

To qualify for a life insurance policy with no waiting period, you must apply with a company that asks questions about your health. You don’t necessarily have to take an exam, but you must fill out a health questionnaire.

Tip:
You don’t need to be in good health to qualify for an immediate benefit policy. Most people with minor to moderate health issues can find multiple insurers who approve them for day one coverage. When dealing with severe or chronic medical conditions, consider final expense policies. Those have very lenient underwriting and take applicants with high-risk health conditions.

Remember, any policy with no health questions (guaranteed acceptance) will always have a waiting period.

For example, AIG is a major carrier that sells guaranteed issue life insurance. It has a two-year waiting period, just like every other insurance company.

There is no such thing as no health questions and no waiting period (with any company).

 

How Much Does Life Insurance For Seniors Cost?

Depending on a few variables, a senior life insurance policy will likely cost between $50-$300 per month for a $10,000-$100,000 policy.

The price of a life insurance plan is a function of the following variables:

  • Type of policy (whole, term, or universal)
  • Age
  • Gender
  • State of residence
  • Health and lifestyle
  • Tobacco usage history
  • Coverage amount

Term life insurance is always the cheapest type of life insurance for seniors (or anyone for that matter).

Term is less expensive because it expires.

For example, a $50,000 whole life policy will always cost more (regardless of the carrier) than a $50,000 term plan.

A permanent policy, like whole or universal life, lasts forever, which is why they cost more.

Given those disclaimers, below are some tables with senior life insurance quotes for various ages, coverage amounts, and policy types.

 

50-59 sample life insurance rates for seniors

Policy Type$10,000$25,000$50,000$100,000
Final Expense Whole LifeF: $24-$31
M: $30-$41
F: $55-$73
M: $69-$99
F: $106-$145
M: $138-$198
F: $210-$290
M: $274-$395
Traditional Whole LifeN/AF: $52-$79
M: $58-$87
F: $99-$152
M: $111-$167
F: $192-$298
M: $216-$501
Guaranteed AcceptanceF: $30-$41
M: $40-$53
F: $74-$103
M: $99-$132
N/AN/A
Term LifeN/AF: $13-$22
M: $18-$25
F: $27-$46
M: $37-$70
F: $48-$86
M: $68-$135
Universal LifeN/AF: $45-$63
M: $50-$73
F: $78-$114
M: $88-$134
F: $144-$215
M: $164-$256

Read more about burial life insurance for seniors over 50.

 

60-69 sample life insurance rates for seniors

Policy Type$10,000$25,000$50,000$100,000
Final Expense Whole LifeF: $32-$50
M: $43-$66
F: $76-$120
M: $103-$161
F: $151-$238
M: $204-$322
F: $350-$475
M: $406-$642
Traditional Whole LifeN/AF: $82-$135
M: $90-$148
F: $159-$264
M: $174-$291
F: $312-$522
M: $343-$576
Guaranteed AcceptanceF: $42-$60
M: $56-$78
F: $105-$149
M: $140-$194
N/AN/A
Term Life- 15 YearsN/AF: $22-$47
M: $27-$60
F: $37-$84
M: $63-$114
F: $68-$110
M: $120-$152
Universal LifeN/AF: $66-$101
M: $77-$122
F: $120-$190
M: $142-$231
F: $228-$368
M: $273-$450

Read more about burial life insurance for seniors over 60.

 

70-79 sample life insurance rates for seniors

Policy Type$10,000$25,000$50,000$100,000
Final Expense Whole LifeF: $52-$93
M: $69-$129
F: $126-$228
M: $169-$319
F: $250-$453
M: $335-$634
F: $498-$903
M: $667-$1260
Traditional Whole LifeN/AF: $142-$229
M: $157-$252
F: $279-$457
M: $307-$504
F: $552-$914
M: $609-$1008
Guaranteed AcceptanceF: $42-$103
M: $98-$116
F: $175-$229
M: $218-$281
N/AN/A
Term Life-10 YearsN/AF: $30-$85
M: $55-$130
F: $60-$170
M: $110-$260
F: $113-$340
M: $215-$521
Universal LifeN/AF: $106-$128
M: $127-$150
F: $199-$257
M: $241-$301
F: $386-$515
M: $470-$603

Read more about life insurance for seniors over 70.

 

80-85 sample life insurance rates for seniors

Policy Type$10,000$25,000$50,000$100,000
Final Expense Whole LifeF: $98-$135
M: $139-$192
F: $241-$334
M: $335-$477
F: $481-$665
M: $670-$954
F: $964-$1336
M: $1340-$1908
Traditional Whole LifeN/AF: $237-$297
M: $262-$333
F: $475-$594
M: $525-$667
F: $951-$1188
M: $1051-$1334
Guaranteed AcceptanceF: $126-$157
M: $157-$192
F: $315-$392
M: $391-$480
N/AN/A
Term Life-10 Years
(Age 80 Only)
N/AF: $90
M: $148
F: $180
M: $297
F: $361
M: $594
Universal LifeN/AF: $136-$186
M: $163-$228
F: $273-$373
M: $326-$456
F: $547-$746
M: $652-$912

Read more about life insurance for seniors over 80.

 

86-89 sample life insurance rates for seniors

Policy Type$5,000$10,000$20,000$25,000
Final Expense Whole LifeF: $87-$139
M: $119-$180
F: $171-$275
M: $236-$357
F: $339-$547
M: $469-$711
F: $423-$682
M: $585-$888
Traditional Whole LifeN/AN/AN/AN/A
Guaranteed AcceptanceN/AN/AN/AN/A
Term LifeN/AN/AN/AN/A
Universal LifeN/AN/AN/AN/A
age 86-89

Read more about life insurance for seniors over 85.

 

Life Insurance For Seniors With No Medical Exam

Qualifying for $10,000-$250,000 in coverage for older adults with no exam is possible with virtually every life insurance company.

That’s true whether you want term, whole or universal life.

However, a medical exam will likely be necessary if you want access to higher coverage amounts beyond $400,000.

Also, for seniors who are 80 or older, expect an exam if you want more than $100,000 in protection.

 

Popular Senior Life Insurance Companies You Should Avoid

These life insurance companies spend millions of dollars every year trying to get seniors to buy their life insurance.

Don’t let their slick ads seduce you into thinking they are the best and most affordable.

The opposite is true.

If you’re a senior shopping for life insurance, learn why these companies are very likely not your best option.

 

Colonial Penn Colonial Penn Logo

The commercials featuring their $9.95 plan run day and night.

Based on their ads, you would think they have the most affordable life insurance for seniors.

But nothing could be further from the truth.

If you look at a Colonial Penn rate chart, you will discover the cold hard truth about their senior life insurance.

Yes, everyone truly does pay just $9.95 per month for one coverage unit.

Most people fail to consider how much coverage you get for a single unit.

The answer is- not much.

For example, a 75-year-old male will get just $560 of life insurance from one unit of coverage.

And to top it off, their coverage comes with a two-year waiting period.

In summary, Colonial Penn has some of the most expensive life insurance in the industry, and you have to wait two years before you’re insured.

 

AARP aarp logo

You’d think that an organization that proclaims to advocate for seniors would be a great place to buy life insurance.

Sadly, that is not the case.

AARP life insurance is much more expensive than most other life insurance providers. Plus, their underwriting is not very friendly to seniors with health issues.

For example, AARP final expense insurance often has a two-year waiting period.

Additionally, it costs much more compared to companies like Mutual of Omaha, Aetna, and many other reputable companies.

 

Lincoln Heritage lincoln heritage logo

Lincoln Heritage life insurance company only offers whole life final expense insurance.

So if you’re looking for term or universal life, they cannot help you.

$35,000 is the most coverage they offer. So if you need more than that, they cannot help you.

Lincoln Heritage is far more expensive than other providers if you’re in the market for burial life insurance.

For example, they will charge a 65-year-old female $139.00 per month for a $25,000 policy.

Mutual of Omaha would charge $97.72 monthly for the same $25,000.

Also, their underwriting is not very friendly to seniors.

There are many health conditions that seniors deal with that cause Lincoln Heritage to offer a plan with a significantly higher premium and a waiting period.

Even if you qualify for the lowest rate they offer, they are still much more expensive than most other final expense insurance companies.

 

Globe Life globe life logo

Globe Life promotes how you can get their life insurance for $1, and there is no medical exam.

Those are both true. However, the details tell you the whole story.

First, it’s only $1 for the first month. Starting with the second month, you’ll pay the actual price.

Also, you must answer health questions and be approved by Globe Life.

Globe Life regularly denies seniors with common health issues.

But even if you do qualify, their policy is a term life plan with an increasing payment.

Your monthly price will increase every five years.

Then when you get in your 80s, the policy will completely expire, leaving you without life insurance.

If you’re looking for term life insurance for seniors, multiple other carriers offer cheaper coverage with a fixed monthly cost that does not increase as you age.

The one upside to Globe is that they are one of the few companies that offer term life in very low coverage amounts.

For example, they offer as low as $5,000 in coverage. Most term companies start at $25,000-$50,000 as the minimum.

 

TruStage trustage logo

TruStage offers term life, final expense whole life, and guaranteed acceptance whole life.

The main issue with Trustage is simply that their coverage (all their products) costs much more than other providers.

When you compare final expense rates from multiple providers, you quickly see just how uncompetitive TruStage is.

Plus, their term coverage increases in price every five years. So if you need term insurance, you can get a cheaper plan with a locked-in premium.

The one positive aspect of TruStage is that they allow you to fully apply online.

Companies like Assurance, Ethos, and USAA also have online applications.

So if you absolutely don’t want to talk to a licensed agent, TruStage could be a good solution for you, even though you’d be overpaying.

 

Frequently Asked Questions


Term life is the best kind of life insurance for seniors if you only need to cover a temporary need such as a financial debt such as a mortgage. Whole life is the best for seniors when you need to cover a permanent need such as paying for funeral costs.

Age 90 is the oldest a senior can buy life insurance. Between ages 86-90, only a handful of life insurance companies in the USA will issue a new policy.

Neither term nor whole life is the “best” for seniors. Seniors should choose term to cover a temporary need such as income replacement or to pay off a debt like a mortgage. Seniors should buy whole life to protect against lifelong conditions such as paying for final expenses. Don’t make the mistake of focusing on cost alone. Choose the correct type of policy based on how your beneficiaries will use the death benefit money.