Cheapest Life Insurance for Seniors in 2026

We compared thousands of life insurance quotes from 30 leading insurers to identify the cheapest life insurance companies for seniors across the most common shopping profiles. The best option depends on your age, health and the type of policy you need. Penn Mutual has the lowest term life rates in our analysis for women through age 70, while John Hancock is the cheapest option for men. Transamerica has the lowest final expense rates, Physicians Mutual leads for guaranteed issue coverage, and State Farm is the most affordable choice for smokers.

* Rates shown are based on quotes for 65-year-olds in average health unless otherwise noted. Term life and no-exam term life rates are based on 10-year, $100,000 policies. Final expense and guaranteed issue rates are based on $15,000 policies.

Penn Mutual is the cheapest term life insurance provider for seniors under 70, starting at $31 per month for a 65-year-old buying a 10-year, $100,000 policy. For men, John Hancock is the cheapest option at ages 65 and 70, with premiums starting at $50 per month. By age 75, John Hancock becomes the lowest-cost choice for women, while State Farm has the cheapest rates for men. At age 80, Protective is the most affordable insurer for women and Mutual of Omaha leads for men. 

Term life provides coverage for a fixed period and pays a death benefit if you die during the policy term. It costs much less than permanent life insurance and is a good choice when your financial obligations have a defined end date like replacing income for a spouse or paying off a mortgage. A

Most insurers in our analysis stop issuing new term policies after age 75, with only a handful continuing to offer coverage through age 80. Premiums also rise sharply with age. The lowest average rate for women increases from $31 per month at age 65 to $272 at age 80, so it's worthwhile to buy coverage before your options become more limited.

* Rates shown are based on average quotes for nonsmokers in average health with a 10-year, $100,000 term life policy.

Penn Mutual offers the lowest average no-exam life insurance rates for seniors in our analysis, starting at $34 per month for women and $56 per month for men buying a 10-year, $100,000 policy at age 65. Fidelity is the second cheapest provider for both women and men, while Mutual of Omaha, Transamerica and New York Life round out the most affordable options. 

No-exam life insurance lets you skip the medical exam, with approval based on health questions, prescription history and other third-party data instead. It's a good choice for seniors who want coverage quickly, prefer not to complete a medical exam or have well-controlled health conditions that are unlikely to prevent approval. 

Most insurers set lower maximum issue ages for no-exam policies than for fully underwritten term life insurance, so seniors have fewer carriers to choose from. That's why our comparison includes fewer companies than the traditional term life rankings. While no-exam policies cost slightly more than fully underwritten coverage, the faster application process and added convenience can make the higher premium worthwhile.

* Rates shown are based on average quotes for nonsmoking 65-year-olds in average health with a 10-year, $100,000 no-exam term life policy.

Smoking is one of the biggest factors affecting life insurance premiums, with rates reaching up to three times those for comparable nonsmokers. State Farm has the cheapest life insurance for senior smokers with average premiums of $78 for women and $91 for men. Penn Mutual is the next cheapest insurer for smokers at $97 per month for women and $137 for men.

Many insurers will reconsider your tobacco classification after you've been nicotine-free for at least 12 months. Waiting to apply until you qualify for nonsmoker rates could save you hundreds of dollars per year.

* Rates shown are based on average quotes for smoking 65-year-olds in otherwise average health with a 10-year, $100,000 term life policy.

Transamerica has the lowest final expense insurance rates in our analysis, averaging $59 per month for women and $79 per month for men buying a $15,000 policy at age 65. Mutual of Omaha, Americo are the next cheapest providers, within $1 per month of each other.

Final expense insurance is a small whole life policy designed to cover funeral costs, medical bills and other end-of-life expenses. Unlike term life insurance, it doesn't expire as long as premiums are paid. It's best suited for seniors who want permanent coverage but don't need a large death benefit. Coverage amounts range from $1,000 to $50,000 in our analysis, and many policies require little or no medical underwriting, so they're easier to qualify for than traditional life insurance.

* Rates shown are based on average quotes for nonsmoking 65-year-olds in average health with a $15,000 final expense insurance policy.

Guaranteed issue life insurance provides coverage regardless of your health, with no medical exam or health questions required. In exchange for easier approval, coverage amounts are capped at $30,000 and most policies include a two-year graded death benefit for natural causes. At age 65, Physicians Mutual has the cheapest guaranteed life insurance rates in our analysis at $72 per month for women and $92 for men on a $15,000 policy. USAA and AARP round out the three most affordable options, with average premiums of $75 and $77 for women and $102 and $104 for men, respectively.

* Rates shown are based on average quotes for nonsmoking 65-year-olds with a $15,000 guaranteed issue life insurance policy.

Life insurance rates for seniors ranges from $32 to $231 per month for a $100,000 term policy and from $53 to $195 per month for a $15,000 permanent policy, depending on your age, gender and the type of coverage you buy. Traditional term life is the least expensive option for healthy seniors who qualify medically, while final expense and guaranteed issue policies cost more per dollar of coverage but provide lifelong protection and are easier to qualify for.

* Rates shown are based on quotes for nonsmoking seniors in average health. Term life and no-exam term life rates are based on 10-year, $100,000 policies. Final expense and guaranteed issue rates are based on $15,000 policies.

Life insurance still makes financial sense for many seniors. If you don't have $7,000 to $12,000 in liquid savings for funeral and burial costs, a small guaranteed acceptance or final expense policy can permanently and reliably cover that gap. If dependents like a spouse, disabled adult child or anyone else relying on your income would struggle without your paycheck, term life insurance can provide financial support while that obligation exists.

Outstanding debt is another major reason to carry coverage. A mortgage, personal loan or medical bills that would fall on your family after your death create a strong case for life insurance. The same applies to estate planning. Seniors who want to equalize inheritances among heirs, cover estate taxes or fund a business succession often use permanent life insurance as an efficient solution.

Life insurance may not make sense if you have no dependents, no debt and enough savings to cover final expenses. In that case, the premiums at age 70 or 75 are unlikely to provide more value than keeping your money invested or accessible in savings.

The cheapest life insurance provider for seniors depends on when you're buying and what you need. Penn Mutual and John Hancock have the lowest term life rates for seniors in their 60s. John Hancock is the more affordable choice if you're buying in your 70s, accepting applicants up to 80 and leading on price at 75 for both genders. If you can't qualify for underwritten coverage, Physicians Mutual is the most affordable guaranteed acceptance option. Transamerica has the lowest final expense insurance rates for policies up to $50,000 in coverage.

Don't buy more coverage than you need. The monthly cost difference between a $100,000 and a $250,000 policy adds up fast after 70. Get quotes from at least three providers before applying.

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Below are some frequently asked questions about life insurance for seniors: