Last updated: May 2025 • 10 min read
Getting life insurance as a senior feels more complicated than it should be. Insurers become more selective with age, premiums rise, and the options available at 40 are no longer on the table at 70. But the good news: there are still solid, affordable options — you just need to know where to look.
This guide cuts through the noise and gives you honest answers about what coverage is realistic, what it costs, and which companies actually deliver when it matters most.
Term life pays a death benefit if you die within a set period (10, 15, or 20 years). It's the most affordable option per dollar of coverage but becomes harder to qualify for after 75.
Whole life covers you permanently and builds cash value over time. It's more expensive than term but never expires and can serve as a savings vehicle.
No medical exam, no health questions — approval is guaranteed if you're within the age range (typically 50–85). The tradeoff: lower coverage limits ($5,000–$25,000) and higher premiums per dollar of coverage.
A simplified whole life policy designed specifically to cover funeral costs and final medical bills. Average funeral in the US costs $8,000–$12,000.
Issue ages: Up to 85 | Coverage: $2,000–$25,000 (final expense)
Mutual of Omaha's Living Promise whole life policy is the gold standard in final expense insurance. No medical exam required, coverage starts immediately (no graded period for healthy applicants), and their claims process is fast and hassle-free.
Issue ages: 50–80 | Coverage: Up to $100,000
AARP Life Insurance, underwritten by New York Life, offers guaranteed acceptance whole life and term options specifically for members 50+. If you're already an AARP member ($16/year), this is an easy starting point.
Issue ages: Up to 80 for term | Coverage: $25,000–$10,000,000
Transamerica offers competitive term life rates for seniors in good health and has some of the most flexible underwriting in the industry. Good option for seniors 60–75 who want substantial coverage without paying whole life premiums.
Issue ages: 50–80 | Coverage: $5,000–$25,000
Known for children's insurance, Gerber also offers a solid guaranteed issue whole life policy for adults with no health questions whatsoever. Best for seniors who have been declined elsewhere due to health issues.
| Age | $10,000 Coverage (Monthly) | $25,000 Coverage (Monthly) | Policy Type |
|---|---|---|---|
| 60 | $28–$45 | $65–$100 | Final expense whole life |
| 65 | $36–$58 | $82–$130 | Final expense whole life |
| 70 | $47–$75 | $105–$165 | Final expense whole life |
| 75 | $62–$98 | $140–$215 | Final expense whole life |
| 80 | $82–$130 | $185–$290 | Guaranteed issue whole life |
| 85 | $110–$175 | Not always available | Guaranteed issue only |
Not always. Here's an honest framework for deciding:
The process depends on the policy type:
Yes. Most major insurers offer final expense and guaranteed issue policies to applicants up to age 80 or 85. Term life becomes very limited after 75, but permanent coverage remains accessible with realistic expectations on coverage amounts and premiums.
Guaranteed issue whole life insurance. While premiums are higher and coverage amounts lower, approval is guaranteed regardless of health conditions. Mutual of Omaha, Gerber Life, and AIG Direct all offer solid options.
It depends. If your only goal is covering funeral expenses and you can afford the premiums, it can make financial sense — especially if you don't have $10,000–$15,000 liquid. But at 80+, you're paying high premiums for limited coverage, so having savings dedicated to final expenses may be more efficient.
Seniors absolutely can get life insurance — the question is which type makes sense for your situation. For most seniors aged 60–75, simplified issue or fully underwritten whole life offers the best value. For those 75+, or anyone with significant health conditions, final expense insurance from Mutual of Omaha or Gerber Life is the pragmatic choice.
Always get quotes from at least three companies before committing. A licensed insurance broker (who works with multiple carriers) can do this comparison for you at no cost.