Cheapest Life Insurance Companies for Seniors in April 2024

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Updated: May 22, 2024

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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.

Key Takeaways

Life insurance for older adults can cost as little as $175.74 monthly for a 10-year term policy.

Factors like age, gender, health and location can significantly impact the cost of your life insurance premiums.  

Term life policies are generally less complicated and cheaper than permanent life policies.

Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes to determine the cheapest life insurance companies for seniors.

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MoneyGeek updated coverage costs and company information for life insurance providers in 2024.

1,488Quotes Analyzed
14Companies Compared
50Zip Codes

Cheapest Overall Life Insurance Companies for Seniors

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.

Data filtered by:Results filtered by:
TransamericaAverage Monthly Cost$175.74
GEICOAverage Monthly Cost$175.74
AllstateAverage Monthly Cost$176.00
ProtectiveAverage Monthly Cost$204.33
Mutual of OmahaAverage Monthly Cost$213.71

Cheapest Overall: GEICO




Affordable rates for seniors


A++ financial stability rating


Low rate of customer complaints



No whole or universal life products


Limited payment options


Policies issued through partners


GEICO stands out in providing cost-effective life insurance solutions for older adults. With 87 years in the business, the company has built a reputation for financial stability, as evidenced by its A++ AM Best rating. While GEICO itself doesn't issue life insurance policies, it collaborates with several partners like Ladder to offer term life insurance. Ladder's term coverage amounts range from $100,000 to $8 million, and term lengths vary between 10 and 30 years. Customer service is another of the company's strengths, with 24/7 online chat support and a low rate of customer complaints. The company does fall short in product diversity, offering only term life insurance and no-exam products through its partners.

Cheapest Overall: Transamerica




Wide range of product options


Allows term-to-permanent conversion


Multiple payment options available



Higher rate of customer complaints


No 24/7 online chat support


Transamerica stands out for its comprehensive range of life insurance products, including term, whole, universal and final expense policies. The company has been in the insurance business for 95 years, offering term life insurance amounts ranging from $25,000 to $10 million and term lengths from 10 to 30 years. Transamerica provides a no-exam term life insurance option for those who qualify with up to $2 million in coverage. While the company does issue its own policies and offers multiple payment options, it has a higher-than-average rate of customer complaints. Its financial stability is solid but not top-tier, with an A rating from AM Best.

Cheapest for Seniors Who Smoke or Are in Poor Health

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.

Data filtered by:Results filtered by:
Coverage Amount:
Coverage Amount:$250K
GEICOAverage Monthly Cost$389.08
TransamericaAverage Monthly Cost$389.08
AllstateAverage Monthly Cost$389.66
ProtectiveAverage Monthly Cost$452.38
Mutual of OmahaAverage Monthly Cost$473.15

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

Data filtered by:Results filtered by:
Coverage Amount:
Coverage Amount:$250K
GEICOAverage Monthly Cost$195.13
TransamericaAverage Monthly Cost$195.13
AllstateAverage Monthly Cost$195.41
ProtectiveAverage Monthly Cost$226.87
Mutual of OmahaAverage Monthly Cost$237.28

Cheapest for Seniors Looking for High Coverage

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.

Data filtered by:Results filtered by:
TransamericaAverage Monthly Cost$589.05
AllstateAverage Monthly Cost$598.00
GEICOAverage Monthly Cost$633.53
ProtectiveAverage Monthly Cost$682.90
PrudentialAverage Monthly Cost$776.57

Cheapest for Seniors by State

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.

Data filtered by:Results filtered by:
Coverage Amount:
Coverage Amount:$250K
AlabamaCompanyMutual of OmahaAverage Monthly Cost$43.88Term Length10
AlabamaCompanyNationwideAverage Monthly Cost$55.03Term Length20
AlaskaCompanyGEICOAverage Monthly Cost$61.08Term Length10
AlaskaCompanyAllstateAverage Monthly Cost$73.94Term Length20
ArizonaCompanyGEICOAverage Monthly Cost$74.07Term Length10

Who Should Get Coverage as a Senior

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.

You may need life insurance if you:
  • Still have debts, like mortgages, auto loans or private student loans
  • Are retired with debt
  • Have dependents
  • Want to cover your final expenses
  • Want to leave behind an inheritance
You may not need life insurance if you:
  • Have enough saved to cover final expenses
  • Do not have dependents
  • Are in good health
  • Do not have any debt or mortgage
  • Have a retirement plan

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.

How Seniors Can Get Cheaper Life Insurance

With a bit of time and research, finding more affordable life insurance for seniors may be possible. Here are some tips to make it easier to find cheap life insurance for seniors:

Take time to decide

Consider your needs and financial obligations before getting life insurance quotes for your profile to ensure you only buy what you need.

Get professional help

A financial advisor or trusted insurance agent can help you find the most affordable life insurance policy based on your age, gender, health status and desired coverage amount.

Shop around

Since insurance rates vary by company, it’s best to shop around and compare rates. We recommend getting quotes from at least three different companies.

Don’t get unnecessary coverage

Don't add nonessential insurance riders to your policy if you're looking for cheap senior life insurance.

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.

Compare Life Insurance Rates

Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

Insurance Rates

FAQ About the Cheapest Life Insurance for Seniors

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

What is the best life insurance for seniors?
Who has the cheapest life insurance for seniors?
How much does life insurance cost for seniors?
Is there an age limit on life insurance?
Is senior life insurance expensive?
How do you know if you need life insurance as a senior?
When should you buy life insurance as a senior?

About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.