Life Insurance for Grandparents: What You Should Know in 2026

You can buy life insurance for a grandparent if you have insurable interest and they consent to the application. 

Compare life insurance rates from top companies.

Select age group
fact checked icon

Updated: September 13, 2026

Advertising & Editorial Disclosure

Key Takeaways
blueCheck icon

You can buy life insurance for your grandparent if you have a financial dependency or estate obligation and your grandparent provides written consent by signing the application.

blueCheck icon

Insurable interest and consent are required in virtually all states. Proceeding without both makes the policy void or unenforceable, regardless of premiums paid.

blueCheck icon

Life insurance for a 65-year-old grandparent costs an average of $96 per month for a $15,000 final expense policy or $169 per month for a $250,000 term policy with a 10-year term.

blueCheck icon

Final expense and guaranteed issue life insurance are the most common options for grandparents because they accept applicants up to age 85 and require no medical exam.

Compare Insurance Rates

Make sure you're getting the best rate for your insurance. Compare quotes from the top insurance companies.

Can You Buy Life Insurance for Your Grandparents?

Insurable interest and written consent both have to be in place before life insurance on a grandparent kicks in. Covering funeral costs, still owing on the grandparent's debts, or simply providing financial support they rely on can all establish insurable interest.

The grandparent needs to sign the application, and many insurers also require a recorded voice or video confirmation of consent.

Skip either requirement, and buying life insurance for someone else voids the policy outright. Misrepresenting insurable interest or forging the grandparent's signature leads insurers to deny the death claim, no matter how many premiums were paid..

Power of attorney doesn't satisfy the consent requirement for a grandparent's life insurance application. Most insurers still require the grandparent to take part in the process and sign it personally.

What Types of Life Insurance Are Available for Grandparents?

Five policy types are available for grandparents: whole life, term life, final expense, guaranteed issue and no-exam life insurance. Each serves a different coverage need and age range, with final expense and guaranteed issue designed specifically for seniors who can't qualify for standard underwriting.

  • insuranceCheck icon

    Whole Life Insurance

    Permanent describes whole life insurance well: coverage lasts a lifetime, the death benefit is guaranteed and cash value builds along the way. Coverage spans $25,000 to $500,000, and grandparents can qualify up to age 85 depending on health. A locked-in premium stays fixed for life once set, never climbing with age. Leaving money behind or building cash value is the goal whole life fits best.

  • insurance2 icon

    Term Life Insurance

    Grandparents past 70 can still get term life insurance, but the choices shrink. Terms cap at 10 to 15 years past age 70 to 75, and healthy applicants commonly see coverage between $100,000 and $500,000. For a 65-year-old in average health, a $250,000 policy with a 10-year term costs about $180 a month. Coverage until a debt is paid off or dependents are settled is exactly the window term life fits.

  • coins2 icon

    Final Expense Insurance

    Final expense life insurance covers what's left behind, from funeral costs to medical bills to outstanding debts. Applications stay open to grandparents up to age 85, with coverage between $1,000 and $50,000, and no medical exam involved. Same-day approval is common.

    A 65-year-old should expect to pay $80 to $150 a month, depending on the coverage amount and health. Families reach for this policy specifically to get burial costs handled.

  • blueCheck icon

    Guaranteed Issue Life Insurance

    The medical exam and health questions disappear entirely with guaranteed issue life insurance, designed for grandparents who can't pass standard underwriting. Coverage caps at $25,000 or less in most cases, and a two-year graded benefit period applies. Death during those two years limits the payout to premiums plus interest, not the full benefit. Once the two years pass, the policy pays out in full. Guaranteed acceptance comes at a cost: these premiums cost more than other policy types.

  • carInsurance icon

    No-Exam Life Insurance

    Accelerated underwriting replaces the medical exam with no-exam life insurance, and approval can land in 24 to 48 hours. Grandparents in average to good health qualify for this option.

    It has a higher coverage ceiling than guaranteed issue, but the premium costs more than a standard term policy would. Health questions are still part of the application, and insurers may pull prescription or medical records before approving it.

How Much Does Life Insurance for Grandparents Cost?

Life insurance for a 65-year-old grandparent runs $96 a month for a $15,000 final expense policy, or $169 a month for a $250,000 term policy with a 10-year term. Both figures assume a male nonsmoker in average health. Policy type, coverage amount and health classification all move the price. Per dollar of coverage, final expense and guaranteed issue cost more than term or whole life. See cheapest life insurance for seniors for the most affordable option for your grandparent:

Cheapest Term Life Insurance for 65-Year-Olds
Penn Mutual$110$72
Banner Life$119$84
Pacific Life$119$84
Lincoln Financial$123$83
Transamerica$126$96
John Hancock$126$85
Protective$130$90
Fidelity$134$104
Guardian Life$135$87
Prudential$136$97
Cheapest Final Expense Insurance for 65-Year-Olds
Transamerica$79$59
Americo$79$61
Aflac$82$64
Mutual of Omaha$83$60
Lincoln Heritage$85$65
Liberty Bankers Life$85$65
Foresters Financial$85$64
American Home Life$85$71
Aetna$86$70
Royal Neighbors of America$88$69
What Affects Life Insurance Rates for Grandparents?

Age at application, health classification, policy type, coverage amount and tobacco use all affect life insurance rates for grandparents:

  • calendar icon

    Age at Application

    Life insurance rates increase with age. A 65-year-old man pays an average of $169 per month for a $250,000 term policy with a 10-year term, while a 70-year-old man in the same health classification pays $321 per month, a $152 monthly increase. Most insurers stop offering term life above age 75 or 80, so final expense and guaranteed issue are your only options.

  • hospital icon

    Health Classification

    Insurers assign health ratings based on weight, blood pressure, cholesterol and pre-existing conditions. The better your grandparent's health, the lower their monthly rates will be.

  • insurance2 icon

    Policy Type

    For a 65-year-old man, final expense insurance costs $96 per month for $15,000 in coverage ($6.40 per $1,000 of coverage), while a $250,000 term policy costs $169 per month ($0.68 per $1,000). A $15,000 guaranteed whole life policy averages $71 per month or $4.73 per $1,000 in coverage.

  • dollarBadge2 icon

    Coverage Amount

    Monthly rates increase as coverage amounts rise. Use our life insurance calculator to determine how much life insurance you need.

  • carColored icon

    Tobacco Use

    Tobacco use increases life insurance premiums greatly. A nonsmoking male pays $169 per month for a 10-year $250,000 term policy, while a smoker pays $537 per month, a $368 monthly increase. Insurers define tobacco use as any cigarette, cigar, pipe or nicotine product use within the past 12 months.

How to Choose the Best Life Insurance for Grandparents

Coverage goals and your grandparent's overall health decide which policy fits best. Here's how different situations match up with the best options:

  • Covering burial costs: Final expense insurance with $15,000 to $25,000 in coverage fits most burial budgets of $7,000 to $12,000. It's the most straightforward option for end-of-life planning.
  • Leaving a legacy or covering debt: Term or whole life with $100,000 to $500,000 in coverage is more appropriate in this situation. Grandparents in average to good health can qualify for full underwriting and get the best per-dollar value.
  • Health conditions, standard underwriting not an option: Final expense and guaranteed issue policies accept applicants up to age 85 with no medical exam.
  • Poor health, no other options: Guaranteed issue is the fallback. Coverage caps at $25,000, and most policies include a two-year graded benefit period in which only premiums and interest are paid if the insured dies.

Can Grandparents Buy Life Insurance for Their Grandchildren?

Grandparents can buy life insurance for their grandchildren if they have an insurable interest, a financial dependency or an estate planning reason. The most common product type used in this scenario is whole life insurance for children, which usually offers coverage up to $50,000 and is available from birth to age 17. 

Buying life insurance for your grandchild locks in low childhood rates, builds cash value over time and provides lifelong coverage. A whole life policy for a 10-year-old costs around $10 to $20 per month for $50,000 in coverage, with premiums fixed for life. Cash value accumulates tax-deferred and can be borrowed or withdrawn later for college expenses, a down payment or other financial needs.

Compare Life Insurance Rates

Make sure you're getting the best rate for your insurance. Compare quotes from the top insurance companies.

Life Insurance Policy for Grandparents: FAQ

MoneyGeek gathered life insurance quotes for a 65-year-old male nonsmoker in average health to compare costs across providers for grandparents shopping for coverage. The sample includes a $250,000 term policy with a 10-year term and a $15,000 final expense policy, the two coverage types grandparents use most to cover debt or end-of-life costs. Holding age, gender, health classification and coverage amount constant across providers isolates real pricing differences instead of differences caused by mismatched inputs. Actual rates vary by policy type, coverage amount, age, gender and health classification.

About Mark Fitzpatrick

Mark Fitzpatrick, Licensed P&C Insurance Expert, MoneyGeek

Mark Fitzpatrick is a licensed Property and Casualty (P&C) Insurance Producer in Connecticut and MoneyGeek's resident expert in insurance and economics. In nearly a decade covering the insurance market at LendingTree and MoneyGeek, he's analyzed hundreds of carriers and millions of rates across auto, home, renters, health and life insurance.

His work has appeared in The Washington Post, The New York Times and NPR. He draws on independent cost and consumer experience data, and no insurance company partnerships affect his recommendations.

Mark studied at Boston College and later earned a master's in economics and international relations from Johns Hopkins University. He worked in financial risk management at State Street before joining MoneyGeek. He's also a five-time “Jeopardy!” champion.

Read Full Bio »