Updated: September 26, 2025
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The best term life insurance companies balance affordability, flexible term lengths and strong financial ratings. Compare offers from different insurers to find the right policy for your family's needs.
Based on MoneyGeek's analysis, Nationwide, Lincoln Financial, AAA, Assurity, Pacific Life and Guardian Life offer some of the best term life insurance for seniors.
Eligibility for term life insurance narrows with age, but most companies offer coverage to seniors up to age 75. Seniors aged 60 to 65 access longer terms than those over 70.
No-exam term life insurance policies provide faster approval for seniors, but they often have lower coverage caps and higher premiums compared to traditional underwriting. Availability, maximum coverage amounts and eligibility requirements depend on insurers.
Nationwide is MoneyGeek's pick for the best overall term life insurance company for seniors. The best provider varies depending on your age, health history, lifestyle and coverage needs. Some companies excel at customer service, while others provide greater flexibility in coverage options.
The table below shows the best companies for different senior profiles.
Overall | Nationwide | 4.7 | $138 | $1,648 |
Affordability | Lincoln Financial | 4.5 | $118 | $1,415 |
No-Exam | AAA | 5 | $632 | $7,591 |
Smokers | Assurity | 4.8 | $1,402 | $16,839 |
Coverage Options | Pacific Life | 4.5 | $579 | $6,954 |
Customer Experience | Guardian Life | 4.3 | $658 | $7,897 |
Rates above are based on our sample profiles (age range 50-85 for the best overall and affordability; 70-year-old for specific categories). Your rates will depend on your profile, lifestyle, health, coverage level and term length.
Best Overall
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Best Cheap
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Best No-Exam
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Best for Seniors Who Smoke
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Best Coverage Options
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Best Customer Experience
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Choosing the best term life insurance for seniors involves comparison of premiums, eligibility, coverage duration and conversion rights. The following sections outline what seniors need to know before applying, with details on costs, application steps and policy features.
Finding the best-rated term life insurance for seniors involves preparation and comparison. Seniors can save time and money by following a structured approach that ensures they choose the right policy, understand eligibility and secure coverage that matches their financial goals.
Gather quotes online or from licensed agents. Many companies offer online quote tools for term policies.
Review offers from several companies side by side to find the right fit. Look beyond premiums. Check term lengths, riders and conversion options.
Each insurer has its own underwriting criteria. Before applying, check the companies' age limits, coverage caps, and health requirements. This ensures you don’t waste time on companies that won’t issue policies at your age or with your medical history.
Traditional underwriting includes a medical exam, which can unlock lower premiums for healthy applicants. If you prefer quick approval or have pre-existing conditions, no-exam term life insurance for seniors may be a better fit, though coverage amounts are often smaller.
Be honest when answering health questionnaires and be ready with medical records if requested. Inaccurate information may delay approval or risk denial. Preparing in advance helps speed up the process and increases the likelihood of securing favorable rates.
Review your policy documents to confirm the correct term length, riders, coverage amount and life insurance beneficiary details. If everything is in order, sign the documents and pay the first premium to activate coverage. Pay your premiums regularly to keep your coverage active.
Term life insurance premiums for seniors depend on age, health, gender, coverage amount and policy length. The table below highlights average quotes for seniors of different ages with different coverage amounts and term lengths.
| 50 | $87 | $1,045 |
| 55 | $139 | $1,669 |
| 60 | $247 | $2,961 |
| 65 | $441 | $5,297 |
| 70 | $667 | $8,004 |
Rates above are based on our sample profile. Your rates will depend on your profile, coverage needs and companies' underwriting reviews.
Several factors affect life insurance premiums. For accurate estimates, compare personalized quotes from multiple companies. Use MoneyGeek’s life insurance calculator to compare rates tailored to your age and coverage needs.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Sep 29, 2025
Term life insurance for seniors provides temporary coverage that pays a death benefit if you pass away during the policy’s term. Policies typically come in 10-, 15-, or 20-year lengths, depending on age at application. Maximum issue ages (maximum age to apply) vary by company, but most carriers limit new term policies between 70 and 75.
Premiums rise with age, and health history plays a large role in approval. If you have chronic conditions or smoke, you'll probably have higher rates.
Once your policy is activated, premiums are level during the term period but increase upon renewal.
For seniors, term life options narrow with age, but meaningful coverage is still available.
Eligibility requirements and available term lengths vary by state and individual health factors. Not all applicants will qualify for coverage.
Conversion and renewability are two important features to consider when shopping for term life insurance. Conversion allows policyholders to convert from term to permanent coverage without a medical exam, often required by age 65 or 70. This can safeguard eligibility if health conditions worsen later. Renewability allows extending coverage after the initial term ends, though premiums rise.
While many insurers include one or both, not all policies do. Before applying, review each contract carefully to confirm whether these provisions are offered.
Some insurers offer no-exam life insurance coverage to seniors, allowing applicants to qualify without a medical exam by using health questionnaires, prescription checks and other records. These policies provide a faster approval process and can benefit seniors who prefer convenience or have medical conditions that might affect traditional underwriting.
Premiums for no-exam term life insurance policies can be higher than fully underwritten policies, and coverage amounts are usually capped at lower levels, making it important to weigh the trade-off between ease of access and cost.
Riders add flexibility and additional protection to a standard term policy. Knowing your options can help enhance coverage to align with your health needs and financial priorities. The following are common life insurance riders available to seniors.
Rider availability and terms can vary by insurer and state, so applicants should review specific policy details before deciding.
Seniors who can't qualify for term coverage or want lifetime protection still have options. Alternatives can provide permanent coverage, simplified approvals or limited protection for accidental death. Each serves a different need, so reviewing them closely helps determine which aligns best with your long-term goals.
Guaranteed acceptance life insurance is available to seniors without requiring medical exams or health questions. Coverage amounts are smaller, usually $2,000 to $25,000, and policies often include a waiting period before full benefits apply. Premiums are higher relative to the benefit, but this option ensures coverage for seniors who might otherwise be declined.
Guaranteed acceptance policies are whole life insurance, which means they provide permanent financial protection.
Guaranteed universal life offers permanent protection with fixed premiums and a guaranteed death benefit. Unlike traditional universal life, it's not focused on cash value growth, which helps keep costs more affordable for seniors. Coverage can often be issued well into the 70s.
Accidental death insurance pays benefits only if the insured dies due to a qualifying accident. It's generally low-cost and easy to obtain, even for seniors with health issues.
This type of insurance doesn't cover deaths from illness or natural causes, so it works best as a supplemental policy rather than a primary source of coverage.
Traditional permanent policies, such as standard whole life or universal life, may be available to seniors, but their premiums are often prohibitively high compared to the abovementioned alternatives.
The best term life insurance for seniors depends on your health, age and policy goals. Our research shows that Nationwide, Lincoln Financial, AAA, Assurity, Pacific Life, and Guardian Life offer some of the best options. Each company offers strengths in affordability, no-exam access, smoker coverage, options and customer service.
Compare offers from multiple insurers and review policy features to find the best term life insurance for your specific needs.
Below are answers to some of the most frequently asked questions about term life insurance for seniors.
The best term life insurance for seniors depends on age, health and coverage needs. Nationwide, Lincoln Financial, AAA, Assurity, Pacific Life, and Guardian Life are top picks based on MoneyGeek's analysis of quotes and companies in 2025.
Most insurers stop offering term life insurance for seniors after age 75. Some limit 20-year terms to age 65 or 70, while 10- or 15-year terms may remain available into the early 70s.
Term life insurance for seniors works well for temporary needs, such as covering debts or providing income replacement for a set period. Permanent life insurance, including guaranteed acceptance and guaranteed universal, may be better for those wanting lifetime protection.
Yes. Some of the best term life insurance companies for seniors offer no-exam policies. Coverage limits are often lower than traditional term policies, but you can get quick approval and simplified applications.
Seniors can typically buy term life insurance until age 70 to 75, depending on the insurer. Available term lengths shorten with age: 20-year terms are often limited to those under 65, while 10- or 15-year terms are usually offered into the early 70s.
The average cost varies by age. For a 60-year-old man, a 10-year $500,000 policy costs an average of $247 per month. The same policy costs an average of $667 per month for a 70-year-old.
The best term life insurance rates for seniors are typically lowest between ages 60 and 65. Premiums rise sharply in the 70s, with costs varying based on gender, health status and coverage amount.
Shopping for term life insurance after 50 feels different than buying coverage in your younger years. You're thinking about legacy planning, final expenses and protecting a spouse's retirement income rather than replacing decades of future earnings. That's why we designed our research specifically around what matters most to seniors: affordable premiums that fit fixed incomes, straightforward application processes and companies with the financial stability to pay claims years down the road.
Our Research Approach
We analyzed three key factors that drive real-world decisions for senior term life insurance shoppers. Each company earned up to five points per category, with scoring weighted based on what actually influences purchasing decisions for this age group:
What We Evaluated
Each company's score reflects comprehensive analysis of:
Our Sample Customer Profile
We gathered quotes using a standard senior profile across all companies to find the best overall and cheapest term life insurance company:
We modified the profile by age, gender, height, weight, tobacco use and health rating to collect various quotes and determine the best life insurance company for different types of senior customers.
For specific categories, we used the following profile:
We also collected quotes for term life insurance with varying term lengths and coverage amounts to reflect the diverse needs of older adults planning their estates and protecting their families.
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.
