Did You Know: Are you saving enough for retirement? Read How Much Money Do I Need to Retire? to start thinking about passive income, investments, and ways to save for the future.
The Senior List is compensated when you click on the provider links listed on this page. This compensation does not impact our ratings or reviews. Click here to learn more about our editorial review process and click here to learn more about how we are compensated.
Term life insurance can be an affordable alternative to whole life insurance. If you’re on a tight budget, term life insurance can cover out-of-pocket expenses and protect your family from certain costs that follow your passing.
Premiums for term life insurance are less expensive than whole life policies, but they don’t have cash value — which means you can’t withdraw living benefits. Term life insurance still has a lot of other benefits, however, such as lower premiums, tax benefits, and a paid out death benefit if you pass away during your term.
Did You Know: Are you saving enough for retirement? Read How Much Money Do I Need to Retire? to start thinking about passive income, investments, and ways to save for the future.
With most major insurers offering whole life policies, we looked for the following criteria when choosing the best options for older adults.
| Provider | Age range | Coverage capacity | Premium estimate for a 65-year-old man |
|---|---|---|---|
| Nationwide | Term life insurance is renewable until age 95 | $100,000 to $1 million | $117.07 per month for a $250,000 10-year policy (for a 64-year old) |
| Haven Life | Up to 64 | $25,000 to $3 million | $265.50 per month for 10 years (term life insurance) and $100,000 in coverage |
| TruStage | Until 80 | $10,000 to $300,000 | $265.50 per month for 10 years (term life insurance) and $100,000 in coverage |
| Ethos Life | From 20 to 85 | $100,000 to $350,000 | $128 to $190 per month for 10 years (term life insurance) and $100,000 in coverage |
| Allstate | From 18 to 80 | $250,000 and up | $102 per month for 10 years (term life insurance) and $250,000 in coverage |
| New York Life | From 18 to 75 (yearly convertible term) or 18 to 90 (nonrenewable term) | $100,000 to $1 million or more | Contact New York Life for premium estimates |
Term life policies: Nationwide Guaranteed Level Term
Issue ages: Annually renewable up to age 95
Monthly premium for a healthy 65-year-old man: $176.58 per month for 20 years (term life insurance) and $100,000 in coverage
Nationwide, formerly known as Farm Bureau Mutual Automobile Insurance Company, sold its first auto insurance policy in 1926 before expanding beyond auto insurance. Nationwide is now a Fortune 100 company that offers term, universal, whole, and variable life insurance.
Nationwide Guaranteed Level Term insurance is a great option for affordable term life insurance if you want a predictable premium amount that won’t increase for the rest of your policy term. It’s also a good option if you have a limited budget and want only temporary coverage for a specified period of time (e.g., 10, 15, 20, or 30 years). These policies can be renewed annually until age 95.
With Nationwide term life insurance, you have the option of converting your policy to a permanent life insurance policy. Another benefit of term life insurance is the variety of riders to choose from. In addition to term life insurance through Nationwide, you can add rider benefits customized to your needs, such as supplemental insurance for if you’re diagnosed with a critical illness, become disabled, or pass away and need to financially support your children.
Term life policies: Haven Term, Haven Simple
Issue ages: Up to 64
Monthly premium for a healthy 64-year-old man: $117.07 per month for a $250,000 10-year policy
Founded in 2014, Haven Life is one of the newer life insurance companies, and their simple approach to online policies makes them one of our favorite options for seniors. While they only issue policies to those aged 64 or younger, for those who qualify, a Haven Life term policy is a great way to protect your loved ones in the event of your death.
Unique to Haven Life is their simple online quote estimate tool. By visiting their website and plugging in your age, location, tobacco usage, and coverage amounts, you can quickly obtain an accurate estimate of your monthly premiums. This makes it easy to compare their rates to other providers.
Of Haven’s two policies, Haven Term will require medical underwriting; however, Haven Simple does not. While the latter policy offers a lower coverage maximum of $500,000, this option will likely be enough for most people.
Term life policies: TruStage Individual Term Life
Issue ages: Until 80
Monthly premium for a healthy 65-year-old man: $265.50 per month (term life insurance) for $100,000 in coverage
TruStage provides a variety of insurance policies to fit your family and financial needs. During its 80-year history, TruStage has insured more than 20 million people with life, auto, and home insurance. The company currently offers term life, whole life, and guaranteed acceptance life insurance.
The TruStage Individual Term Life policy provides coverage amounts of up to $300,000 — depending on your financial needs — for a fixed amount of time in increments of 10, 20, or 30 years. One benefit of TruStage Term Life insurance is that your coverage won’t decrease if your health declines. As long as you pay monthly premium payments, you’re covered.
You have the option to convert your term life policy into a whole life policy if your financial situation changes or you decide to get permanent coverage. You may also cancel your coverage and receive a full refund within 30 days of the start of your policy.
TruStage’s application process is seamless, and includes no medical exams or intrusive tests. It can be difficult to find term life insurance after a certain age, but TruStage is committed to providing coverage for adults up to 80 years old. Certain coverage amounts may not be available to all ages, but you still have the option to renew your term life coverage at age 80.
FYI: Do you have a plan in place for when you pass on? Estate planning helps you decide how your assets are inherited and distributed. It’s best to start the process earlier in life, so read our guide to get started: What Is Estate Planning?
Term life policies: Term life policies from different carriers
Issue ages: 20 to 65 (term life) or 65 to 85 (whole life)
Monthly premium for a healthy 65-year-old man: $128 to $190 per month for 10 years (term life insurance) and $100,000 in coverage
Ethos launched in 2016 and quickly established itself as a nontraditional life insurance provider that doesn’t upsell you on policies. Founders Peter Colis and Lingke Wang started the company in an effort to make life insurance accessible and affordable to all. With more than $400 million of invested capital, Ethos operates in 49 states and partners with several prominent insurance carriers, including Legal & General America, AAA Life, and Principal.
If you’re looking for affordable life insurance coverage with an easy online application process, then Ethos may be a good option. It may also help you cover short-term debts or lost income, pay a mortgage, or provide funds for a relative’s college education.
Ethos offers term life insurance with a variety of coverage amounts and term lengths you can customize depending on your financial situation. If you are a 65-year-old male with average health, for instance, you could get a 10-year term life insurance policy with $100,000 of coverage for a monthly premium starting between $128 and $190.
If you apply for term life insurance before the age of 65, you can own term coverage until age 94. Depending on your policy, you may not be required to undergo a medical exam. If you’re considering a permanent policy, then you can upgrade to a whole life insurance plan. Ethos works with carriers such as AAA Life, which insures guaranteed issue whole life policies if you go the permanent life insurance route.
Ethos is a great life insurance company that provides basic term life coverage, as well as comprehensive and permanent coverage you can easily upgrade to. Its fast and easy online application can be done in 10 minutes, so you won’t have to deal with the hassle of talking to agents or being pressured to purchase a policy.
Term life policies: Protective Classic Choice Term for 20 years
Issue ages: 18 to 80
Monthly premium for a healthy 65-year-old man: $102 per month for 10 years (term life insurance) and $250,000 in coverage
Known for its, “You’re in good hands,” catchphrase, Allstate is a large insurance provider that offers auto, life, home, and other types of insurance. Allstate is one of the more affordable life insurance providers, with term plans starting at $15.09 per month for younger people.
Unlike many providers that offer term life insurance only in increments of 10, 20, or 30 years, Allstate offers up to 40 years of term life coverage — an affordable option if you’re looking for temporary coverage but you don’t have the means for whole life insurance. With Allstate term life insurance, you can easily switch to a permanent life insurance policy at any time.
You may have to take a free medical exam before finalizing your Allstate plan and reviewing your policy with an agent. Along with term life, Allstate also offers universal life insurance, whole life insurance, and variable universal life insurance with investment options.
Term life is the most affordable option for seniors because of its low premiums and relaxed age limits. A 65-year-old healthy male, for instance, can expect to pay about $102 per month for $250,000 in coverage and a 10-year policy. Compared to other providers, Allstate provides lower premiums for term life insurance and an expanded issue age range.
Term life policies: Yearly Convertible Term, Level Premium Convertible Term 10-20, Million Plus Level Term 10
Issue ages: 18 to 75 (yearly convertible term) or 18 to 90 (nonrenewable term)
Monthly premium for a healthy 65-year-old man: Contact New York Life for premium estimates
New York Life has been in the insurance business for more than 175 years, and it’s now the largest mutual insurer in the United States, offering term and permanent life insurance, retirement income, and investments. With the highest financial-strength rating of any company on this list, New York Life is great for older adults looking for affordable term life insurance.
New York Life currently offers three term life insurance products: Yearly Convertible Term, Level Premium Convertible Term 10-20, and Million Plus Level Term 10. I would suggest the Yearly Convertible Term if you need protection for a temporary or specific period of time and you plan to convert to a permanent policy later.
One perk of this policy is its low initial premium. If you want an added layer of protection, you can add additional products or riders such as disability waiver of premium or living benefits options, which use some of your death benefits to pay for treatment if you need it. The living benefits option, however, is not available in every state.
New York Life is a good place to start if you’re looking for temporary life insurance coverage that is both affordable and can be paired with riders for unexpected events such as disability or chronic illness.
Group term life insurance consists of a contract in which employers own and offer a life insurance policy to a group of employees. According to the IRS, there are no tax consequences if the total amount of policies doesn’t exceed $50,000.
There may be benefits to using group life insurance offered by your employer instead of paying for individual life insurance. With group life insurance, the employer usually covers the cost of premiums. If you would rather not buy individual term life insurance, ask your employer about benefits such as group term life insurance.
It’s important to determine what your short-term and long-term financial goals are when purchasing life insurance. If you’re looking for an affordable, temporary policy that covers you and your family for a specified amount of time, then term life insurance may be right for you.
If you like the stability and security of a permanent plan and don’t mind paying higher premiums, then you may want to opt for whole life insurance. If you’re an older adult on a budget, then you may benefit from getting term life insurance from a provider that has flexible age limits and coverage amounts.
Whole life insurance generally provides lifelong protection, but its premiums can be costly for older adults. The upside, however, is that whole life insurance provides cash value, unlike most term life insurance policies. There are many benefits to term and whole life insurance, but they’re largely dependent on your financial situation and current and future needs.
Term life insurance is a good option for seniors on a budget who don’t yet need permanent life insurance coverage. It can be a good choice for loved ones to access living benefits and pay for the mortgage, college, and emergencies. There are many providers that make it easy to upgrade your coverage to a more permanent policy that offers lifelong protection and peace of mind. You can also add supplemental insurance or riders to cover critical illnesses, disabilities, or other unexpected situations that may arise during your term policy.
To learn more about insurance options for seniors, check out our helpful guides:
If you’re 65 years old, then you can still get term life insurance for 10, 15, or 20 years from most major providers.
AARP sells both term life and permanent life insurance policies.
If you’re 60 years old, then you may want to consider term life insurance, which provides temporary coverage for 10-, 15-, or 20-year intervals depending on your policy and insurance provider. Term life insurance can be an affordable option for seniors.
Some insurance providers may allow you to convert your term life insurance to whole life, but there may be a limit on the age at which you can do this.
Unfortunately, you won’t be able to cash out a term life insurance policy because it doesn’t have cash value. Your beneficiary will receive a death benefit only if you pass away within the duration of the term.
If your term life insurance runs out, you can either renew or upgrade to a whole life insurance plan if it’s within the specified issue age limit. You can also buy new term life insurance.
