Updated: August 4, 2025
Advertising & Editorial Disclosure
Nationwide is the cheapest overall life insurance provider for seniors over 60. SBLI offers the most affordable rate for seniors over 70.
Protective and Assurity offer the cheapest rates for senior men who smoke, and Columbus Life has the lowest rates for senior women who smoke.
Foresters Financial and SBLI have the lowest life insurance rates for seniors with poor health. Ethos offers the cheapest guaranteed acceptance life insurance for both male and female senior citizens looking to avoid a medical exam.
Nationwide is the cheapest provider overall for term life insurance for seniors, offering rates averaging at $121 monthly (men) and $86 monthly (women) for a 10-year term and $500,000 of coverage. In the sections below, you can find the cheapest providers for both males and females in different categories and coverage levels.
| Senior Men | Nationwide | $121 | $1,448 |
| Senior Women | Nationwide | $86 | $1,028 |
Protective offers the most affordable life insurance for seniors aged 60 to 65, with a 10-year term policy with $100,000 coverage costing $51 to $100 per month for men and $36 to $71 per month for women. Assurity provides the cheapest option for seniors aged 66 to 70, averaging $116 to $143 per month for men and $82 to $101 per month for women.
Compare the top providers' rates for seniors based on age, gender, term length, and coverage level.
| Protective Insurance | $36 | $434 |
| Lincoln Financial | $38 | $456 |
| AAA | $41 | $497 |
| Foresters Financial | $43 | $518 |
| Columbus Life | $46 | $551 |
| North American | $46 | $553 |
| Midland National | $46 | $553 |
| Assurity | $48 | $572 |
| CoreBridge | $51 | $612 |
| Cincinnati Life | $52 | $623 |
| Prudential | $53 | $631 |
| Legal&General | $53 | $635 |
| SBLI | $53 | $638 |
| Pacific Life | $56 | $675 |
| Ameritas | $57 | $682 |
| TransAmerica | $58 | $694 |
| Mutual of Omaha | $58 | $702 |
| Life Insurance Co of The South West | $63 | $755 |
| National Life Group | $63 | $755 |
| John Hancock | $65 | $783 |
| Gerber Life (Fabric) | $75 | $893 |
| Fidelity Life | $79 | $950 |
Smokers face higher life insurance premiums due to increased health risks. Protective and Assurity lead with affordable options for senior male smokers, while Columbus Life offers the cheapest rates for senior female smokers based on a $100,000 10-year term policy.
The cheapest option varies by age, coverage level, and term length. See the table below for average quotes for senior smokers.
| Columbus Life | $116 | $1,395 |
| Protective Insurance | $128 | $1,538 |
| AAA | $129 | $1,548 |
| North American | $129 | $1,557 |
| Midland National | $129 | $1,557 |
| Foresters Financial | $135 | $1,620 |
| Assurity | $136 | $1,633 |
| Prudential | $156 | $1,875 |
| Cincinnati Life | $162 | $1,942 |
| CoreBridge | $164 | $1,972 |
| SBLI | $167 | $2,001 |
| Lincoln Financial | $167 | $2,004 |
| Legal&General | $168 | $2,021 |
| Mutual of Omaha | $171 | $2,055 |
| Pacific Life | $184 | $2,208 |
| TransAmerica | $187 | $2,250 |
| Life Insurance Co of The South West | $206 | $2,472 |
| National Life Group | $206 | $2,472 |
| John Hancock | $213 | $2,549 |
| Fidelity Life | $236 | $2,829 |
| Gerber Life (Fabric) | $350 | $4,189 |
Health status significantly impacts life insurance premiums, with seniors in poor health facing higher costs due to increased payout risks. Foresters Financial and SBLI offer the most affordable options for seniors with poor health based on a 10-year term policy with $100,000 coverage.
The cheapest life insurance providers for seniors with poor health may vary by age, coverage amount, and term length. See the table below for average costs across top providers.
| Foresters Financial | $49 | $585 |
| Protective Insurance | $57 | $682 |
| CoreBridge | $59 | $703 |
| AAA | $59 | $712 |
| Lincoln Financial | $60 | $720 |
| Legal&General | $62 | $743 |
| Prudential | $62 | $744 |
| Columbus Life | $63 | $758 |
| Cincinnati Life | $64 | $763 |
| Assurity | $64 | $770 |
| SBLI | $64 | $771 |
| Pacific Life | $66 | $790 |
| Mutual of Omaha | $66 | $796 |
| TransAmerica | $68 | $815 |
| North American | $70 | $848 |
| Midland National | $70 | $848 |
| Life Insurance Co of The South West | $74 | $882 |
| National Life Group | $74 | $882 |
| Ameritas | $74 | $886 |
| John Hancock | $86 | $1,035 |
| Fidelity Life | $116 | $1,394 |
| Gerber Life (Fabric) | $135 | $1,616 |
Some seniors require higher coverage amounts to ensure continued financial support for dependents. Compare average costs for high-coverage senior policies in the table below.
| Protective Insurance | $186 | $2,241 |
| Lincoln Financial | $198 | $2,378 |
| North American | $221 | $2,659 |
| Midland National | $221 | $2,659 |
| AAA | $224 | $2,684 |
| Columbus Life | $245 | $2,937 |
| Guardian Life | $261 | $3,138 |
| Foresters Financial | $262 | $3,138 |
| Protective Insurance | $262 | $3,143 |
| Lincoln Financial | $279 | $3,355 |
| CoreBridge | $280 | $3,367 |
| Principal National | $282 | $3,375 |
| Securian | $282 | $3,382 |
| Assurity | $291 | $3,499 |
| SBLI | $292 | $3,508 |
| Legal&General | $294 | $3,533 |
| Pacific Life | $294 | $3,533 |
| Equitable Life | $295 | $3,548 |
| John Hancock | $303 | $3,629 |
| Mutual of Omaha | $304 | $3,644 |
| Cincinnati Life | $305 | $3,661 |
| North American | $316 | $3,795 |
| Midland National | $316 | $3,795 |
| Life Insurance Co of The South West | $317 | $3,807 |
| National Life Group | $317 | $3,807 |
| TransAmerica | $318 | $3,818 |
| AAA | $323 | $3,870 |
| Ameritas | $323 | $3,877 |
| Prudential | $334 | $4,007 |
| Foresters Financial | $358 | $4,298 |
| TransAmerica | $387 | $4,639 |
| Gerber Life (Fabric) | $388 | $4,644 |
| Guardian Life | $389 | $4,664 |
| Columbus Life | $397 | $4,769 |
| CoreBridge | $398 | $4,769 |
| Principal National | $398 | $4,781 |
| Securian | $403 | $4,829 |
| John Hancock | $412 | $4,952 |
| SBLI | $414 | $4,971 |
| Legal&General | $417 | $5,004 |
| Pacific Life | $417 | $5,004 |
| Cincinnati Life | $417 | $5,012 |
| Assurity | $420 | $5,034 |
| Life Insurance Co of The South West | $436 | $5,233 |
| National Life Group | $436 | $5,233 |
| Mutual of Omaha | $439 | $5,269 |
| Prudential | $458 | $5,498 |
| Equitable Life | $459 | $5,509 |
| Ameritas | $530 | $6,365 |
| Gerber Life (Fabric) | $537 | $6,452 |
| Fidelity Life | $559 | $6,701 |
| Fidelity Life | $747 | $8,973 |
*Rates are based on quotes for male seniors of different ages.
Ethos is the most affordable provider for seniors over 60 years old, offering guaranteed acceptance life insurance starting at $20 for females and $29 for males with $10,000 of coverage. Mutual of Omaha and AARP are the best guaranteed acceptance life insurance companies for 70 and 80 year-olds, respectively.
| Ethos | $29 | $68 |
| Mutual of Omaha | $55 | $136 |
| AAA | $63 | $140 |
| Gerber Life | $64 | $158 |
| AIG | $68 | $186 |
| AARP | $80 | $199 |
Depending on your coverage needs and personal circumstances, the most affordable life insurance provider for seniors will vary. However, our research shows that for most seniors, Nationwide and SBLI consistently offer the most competitive rates. Below, you can find a detailed breakdown of each provider.
Nationwide offers the most affordable senior life insurance for men, combining strong financial ratings with customizable coverage. For an average cost of $121 per month or $1,448 per year, male seniors can secure policies with face values over $10 million. Those seeking no-exam life insurance can obtain up to $1.5 million in coverage without undergoing a medical exam. Nationwide’s policies include key riders like return of premium, waiver of premium, and guaranteed insurability, offering flexibility for men managing changing financial needs later in life. The option to bundle with other Nationwide products adds further value, making it a practical and cost-effective choice for senior men.
Nationwide is also the most affordable option for senior women shopping for life insurance. For $86 per month or $1,028 annually, female seniors can access high-value term life policies with generous coverage limits. Up to $1.5 million in no-medical-exam coverage is available, offering a streamlined application process. Nationwide supports important rider options like return of premium, waiver of premium, and guaranteed insurability, helping senior women adapt coverage as their needs evolve. With strong financial strength and product flexibility, Nationwide delivers solid value for senior women seeking long-term protection.
SBLI stands out for its balance of affordability and service for seniors. With roots dating back to 1907, the company has built a reputation for financial strength and dependable coverage. For a 70-year-old male nonsmoker, a 10-year term life insurance policy with $100,000 in coverage averages $143 per month or $1,711 per year.
Applicants can choose from several rider options to customize their policy, such as terminal illness benefits, child term riders, and accidental death coverage. While SBLI limits new term applicants to age 75, its consistent performance in pricing and customer satisfaction makes it a compelling option for seniors focused on budget-conscious protection.
The most affordable senior life insurance policies depend on your coverage needs, health, age and financial goals. In the sections below, find the best way to find inexpensive rates and which policies to choose.
With time and research, finding more affordable life insurance for seniors is possible. Here are some steps to make it easier to find cheap life insurance for seniors:
Life insurance rates increase approximately 8% to 10% for each year you age, making early purchase crucial for better rates.
If you need lower coverage ($10,000 to $50,000), a guaranteed acceptance policy is affordable and doesn't require a medical exam. Term life can make sense if you need higher coverage amounts and you are a younger senior who doesn't mind a medical exam.
Simple changes like reducing blood pressure or cholesterol can move you into a better rate class.
Comparing life insurance quotes across three to five companies can ensure you find a good rate.
Fully underwritten policies typically offer lower premiums than no-exam options if you're in reasonable health.
Calculate outstanding debts and final expenses to ensure you're not overbuying coverage beyond what your beneficiaries need.
Determine if dependents rely on your income and adjust coverage accordingly to maintain their standard of living.
Choose companies with solid financial ratings that demonstrate reliability in fulfilling claims.
Seek out companies offering advantages designed for older adults, such as simplified underwriting or specialized customer service.
Work with professionals who specialize in senior coverage to receive unbiased advice across multiple providers and navigate complex options.
Age is one of the biggest factors in determining your term life policy cost. Term life insurance is affordable in your 60s, but becomes quite expensive in your 70s, especially for coverage over $1 million. See the average cost by age below for a 10-year term policy at different coverage levels for different ages.
| 60 | $292 | $3,507 |
| 61 | $345 | $4,137 |
| 62 | $390 | $4,685 |
| 63 | $436 | $5,233 |
| 64 | $482 | $5,782 |
| 65 | $528 | $6,330 |
| 66 | $584 | $7,002 |
| 67 | $651 | $7,816 |
| 68 | $719 | $8,630 |
| 69 | $787 | $9,444 |
| 70 | $855 | $10,258 |
Life insurance for seniors typically comes with higher premiums due to age-related risks, but there are effective ways to manage these costs. Use the following sections to understand key strategies that can help secure comprehensive coverage for older adults while keeping rates as affordable as possible.
Seniors should consider life insurance in these situations:
If you don't have enough savings for funeral costs and end-of-life expenses (typically $7,000 to $12,000)
If you have a spouse, disabled adult child or others who rely on your income or care
Including mortgage, personal loans or medical bills that would burden your family
To provide inheritance, equalize estates among heirs or cover estate taxes
If you own a business that needs financial protection during ownership transition
Finding the cheapest life insurance policy as a senior is more challenging, but affordable options exist. Life insurance becomes significantly more expensive as you age, particularly due to health-related risks. In the sections below, we'll break down the three most common types of life insurance and who should consider them.
Seniors will want to opt for lower term lengths (e.g., 10 years) and lower coverage amounts ($100,000 to $250,000) to get the cheapest rate. High coverage amounts for a long-term period will be expensive. You will need a medical exam to get the cheapest rate. The following types of customers should consider term life insurance:
You're relatively healthy and can qualify (usually more affordable with better coverage).
You need substantial coverage ($100,000+) for specific time-limited needs.
You have specific financial obligations ending within about 10 years.
You're younger (50s to 60s) when term rates are still reasonable.
You want the most coverage for the lowest premium and can pass medical underwriting.
This type of policy doesn't have a term limit; it remains in effect as long as you pay your premiums. This is a cheaper life insurance type for seniors and doesn't require a medical exam, but has much lower coverage limits (typically $10,000 to $50,000). You should consider guaranteed acceptance life insurance if:
You have serious health conditions that would disqualify you from traditional coverage.
You're primarily concerned with covering funeral/final expenses (typically $5,000 to $25,000 needed).
You can't or don't want to take a medical exam.
You need coverage quickly with minimal underwriting.
A permanent policy designed for burial and end-of-life costs. Coverage ranges from $5,000 to $35,000. No medical exam required, just health questions. Premiums stay fixed and coverage lasts for life. Some policies have a two- to three-year waiting period before full benefits apply to natural deaths. Final expense insurance is best for you if:
You want permanent coverage specifically for burial and end-of-life expenses.
You need moderate coverage ($5,000 to $35,000).
You want simplified underwriting (health questions but no medical exam).
You're concerned about lifetime coverage rather than term-limited protection.
Selecting the right beneficiary ensures your life insurance benefits go where you want them. Consider these options:
Beneficiary Options | Details |
|---|---|
Primary Beneficiaries |
|
Trust as Beneficiary |
|
Best Practices |
|
Bottom Line | Choose individual beneficiaries when your needs are straightforward and you want benefits paid directly and quickly. Opt for a trust when you need control over how funds are used, have beneficiaries with special needs or want to avoid potential creditor issues. |
We found that Nationwide is the cheapest company overall for seniors. Seniors can also find affordable rates from Protective, Assurity, Columbus Financial, Foresters Financial, and SBLI. We recommend comparing multiple providers to get the cheapest price on a life insurance policy for seniors.
Below are some frequently asked questions about life insurance for seniors:
Based on MoneyGeek's analysis, Nationwide offers the cheapest life insurance for seniors, with a 10-year term policy starting at an average of $121 per month for men and $86 per month for women. Ethos has the cheapest guaranteed acceptance policies starting at $20 a month for $10,000 of coverage.
The best life insurance for seniors balances cost, coverage and accessibility. It should be tailored to meet your specific financial needs and health circumstances, ensuring it provides adequate support without unnecessary expense. A term policy can be best if you need high coverage and are willing to do a medical exam. Guaranteed acceptance is best if you need lower coverage amounts with no medical exam.
Age limits for life insurance policies vary by type and provider. Generally, very few companies insure individuals beyond the age of 85. The maximum age to buy final expense insurance may vary depending on the provider.
The cost of life insurance for seniors depends on factors like age, gender, health status and policy type. MoneyGeek's research showed that policies can range from $54 per month to over $3,000, depending on the coverage level, profile of the person being insured, and policy type.
See the average costs of life insurance.
Yes, a 70-year-old can get life insurance. Many insurers offer policies specifically designed for seniors, focusing on their needs and including term life and guaranteed acceptance policies.
Guaranteed acceptance life insurance is typically the cheapest option for seniors, with policies from companies like Ethos starting at just $20 to $29 per month for $10,000 of coverage. This type requires no medical exam and covers final expenses and outstanding bills.
Life insurance premiums increase dramatically after age 70, often tripling compared to age 60. For most seniors, guaranteed acceptance or final expense policies become more practical options after 70, as term life with high coverage amounts becomes prohibitively expensive.
Yes, seniors with health problems can get affordable coverage through guaranteed acceptance policies that have no medical exam or health questions. Companies like GEICO and Transamerica offer competitive rates for seniors with poor health at around $195 per month for a $250,000 policy.
Guaranteed acceptance provides permanent coverage with no medical exam but lower benefit amounts (typically $5,000 to $50,000), while term life offers higher coverage amounts but requires health screening and only lasts for a specific period (10 to 30 years). Term life is cheaper if you're healthy, while guaranteed acceptance works for anyone regardless of health.
Yes, both guaranteed acceptance and some final expense policies don't require medical exams. These no-exam options are ideal for seniors with health issues, though premiums are typically higher than fully underwritten policies. For those in good health, taking the exam usually results in lower rates. At higher ages, term life will typically require an exam.
Life insurance can still be worthwhile after 75 if you need to cover final expenses, have outstanding debts, or want to leave money to loved ones. Guaranteed acceptance policies are typically the most accessible option at this age, though premiums will be higher. A $10,000 to $15,000 policy can provide peace of mind that burial costs won't burden your family.
Multiple medications don't automatically disqualify you from coverage. For guaranteed acceptance policies, medications aren't considered at all. For term policies, well-managed conditions often receive better rates than unmanaged ones. Always disclose all medications during application to avoid potential claim issues.
Yes, naming a trust as beneficiary can help with estate planning by controlling how benefits are distributed, potentially avoiding probate, and providing continued support for dependents with special needs. This requires working with an estate planning attorney, but insurance companies easily accommodate trusts as beneficiaries.
Cognitive conditions like Alzheimer's or dementia significantly impact eligibility for traditional policies. If you've been diagnosed with a cognitive condition, guaranteed acceptance policies are your best option. For those with early symptoms or family history concerns, applying sooner rather than later is advisable. Some companies allow legal guardians to help manage policies if abilities decline later.
Finding affordable life insurance as a senior feels overwhelming when rates seem to jump dramatically with every birthday. We designed our research to cut through the marketing noise and identify which companies actually offer competitive rates for people in their 60s and 70s.
We gathered quotes using a consistent profile that represents the average healthy senior:
This baseline profile ensures fair comparisons across insurers. All premium quotes reflect this standard profile unless we specify otherwise.
Why This Profile Matters
Insurance companies price policies differently for seniors based on age, health and lifestyle factors. By using identical criteria across all insurers, we eliminate variables that could skew results and give you accurate rate comparisons for real-world scenarios.
Testing Multiple Scenarios
We expanded beyond our standard profile to capture rate variations by:
Data Analysis and Projections
After collecting quotes across these variables, we identified pricing patterns within our dataset. These trends allowed us to calculate projections and extend our analysis beyond the initial quotes we gathered, giving you a more complete picture of senior life insurance costs.
Company Selection Criteria
We focused on insurers that offer broad national coverage and provide online quotes - two factors that matter most when you're actually shopping for coverage. This ensures our recommendations work for seniors nationwide, not just in select markets.
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.
