Life Insurance

Tips on Finding Affordable Life Insurance for Seniors

Mary Van Keuren | Dec 17, 2021
Life insurance isn't just for young, married people with children and family commitments. If you're an older adult looking for the best life insurance for seniors, you may be wondering about the options for life insurance for elderly people. Rest assured—it's not too late for you to purchase online life insurance if you're over 55.

Fortunately, there's life insurance for senior citizens, including life insurance for seniors over 75, with no medical exam required. You're likely to have different financial commitments than you did as a young working professional, so let's look at your options to determine the best life insurance for seniors.

Types of affordable life insurance for seniors

Life insurance comes in two basic categories. Term insurance covers you for a limited period of years—usually 10, 20, or 30. It's the most inexpensive type of life insurance, and it's often purchased by breadwinners who want to protect their families.

Whole life insurance is the second category. It lasts throughout your lifetime, as long as you pay the premiums. Unlike term, it features a savings component: a portion of your premium will be placed in an investment vehicle, and once it's had a chance to build up, you can draw from it if you need cash.

When you're shopping for life insurance quotes over the age of 50, you'll probably find that term is more affordable. However, permanent policies, like whole life, offer the additional benefit of the cash value. 

Term life insurance

Term life insurance for seniors is available at Ethos Life up to the age of 65. Term life insurance rates for seniors may be higher than those for younger individuals. However, it can still be the most affordable life insurance for seniors if you need coverage for a period of 10 or 20 years. 

Term life insurance from Ethos Life features guaranteed level premiums in the initial term period, meaning the price you pay won't increase during that time. It's also guaranteed to be renewable, so if you're issued a policy at a younger age, you'll be able to renew it upon expiration of the policy's initial term (premium costs will likely increase after the initial term period).  No medical exams will be required; you'll merely need to answer a few questions about your health.

Whole life insurance

There are several different types of permanent insurance. Two of the best senior plan life insurance policies are simplified issue life insurance and guaranteed issue life insurance for seniors. 

Simplified issue life insurance policies from Ethos are available to seniors, contingent about their answers to the health history questions. If a senior doesn't qualify for simplified issue life insurance based on their health condition, they are still able to buy whole life insurance.

Guaranteed or simplified whole life insurance for seniors at Ethos offers benefit amounts ranging from $1,000-$30,000 for those ages 66-85. It's an excellent choice for anyone who wants to leave a nest egg for their loved ones to cover final debts or funeral costs. It features guaranteed level premiums, and you can be approved in a matter of minutes, regardless of your medical history.

This type of senior life insurance is ideal for older individuals. Your policy will last the rest of your life, and there's an additional perk: once you turn 100, you no longer need to make payments, though coverage remains active.

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Making the Choice

So, which senior life insurance is right for you? Let's break it down a little more to help you make the best choice. Here are our top life insurance tips:

  • Life insurance for seniors over 60: Up until you turn 66, you can still apply for term life insurance. This is your best option if you want a policy that lasts for a specific length of time, such as 10 years, to cover you as you shift into your retirement years. If you want more thorough, long-lasting coverage, however, whole life will be better.
  • Life insurance for seniors over 70: Your best option at this age is whole life insurance. Your policy will stay with you for the rest of your life, and you may even be able to borrow against the cash value if needed.
  • Life insurance for seniors age 80 to 85: A guaranteed policy can be approved in a matter of minutes for seniors up to age 85, regardless of any health issues. You can sign up for a policy online by simply answering a few health-related questions. This will allow you to avoid pushy agents or massive amounts of paperwork.

Before gathering quotes, consider how much coverage you need. Factor in any debts that would need to be paid out of your estate, funeral costs, and costs involved in caring for a partner or other dependents.

To give you a hand in figuring that out, you can calculate the coverage you may need and check your price at Ethos. Since each person's situation is different, getting a personalized quote that answers your own needs makes sense. Only then can you get a clear picture of your financial horizon.


How much does life insurance cost for seniors?

The life insurance premiums for seniors are contingent upon factors such as age, health status, and chosen coverage amount. By comparing quotes from various insurers, seniors can discover options that align with their budget and circumstances. You can find examples of term life insurance premiums by age here.

What is the best age to get life insurance for seniors?

For seniors in the United States, the optimal age to secure life insurance depends on individual circumstances. It's advisable to consider obtaining life insurance earlier, in your 50s or 60s, as premiums are more affordable. However, even in later years, life insurance can provide valuable financial protection for final expenses or leave a legacy for loved ones. Seniors should assess their needs, health, and financial goals to determine the best age for life insurance, consulting with professionals for personalized guidance.

Is term life insurance worth it for seniors?

Term life insurance can serve as a cost-effective option for seniors. Assess health, budget, and duration to determine if it aligns with financial objectives. Term life coverage can help ensure adequate financial protection for the policyholder's individual circumstances and objectives.

What is the best insurance for senior citizens?

The best insurance for senior citizens is contingent on individual needs. Assess health, budget, and coverage preferences, considering options like term, whole, or guaranteed issue life insurance. Customize comprehensive and tailored financial protection coverage aligned with specific circumstances and goals.

What is the rule of thumb for life insurance?

The rule of thumb for life insurance is to secure coverage that adequately addresses your financial obligations and provides for your dependents in the event of your passing. Assessing your debts, living expenses, and the needs of your loved ones helps determine an appropriate coverage amount.