Updated: June 30, 2025
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Allstate, Transamerica, GEICO, Prudential and Mutual of Omaha are the cheapest overall life insurance providers for seniors over 60 years old.
Regardless of category, GEICO is the most affordable provider for senior males, while Allstate is the cheapest for senior females.
Ethos offers the cheapest guaranteed acceptance life insurance for both male and female senior citizens looking to avoid a medical exam.
Allstate is the cheapest provider overall for term life insurance for seniors, offering rates averaging at $142 monthly for a 10-year term and $250,000 of coverage. In the sections below, you can find the cheapest providers for both males and females in different categories and coverage levels.
GEICO and Transamerica offer the most affordable life insurance for seniors aged 65 to 70, with 10-year, $250,000 coverage averaging $176 monthly for males. Allstate provides the cheapest option for female seniors at $109 per month. Compare top providers' rates for seniors in the table below.
| Transamerica | $176 |
| GEICO | $176 |
| Allstate | $176 |
| Protective | $204 |
| Mutual of Omaha | $214 |
| State Farm | $217 |
| Prudential | $219 |
| AAA | $249 |
Smokers face higher life insurance premiums due to increased health risks. GEICO and Transamerica lead with affordable options for senior male smokers, offering 10-year, $250,000 coverage at approximately $389 monthly. See the table below for average quotes for senior smokers.
| GEICO | $389 |
| Transamerica | $389 |
| Allstate | $390 |
| Protective | $452 |
| Mutual of Omaha | $473 |
| State Farm | $481 |
| Prudential | $484 |
| AAA | $551 |
Health status significantly impacts life insurance premiums, with seniors in poor health facing higher costs due to increased payout risks. GEICO and Transamerica offer the most affordable options for senior males, averaging $195 monthly. See the table below for average costs across top providers.
| GEICO | $195 |
| Transamerica | $195 |
| Allstate | $195 |
| Protective | $227 |
| Mutual of Omaha | $237 |
| State Farm | $241 |
| Prudential | $243 |
| AAA | $276 |
Some seniors require higher coverage amounts to ensure continued financial support for dependents. Transamerica leads with the most affordable option for substantial coverage, offering 10-year, $1 million policies at around $589 monthly. Compare average costs for high-coverage senior policies in the table below.
| Transamerica | $589 |
| Allstate | $598 |
| GEICO | $634 |
| Protective | $683 |
| Prudential | $777 |
| Mutual of Omaha | $780 |
| State Farm | $788 |
| AAA | $907 |
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, GEICO, Allstate and Mutual of Omaha consistently offer the most competitive rates. Below, you can find a detailed breakdown of each provider.
Affordable rates for senior males across different profiles
Offers no-medical-exam options
Simple online quote process
No whole or universal life products
Limited payment options
Policies issued through partners
GEICO is consistently the most affordable option for senior males across our different categories, offering the lowest rates for senior male smokers, as well as those with poor health status. The provider also offers age-specific discounts to help seniors save on their policies. Additionally, its 87 years in the industry and an A++ AM Best rating provide the financial stability seniors demand.
Affordable rates for senior females across different profiles
Wide range of product options
Multiple payment options available
Higher rate of customer complaints
No 24/7 online chat support
We found Allstate to be the most affordable option for senior females, regardless of age, personal health status and coverage level. The company offers female-specific rate advantages, flexible payment options and simplified underwriting processes that benefit older applicants. With over 90 years of industry experience and strong financial ratings, Allstate delivers the reliable coverage and stability that senior women prioritize, while its extensive network of local agents provides the personalized guidance many seniors prefer when making important financial decisions.
Specializes in senior coverage with policies specifically designed for older adults
Dedicated senior-focused customer service representatives
Acceptance for older seniors, up to 85 years-old
Limited coverage amount availabilities
Certain plans have limited flexibility after purchase
Less online capabilities than larger providers
Mutual of Omaha offers the cheapest life insurance for senior males and females over 70. It also stands out with its specialized policies tailored to advanced age needs, with acceptance up to age 85 for certain coverage types. The company excels in providing guaranteed issue whole life options with no medical exam requirements, particularly benefiting those with health concerns.
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 50s and 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.
Age | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
50-Year-Old | $37 | $65 | $117 |
60-Year-Old | $76 | $141 | $271 |
70-Year-Old | $204 | $410 | $719 |
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 Ethos is the cheapest company overall for seniors, with rates as low as $29 per month. Seniors can also find affordable rates from Mutual of Omaha, AAA, Gerber Life and AIG. 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, GEICO and Transamerica offer the cheapest term life insurance for male seniors, with a 10-year term policy starting at an average of $176 per month. Allstate offers the cheapest for female seniors at around $109 per month. 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 $20 per month to over $1,000 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.
MoneyGeek compared life insurance companies across cost metrics and ranked them based on their premiums. We chose to review these companies based on their broad national coverage and ability to provide an online quote.
Sample Customer Profile
MoneyGeek used a standard profile to obtain life insurance quotes:
Our pick for the cheapest overall life insurance company is based on this standard profile. Premiums are based on the standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the cheapest life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.
Additionally, we identified trends in the dataset and used those patterns to calculate projections and extend the data beyond what was initially collected.
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.
