Can Seniors Get Life Insurance?
Yes—though options narrow and premiums increase with age. Seniors over 60, 65, and even 70 can still obtain meaningful life insurance coverage for burial expenses, leaving an inheritance, covering a surviving spouse's income needs, or paying off final debts. The key is matching the right product to the right need.
Types of Life Insurance Available to Seniors
| Product | Ages Available | Coverage Range | Health Exam | Best For |
|---|---|---|---|---|
| Term Life | 60–75 (typically) | $50K–$2M+ | Yes (usually) | Healthy seniors, income replacement |
| Guaranteed Universal Life (GUL) | 60–85 | $100K–$1M+ | Yes | Permanent coverage, estate planning |
| Final Expense / Burial Insurance | 50–85 | $5K–$50K | No (simplified issue) | Burial costs, small debts |
| Guaranteed Issue (GI) | 50–85 | $2K–$25K | No (no health questions) | Uninsurable seniors, last resort |
| Single Premium Life | 60–80 | Varies by premium paid | Yes | Estate transfer, wealth legacy |
Term Life Insurance After 60
Many carriers will issue 10-year or 15-year term policies up to age 75. A 65-year-old in excellent health can still obtain competitive rates, especially if seeking $250K–$500K in coverage.
| Age | 10-Year Term $250K | 10-Year Term $500K | 15-Year Term $250K |
|---|---|---|---|
| 60, Male, Preferred | ~$105/mo | ~$195/mo | ~$175/mo |
| 60, Female, Preferred | ~$72/mo | ~$130/mo | ~$120/mo |
| 65, Male, Standard | ~$200/mo | ~$385/mo | ~$360/mo |
| 65, Female, Standard | ~$140/mo | ~$265/mo | ~$250/mo |
| 70, Male, Standard | ~$385/mo | ~$750/mo | Limited availability |
Final Expense Insurance: What to Know
Final expense (also called burial insurance) policies are small whole life policies ($5K–$50K) designed to cover funeral costs, burial expenses, and outstanding small debts. They use simplified underwriting—usually 10–20 health questions—and have no medical exam. Premiums are fixed for life.
- Average funeral cost: $8,000–$12,000
- Recommended coverage: $15,000–$25,000 to cover funeral, final medical bills, and small debts
- Typical monthly premium (age 70, $15K coverage): $60–$120/mo
- Carriers: Mutual of Omaha, Transamerica, Aetna, Lincoln Heritage
Guaranteed Issue: Last Resort Coverage
Guaranteed issue policies accept all applicants aged 50–85 with no health questions and no medical exam. The tradeoff:
- Coverage limited to $2,000–$25,000
- Graded death benefit: if you die in years 1–2, beneficiaries receive only premiums paid + interest (not the full death benefit)
- Premiums are higher than simplified issue policies of the same coverage
- Best only for truly uninsurable seniors who need some coverage
Guaranteed Universal Life: Best Permanent Coverage for Seniors
GUL policies provide permanent death benefit guarantees to a specific age (often 90, 95, or 120) at lower premiums than traditional whole life. They build little or no cash value but guarantee the death benefit won't lapse as long as premiums are paid—ideal for estate planning and legacy goals.