Nationwide is the cheapest life insurance company for seniors, offering rates averaging $121 monthly for men and $86 for women on a 10-year term and $500,000 of coverage. The tables show the cheapest providers for males and females across different categories and coverage levels.
Cheapest Life Insurance for Seniors: Affordable 2025 Rates
Nationwide, Protective and Assurity are some of the cheapest life insurance companies for seniors in 2025.
Compare quotes from top insurers to find the best policy for you.
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Updated: October 30, 2025
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Key Takeaways
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 male and female seniors looking to avoid a medical exam.
Who Has the Cheapest Life Insurance for Seniors?
| Senior Men | Nationwide | $121 | $1,448 |
| Senior Women | Nationwide | $86 | $1,028 |
Cheapest Term Life Insurance Companies for Seniors
Protective offers the most affordable term life insurance for seniors aged 60 to 65. A 10-year term policy with $100,000 coverage costs $51 to $100 monthly for men and $36 to $71 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 for women.
Data filtered by:
Select
Female
10 years
$100,000
| 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 |
*Rates shown are estimates based on the profile described. Your rates may differ based on your circumstances, health and location.
Cheapest Term Life Insurance for Seniors Who Smoke
Smokers pay more for life insurance because of higher 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 life insurance rates for smokers vary by age, coverage level and term length.
Data filtered by:
Select
Female
10 years
$100,000
| 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 |
*Rates shown are estimates based on the profile described. Your rates may differ based on your circumstances, health and location.
Cheapest Term Life Insurance for Seniors With Poor Health
Your health affects your life insurance premium. Seniors in poor health pay more because insurers see them as higher 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 vary by age, coverage amount and term length.
Data filtered by:
Select
Female
10 years
$100,000
| 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 |
*Rates shown are estimates based on the profile described. Your rates may differ based on your circumstances, health and location.
Cheapest Term Life Insurance for Seniors Needing High Coverage
Some seniors need higher coverage to support their dependents. The table below compares average costs for high-coverage senior policies.
Data filtered by:
$1,000,000
Select
10 years
No
| Lincoln Financial | $279 | $3,355 |
| Midland National | $316 | $3,795 |
| North American | $316 | $3,795 |
| Protective Insurance | $330 | $3,966 |
| Foresters Financial | $358 | $4,298 |
| Transamerica | $387 | $4,639 |
| Guardian Life | $389 | $4,664 |
| Columbus Life | $397 | $4,769 |
| CoreBridge | $398 | $4,769 |
| Principal National | $398 | $4,781 |
| Securian | $403 | $4,829 |
| AAA | $408 | $4,883 |
| 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) | $678 | $8,140 |
| Fidelity Life | $942 | $11,322 |
| Ethos | $1,555 | $18,664 |
*Rates are based on quotes for healthy male seniors of different ages. Your rates may differ based on your circumstances, health and location.
Cheapest Guaranteed Acceptance Life Insurance for Seniors
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.
Data filtered by:
60
M
| Ethos | $29 | $68 |
| Mutual of Omaha | $55 | $136 |
| AAA | $63 | $140 |
| Gerber Life | $64 | $158 |
| AIG | $68 | $186 |
| AARP | $80 | $199 |
*Rates shown are estimates based on the profile described. Your rates may differ based on your circumstances, health and location.
Best Low-Cost Life Insurance Companies for Seniors
The most affordable life insurance provider for seniors varies by coverage needs and personal circumstances. Our research shows that Nationwide and SBLI consistently offer the most competitive rates for most seniors.
Cheapest Senior Life Insurance for Males: Nationwide
Nationwide
MoneyGeek Score:
98/ 100
Average Monthly Rate$121
Average Annual Rate$1,448
Overview
Nationwide offers men the most affordable senior life insurance with strong financial ratings and flexible coverage options. For an average cost of $121 per month or $1,448 per year, male seniors can secure policies with over $10 million in coverage. Seniors who skip the medical exam can get up to $1.5 million in coverage without a medical exam.
Nationwide's policies include key riders like return of premium, waiver of premium and guaranteed insurability, letting you adjust coverage as your needs change. The option to bundle with other Nationwide products adds value, making it a wise choice for affordable coverage.
Cheapest Senior Life Insurance for Females: Nationwide
Nationwide
MoneyGeek Score:
98/ 100
Average Monthly Rate$86
Average Annual Rate$1,028
Overview
Nationwide also offers the lowest rates for senior women. Female seniors pay $86 monthly or $1,028 per year for term life policies with high coverage limits. You can get up to $1.5 million in coverage without a medical exam through a straightforward application.
Riders like return of premium, waiver of premium and guaranteed insurability let you modify your policy as circumstances change. With strong financial ratings and adaptable policy options, Nationwide gives senior women reliable long-term coverage at an affordable price.
Cheapest Life Insurance for Seniors Over 70: SBLI
SBLI
MoneyGeek Score:
95/ 100
Average Monthly Rate$143
Average Annual Rate$1,711
Overview
SBLI balances affordability and service for seniors. With roots dating back to 1907, the company maintains a reputation for financial strength and dependable coverage. A 70-year-old male nonsmoker pays an average of $143 per month or $1,711 per year for a 10-year term life insurance policy with $100,000 in coverage.
You can add riders to customize your policy, such as terminal illness benefits, child term riders and accidental death coverage. SBLI limits new term applicants to age 75, but it offers competitive pricing and strong customer satisfaction for seniors who want affordable coverage.
Cheap Life Insurance for Seniors: Buying Guide
The most affordable senior life insurance policies depend on your coverage needs, health, age and financial goals. These sections show how to find inexpensive rates and choose the right policy.
How to Get Cheap Life Insurance for Seniors
Shopping for life insurance gets trickier as you age. Your premiums go up every year, but you can still find affordable coverage if you use the right strategies.
- 1Buy sooner rather than later
Life insurance rates jump 8% to 10% each year you age, so buying earlier saves money.
- 2Consider guaranteed acceptance vs. term
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.
- 3Improve health metrics before applying
Simple changes like lowering your blood pressure or cholesterol before applying can drop you into a better rate class.
- 4Compare multiple providers
Comparing life insurance quotes across three to five companies can ensure you find a good rate.
- 5Take the medical exam
Fully underwritten policies usually cost less than no-exam options if you're in reasonable health.
- 6Assess your financial obligations
Calculate your debts and final expenses so you don't overbuy coverage beyond what your beneficiaries need.
- 7Consider income replacement needs
Determine if dependents rely on your income and adjust coverage accordingly to maintain their standard of living.
- 8Evaluate financial strength of insurers
Choose companies with solid financial ratings that demonstrate reliability in fulfilling claims.
- 9Look for senior-specific benefits
Seek out companies offering advantages designed for older adults, such as simplified underwriting (the process insurers use to evaluate your application and determine your rates) or specialized customer service.
- 10Consult with an independent agent
Work with professionals who specialize in senior coverage to receive unbiased advice across multiple providers and navigate complex options.
Life Insurance Rates for Seniors
Age is one of the biggest factors in determining your life insurance policy cost. Term life insurance is affordable in your 60s, but becomes quite expensive in your 70s, especially for coverage over $1 million. See below the average cost by age and coverage level for a 10-year term policy.
Data filtered by:
$1,000,000
Female
| 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 |
*Rates shown are estimates based on the profile described. Your rates may differ based on your circumstances, health and location.
Should You Get Life Insurance as a Senior?
Wondering whether life insurance still makes sense at your stage of life? Many seniors find life insurance valuable when:
- Final expenses aren't covered: If you don't have enough savings for funeral costs ($7,000 to $12,000)
- You have dependents: If you have a spouse, disabled adult child or others who rely on your income or care
- You have outstanding debt: Including mortgage, personal loans or medical bills that would burden your family
- Estate planning needs: To provide inheritance, equalize estates among heirs or cover estate taxes
- Business succession: If you own a business that needs financial protection during ownership transition
Cheapest Life Insurance Policy Types for Seniors
Finding the cheapest life insurance policy as a senior is more challenging, but affordable options exist. Life insurance costs jump as you age because of health risks. In the sections below, we break down the three most common types of life insurance and who should consider them.
Term Life Insurance
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'll need a medical exam to get the cheapest rate. Term life insurance works best if:
- You're in decent health and can pass underwriting (gets you cheaper rates)
- You need high coverage ($100,000+) for expenses ending within 10 years.
- Your debts or financial obligations end within 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.
Learn more: Best Term Life Insurance for Seniors
Guaranteed Acceptance Life Insurance
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 ($10,000 to $50,000). Guaranteed acceptance life insurance works best if:
- You have serious health conditions that would disqualify you from traditional coverage.
- You're primarily concerned with covering funeral/final expenses.
- You can't or don't want to take a medical exam.
- You need coverage quickly with minimal underwriting.
Learn more: Best Guaranteed Acceptance Life Insurance
Final Expense Life Insurance
Final expense insurance is 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 years before full benefits apply to natural deaths. Final expense insurance works best 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.
Learn more: Best Final Expense Insurance
Cheapest Senior Life Insurance: Bottom Line
Nationwide is the cheapest company overall for seniors. You can also find low rates from Protective, Assurity, Columbus Financial, Foresters Financial and SBLI. Compare multiple providers to get the most affordable life insurance policy for seniors.
Life Insurance for Seniors: FAQ
Below are some frequently asked questions about life insurance for seniors:
What is the best life insurance for seniors?
The best life insurance for seniors balances cost, coverage and ease of approval. Choose coverage that matches your financial needs and health, providing enough support without overpaying. A term policy is best if you need high coverage and are willing to do a medical exam. Guaranteed acceptance is best for lower coverage with no medical exam.
Is there an age limit on life insurance?
Age limits for life insurance policies vary by type and provider. Very few companies insure people beyond the age of 85, and the maximum age to buy final expense insurance varies by provider.
Can seniors with health problems still get affordable life insurance?
Seniors with health problems can get affordable coverage through guaranteed acceptance policies that don't require a medical exam or health questions. Companies like GEICO and Transamerica offer low rates for seniors with poor health at around $195 per month for a $250,000 policy.
Can I get life insurance without taking a medical exam as a senior?
Guaranteed acceptance and some final expense policies don't require medical exams. Though premiums are higher than fully underwritten policies, these no-exam options are ideal for seniors with health issues. Taking the exam usually results in lower rates for those in good health. At higher ages, term life will usually require an exam.
Is life insurance worth it for someone over 75?
Life insurance is 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 the most accessible option at this age, though premiums are higher. A $10,000 to $15,000 policy provides peace of mind that burial costs won't burden your family.
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Best Life Insurance Rates for Seniors: Our Review Methodology
Finding affordable life insurance for a senior can be overwhelming, especially when rates seem to jump dramatically with every birthday. We designed our research to cut through the marketing noise and identify which companies offer competitive rates for people in their 60s and 70s.
We gathered quotes using a consistent profile that represents the average healthy senior:
- 70-year-old male
- Nonsmoker
- 5 feet 9 inches tall, 160 pounds
- Average health rating
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. Using identical criteria across all insurers eliminates 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:
- Age ranges (60s vs. 70s pricing differences)
- Gender (male and female rates)
- Health ratings (preferred vs. standard classifications)
- Coverage amounts (different policy sizes)
- Term lengths (10, 15, 20-year options)
- Geographic location (state-by-state variations)
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, which matter most when shopping for coverage. This ensures our recommendations work for seniors nationwide, not just in select markets.
Low-Cost Life Insurance for Seniors: Related Pages
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!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.