Best Term Life Insurance Companies For Seniors (2024 Update)

Affordable Term Life Insurance for Seniors

Many seniors believe they can’t find affordable life insurance once they reach a certain age. This isn’t necessarily true. Many companies offer low-cost term life insurance for seniors, often without requiring a medical exam.

In this article, we’ll cover the age ranges for seniors to qualify for term life insurance, the best term life insurance products, available coverage amounts, and sample rates.

Term vs. Whole Life for Seniors
Age Qualification
Sample Rates & Best Companies
Summary
FAQ

Term vs. Whole Life Insurance for Seniors

When it comes to life insurance for seniors, a common question is whether to choose term or whole life insurance.

Term Life Insurance

Term life insurance is generally more affordable and provides higher coverage amounts. However, it expires at the end of the term. Most term policies offer an option to convert to a whole life policy at the end of the term, but this typically results in lower coverage for the same premium.

Whole Life Insurance

Whole life insurance for seniors, often referred to as final expense or burial insurance, lasts for the policyholder’s lifetime and guarantees a payout to beneficiaries. Though more expensive, it is ideal for covering final expenses.

Recommendation

We suggest getting a final expense whole life policy to cover final expenses and a term life insurance policy for additional coverage needs, such as a mortgage or other debts. If you are interested in term life insurance, continue reading for the best options available.

Age Qualification

Your age significantly impacts your term life insurance options. Some companies offer term life insurance up to age 80, but the term length you qualify for depends on your age. For example:

Age 65: Eligible for up to a 20-year term
Age 55: Eligible for up to a 30-year term

Premiums also increase with longer term periods. For exact pricing based on your age, fill out our quote form for instant rates.

Top Companies & Term Life Insurance Rates for Seniors

The following companies offer competitive term life insurance rates for seniors without requiring a medical exam. Rates are locked in for the entire term, and approval is often instant. Note that factors such as smoking can affect your rate.

American Amicable

Maximum Age: 75
Rates for Males:
Age $50,000 (10-year term) $50,000 (20-year term) $100,000 (10-year term) $100,000 (20-year term)
40 $14 $18 $23 $29
50 $23 $33 $41 $60
60 $43 $70 $81 $135
70 $100 N/A $194 N/A
Rates for Females:
Age $50,000 (10-year term) $50,000 (20-year term) $100,000 (10-year term) $100,000 (20-year term)
40 $13 $16 $21 $26
50 $18 $24 $31 $42
60 $28 $44 $51 $83
70 $54 N/A $102 N/A

Age	$50,000 (10-year term)	$50,000 (20-year term)	$100,000 (10-year term)	$100,000 (20-year term)
40	$14	$18	$23	$29
50	$23	$33	$41	$60
60	$43	$70	$81	$135
70	$100	N/A	$194	N/A

Age	$50,000 (10-year term)	$50,000 (20-year term)	$100,000 (10-year term)	$100,000 (20-year term)
40	$13	$16	$21	$26
50	$18	$24	$31	$42
60	$28	$44	$51	$83
70	$54	N/A	$102	N/A

Mutual of Omaha

Maximum Age: 70
Rates for Males:
Age $50,000 (10-year term) $50,000 (20-year term) $100,000 (10-year term) $100,000 (20-year term)
40 $16 $21 $28 $38
50 $31 $42 $58 $79
60 $65 $108 $124 $211
70 $177 N/A $349 N/A
Rates for Females:
Age $50,000 (10-year term) $50,000 (20-year term) $100,000 (10-year term) $100,000 (20-year term)
40 $13 $20 $22 $36
50 $24 $40 $43 $74
60 $46 $102 $88 $199
70 $147 N/A $290 N/A

Age	$50,000 (10-year term)	$50,000 (20-year term)	$100,000 (10-year term)	$100,000 (20-year term)
40	$16	$21	$28	$38
50	$31	$42	$58	$79
60	$65	$108	$124	$211
70	$177	N/A	$349	N/A

Age	$50,000 (10-year term)	$50,000 (20-year term)	$100,000 (10-year term)	$100,000 (20-year term)
40	$13	$20	$22	$36
50	$24	$40	$43	$74
60	$46	$102	$88	$199
70	$147	N/A	$290	N/A

Foresters Financial

Maximum Age: 80
Rates for Males:
Age $50,000 (10-year term) $50,000 (20-year term) $100,000 (10-year term) $100,000 (20-year term)
40 $18 $19 $31 $34
50 $32 $42 $59 $79
60 $69 $101 $133 $198
70 $177 N/A $349 N/A
80 $460 N/A $916 N/A
Rates for Females:
Age $50,000 (10-year term) $50,000 (20-year term) $100,000 (10-year term) $100,000 (20-year term)
40 $16 $19 $27 $32
50 $26 $35 $48 $64
60 $52 $89 $100 $174
70 $141 N/A $277 N/A
80 $398 N/A $791 N/A

Age	$50,000 (10-year term)	$50,000 (20-year term)	$100,000 (10-year term)	$100,000 (20-year term)
40	$18	$19	$31	$34
50	$32	$42	$59	$79
60	$69	$101	$133	$198
70	$177	N/A	$349	N/A
80	$460	N/A	$916	N/A

Age	$50,000 (10-year term)	$50,000 (20-year term)	$100,000 (10-year term)	$100,000 (20-year term)
40	$16	$19	$27	$32
50	$26	$35	$48	$64
60	$52	$89	$100	$174
70	$141	N/A	$277	N/A
80	$398	N/A	$791	N/A

Summary

If you’re a senior looking for term life insurance, you have options. The best way to save money is to work with an independent broker like Seniors Mutual. Our services are free, and we specialize in finding the best insurance for seniors, ensuring you get the lowest rates with instant approval.

For more information or to get approved, call us or fill out our quote form, and we’ll be in touch soon.

FAQs

Can I get term life insurance at age 60/70? Yes! Term life insurance with no medical exam and instant approval is available up to age 80.
How much is AARP term life insurance?
Do the rates change over time?
Do these policies require a medical exam?