Best life insurance for seniors| Insurance.com

What is the best life insurance for seniors?

The best life insurance for you depends on your age, health, budget and what you want the death benefit to accomplish. Healthy seniors may qualify for term or traditional permanent policies with larger benefits, while simplified-issue and guaranteed-issue coverage can work when health conditions make traditional underwriting more difficult.

For example, a healthy 65-year-old who needs $250,000 of coverage for the next 10 years may want to compare term life policies first.

An 80-year-old who mainly wants enough money to cover funeral costs may find a small final expense policy more practical.

For most seniors, the main goal of a life insurance policy is to cover end-of-life and funeral costs. Final expense insurance policies are geared toward this particular need. This type of policy requires no medical exam and little in the way of health questions, and it's easy to qualify for. Coverage is limited, usually capped at $50,000.

Top life insurance companies for seniors

Several major insurers offer life insurance to older applicants, but products vary by age limits, underwriting, and coverage type. Some offer term coverage into the 70s, while others focus on smaller whole life or guaranteed-issue policies. Insurers like Mutual of Omaha, Gerber Life and Ethos also provide coverage for seniors, offering a mix of term and permanent options depending on eligibility.

Ethos is an online life insurance platform that connects applicants with term and whole life coverage options from partner carriers, depending on eligibility.

Below are some of the best-known companies that offer life insurance coverage to seniors. Find the best choice for you by comparing rates and quotes. The companies below all offer a range of products for seniors, including no medical exam and guaranteed issue options.

Company	Senior life insurance options	Best for
Mutual of Omaha	Offers term life with issue ages up to 80, depending on term length. Guaranteed Whole Life is available for ages 45–85 in most states. Whole life is available with no medical exam and guaranteed level premiums. Whole life coverage ranges from $2,000 to $25,000, with instant acceptance available. AM Best rating: A+	Guaranteed whole life at younger ages
Corebridge Direct*	Term and whole life are available up to age 80; universal may also be available. Quality of Life plan includes living benefits that can cover medical expenses. Guaranteed Issue Whole Life is available with no medical exam and no health questions and with coverage up to $25,000. Higher coverage levels are available through the traditional whole life plan. AM Best rating: A	Traditional whole life
Aetna/CVS	Final expense insurance is available up to age 89 with either level, modified or graded death benefits. Death benefits range from $3,000 to $50,000. There is no medical exam, but some health questions are required. AM Best rating: A	Final expense insurance over 80 years old
Transamerica	Offers term life up to age 80 and whole or universal life up to age 85. Whole life is available with no medical exam and guaranteed level premiums. Whole life coverage ranges from $5,000 to $25,000, with instant acceptance available. AM Best rating: A	Universal life for seniors
Gerber Life	Offers final expense life insurance with death benefits of up to $25,000. Guaranteed whole life insurance is available for ages 50-80, or up to 75 in New York. No medical exam coverage with same-day approval is available. AM Best rating: A+	Quick acceptance basic final expense policies
John Hancock	Offers term life for ages 18–80, with 10-, 15-, 20- and 30-year options and coverage starting at $250,000. Permanent life insurance is available up to age 90 and includes universal, indexed universal and variable universal life products. No medical exam for guaranteed issue, other policies may require an exam for those over 51 applying for more than $100,000 in coverage. AM Best rating: A+	Permanent life insurance with higher death benefits
Ethos	Term life available up to age 69 (up to $3 million depending on carrier) Whole life/final expense coverage up to age 85 (up to $100,000) Indexed universal life available up to age 66 (up to $1 million) No medical exam required; fully online application with health questions	Buying life insurance online

*Formerly AIG Direct

How much does life insurance for seniors cost?

Life insurance costs can vary based on the policy type, the carrier, your age, and your preferred death benefit.

The average annual cost of a $25,000 final expense life insurance policy for a 65-year-old is $1,326 for a female and $1,724 for a male, based on rates gathered by Insurance.com from Compulife in 2026.

Term life insurance is more affordable, but rates increase as you age. Term life policies either increase as you age or stay level, depending on the policy.

"Life insurance companies factor your age and health in determining the premium because the older you get, the more health impairments you tend to have. Age and health impairments affect life expectancy and the cost of your life insurance," says Randy VanderVaate, president/owner of Funeral Funds of America.

How much does senior term life insurance cost?

Here are average annual rates from the Compulife quote system for a 10-year term life insurance policy with $500,000 in coverage for nonsmokers classified as regular health, up to age 75. As you can see, rates rise dramatically as you age and are higher for males than for females.

Age	Female	Male
65	$3,414	$5,105
70	$5,871	$8,982
75	$10,272	$16,187

Source: CompuLife, August 2026

What is the cheapest life insurance for seniors?

The cheapest life insurance for a senior depends on how much coverage you need and what you qualify for. Term life often provides the lowest cost per dollar of coverage if you're healthy enough to qualify. A small final expense policy can have a lower total premium, but you're buying a much smaller death benefit.

A low-benefit final expense policy that requires medical underwriting is often the most affordable option for seniors who don't currently have life insurance.

"The cheapest life insurance option for seniors is first-day coverage final expense life insurance or burial insurance. The healthier you are, the better your rates will be," VanderVaate says. Final expense insurance is cheap because it has a small death benefit; for what you get, it's actually pricey. However, it may still be the most affordable option.

A term life insurance policy can also be considerably cheaper but may be difficult to qualify for based on age and health condition.

FAQ: Best life insurance for seniors

Is there an age limit for life insurance?

Yes, individual life insurance products have maximum issue ages, but there isn't one age limit for the entire industry. Some guaranteed whole life policies accept applicants through age 85, while John Hancock lists permanent coverage through age 90. Your options become more limited as you get older.

What is the best life insurance for seniors over 70?

If you're over 70 but still in good health, both term and whole life are likely available to you. If your health is poor, however, the best choice is likely a guaranteed issue final expense policy.

What is the best life insurance for a senior in poor health?

A no-medical exam policy that offers guaranteed acceptance may be the best or only option if you are in poor health, although you can expect to pay more for this type of policy.

"These policies are approved for seniors in poor health as long as they don't have a terminal illness, are not confined to a nursing home or hospice, and can perform activities of daily living on their own," VanderVaate says. "People under these circumstances can also be approved for guaranteed issue life insurance, but they need to wait two years before they will be fully covered."