Best Term Life Insurance for Seniors in 2026

Explore the best term life insurance for seniors in 2026 based on MoneyGeek's analysis of top-rated policies, rates and coverage options.

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# Best Term Life Insurance for Seniors in 2026

Written by Mark Fitzpatrick

Updated: March 16, 2026

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Key Takeaways

Based on MoneyGeek's analysis, Banner Life, Pacific Life, Penn Mutual, John Hancock and Transamerica offer the best term life insurance for seniors.

Eligibility for term life insurance shrinks with age. Most companies offer coverage up to age 75 but some accept applicants up to 80. Seniors aged 60 to 65 have access to longer terms than those over 70.

No-exam term life insurance policies provide faster approval for seniors, but they have lower coverage caps and higher premiums compared to traditional underwriting.

Compare the Best Term Life Insurance for Seniors

Banner Life is the best term life insurance company for seniors in 2026. 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.


Overall	Banner Life	$84 (F), $119 (M)	10,000,000	10-40 years	75	4.5
Customer Satisfaction	Pacific Life	$84 (F), $119 (M)	10,000,000	10-30 years	80	4.4
Cheapest	Penn Mutual	$72 (F), $110 (M)	10,000,000	10-30 years	70	4.4
Seniors Ages 75–80	Transamerica	$96 (F), $125 (M)	10,000,000	10-30 years	80	4.3
High Coverage	John Hancock	$85 (F), $126 (M)	65,000,000	10-30 years	80	4.2

* Rate above are based on $250,000 policy on 10-year term for nonsmoking 65-year-olds of average height, health and weight. Your rates will depend on your profile, lifestyle, health, coverage level and term length.

Banner Life

Best Overall

MoneyGeek Rating

4.5/ 5

4.9/5Affordability

3.7/5Customer Experience

4.5/5Coverage

Average Monthly Rate
$84 (F), $119 (M)
Max Age
75
Term Lengths
10-40 years

pros
- High coverage without a medical exam
- Competitive pricing across age groups
- Conversion up to age 70
cons
- Doesn’t accept applicants older than 75
Banner Life is the best term life insurance company for seniors. Seniors up to age 75 can buy term policies from 10 to 40 years, with coverage amounts up to $10 million. Rates for a 65-year-old on a 10-year, $250,000 policy average $84 per month for women and $119 per month for men. Banner Life's NAIC complaint index of 0.16 is well below the industry average of 1.0, and its A+ AM Best rating shows strong financial stability.

Banner Life's conversion option lets seniors convert to LifeStep Universal Life, which provides guaranteed coverage to age 121. Conversion must happen before the term ends or by age 70, whichever comes first. Additional riders include accidental death benefit, waiver of premium and a child rider. No-exam coverage is available up to $4 million.
- AM Best rating: A+
- NAIC complaint index: 0.16
- J.D. Power score: N/A
- BBB rating: N/A
- Max coverage: $10,000,000 ($4,000,000 without medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30, 35, 40
- Ages supported: 20-75
- Riders and options: Accidental death benefit, waiver of premium, child rider, conversion

Penn Mutual

Cheapest

MoneyGeek Rating

4.4/ 5

5/5Affordability

3.6/5Customer Experience

4.3/5Coverage

Average Monthly Rate
$72 (F), $110 (M)
Max Age
70
Term Lengths
10-30 years

pros
- Cheapest rates in our analysis
- High $10 million no-exam coverage
- Low NAIC complaint index
cons
- Max age capped at 70
Penn Mutual has the cheapest term life insurance rates for seniors in our analysis. For a 65-year-old purchasing a 10-year, $250,000 policy, average premiums are $72 per month for women and $110 per month for men. The company earns a 4.4 out of 5 MoneyGeek score and holds an A+ rating from AM Best. It also has the lowest NAIC complaint index we reviewed at 0.05, with far fewer complaints than expected for its size.

Penn Mutual sells 10- to 30-year term policies with coverage up to $10 million, and its no-exam coverage limit also reaches $10 million, the highest in our analysis. Riders include accidental death benefit, waiver of premium, a child rider and a conversion option. Coverage is available only up to age 70, which is slightly lower than the 75 to 80 maximum age available from many competitors.
- AM Best rating: A+
- NAIC complaint index: 0.05
- J.D. Power score: 651 (9th)
- BBB rating: N/A
- Max coverage: $10,000,000 (with or without medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30
- Ages supported: 20-70
- Riders and options: Accidental death benefit, waiver, child rider, conversion

Pacific Life

Best for Customer Satisfaction

MoneyGeek Rating

4.4/ 5

4.9/5Affordability

3.6/5Customer Experience

4.5/5Coverage

Average Monthly Rate
$84 (F), $119 (M)
Max Age
80
Term Lengths
10-30 years

pros
- Coverage up to $3 million without an exam
- Low NAIC complaint index
cons
- Can only convert to universal policy
Pacific Life has one of the strongest records for customer satisfaction in our analysis. Its NAIC complaint index is 0.05, tied with Penn Mutual for the lowest among the providers we reviewed and far below the industry average of 1.0. It also earns a 4.4 out of 5 MoneyGeek score and an A+ financial strength rating from AM Best.

Seniors can apply for coverage up to age 80, one of the higher age limits in our rankings. Pacific Life offers 10- to 30-year term policies with coverage up to $10 million. For a 65-year-old buying a 10-year, $250,000 policy, rates average $84 per month for women and $119 per month for men. No-exam coverage is available up to $3 million.
- AM Best rating: A+
- NAIC complaint index: 0.05
- J.D. Power score: 652 (10th)
- BBB rating: N/A
- Max coverage: $10,000,000 ($3,000,000 without medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30
- Ages supported: 18-80
- Riders and options: Accidental death benefit, waiver, child rider, conversion

Transamerica

Best for Seniors Ages 75-80

MoneyGeek Rating

4.3/ 5

4.6/5Affordability

3.7/5Customer Experience

4.4/5Coverage

Average Monthly Rate
$96 (F), $125 (M)
Max Age
80
Term Lengths
10-30 years

pros
- Broad underwriting classes support more applicants
cons
- Higher than average premiums
- High NAIC complaint index
Seniors between 75 and 80 have far fewer term life options than younger applicants. Transamerica is one of the few insurers that still offers coverage in this range, issuing 10-year term policies up to age 80 and 15-year policies up to age 78 for nonsmokers.

Transamerica earns a 4.3 out of 5 MoneyGeek score and holds an A rating from AM Best. Coverage is available up to $10 million, with no-exam policies up to $2 million. For a 65-year-old purchasing a 10-year, $250,000 policy, average rates are $96 per month for women and $125 per month for men, among the highest in our top picks. Its NAIC complaint index of 3.86 is also the highest we reviewed and well above the industry average of 1.0, a meaningful tradeoff for seniors weighing eligibility against complaints history.
- AM Best rating: A
- NAIC complaint index: 3.86
- J.D. Power score: 604 (19th)
- BBB rating: N/A
- Max coverage: $10,000,000 ($2,000,000 without a medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30
- Ages supported: 18-80
- Riders and options: Accidental death benefit, waiver, child rider, conversion

John Hancock

Best for High Coverage

MoneyGeek Rating

4.2/ 5

4.5/5Affordability

3.7/5Customer Experience

4.5/5Coverage

Average Monthly Rate
$85 (F), $126 (M)
Max Age
80
Term Lengths
10-30 years

pros
- High $65 million coverage limit
- Up to $3 million without a medical exam
cons
- Higher than average NAIC complaint index
John Hancock is a strong option for seniors who need high coverage amounts. Its maximum coverage limit of $65 million is the highest among the providers we reviewed. It works well for high-net-worth estates and business succession planning. The company also allows applications up to age 80 and holds A+ ratings from both AM Best and the Better Business Bureau.

For a 65-year-old buying a 10-year, $250,000 policy, rates average $85 per month for women and $126 per month for men. Term lengths range from 10 to 30 years, and no-exam coverage is available up to $3 million. John Hancock’s Vitality program rewards policyholders with discounts and perks for healthy habits like regular exercise and annual checkups. Its NAIC complaint index is 1.21, though, which is above the industry average.
- AM Best rating: A+
- NAIC complaint index: 1.21
- J.D. Power score: 631 (16th)
- BBB rating: A+
- Max coverage: $65,000,000 ($3,000,000 without medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 30
- Ages supported: 18-80
- Riders and options: Accidental death benefit, waiver, child rider, conversion, vitality participation

How to Get the Best Term Life Insurance for Seniors

Compare quotes, review eligibility requirements and decide between exam and no-exam options before applying. The following steps help you choose the right policy for your needs and budget.

1
Compare Quotes From Multiple Sources
Request quotes online or through licensed agents. Many insurers provide online tools that allow you to price term policies quickly. Compare several offers side by side. In addition to monthly premiums, review term lengths, available riders and whether the policy can convert to permanent coverage later.
2
Review Eligibility and Health Requirements
Underwriting rules vary by insurer. Before applying, confirm age limits, maximum coverage amounts and health guidelines. This step helps narrow your options early so you can focus on companies that accept applicants with your age range and medical history.
3
Decide Between Exam and No-Exam Options
Traditional underwriting includes a medical exam, which may lead to lower premiums for applicants in good health. No-exam term life insurance for seniors offers faster approval and can be a better fit for those with pre-existing conditions, though coverage limits are usually lower.
4
Prepare Accurate Health and Financial Information
Complete health questionnaires carefully and gather medical records if requested. Missing or incorrect details can slow the review process or affect approval. Having this information ready ahead of time helps applications move forward without unnecessary delays.
5
Activate Coverage With Your First Premium
Review your policy documents to confirm the term length, riders, coverage amount and life insurance beneficiary details. Sign the paperwork and submit the first premium to activate coverage. Continue paying premiums on schedule to keep the policy active.

Average Cost of Term Life Insurance for Seniors

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 at $250,000 and a 10-year term.


Banner Life	$41 (F), $48 (M)	$71 (F), $100 (M)	$84 (F), $119 (M)	$182 (F), $294 (M)
Pacific Life	$41 (F), $49 (M)	$70 (F), $100 (M)	$84 (F), $119 (M)	$197 (F), $296 (M)
Penn Mutual	$37 (F), $46 (M)	$60 (F), $92 (M)	$72 (F), $110 (M)	$157 (F), $277 (M)
John Hancock	$41 (F), $53 (M)	$67 (F), $99 (M)	$85 (F), $126 (M)	$184 (F), $257 (M)
Transamerica	$41 (F), $48 (M)	$81 (F), $105 (M)	$96 (F), $125 (M)	$203 (F), $297 (M)

* Rates above are based on 10-year term policies with $250,000 in coverage. Your rates will depend on your profile, coverage needs and insurer underwriting process.

Best Term Life Insurance Companies for Seniors: Bottom Line

The best term life insurance for seniors depends on your health, age and policy goals. Our research shows that Banner Life, Pacific Life, Penn Mutual, John Hancock and Transamerica offer some of the best options.

Compare offers from multiple insurers and review policy features to find the best term life insurance for your specific needs.

Term Life Insurance Policy for Seniors: FAQ

Below are answers to some of the most frequently asked questions about term life insurance for seniors.

At what age can you no longer get term life insurance?

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.

Is term or permanent life better for seniors?

Term life 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, suits those wanting lifetime financial protection.

Can seniors get no-exam term life insurance?

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.

How long can seniors get term life insurance?

Seniors can usually 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.

Our Ratings Methodology

Shopping for term life insurance after 50 means thinking about legacy planning, final expenses and protecting a spouse's retirement income rather than replacing decades of future earnings. Our research focuses on what matters most to seniors: affordable premiums for fixed incomes, straightforward applications and financially stable companies.

Research Approach

We evaluated each company across three categories, weighted by importance to senior shoppers:

Affordability (50%): Premium costs based on real online quotes.
Customer experience (30%): Financial strength ratings, customer satisfaction data from NAIC complaint index, consumer sentiment across review forums, buying process tools and online materials.
Coverage options (20%): Flexibility in term lengths, coverage amounts, riders and other options.

Sample Profile

We gathered quotes across a range of demographic profiles, coverage levels, and terms. Unless otherwise stated, this article features a standard profile to find the best overall and most affordable companies:

Age range: 65
Gender: Male
Height/Weight: 5 feet, 9 inches / 160 pounds
Tobacco use: Nonsmoker
Health: Average rating
Coverage Level: $250,000
Term: 10 years

We modified the profile by age, gender, height, weight, tobacco use and health rating to determine the best companies for different senior needs.

Seniors Term Life Insurance: Related Pages

About Mark Fitzpatrick

Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in 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!

He writes about economics and insurance, breaking down complex topics so people know what they're buying.

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