Find affordable coverage at any age. Learn about guaranteed issue, final expense, and burial insurance options for seniors.
If you're over 50 and looking for life insurance, you might think it's too late or too expensive. The good news? There are plenty of options available for seniors, including policies that don't require a medical exam and offer guaranteed acceptance. Whether you need to cover final expenses, leave a legacy, or protect your spouse, there's a policy that fits your needs and budget.
Most Options Available
At this age, you still have access to most types of life insurance, though premiums will be higher than if you had purchased in your 30s or 40s.
Sample Rate: A healthy 55-year-old male can expect to pay $70-120/month for a $250,000, 20-year term policy.
Good Options Remain
Term life options become more limited, but you can still find 10-15 year terms. Permanent life insurance and final expense policies are popular choices at this age.
Sample Rate: A 65-year-old female might pay $60-100/month for a $25,000 final expense policy.
Final Expense & Guaranteed Issue Focus
At 70+, term life becomes expensive or unavailable. The focus shifts to final expense insurance, guaranteed issue whole life, and smaller permanent policies designed to cover burial costs and leave a modest legacy.
Sample Rate: A 75-year-old might pay $100-150/month for a $10,000 guaranteed issue policy.
Also called burial insurance or funeral insurance, these are small whole life policies (typically $5,000-$50,000) designed specifically to cover end-of-life expenses.
Best for: Seniors who want to ensure their funeral costs don't burden family members.
You cannot be turned down for guaranteed issue life insurance, regardless of your health. No medical exam, no health questions—just guaranteed acceptance for applicants within the eligible age range (usually 50-85).
Most guaranteed issue policies have a 2-3 year graded benefit period. If you die of natural causes during this time, your beneficiaries receive only premiums paid plus interest (usually 10%). Full coverage begins after the waiting period. Accidental death is covered immediately.
Best for: Seniors with serious health conditions who cannot qualify for underwritten policies.
While less common for older applicants, term life can still be a cost-effective option for seniors who need larger coverage amounts for a specific period (such as until a mortgage is paid off).
| Age | Max Term | Max Coverage | Health Req |
|---|---|---|---|
| 50-60 | 20 years | $1-2 million | Moderate |
| 60-70 | 10-15 years | $500,000 | Good |
| 70-80 | 10 years | $100,000 | Excellent |
Best for: Healthy seniors who need temporary, higher coverage at the lowest cost.
Here's what seniors can expect to pay for different types of coverage. Rates vary by health status, carrier, and specific policy features.
| Age | Final Expense ($25K) | Guaranteed Issue ($10K) | Term ($100K, 10yr) |
|---|---|---|---|
| 55 | $50-70 | $40-55 | $35-50 |
| 60 | $65-90 | $55-75 | $55-80 |
| 65 | $85-120 | $70-95 | $90-140 |
| 70 | $110-160 | $95-130 | $150-250 |
| 75 | $150-220 | $130-180 | Limited/N/A |
| 80 | $200-300 | $180-250 | N/A |
*Rates are estimates for illustrative purposes. Actual rates will vary. Sample rates shown are for non-smokers.
These companies consistently offer competitive rates and strong products for senior applicants:
Before purchasing a policy, consider whether these alternatives might better serve your goals:
Pay for your funeral in advance through a funeral home. Locks in today's prices, but funds are tied to that specific provider.
Set aside money specifically for final expenses. No premiums, no underwriting, but no growth or protection if you die before saving enough.
If you have an old whole life policy, it may have sufficient cash value or death benefit to cover your current needs.
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