Compare affordable term life, whole life, and final expense insurance for seniors from age 50 through 89.
No Medical Exam Required
By Aaron Polk, Licensed Agent and Former National Medical UnderwriterGolden Shield Life Insurance · Read Our Reviews · About Aaron Polk
NPN 21216745 · Updated November 2026 · 28 min read
Senior life insurance is coverage for adults generally age 50 and older. While younger people often buy life insurance to replace income, seniors may focus on funeral expenses, paying off debts, protecting a spouse, or leaving an inheritance.
Coverage typically costs more with age, but many term life, whole life, and final expense policies are available without a medical exam.
Whole life insurance provides lifelong coverage, fixed premiums, and cash value.6 Term life insurance covers a set number of years. Some policies also include living benefits you can access if you experience a qualifying serious illness.6
It's about making sure your family isn't left with your final expenses and remembering you as someone who planned ahead.
Here's what we'll cover:
Meet Max
Editor's Note
Most people who call me about senior coverage think they waited too long, or that a health condition already ruled them out. Neither one is usually the whole story.
The question that matters most is whether the policy pays the full benefit from day one or only after a waiting period.
Aaron PolkFounder and Licensed Agent, Golden Shield Life Insurance
Term life insurance provides coverage for a set number of years, typically 10, 15, or 20 years. If you pass away while the policy is active, your beneficiaries receive the death benefit, generally income tax-free.19 Once the term expires, coverage ends unless you renew or convert it, if your policy allows.14
Term life insurance is generally more affordable than whole life insurance for the same coverage amount. Seniors in their 50s and 60s may still qualify for substantial coverage, while those in their 70s typically have fewer options and shorter terms.
Many term policies are available without a medical exam. Some also include living benefits that let you access part of your coverage if you're diagnosed with a qualifying serious illness.
Whole life insurance provides lifelong coverage with fixed monthly premiums and a guaranteed death benefit, as long as you keep your policy active. Unlike term life insurance, your coverage doesn't expire after 10 or 20 years.
Seniors often purchase whole life insurance to pay funeral expenses, cover outstanding debts, protect a surviving spouse, or leave an inheritance to children and grandchildren. You can name one or multiple beneficiaries, and the death benefit is generally paid income tax-free.19
Whole life policies also build cash value over time. You can borrow against that money to help with medical bills, home expenses, retirement needs, or unexpected costs. Unpaid loans will reduce the amount your beneficiaries receive.6
Many whole life policies for seniors are available without a medical exam, including options for people with health conditions. Premiums are generally higher than term life insurance, but your monthly payment stays the same.
Final expense insurance, also called burial insurance, is a smaller whole life policy designed to help pay for funeral services, burial, cremation, and other expenses left behind.
According to the National Funeral Directors Association, the national median cost of a funeral with burial was $8,300, compared with $6,280 for a funeral with cremation in 2023.4 Cemetery plots, headstones, and other services can add thousands more.10
Seniors commonly purchase $5,000 to $25,000 in coverage to help their families avoid paying these expenses out of pocket. The money goes directly to your beneficiaries, who can also use it for medical bills, outstanding debts, or other needs.
Most final expense policies are available without a medical exam, and some offer coverage through age 85.12 Premiums remain fixed, and coverage lasts your entire life as long as payments are maintained. Depending on your health and policy, the full death benefit may be available immediately or after a waiting period.
Simplified issue and guaranteed acceptance life insurance are two options for seniors who want coverage without a medical exam. Both offer permanent coverage, but the application requirements are different.
Simplified issue life insurance requires a few health questions but no medical exam.7 Many applicants receive an approval decision within minutes, and qualifying policies provide the full death benefit from the first day.
Guaranteed acceptance life insurance requires no medical exam or health questions. Eligible seniors cannot be declined because of their medical history, even if they've been turned down for coverage before.
Most guaranteed acceptance plans have a two-year waiting period for death from natural causes. If death occurs during that time, beneficiaries generally receive all premiums paid, sometimes plus 10% interest, depending on the insurer.15
Both options help seniors plan for funeral expenses, pay remaining debts, or leave an inheritance to their families.
The best life insurance company for seniors is the one that gives you the lowest cost, the highest benefit for your face amount, and the least friction getting approved. Measured that way, we recommend five: Fidelity Life, Americo, Mutual of Omaha, Ethos, and Corebridge Financial for guaranteed issue. Each offers no medical exam options, fast online applications, and quick decisions, often in minutes, and each issuing company is rated A- or better by AM Best.9 Which one comes out on top for you depends on your age, health, and the amount you need, so we compare them side by side before you apply. Every plan also comes with a free-look period, often 30 days, to cancel for a full refund.6
Senior term and whole life, often with no medical exam.
Term, whole life, and mortgage protection with living benefits.
Final expense and term coverage from a long-standing name.
Apply online on your own, with fast decisions and no medical exam.
Every plan above comes with a free-look period, often 30 days. If you change your mind, cancel within that window for a full refund of the premiums you paid.
iProvide Whole Life for ages 45 to 89, from $2,500 to $50,000. A short health application with an immediate decision, and no exam or underwriter phone call. Pay for life, for 20 years, or in one payment. A $1,000 cash draft can reach your beneficiary quickly to cover needs until the claim is settled.13 Silver Guard is a second simplified issue whole life option, with a terminal illness benefit at no extra cost.16
OPTerm term life from $100,000, a Legal & General America company. Ten and 15-year terms issue through age 75, and 20-year terms through 70 for non-tobacco applicants. An accelerated death benefit rider is included with every policy.14
Guaranteed Issue
For guaranteed issue coverage, we place clients with Corebridge Financial. We have seen them pay claims, their rates are competitive, and acceptance is immediate for anyone in the age range.
Guaranteed Issue Whole Life is issued by American General Life Insurance Company, a Corebridge Financial company. Not available in New York. Terms per Corebridge, checked November 2026.
Honest reviews we wrote so you know what to expect before you apply.
How much does life insurance cost for seniors? Your rate depends on your age, health, the amount of coverage you want, and the type of policy you choose. Two people the same age can pay very different premiums, even when they apply for the same amount of coverage.
Before you compare senior life insurance rates, think about what you want the money to do. Are you covering funeral expenses, paying off a mortgage, protecting your spouse, or leaving an inheritance? Someone looking for $15,000 in burial insurance will pay far less than someone who wants $250,000 to leave to family.
The rate tables below show average monthly costs by age and policy type. Your actual quote will depend on the insurance company, your health, and your application.
| Age | Women | Men |
|---|---|---|
| 55 | $36 | $46 |
| 60 | $42 | $53 |
| 65 | $50 | $66 |
| 70 | $64 | $84 |
| 75 | $87 | $113 |
| 80 | $125 | $164 |
| 85 | $155 | $203 |
| Policy Type | Age 55 | Age 65 | Age 75 |
|---|---|---|---|
| Term life $100,000, 10-year | $32 / $41 | $73 / $101 | $161 / $231 |
| No-exam term $100,000, 10-year | $36 / $46 | $100 / $140 | $238 / $298 |
| Final expense $15,000 | $53 / $66 | $74 / $96 | $130 / $160 |
| Guaranteed issue $15,000 | $65 / $80 | $90 / $116 | $156 / $195 |
Life insurance for seniors generally costs more as you age, but affordable coverage is still available. Your monthly premium depends on your age, health, coverage amount, and whether you choose term life, whole life, or final expense insurance.
Here's how coverage options and costs change at different ages.
At 65, you may still qualify for term life insurance lasting 10, 15, or 20 years,14 along with permanent whole life and final expense coverage. Term life generally offers more coverage for a lower monthly premium, while whole life provides lifelong protection with fixed payments.
We recently helped a healthy, nonsmoking 65-year-old woman obtain a $100,000, 20-year term policy with living benefits for approximately $200 per month. Read her Google review.
At 75, term life options become more limited, but whole life and final expense insurance remain available. Many policies require no medical exam, and some provide the full death benefit from the first day.
Your monthly premium depends on your health, coverage amount, and the insurance company. Comparing companies can make a difference, especially if you take medications or have existing health conditions.
At 80, many seniors choose whole life or final expense insurance to cover funeral expenses, remaining debts, or leave money to family. These policies often provide fixed premiums without requiring a medical exam.
Seniors with savings may also consider fixed annuities. A deposit earns interest at a guaranteed rate for a specified period, potentially more than a traditional savings account.20 Beneficiaries can receive the remaining contract value after death.
Life insurance is still available after 85, although fewer companies accept new applications. Some plans accept applications through age 89.13
For seniors with existing savings, fixed annuities may provide another option. They can offer tax-deferred growth, guaranteed interest, and beneficiary designations without requiring monthly life insurance premiums.20
Annuities aren't life insurance, and withdrawal restrictions and tax rules differ. Annuities are not FDIC insured and may have surrender charges for early withdrawals. Both can help seniors plan for final expenses or leave money to family.
Who
Seniors in their 60s or early 70s who still have a mortgage, a spouse who depends on their income, or debts with an end date.
What
Term life with a level premium for 10, 15, or 20 years. After that, many plans renew each year at a higher price.
When
Sooner is better. Banner Life OPTerm, for example, issues 10 and 15-year terms through age 75 and 20-year terms through age 70 for non-tobacco users.
Where
Through an independent broker who can compare companies like Banner Life and Mutual of Omaha, or online through Ethos.
Why
Term usually costs the least per dollar for a need that ends. Many term policies can be converted to permanent coverage. Banner Life OPTerm, for example, converts until age 70, or during the first five policy years if issued at 66 or older.14
Many seniors worry they won't qualify for life insurance because of their health. You may have diabetes, high blood pressure, heart disease, or a history of cancer and assume an insurance company will turn you down. That's not always the case.
As a former national medical underwriter, I've seen how differently insurance companies evaluate the same medical conditions. One company may decline an application while another offers coverage at an affordable monthly premium.
Yes. Many seniors qualify for no medical exam life insurance, including simplified issue whole life and final expense policies. These may require health questions and a review of your medical history, but no physical examination.7
For seniors with more serious medical conditions, guaranteed acceptance life insurance is another option. Eligible applicants cannot be declined because of their health, although most policies include a two-year waiting period for death from natural causes.15
My advice: Don't assume your health makes you uninsurable. Before accepting a decline or purchasing guaranteed acceptance coverage, find out whether another company can approve you for a policy with full benefits from the first day.
Many seniors can qualify for term life, whole life, or final expense insurance without a medical exam, blood work, or doctor visits. Some policies offer approval within minutes and coverage starting the same day.
Requires a few health questions and may include a review of your prescriptions and medical history.7 Approved policies can provide the full death benefit from the first day.
Requires no medical exam or health questions. Eligible seniors cannot be declined because of their health. Most policies have a two-year waiting period for death from natural causes, during which beneficiaries generally receive premiums paid, sometimes plus interest.12
Before choosing guaranteed acceptance coverage, check whether you qualify for a policy with full benefits from the first day.
Waiting periods are commonly associated with guaranteed acceptance life insurance and are known as graded death benefits. These policies are designed to provide coverage to seniors regardless of their medical conditions, without health questions or a medical exam.
Most guaranteed acceptance policies have a two-year waiting period, while some have three years. During this time, you're making monthly premium payments toward a policy that will provide a guaranteed death benefit to your beneficiaries once the waiting period ends.
If you pass away from natural causes during the waiting period, your beneficiaries generally receive the premiums you've paid, plus any interest specified in the policy. Accidental death may be covered immediately.1215
It's a way to start planning today for funeral, burial, or cremation expenses without worrying about being declined because of your health. Once the waiting period ends, the full death benefit becomes available as long as your policy remains active.
See what guaranteed coverage could cost with our free guaranteed issue life insurance calculator.
Prefer to talk now? Call or text (678) 884-4653
Rather do it yourself?
Apply 100% online, anytime, with no phone call needed.
Apply Online NowWant a decision online? You can also apply through our partner Ethos. You will complete your application on their secure site.
Living benefits allow you to use certain benefits from your life insurance policy while you're still alive. Depending on your coverage, these benefits may help with a serious illness, medical expenses, or other financial needs.
Many term and whole life insurance policies offer accelerated death benefits. If you're diagnosed with a qualifying illness, you may be able to access part of your death benefit while you're living.121314
Common qualifying conditions include:
The money can help pay medical bills, home care, living expenses, or other needs. Any amount you receive generally reduces the death benefit left to your beneficiaries. Not every policy includes all three benefits.6
Whole life insurance offers another benefit that is separate from illness coverage: cash value.
As you pay your premiums, your policy builds cash value over time. You may be able to borrow against it or make withdrawals to help pay for home repairs, car expenses, medical bills, retirement needs, or everyday living expenses.
Unlike accelerated death benefits, you don't need to become sick to access your available cash value.
Policy loans accrue interest, and unpaid loans or withdrawals can reduce the money your beneficiaries receive. Cash value also takes time to build.6
For seniors, these are two different ways life insurance may help: health-related benefits when a qualifying illness occurs, and financial benefits through the cash value of a whole life policy.
Learn more about living benefits of life insurance.
Watch: Aaron Polk explains life insurance for seniors.
Senior life insurance is not one product. It is a market label for several policies sold to applicants who are generally fifty and older. Insurance companies set their own issue-age windows, and some products accept applications through age eighty-five.
Age moves the price more than anything else. For a ten thousand dollar final expense policy, monthly averages published by MoneyGeek in June 2026 for non-tobacco applicants run about thirty-six dollars for women and forty-six for men at age fifty-five. At sixty-five, about fifty and sixty-six. At seventy-five, about eighty-seven and one hundred thirteen. At eighty-five, about one hundred fifty-five and two hundred three. These figures are illustrative only and not an offer of coverage.
The sharpest price increase generally falls between ages seventy-five and eighty, where averages rise about forty-four percent for women and forty-five percent for men.
Term life covers a set period, builds no cash value, and is generally available to about age seventy-five. Whole life is permanent coverage that builds cash value, with issue ages commonly running to eighty-five. Final expense is a smaller permanent policy for funeral costs and similar bills, and generally requires no medical exam. Guaranteed issue asks no health questions at all and accepts applicants within a stated age band, usually about fifty to eighty-five.
No medical exam does not always mean there is no underwriting. Simplified issue policies may still review health questions and prescription records. Only guaranteed issue skips health questions entirely.
Waiting periods and graded benefits are common when health questions are not asked. In year one and year two of a graded policy, a natural death may return the premiums paid plus an added amount, often around ten percent, rather than the full face amount. From year three onward the full benefit generally becomes payable. Accidental death is often payable in full from day one, even during the waiting period.
The most important question to ask before signing is this. If death occurs during the first two years, exactly how much will the beneficiary receive?
Widely advertised low prices may only buy units of coverage. A price of nine dollars and ninety-five cents may purchase one unit, and reaching a ten thousand dollar benefit can require eight or more units depending on age and state.
Conditions like controlled high blood pressure or type two diabetes are often manageable with health questions. Others, such as current cancer treatment or dialysis, may need more careful placement with specific insurance companies.
To size coverage, add what would be owed, including the national median of eight thousand three hundred dollars for a funeral with viewing and burial, then subtract available savings and coverage already in force.
Golden Shield Life Insurance is an independent broker comparing more than one hundred thirty insurance companies rated A minus or better by AM Best. Aaron Polk, licensed agent, NPN 21216745. Call or text 678-884-4653. This is educational information, not financial, legal, or tax advice.
Who
Your age, your health, and the people you want to protect decide which plans fit.
Before becoming an independent broker, I worked as a national medical underwriter, reviewing life insurance applications and medical records. That experience taught me what seniors should understand before choosing a policy.
Every insurer has its own underwriting guidelines. A senior with controlled type 2 diabetes may qualify for immediate coverage with one company but receive a graded benefit offer from another. Underwriters consider medical history, medications, treatment, and overall health, not just a diagnosis.
Simplified issue life insurance eliminates the medical exam but may still require health questions and prescription record checks.7 Some policies provide full coverage immediately, while others have modified benefits during the first two years.13
Term life insurance may be more affordable for temporary needs, such as a mortgage or income replacement. Permanent life insurance provides lifelong coverage when premiums are maintained, making it an option for funeral expenses or leaving money to family. Some seniors combine term coverage with a smaller final expense policy.
Life insurance only protects your family while the policy remains in force. Missing payments can cause coverage to lapse, although some whole life policies offer options using accumulated cash value.6
I would rather see a client keep a $15,000 policy for life than lose a $40,000 policy after four years.
Aaron Polk | Former National Medical Underwriter and Licensed Independent Life Insurance Broker, Golden Shield Life Insurance.
Coverage and underwriting decisions vary by insurer, policy, and state.
You can purchase life insurance for your mother, father, or both parents to help pay for funeral expenses, outstanding debts, or other costs after they pass away. You can also pay the monthly premiums yourself so your parents don't have another bill to worry about.
However, your parent must know about the policy and give their consent. You generally must also have an insurable interest, meaning their death could create a financial loss or responsibility for you.6
No. You cannot secretly purchase life insurance on a parent. They must consent to the coverage and complete the insurer's required authorization.
My advice: If you're concerned about eventually paying for your parents' funeral expenses, have the conversation while they're here to help make the decisions. You can take responsibility for the monthly payments while they help choose how they want their final arrangements handled.
Download Baltimore Life's free Memorial Planning Guide (PDF) to record your parent's wishes together.17 Looking for a parent's lost policy? Try the free NAIC Life Insurance Policy Locator.11
What
The plans, the prices, and the insurance companies we trust most for seniors.
The best life insurance for seniors depends on your age, health, budget, and what you want the policy to accomplish. Compare these six options to find the coverage that fits your needs.
Permanent life insurance that provides lifelong protection, fixed premiums, and cash value that grows over time.
Affordable permanent life insurance designed to help your family pay funeral expenses, burial costs, and final bills.
Whole life insurance with guaranteed acceptance for eligible ages, regardless of medical history, with no health questions or medical exam.
Get term or permanent life insurance without blood tests or a medical examination, often with a faster application and approval process.
Affordable coverage for a set number of years, ideal for protecting income, paying off a mortgage, or covering temporary financial obligations.
Term life insurance without a medical examination, offering larger death benefits for qualified applicants through a streamlined application.
Accidental death and dismemberment insurance provides additional financial protection for covered accidents. Unlike traditional life insurance, it does not pay a death benefit for illness or natural causes.
Looking for permanent coverage? Compare Whole Life Insurance Quotes.
When & Why
Timing, reasons, and coverage that lasts your lifetime.
Sooner usually costs less. Your price is set by your age on the day you apply, and averages rise fastest between 75 and 80.1
Seniors often choose permanent life insurance because of its cash value growth, lifelong coverage, and the ability to access money while they're still living. Unlike term life insurance, permanent policies are designed to remain active throughout your lifetime, as long as the policy's requirements are met.
The cash value can grow tax-deferred6 and may be used for medical expenses, home improvements, retirement needs, or unexpected bills. You don't have to become sick to access this money. Depending on your policy, you can borrow against the cash value or make withdrawals.
One thing seniors should understand is that cash value and the death benefit are not usually added together.
For example, if you have a $100,000 whole life policy with $20,000 in cash value, your beneficiaries generally receive the $100,000 death benefit, not $120,000. Some universal life policies offer different payout options.6
Policy loans also charge interest, and unpaid balances can reduce the benefit your family receives.
Before buying permanent life insurance, understand how your cash value grows, how you can access it, and exactly what your beneficiaries will receive when you pass away.
If your family would face funeral costs, debts, or lost income, coverage can fill that gap. If savings already cover those costs, you may not need it.
For 10-year term, MoneyGeek averages run about $73 a month for women and $101 for men at 65, and $161 and $231 at 75.2
A $500,000, 20-year term policy averages roughly $808 a month for a man at 70, and $667 for a woman.3
Often, yes. Simplified issue whole life and final expense are commonly issued through 85, and Baltimore Life iProvide accepts applications through 89. Amounts are usually smaller, and the premium often decides how much makes sense.13
On a level plan, yes, for any covered cause. On a graded or modified plan, a natural death in the early years usually returns premiums plus a set amount instead. Accidental death is usually paid in full.
Often, yes. How long ago it was, how you are doing now, and your current medications matter more than the surgery itself. If no company offers a level plan yet, a graded or guaranteed issue plan can start coverage now.
Yes, if you qualify for a level plan by answering health questions. Guaranteed issue plans ask no health questions, so they usually limit the payout for a natural death in the first two years.
One you qualify for, can afford to keep, and that pays in full when you expect. Comparing several companies is the surest way to find it.
Usually, with an insurable interest and your parent's consent. Your parent signs the application and answers the questions.6
Your beneficiary sends the insurance company a claim form and a death certificate, and the company pays them directly. They can use the money for anything, and life insurance death benefits are generally not taxed as income. Some plans, like Baltimore Life iProvide, also offer a $1,000 cash draft to cover needs while the claim is settled.13
Most policies give a grace period, often 30 or 31 days. After that, term coverage ends. Whole life may use its cash value to keep some coverage. Call before you stop paying.6
Updated November 2026
| Plan | Type | Issue Ages | Coverage | First Two Years |
|---|---|---|---|---|
| Mutual of Omaha Living Promise Level | Whole life, final expense | 45 to 85 | $2,000 to $50,000 | Full benefit from day one |
| Mutual of Omaha Living Promise Graded | Whole life, final expense | 45 to 80 | $2,000 to $20,000 | Premiums back plus 10% for a natural death |
| Baltimore Life iProvide | Whole life, final expense | 45 to 89 | $2,500 to $50,000 | Full benefit (Preferred, Standard), or 110% of premiums (Modified) |
| Banner Life OPTerm | Term life | 10 and 15-year to 75; 20-year to 70 | From $100,000 | Full benefit from day one |
| Corebridge Guaranteed Issue Whole Life | Whole life, guaranteed issue | 50 to 80 | $5,000 to $25,000 | 110% of premiums for a natural death |
| Age | Term Life | Whole Life and Final Expense |
|---|---|---|
| 60 to 69 | 10 and 15-year term through 75; 20-year term through 70, non-tobacco (Banner OPTerm) | Widely available, with or without an exam |
| 70 to 74 | 10 and 15-year term until 75; 20-year term usually closed | Simplified issue up to $50,000 (Living Promise 45 to 85, iProvide 45 to 89) |
| 75 to 79 | New term usually ends at 75 | Final expense and whole life; Living Promise Graded through 80 if health rules out a level plan |
| 80 to 84 | Not available on plans we use | Simplified issue up to $50,000 listed; premium usually decides the amount; Corebridge guaranteed issue through 80 |
| 85 to 89 | Not available on plans we use | Baltimore Life iProvide through 89, $2,500 to $50,000 |
| 90 and older | Not available on plans we use | No plan in our carrier documents accepts new applicants; check coverage in force or a preneed plan |
