Takeaways for older buyers
- Healthy seniors can still buy term coverage: a $250,000, 20-year policy averages about $110 to $157 a month at 60.
- Final expense policies of $5,000 to $50,000 are widely sold to people aged 50 to 85.
- A $10,000 final expense policy averages about $64 to $84 a month at age 70.
- Guaranteed issue is the backup if health problems rule out other coverage.
In this article
Senior price snapshot
- $250k 20-year term, age 65: about $180 (women) and $260 (men) a month
- $250k 20-year term, age 70: about $335 and $452 a month
- $10k final expense, age 80: about $125 and $164 a month
Average monthly rates for nonsmokers from MoneyGeek. Rates rise with health conditions.
Life insurance for seniors usually has a different goal than coverage bought at 35. The mortgage may be gone and the kids may be grown. What remains is often a funeral, a spouse who would lose a pension or Social Security check, or a wish to leave something behind.
Match the policy to that goal and the cost becomes much easier to manage.
Life insurance for seniors: matching the policy to the goal
| Goal | Policy type to look at |
|---|---|
| Pay for a funeral | Final expense (small whole life) |
| Replace income for a spouse for 10 to 20 years | Term life, if health allows |
| Leave an inheritance or cover estate costs | Whole life or guaranteed universal life |
| Coverage despite serious health issues | Guaranteed issue |
Life insurance rates for seniors by age
| Age | $250k 20-year term (women / men) | $10k final expense (women / men) |
|---|---|---|
| 60 | $110 / $157 | $42 / $53 |
| 65 | $180 / $260 | n/a |
| 70 | $335 / $452 | $64 / $84 |
| 80 | rarely sold | $125 / $164 |
Term figures are for a 20-year policy; few insurers sell long terms after the early 70s. Final expense figures are for a $10,000 whole life policy.
Compare plans built for older buyers
SponsoredMyths that cost older buyers money
MythI am too old to get life insurance.
FactMany final expense insurers accept applicants up to 85, and guaranteed issue is sold well into the 80s.
MythTV ads with one low price are the cheapest option.
FactAdvertised prices are often for the smallest amount or youngest age. Compare quotes for your actual age and coverage.
MythIf I have a health condition, guaranteed issue is my only choice.
FactMany conditions, if well controlled, still qualify for simplified issue coverage that pays in full from day one.
One retiree, two policies
Harold, 66, recently retired
Harold worries his wife would lose part of their income if he died first. He also wants his funeral paid for.
He buys a 10-year term policy to bridge the income gap and a $15,000 final expense policy that will last for life. When the term ends at 76, the burial coverage stays in place.
Illustrative example. Names and numbers are made up to show how it works.
Check senior life insurance options in your state
Add your ZIP code to see term, whole life and final expense options offered where you live. You can look without committing to anything.
Tips for buying after 60
- Decide what the money is for before you shop.
- Get quotes with health questions first; guaranteed issue should be the fallback.
- Confirm the premium is level and the benefit is immediate.
- Name a beneficiary and tell them where the policy is kept.
Frequently asked questions
Can a 70-year-old get term life insurance?
Yes, if health allows, though choices narrow. A $250,000, 20-year policy averages about $335 a month for women and $452 for men at 70.
What is the best life insurance for seniors over 80?
Usually a small final expense or guaranteed issue policy, since term coverage is rarely sold at that age.
Does Medicare pay for funerals?
No. Medicare does not cover funeral or burial costs. Social Security pays a one-time $255 to an eligible spouse or child.
Is life insurance for seniors worth it?
It is worth it when someone would face a bill or lost income after your death. If no one depends on you and savings would cover a funeral, you may not need it.
See life and final expense options for you
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