Cheapest Life Insurance Companies for Seniors in April 2024

GEICO and Transamerica are the cheapest life insurance companies for older adults, offering an average rate of $175.74 per month for a 10-year term policy. They also provide the most affordable life insurance rates for seniors who smoke and those in poor health. Transamerica is also the top choice for seniors looking for a budget-friendly policy with a high coverage amount.

While coverage may be more expensive for seniors than young adults, it can help your family tackle any lingering financial obligations after you pass away. The funds can cover your funeral expenses, debts you leave behind and mortgage or education expenses for your children or grandchildren. In some cases, funds can even be set aside for retirement.

GEICO and Transamerica offer the most affordable life insurance for adults aged 61 to 70, with an average monthly cost of $175.74 for a 10-year term policy with a $250,000 coverage amount.

The table below shows the top providers offering seniors the cheapest 10-year term life insurance based on average monthly costs.

Smokers and individuals in poor health often face higher life insurance premiums as they are statistically more likely to develop health complications, which makes them a higher risk to insure. As a result, insurance providers charge higher rates to offset this risk.

GEICO and Transamerica are leading options for low-cost life insurance for older adults who smoke or are in poor health. Transamerica and GEICO offer average monthly rates of $389.08 for seniors who smoke and $195.13 for those in poor health. These figures are for a 10-year term policy.

Seniors who smoke may find it more difficult to find cheap life insurance. The table below shows average life insurance quotes for seniors who smoke.

The table below illustrates the average monthly cost of life insurance for seniors with poor health.

Some seniors opt for higher coverage amounts to ensure broader financial protection for their loved ones. A more substantial policy can cover funeral expenses, provide a financial cushion for family members, cover estate taxes or even serve as an inheritance.

Transamerica stands out for seniors looking for high coverage amounts at the cheapest rates. The company offers an average monthly rate of $589.05 for a 10-year term policy with a $1 million coverage amount. This rate positions Transamerica as a prime choice for seniors searching for cheap term life insurance with significant coverage needs.

Use the table below to compare the average cost of life insurance for seniors looking for high coverage amounts, particularly a term policy with a $1 million coverage amount.

Life insurance rates can differ significantly from one individual to another due to various factors, including age, health condition and lifestyle choices like smoking and occupation. Additionally, location plays a role in determining rates, as insurance regulations and cost of living vary by state. What constitutes the cheapest life insurance for seniors in one state might not hold in another.

The table below highlights each state's most affordable life insurance company for 10-year term policies, helping you find the most cost-effective option tailored to your specific needs and location.

Even the most affordable life insurance policies can have high premiums for seniors. Seniors are closer to reaching their life expectancy and may have health issues that shorten their lifespan. The sooner a company thinks it will pay out the policy, the riskier you are to insure, which increases the price of life insurance. If you’re an older adult and can finance your final expenses, you may not need to take out a life insurance policy.

If you’re considering getting a life insurance policy, it’s best to analyze your financial situation first. A life insurance policy may not be the best option if you have paid off all your debts, have sufficient sources of income and have no dependents or other financial obligations left.

Before getting a life insurance policy, consider your needs and financial obligations to understand how much coverage you will need. While a life insurance policy can be an excellent investment, it may make sense to forgo coverage, depending on your circumstances. If you’re looking for cheap life insurance for seniors, it’s best to shop around and compare quotes from different providers.

MoneyGeek gathered the most frequently asked questions about life insurance for seniors to help you make a better financial decision.