Updated: September 3, 2025
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Life insurance provides financial protection to help seniors cover final expenses, replace income or leave a legacy, making it an important part of late-life financial planning.
Nationwide, AAA, USAA, Northern American and GEICO are top providers for seniors, offering strong term, no-exam, whole, universal and guaranteed life insurance options based on different needs.
Choosing the right policy depends on your age, health and financial goals. Compare premiums, coverage types and medical exam requirements to find your fit.
Based on MoneyGeek's analysis of insurers, Nationwide provides the best term life insurance, with a MoneyGeek score of 98 and an average monthly cost of $86 for women and $121 for men. The table highlights the best providers for different types of life insurance:
Coverage availability and rates may vary by age and state. Contact providers directly to confirm availability in your area.
Term Life | Nationwide | 98 | $86 (women);
$121 for men | $1,028 (women);
$1,448 (men) |
No Medical Exam | AAA | 100 | $346 (women);
$501 (men) | $4,158 (women);
$6,016 (men) |
Whole Life | USAA | 90 | $1,076 (women);
$1,289 (men) | $12,912 (women);
$15,467 (men) |
Universal Life | North American | 100 | $684 (women);
$820 (men) | $8,202 (women);
$9,845 (men) |
Indexed Universal | North American | 90 (women);
92 (men) | $848 (women);
$971 (men) | $10,172 (women);
$11,652 (men) |
Guaranteed Acceptance | GEICO | 97 (women);
94 (men) | $64 (women);
$87 (men) | $766 (women);
$1,040 (men) |
Nationwide leads as the best term life insurance provider for seniors with a MoneyGeek score of 98. Nationwide offers maximum coverage up to $10 million and no-exam coverage up to $1.5 million for senior applicants. Available riders include accelerated death benefit, child term rider, waiver of premium, accidental death benefit, return of premium on select term policies and guaranteed insurability. Multi-product bundling integrates with other Nationwide offerings for additional savings.
Nationwide maintains strong ratings including J.D. Power 666 (5th), BBB A+ and AM Best A+ for financial strength and customer trust. Average monthly costs are $121 for men ($1,448 annually) and $86 for women ($1,028 annually).
AAA offers the best no-exam life insurance for seniors, combining affordability, broad coverage, and accessible underwriting. A 10-year term policy for a 70-year-old nonsmoker with $500,000 in coverage averages $501 per month ($6,016 annually) for men and $346 per month ($4,158 annually) for women. Applicants can secure up to $500,000 in no-exam coverage, with eligibility extending to age 75.
While AAA’s customer experience ratings are moderate, the company stands out for affordability and policy flexibility. Available riders, including return of premium, terminal illness access and travel accident protection, add value for seniors who want both convenience and comprehensive benefits.
USAA ranks as the best whole life insurance company for seniors with a MoneyGeek score of 90. USAA offers competitive pricing, flexible payment options and strong financial stability backed by an A++ AM Best rating. Seniors choose from simplified whole life insurance and guaranteed issue whole life insurance, with policy features varying by state.
Policyholders structure payments for 20 years, until age 65 or for the policy lifetime. Payment flexibility makes USAA practical for seniors seeking long-term coverage.
Average monthly premiums for seniors are $1,289 for men ($15,467 annually) and $1,076 for women ($12,912 annually).
North American is the best choice for seniors seeking universal life insurance, earning a MoneyGeek score of 100. The company offers guaranteed death benefits up to age 120 and options for either level or increasing death benefits. Seniors benefit from features like the Guarantee Exchange Privilege, which allows policyholders to move into an indexed universal life policy without additional underwriting. Riders such as accidental death, children’s term, guaranteed insurability, and waiver of monthly deductions enhance flexibility.
Average monthly costs are $820 for men ($9,845 per year) and $684 for women ($8,202 per year), making it a competitive option with strong long-term value.
North American is the best provider of indexed universal life insurance for seniors, offering innovative features designed to balance growth and stability. The Builder Plus IUL 3 includes the Fidelity Multifactor Yield Index 5% ER, exclusive to the company, with a 125% participation rate, no cap, and bonuses that enhance long-term performance. Seniors can also benefit from a Fixed Interest Participating Policy Loan and access part of the death benefit early if diagnosed with a qualifying illness.
Average costs are $971 per month ($11,652 per year) for men and $848 per month ($10,172 per year) for women, making it a strong choice for seniors seeking lasting financial security.
GEICO is the best choice for seniors looking for guaranteed life insurance, with a MoneyGeek score of 94 for senior men and 97 for senior women. The company offers competitive monthly costs of $87 for men ($1,040 per year) and $64 for women ($766 per year).
Coverage amounts go up to $75,000, providing accessible protection without requiring a medical exam. While policies are issued through GEICO’s partner insurers, the process is straightforward, making it easy for seniors to secure coverage. This balance of affordability, simplicity, and availability makes GEICO a strong option for seniors seeking guaranteed acceptance life insurance to cover final expenses or modest financial needs.
*Rates based on Lifequotes.com quotes for 70-year-old nonsmokers with average weight and health ratings with a $10,000 coverage amount.
Life insurance for seniors serves specific purposes: covering final expenses, supporting spouses or leaving legacies. The sections below compare term and whole life policies, evaluate costs and health requirements, and help you find the right plan for your age, budget and goals.
Whether seniors need life insurance depends on individual circumstances. Life insurance helps beneficiaries cover funeral expenses, medical bills and provide inheritance funds. Coverage needs diminish when you've set aside sufficient funds for these purposes or your children are financially independent.
Consider your financial obligations and their impact on family members. Evaluate premium costs, which increase with age, and potential medical exam requirements. Assess coverage types (term, whole or universal life insurance) weighing pros and cons to determine the best policy for your situation.
Your needs and options change significantly by age group:
Ages 60 to 65: Maximum flexibility and affordable options exist. Focus on term coverage until debts are paid or permanent coverage for estate planning. Many term policies allow conversion to permanent coverage without medical exams before age 70.
Ages 66 to 75: Balance rising premium costs with actual coverage needs. Consider simplified issue policies for minor health issues or pursue full underwriting for better rates if you're healthy enough for medical exams.
Ages 75+: Limited but available options remain. Guaranteed issue policies accept all applicants but cap coverage around $25,000. Final expense insurance covers funeral costs averaging $7,000 to $12,000.
Seniors seek life insurance to secure their family's financial future while facing higher premiums and more stringent health evaluations than younger applicants. Consider these key features when shopping for senior coverage:
If you're considering term life insurance, the term should align with your financial planning horizon. Whole and universal life insurance offer lifelong coverage, which may be more suitable for long-term financial planning.
Premiums increase with age, so finding policies that balance cost and coverage becomes essential. Fixed premiums that don't increase over time provide valuable budgeting stability.
Some policies require medical exams, while simplified issue or guaranteed issue options skip medical exams. No-exam policies help applicants with pre-existing health conditions but carry higher premiums.
Look for beneficial riders like accelerated death benefits, which allow you to access portions of death benefits when diagnosed with terminal illnesses.
By focusing on these features, you can tailor your life insurance policy to better fit your personal needs and circumstances.
Age significantly influences life insurance costs for seniors, with premiums rising to account for increased health risks. Overall health, lifestyle choices like smoking and policy type also impact costs. The table shows average monthly costs by age and policy type:
| 60 | $54 | $644 |
| 65 | $96 | $1,155 |
| 70 | $162 | $1,948 |
| 60 | $246 | $2,955 |
| $50,000 | $174 | $2,086 |
| $100,000 | $348 | $4,171 |
| $150,000 | $521 | $6,257 |
| $200,000 | $695 | $8,343 |
| $250,000 | $869 | $10,428 |
| $300,000 | $1,043 | $12,514 |
| $350,000 | $1,217 | $14,600 |
| $400,000 | $1,390 | $16,685 |
| $450,000 | $1,564 | $18,771 |
| $500,000 | $1,738 | $20,857 |
| $550,000 | $1,912 | $22,942 |
| $600,000 | $2,086 | $25,028 |
| $650,000 | $2,260 | $27,114 |
| $700,000 | $2,433 | $29,199 |
| $750,000 | $2,607 | $31,285 |
| $800,000 | $2,781 | $33,371 |
| $850,000 | $2,955 | $35,456 |
| $900,000 | $3,129 | $37,542 |
| $950,000 | $3,302 | $39,628 |
| $1,000,000 | $3,476 | $41,713 |
| $1,500,000 | $5,214 | $62,570 |
| $2,500,000 | $8,691 | $104,284 |
| $50,000 | $63 | $753 |
| $100,000 | $125 | $1,506 |
| $150,000 | $188 | $2,259 |
| $200,000 | $251 | $3,012 |
| $250,000 | $314 | $3,765 |
| $300,000 | $376 | $4,518 |
| $350,000 | $439 | $5,271 |
| $400,000 | $502 | $6,024 |
| $450,000 | $565 | $6,777 |
| $500,000 | $627 | $7,530 |
| $550,000 | $690 | $8,282 |
| $600,000 | $753 | $9,035 |
| $650,000 | $816 | $9,788 |
| $700,000 | $878 | $10,541 |
| $750,000 | $941 | $11,294 |
| $800,000 | $1,004 | $12,047 |
| $850,000 | $1,067 | $12,800 |
| $900,000 | $1,129 | $13,553 |
| $950,000 | $1,192 | $14,306 |
| $1,000,000 | $1,255 | $15,059 |
| $1,500,000 | $1,882 | $22,589 |
| $2,500,000 | $3,137 | $37,648 |
| $50,000 | $87 | $1,039 |
| $100,000 | $173 | $2,079 |
| $150,000 | $260 | $3,118 |
| $200,000 | $346 | $4,157 |
| $250,000 | $433 | $5,197 |
| $300,000 | $520 | $6,236 |
| $350,000 | $606 | $7,275 |
| $400,000 | $693 | $8,314 |
| $450,000 | $780 | $9,354 |
| $500,000 | $866 | $10,393 |
| $550,000 | $953 | $11,432 |
| $600,000 | $1,039 | $12,472 |
| $650,000 | $1,126 | $13,511 |
| $700,000 | $1,213 | $14,550 |
| $750,000 | $1,299 | $15,590 |
| $800,000 | $1,386 | $16,629 |
| $850,000 | $1,472 | $17,668 |
| $900,000 | $1,559 | $18,708 |
| $950,000 | $1,646 | $19,747 |
| $1,000,000 | $1,732 | $20,786 |
| $1,500,000 | $2,598 | $31,179 |
| $2,500,000 | $4,331 | $51,966 |
| $1,000 | $4 | $54 |
| $2,000 | $9 | $105 |
| $3,000 | $14 | $167 |
| $4,000 | $19 | $222 |
| $5,000 | $23 | $274 |
| $6,000 | $27 | $328 |
| $7,000 | $32 | $383 |
| $8,000 | $37 | $438 |
| $9,000 | $41 | $493 |
| $10,000 | $48 | $575 |
| $11,000 | $50 | $594 |
| $12,000 | $54 | $648 |
| $13,000 | $59 | $702 |
| $14,000 | $63 | $756 |
| $15,000 | $68 | $810 |
| $16,000 | $74 | $889 |
| $17,000 | $79 | $944 |
| $18,000 | $83 | $1,000 |
| $19,000 | $88 | $1,056 |
| $20,000 | $93 | $1,111 |
| $21,000 | $94 | $1,132 |
| $22,000 | $99 | $1,186 |
| $23,000 | $103 | $1,240 |
| $24,000 | $108 | $1,294 |
| $25,000 | $112 | $1,348 |
| $26,000 | $93 | $1,116 |
| $27,000 | $97 | $1,159 |
| $28,000 | $100 | $1,202 |
| $29,000 | $104 | $1,244 |
| $30,000 | $107 | $1,287 |
| $31,000 | $85 | $1,015 |
| $32,000 | $87 | $1,048 |
| $33,000 | $90 | $1,081 |
| $34,000 | $93 | $1,113 |
| $35,000 | $96 | $1,146 |
| $36,000 | $98 | $1,179 |
| $37,000 | $101 | $1,212 |
| $38,000 | $104 | $1,244 |
| $39,000 | $106 | $1,277 |
| $40,000 | $109 | $1,310 |
| $41,000 | $112 | $1,343 |
| $42,000 | $115 | $1,375 |
| $43,000 | $117 | $1,408 |
| $44,000 | $120 | $1,441 |
| $45,000 | $123 | $1,473 |
| $46,000 | $126 | $1,506 |
| $47,000 | $128 | $1,539 |
| $48,000 | $131 | $1,572 |
| $49,000 | $134 | $1,604 |
| $50,000 | $136 | $1,637 |
| $51,000 | $139 | $1,670 |
| $52,000 | $142 | $1,703 |
| $53,000 | $145 | $1,735 |
| $54,000 | $147 | $1,768 |
| $55,000 | $150 | $1,801 |
| $56,000 | $153 | $1,834 |
| $57,000 | $156 | $1,866 |
| $58,000 | $158 | $1,899 |
| $59,000 | $161 | $1,932 |
| $60,000 | $164 | $1,965 |
| $61,000 | $166 | $1,997 |
| $62,000 | $169 | $2,030 |
| $63,000 | $172 | $2,063 |
| $64,000 | $175 | $2,096 |
| $65,000 | $177 | $2,128 |
| $66,000 | $180 | $2,161 |
| $67,000 | $183 | $2,194 |
| $68,000 | $186 | $2,227 |
| $69,000 | $188 | $2,259 |
| $70,000 | $191 | $2,292 |
| $71,000 | $194 | $2,325 |
| $72,000 | $196 | $2,358 |
| $73,000 | $199 | $2,390 |
| $74,000 | $202 | $2,423 |
| $75,000 | $205 | $2,456 |
Term life insurance works best for seniors seeking straightforward death benefit protection. Term policies provide coverage for specific periods like 10 or 20 years, paying death benefits to beneficiaries if you die during the term. Term coverage offers the most affordable and accessible option for senior applicants.
Whole life insurance offers death benefits plus cash value components that grow over time, providing investment-like features for long-term financial planning. Universal life insurance delivers flexible premiums and adjustable death benefits for changing financial needs.
Additional life insurance options for seniors include:
Policy Type | Description |
|---|---|
Guaranteed Universal Life | This hybrid policy offers the permanent coverage of whole life but with lower premiums, making it more budget-friendly while still providing a death benefit. |
Final Expense Insurance | Specifically designed to cover funeral and burial costs, this policy type offers lower coverage amounts and is easier to qualify for, even with health issues. |
Guaranteed Issue Life Insurance | Ideal for policyholders with significant health concerns, this policy requires no medical exam but comes with higher premiums and lower coverage amounts. |
Indexed Universal Life | Indexed universal life offers flexible premiums and a cash value component tied to a market index, allowing for potential growth over time, which can be useful for estate planning. |
Joint Life Insurance | For couples looking to leave a financial legacy, this policy pays out upon the second partner's death and is often used for estate tax planning or charitable giving. |
Each type has its merits and drawbacks, so consider your financial goals, the needs of your beneficiaries and your budget when choosing the best life insurance policy for seniors.
Determining the right amount of life insurance for seniors requires assessing financial needs and obligations. The "DIME" method calculates coverage by adding debt (including medical bills and loans), income replacement needs, remaining mortgage balance and future educational expenses for grandchildren. Your total provides a coverage estimate.
The "income replacement" method multiplies your annual income by five to ten years to provide financial cushions for loved ones. Include potential medical expenses and funeral costs in your calculations. Higher premiums for older applicants require balancing adequate coverage with budget constraints when selecting coverage amounts.
Life insurance provides seniors financial safety nets for families by covering final expenses, replacing lost income or leaving financial legacies.
Nationwide leads for term life coverage with high customer satisfaction, affordability and coverage ratings, while AAA ranks first for no-exam life insurance. USAA tops whole life insurance options and North American leads for universal and indexed universal life policies. GEICO offers the best guaranteed acceptance life insurance for budget-conscious seniors seeking low coverage amounts.
Choose the right plan by evaluating policy types, premiums and provider reputations that match your coverage needs and budget.
MoneyGeek's experts answered common questions about the best life insurance options for seniors.
Nationwide leads as the best term life insurance for seniors with a MoneyGeek score of 98 and average monthly premiums of $121 for men and $86 for women. USAA and North American offer the best permanent coverage options, while GEICO ranks first for guaranteed acceptance among major insurers.
Life insurance costs for seniors vary primarily by age and health status. A 60-year-old male pays an average of $145 monthly for 10-year, $250,000 term coverage, while 70-year-old men pay $364 monthly for identical coverage. Lifestyle choices and policy types also affect pricing.
Term life insurance ranks as the best life insurance for seniors due to its affordability and straightforward death benefit protection. Term policies provide set benefits for specific periods, making alignment with financial goals like mortgage payoffs or dependent support easier without cash value complexities.
Term life insurance is worth purchasing for seniors seeking affordable, temporary coverage. Term policies work best for protecting loved ones financially, covering end-of-life expenses or leaving inheritance funds without long-term commitments or higher premiums associated with permanent policies.
Seniors over 75 can secure life insurance, though options become limited. Guaranteed issue policies accept all applicants but cap coverage at $25,000. Final expense insurance remains available for covering funeral costs averaging $7,000 to $12,000.
Medical exam requirements for life insurance depend on policy type. Simplified issue policies skip medical exams but ask detailed health questions and cost 25% to 50% more than traditional coverage. Guaranteed issue policies require no health questions but limit coverage amounts. Medical exams provide the best rates for healthy applicants.
Controlled diabetes, high blood pressure and high cholesterol qualify for standard or slightly higher life insurance rates when managed with medication. Heart conditions, cancer history and stroke require detailed review but don't automatically disqualify applicants. Insurers focus on how well you manage health conditions.
Simplified issue life insurance policies require five to 15 health questions without medical exams, offering coverage limits up to $100,000 to $300,000. Guaranteed issue policies accept everyone regardless of health but limit coverage to $10,000 to $25,000 with waiting periods. Apply for simplified issue coverage first for better rates and higher limits.
Life insurance premiums reflect increased mortality risk with aging. After 65, health complications become more common and life expectancy decreases, causing insurers to charge higher premiums. Securing coverage earlier or choosing guaranteed issue policies becomes important for senior applicants.
Most life insurance health questionnaires include COVID-19 questions during applications. Previously, having COVID-19 didn't impact your ability to purchase coverage, according to the Insurance Information Institute. Long COVID symptoms that persist qualify as chronic conditions and impact premium rates.
Shopping for life insurance as a senior feels different from how it was in your 30s. Your health history matters more, term lengths become crucial decisions, and you're weighing protection against affordability on a fixed income. We designed our research specifically around these senior-focused concerns.
Our Research Approach
We analyzed three key factors that matter most when you're shopping for senior life insurance, weighting them based on what drives real-world decisions:
Each company’s score incorporates:
Sample Customer Profile
We gathered quotes using a standard senior profile across all companies:
Premiums are based on the standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the best life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.
We identified pricing trends across age groups and projected costs to help you understand how premiums change as you age. This approach reveals which companies offer the most predictable rate increases – crucial information when you're planning coverage that may last decades.
Each company earned up to five points per category, creating our overall MoneyGeek score out of 100 points. This system highlights insurers that balance affordability with reliability: exactly what seniors need when choosing life insurance protection.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
