Best Term Life Insurance for Seniors in 2026

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

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# Best Term Life Insurance for Seniors in 2026

Written by Mark Fitzpatrick

Updated: June 10, 2026

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Key Takeaways

Banner Life is the overall best term life insurance company for seniors. Pacific Life offers the best customer experience, while Penn Mutual has the most affordable rates.

For seniors ages 75-80, Transamerica is the best provider. Those who need high coverage amounts may find John Hancock a good option.

Most insurers stop accepting new term life applicants at 75. Seniors ages 60 to 65 qualify for longer terms, while those over 70 are limited to 10- and 15-year policies. A few companies, including Pacific Life, Transamerica and John Hancock, accept applicants up to 80.

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

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.

Penn Mutual's rates are the cheapest in our analysis by a meaningful margin at $72 per month for a 65-year-old woman versus $84 at Banner Life and Pacific Life. The tradeoff is a hard age cutoff at 70, which rules it out for older applicants. For seniors between 65 and 70 in good health, Penn Mutual is the most cost-effective starting point.


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

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.

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
- No-exam coverage up to $4 million
- 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. Seniors purchasing a 20-year or longer term in their early 60s should note this deadline. A 60-year-old buying a 20-year policy would need to convert by age 70, not at term end. 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 five to ten years below the maximum age limit at competing providers in our analysis.
- 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
- NAIC complaint index of 0.05, lowest in our analysis
cons
- Can only convert to universal policy
Pacific Life earns the top customer satisfaction designation in our analysis, with an NAIC complaint index of 0.05, tied with Penn Mutual for the lowest we reviewed and well below the 1.0 industry average. It also holds 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
- Accepts applicants up to 80, one of the few options for seniors in this age range
- Up to $2 million in coverage without a medical exam
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. That index means Transamerica received nearly four times as many complaints as expected for an insurer its size, according to NAIC data. For seniors 75 and older with no other options, the eligibility access outweighs the complaints record for most buyers. For those under 75, Pacific Life or Banner Life are better fits.
- 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 the right pick for seniors who need high coverage amounts. Its $65 million maximum coverage limit is the highest among the providers we reviewed, suited to 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. Seniors in good health who maintain those habits can offset some of the premium cost over time, a genuine differentiator from other carriers in our rankings. 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

The following steps help you choose the right policy for your needs and budget.

1
Compare Quotes From Multiple Sources
Request quotes from at least three insurers before applying. Compare term lengths, no-exam coverage limits and conversion options alongside monthly premiums. A $12 to $14 per month difference compounds over a 10-year term.
2
Review Eligibility and Health Requirements
Underwriting rules vary by age and insurer. Seniors 70 and older should verify age limits and health classifications before starting an application, as many companies stop issuing policies at 75, and some cap 20-year terms at 65. Penn Mutual accepts applicants only to 70 years old, while Pacific Life, Transamerica and John Hancock go to 80.
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 and gather medical records if requested. Missing or incorrect details can slow the review process or affect approval.
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 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 seniors at every age in our analysis. 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. The catch is Penn Mutual's age-70 cutoff. Seniors who want to apply for coverage past that age have to accept higher premiums elsewhere.


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 age and what you're prioritizing:

If you're between 60 and 70 in good health, Penn Mutual is the most cost-effective starting point. Its $72 per month average for a 65-year-old woman is the lowest in our analysis, and its no-exam limit matches its full coverage cap at $10 million. The age-70 cutoff is the only meaningful constraint.
If you're between 65 and 75 and want a longer term or conversion flexibility, Banner Life is the better fit. It's 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 customer satisfaction history matters most and you're under 80, Pacific Life and Penn Mutual are tied for the lowest NAIC complaint index in our analysis at 0.05, far below the 1.0 industry average.
If you're between 75 and 80, Transamerica and Pacific Life are the only providers in our rankings that still issue policies. Transamerica's higher NAIC complaint index (3.86) is worth weighing, but for seniors in this age range, eligibility is the primary constraint and Transamerica offers the broader underwriting window.
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 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 issuing term life policies at 75. A few, including Pacific Life, Transamerica and John Hancock, accept applicants up to 80, though for 10- or 15-year terms only. Available term lengths shorten with age: 20-year terms are usually limited to applicants under 65, and 10- to 15-year terms are available into the early 70s at most carriers.

Is term or permanent life better for seniors?

Term life is the right fit if you have a defined financial obligation like a mortgage balance, income replacement for a spouse or a business buyout agreement. Permanent life insurance, including whole life, universal life and guaranteed acceptance policies, is better if you need lifetime coverage regardless of health changes, but rates are much higher.

Can seniors get no-exam term life insurance?

Yes. Penn Mutual offers no-exam coverage up to $10 million, the highest in our analysis. Banner Life goes to $4 million without an exam, Pacific Life to $3 million and John Hancock to $3 million. Transamerica's no-exam cap is $2 million. Premiums for no-exam policies run higher than fully underwritten coverage for applicants in good health, so seniors without significant medical history pay less with a standard exam.

How long can seniors get term life insurance?

Seniors between 60 and 65 can usually qualify for 20- to 30-year terms. By 70, most carriers limit new applicants to 10- or 15-year terms. At 75 to 80, only a few insurers remain in the market, including Transamerica, Pacific Life and John Hancock, and 10-year terms are the standard offering.

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 (P&C) Insurance Producer in Connecticut, is MoneyGeek's resident insurance expert. He has spent nearly a decade analyzing the market, first at LendingTree and now at MoneyGeek, where he has produced original research on hundreds of carriers and millions of rates across auto, home, renters, health and life insurance.

He covers economics and insurance at MoneyGeek, and his work has been featured in The Washington Post, The New York Times and NPR, among other outlets.

Like all MoneyGeek analysts, he draws on independent cost and consumer experience data. No insurance company partnership influences his recommendations.

Fitzpatrick earned his degrees from Johns Hopkins University (M.A. Economics and International Relations) and Boston College (B.A.). He began his career in financial risk management at State Street. He's also a five-time “Jeopardy!” champion.

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