Best Term Life Insurance for Seniors in 2026

Banner Life is the best term life insurance company for seniors in 2026. For seniors under 70 in good health, Penn Mutual offers lower rates. Pacific Life and John Hancock are the better fits for those who need coverage past 75 or prioritize customer satisfaction.

Penn Mutual's rates are the lowest in our analysis at $72 per month for a 65-year-old woman, $12 less than those of Banner Life and Pacific Life. The tradeoff is a hard age cutoff at 70, which rules it out for older applicants. For seniors ages 65 to 70 in good health, Penn Mutual is the most cost-effective starting point.

Rates 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.

Term life insurance premiums for seniors depend on age, health, gender, coverage amount and policy length. The tables below highlight average quotes for seniors of different ages at $250,000 and a 10-year term.

Penn Mutual's rates are the cheapest for senior women at every age we analyzed and for men through age 65. At age 70, John Hancock is the cheapest for men at $257 per month, compared with $277 at Penn Mutual. For a 70-year-old woman, Penn Mutual averages $157 per month compared to $182 at Banner Life and $203 at Transamerica, a difference of up to $46 per month, or $552 per year on a 10-year term. Seniors who want to apply for coverage past that age have to accept higher premiums elsewhere.

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.

Term life pays a death benefit only if you die during the covered period. Whole life insurance pays out regardless of when you die and builds cash value over time (as long as you pay the premiums).

Term life covers a defined obligation with an end date: a mortgage balance or income replacement for a surviving spouse. For seniors in good health who can pass underwriting, term provides the most coverage per dollar spent. Coverage among the five carriers MoneyGeek reviewed reaches up to $65 million at John Hancock, the highest in the analysis.

Whole life insurance fits seniors who need lifetime coverage or who've aged out of term eligibility due to health changes. Converting an existing term policy is another path: most carriers let seniors convert without a new medical exam before the conversion deadline. At Banner Life, that deadline is age 70 or the end of the term, whichever comes first.

Term is the better fit for most seniors who have a specific obligation to cover and can qualify for underwriting. Permanent coverage is the better fit when that obligation has no end date or when the term window has closed.

The best term life insurance for seniors depends on your age and what you're prioritizing:

• If you're between 60 and 70 in good health, Penn Mutual has the lowest rates in our analysis. At $72 per month for a 65-year-old woman, it is $12 less than the rates from Banner Life and Pacific Life. Its no-exam coverage limit matches its full $10 million cap. At 70, rates split by gender: Penn Mutual is cheaper for women at $157 per month. John Hancock is cheaper for men, at $257, compared to $277 at Penn Mutual. Penn Mutual stops accepting applicants at 70.
• If you're between 65 and 75 and want a longer term or conversion flexibility, Banner Life is the right choice. It is the only provider in our rankings offering 35- and 40-year terms, and its conversion option to permanent coverage is available up to age 70.
• If complaint history is the priority and you're under 80, Pacific Life and Penn Mutual share the lowest NAIC complaint index in our analysis, at 0.05, compared with a 1.0 industry average.
• If you're over 75, Transamerica, John Hancock and Pacific Life are the only providers in our rankings still issuing policies. Transamerica's NAIC complaint index of 3.86 is nearly four times the industry average of 1.0. At this age range, eligibility is the deciding factor. Transamerica extends 15-year terms to age 78 for nonsmokers, the broadest window of the three.
• If you need coverage above $10 million for estate planning or business succession, John Hancock is the only provider in our analysis with a $65 million cap.

Term life insurance past 50 serves a different purpose than it does for younger buyers. Legacy planning, final expenses and a spouse's retirement income take priority over replacing lost decades of earnings. MoneyGeek evaluated insurers on three criteria that matter most to this age group: premiums that fit a fixed income, customer satisfaction and proven financial stability.

Research Approach

MoneyGeek scored each insurer across three categories weighted by senior buyer priorities:

• Affordability (50%): Actual premium costs pulled from online quotes.
• Customer experience (30%): AM Best financial strength ratings, NAIC complaint index scores, consumer reviews and the quality of buying tools and online resources.
• Coverage options (20%): Available term lengths, coverage amounts and riders.

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: 65
• Gender: Male
• Height: 5 feet, 9 inches
• Weight: 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.