Did You Know: If you have term life insurance, should you consider burial insurance? Read our guide, Is Burial Insurance Worth It? to learn about the advantages of this type of insurance.
When it comes to life insurance premiums, providers will generally base these monthly rates on medical history, credit score, gender, and –– most importantly –– age. For seniors, finding affordable life insurance can be difficult; however, it’s not impossible.
Not only can life insurance provide protection for your loved ones, but it can also give you a financial safety net during your lifetime. Because it’s important for people of all financial levels to have life insurance, we compiled this list of the best affordable life insurance for seniors.
Did You Know: If you have term life insurance, should you consider burial insurance? Read our guide, Is Burial Insurance Worth It? to learn about the advantages of this type of insurance.
While it’s easy to find the cheapest insurance policy, we looked for more than just premium price. When choosing the best affordable life insurance providers for seniors, we considered the following:
| Provider | Policies Offered | Standout Features | Premium Estimate for a 65-Year-Old Man |
|---|---|---|---|
| Gerber Life Insurance | Term Life, Grow-Up Plan, Gerber Life Duet, Gerber College Plan, Whole Life, Guaranteed Life |
|
$258.50 per month for 10 years and $200,000 coverage (Guaranteed Life) |
| Mutual of Omaha | Term Life, Whole Life, Universal Life, Accidental Death, Long-Term Care, Disability Income, Critical Illness, Cancer, Heart Attack & Stroke Insurance |
|
$119.58 monthly premium for $200,000 coverage (Term Life) |
| Lincoln Financial | Term Life, Universal Life, Indexed Universal, Survivorship |
|
Contact Lincoln Financial for quotes |
| Guardian Life | Term Life, Whole Life, Universal Life |
|
$255 per month for 15 years ($250,000 Term Coverage) |
| Pacific Life | Variable and Indexed Universal Life, Universal Life, Whole Life, Term Life |
|
$150-$200 for a 20-year term life ($100,000 coverage) |
FYI: According to studies, only 36 percent of adults feel confident about their retirement planning. Read my guide, How Much Do I Need To Retire? to help you start thinking about your finances and setting aside enough for retirement.
Types of life insurance offered: Term Life, Whole Life, Universal Life, Accidental Death, Long-Term Care, Disability Income, Critical Illness, Cancer, Heart Attack & Stroke Insurance
Most affordable policy: Whole Life
Issue ages: 45-85 (Whole Life Insurance); 18-80 (Term Life)
Monthly premium for a healthy 65-year-old man: $119.58 per month for $200,000 of coverage (Term Life)
Mutual of Omaha offers great rates for a variety of life insurance for those up to 85 years old. Based in Omaha, Nebraska, Mutual of Omaha offers life insurance, Medicare Supplement Insurance, financial services, and additional insurance for a variety of needs.
The most affordable policy is their guaranteed whole life insurance policy, which is perfect for older adults that have a fixed income and want to stick with a policy without premium price hikes. If you’re on a budget, guaranteed whole life insurance by Mutual of Omaha provides assistance to individuals up to age 85 and helps pay for a variety of needs such as final expense coverage, funeral expenses, and other unexpected costs if you were to pass on. They also offer the option of renewing term life insurance through age 95. This coverage can also be used to pay off debts and build cash value over time, as long as premiums are paid.
Mutual of Omaha is great for older adults who might have preexisting health conditions, because they are not required to undergo a medical exam or fill out a lengthy health questionnaire with certain policies. Additionally, if you want to add supplemental insurance for your beneficiaries, Mutual of Omaha offers multiple riders. These riders include long-term care insurance for chronically ill patients.
For instance, if I wanted my long-term care insurance policy to cover $3,500 in monthly expenses, my premium would be $350 per month. If I were to live in a one-bedroom assisted living facility in California without insurance, that would cost approximately $5,650 per month, which is more than 15 times higher than my monthly premium with Mutual of Omaha.
FYI: Mutual of Omaha also offers affordable Medigap policies. To learn more, read our guide to Mutual of Omaha Medicare supplements.
Types of life insurance offered: Term Life, The Grow-Up Plan, Gerber Life Duet, Whole Life, Guaranteed Life
Most affordable policy: Term Life
Issue ages: 18-70 (Term Life and Whole Life); Seniors 50+ (Guaranteed Life)
Monthly premium for a healthy 65-year-old man: $258.50 per month for 10 years for $200,000 of coverage (Guaranteed Life)
Founded in 1967, Gerber Life Insurance offers affordable life insurance policies for both children and adults. They are best known for their range of policies and products, like The Grow-Up Plan for children under 14 and their Guaranteed Life Insurance Plan for those over age 50, with guaranteed acceptance and no medical exam required. Applying for term or whole life insurance coverage through Gerber Life is quick and simple; most applicants will get a decision within minutes.
One of their most affordable policies for seniors is term life, which starts at $258.50 per month for a healthy 65-year-old man for $200,000 of coverage for a fixed term of 10 years. Another affordable policy is their accident protection insurance, which starts at just $1.92 per month for $20,000 of coverage if an unexpected accident were to occur. One of the perks of adding accident protection insurance to your current life insurance policy is that if you have a spouse, you can both be preapproved for a total of $200,000 in accident protection insurance if you are between 19 to 69 years of age.
If you’re a grandparent taking care of grandchildren or you want to help with their college funds, then Gerber Life Insurance’s other offerings, such as The Grow-Up Plan or Gerber Life College Plan, might be of interest. The Gerber Life College Plan increases over time, and your child or grandchild will receive a guaranteed payment of $10,000 to $150,000 pending regular premium payments. If something were to happen to you, your beneficiaries would also get the full benefit amount. Gerber Life Insurance might be a good option for older adults who want to purchase life insurance for themselves or secure their legacy and guarantee peace of mind and protection for their children and grandchildren.
Types of life insurance offered: Term Life, Whole Life, Universal Life
Most affordable policy: Term Life
Issue ages: 18-75 (Term Life)
Monthly premium for a healthy 65-year-old man: $255 per month for 15 years for $250,000 of coverage (Term Life)
Founded in 1860, Guardian Life is one of the oldest and largest insurance providers in the country. Along with comprehensive life insurance policies, the company also offers dental, vision, cancer, and supplemental insurance policies. If you’re a senior, you can get affordable term life insurance for $181 per month at a fixed 10-year term rate for $250,000 of coverage. Additionally, policyholders with term life insurance have the opportunity to upgrade to lifetime coverage without having to start the application process again.
One of the unique features of this provider is that it offers both term and whole life insurance for people living with HIV. To qualify for their HIV Life Insurance policy, individuals must be living with HIV and be between the ages of 20 and 60.
Guardian Life provides affordable rates for life insurance, with term insurance being the best option for seniors who are on a budget. With Guardian Life, you also have the option of pairing supplemental insurance — such as dental, vision, and accident insurance — which offers more protection for seniors, who often need to pay for out-of-pocket accidental injuries such as broken bones, third-degree burns, and falls.
Guardian Life policies also pay a special benefit for children who are injured. If you are a senior with accident insurance through Guardian Life, then you’ll receive a cash benefit where you can use the lump sum however you’d like. Guardian Life’s Accident Insurance covers up to 25 injuries and the cost of X-rays, CT scans, MRIs, emergency care, and hospital treatment.
Did You Know: If you’re looking for dental and vision coverage, check out our guide to the best dental and vision insurance for seniors.
Types of life insurance offered: Term Life, Universal Life, Indexed Universal, Survivorship
Most affordable policy: Term Life
Issue ages: 18-80
Monthly premium for a healthy 65-year-old man: N/A
Lincoln Financial was established in 1905 by a group of business leaders in Fort Wayne, Indiana, to help individuals protect their finances and care for loved ones. The company was granted permission to use Abraham Lincoln’s name as a brand symbol by Abraham Lincoln’s son, Robert Todd Lincoln. Since then, the company has become one of the largest reinsurers in the world.
Lincoln Financial offers many affordable policies, but the ones I’d recommend to seniors are their term life insurance policies, particularly their Lincoln Life Elements Level Term policy. Although it’s not offered in New York, the policy provides coverage for families and businesses. It also provides a Guaranteed Level Premium Period for 10, 15, 20, or 30 years, with a minimum face amount of $250,000. Additionally, this policy ensures a guaranteed income-tax-free death benefit and can help fund emergencies and other costs once you pass on.
Applying for term life insurance is easy; you just need to complete a phone interview application, and you may not be subject to lab work requirements if you meet certain qualifications. You can also easily convert your term life insurance policy to a permanent life insurance policy and add multiple riders, such as the Accelerated Benefits Rider. The Accelerated Benefits Rider pays a specific amount of your death benefit if you are diagnosed with a terminal illness within six months.
One of the other standout features is that the company will cover individuals for a monthly premium if you were to become disabled and you have their Disability Waiver of Specified Premium Benefit Rider. Along with life insurance policies, Lincoln Financial also offers financial services and annuities. For instance, it offers a fixed annuity through Lincoln MYGuarantee Plus, where an individual gets a guaranteed interest rate from a period of five to 10 years.
Types of life insurance offered: Variable and Indexed Universal Life, Universal Life, Whole Life, Term Life
Most affordable policy: Indexed Universal Life
Issue ages: 18-80 (Term Life)
Monthly premium for a healthy 65-year-old man: $150-$200 for 20 years for $100,000 of coverage (Term Life)
Pacific Life has been around for more than 150 years, offering life insurance and helping individuals grow their assets and secure their finances. They have many affordable options to choose from, such as Indexed Universal Life Insurance, which focuses on how well stock market indexes and dividends perform.
Depending on the policy, Pacific Life also provides a death benefit that’s tax-free and helps protect the cash value of your policy from potential market losses. For instance, if you live in California, you might look into one of their affordable indexed universal life insurance (IUL) policies known as the Pacific Trident IUL. This policy offers long-term life insurance with death benefit protection for your loved ones.
With Pacific Life, all IUL policies guarantee a minimum annual indexed interest crediting floor of 0 percent to protect your cash value from losses. This means that the cash value of your policy is protected from any index losses. Overall, Pacific Life is a great option for seniors who are looking into permanent policies, investment products, and life insurance with cash value.
Pro Tip: Are you looking into other investment options and whether you should look into annuities as you’re purchasing life insurance and other products? Read my guide to annuities for seniors.
The cost of life insurance varies by provider, and it also changes based on a variety of factors, such as health conditions, gender, and age. On average, you can get life insurance for about $161.55 per month with a coverage amount of $300,000 for a 15-year term life insurance policy.
Although some people might assume that it might be difficult to secure life insurance policies as you get older, there are still plenty of providers with policy age limits of up to 80 or 95 — along with generous coverage and benefit amounts. For example, if you’re a healthy 65-year-old male, the monthly premium for term life insurance for 10 years with a coverage amount of $300,000 would be somewhere around $120. Of course, the younger you are and the earlier you start with a life insurance policy, the less likely you are to pay higher premiums.
When researching life insurance providers, keep your budget and coverage amount in mind. You may also want to figure out whether you need short- or long-term coverage depending on your unique financial situation. Contact insurance providers directly or speak to financial advisors to learn ways you can save on life insurance or other supplemental insurance such as riders.
Although some providers might increase premiums or have specific age limits in place, there are still plenty of affordable providers that offer term life insurance with low premiums and large coverage amounts. You can also inquire about specific discounts, bundles, or additional riders for an added layer of protection. Lastly, it’s important to compare quotes and make a pros-and-cons list to figure out premiums, incentives, and other benefits associated with life insurance.
To learn more about life insurance, be sure to check out our helpful guides and lists:
On average, life insurance can cost around $230 per month, but this is largely dependent on coverage amounts, the type of policy you choose, your age, and other criteria.
The cost for life insurance in your seventies varies greatly depending on a number of factors. If you’re a healthy 70-year-old male, you might pay a monthly premium of $280 for $200,000 of coverage.
Yes. If you’re 70 years old or older, you can still get life insurance, but the policy options might be limited. You might also face higher premiums, limited coverage amounts, and other fees
If you’re over 65, you can expect to pay around $145 per month for life insurance, though this number varies depending on the policy and other factors.
Although there’s no standard age limit or restriction to buy life insurance, you should try to purchase a plan as soon as possible. Many providers will enforce age limits between 70 and 85, and the older you are, the higher the premiums will be.
