At age 60 and older you might be wondering if life insurance is still an option for you and whether it's affordable.

Life insurance is often available for seniors, but the price could be steep depending on your age and the policy type. Buying life insurance in your 60s and older will cost substantially more than it would have at age 30. Life insurance quotes go up every year you wait to buy, and also increase based on health conditions. 

There are many good reasons to buy life insurance later in life, such as:

  • Providing funds for a funeral or medical bills
  • So survivors can pay debts or a mortgage
  • Making sure a special needs child has financial support

There's no official "maximum age" for buying life insurance. Each insurer decides its own maximum age for issuing life insurance, often around age 75 or 80. An independent life insurance agent can pinpoint companies that sell policies to older seniors.

Here's a look at whole life insurance rates for seniors for $20,000 policies that don't require a medical exam.


Life insurance rates for seniors


Whole life insurance for seniors

Whole life insurance promises a payout to your beneficiaries no matter when you die. If you're looking for a policy that will supply funds to pay for a funeral, provide an inheritance or cover a long-term financial obligation, whole life insurance can fit the bill. Some whole life policies don't require a life insurance medical exam but do ask some health questions.

"Guaranteed acceptance" whole life insurance for seniors, which you may see advertised on TV, offers convenience: You can't be turned down and there's no life insurance blood test or medical exam. However, it's usually an expensive way to buy life insurance. Here's how it works.


  • There's no medical exam or questions about your health
  • You pay a premium that doesn't change over time
  • The insurer cannot cancel your coverage
  • You won't outlive the policy as long as you pay the premiums


  • Coverage amounts may be limited
  • There can be very high premiums
  • The policy might have graded death benefits: Some policies won't pay out the full benefit if you die within the first few years of owning the policy. The policy will outline the percentages of the death benefit paid in the first few years. If you die shortly after buying the policy, your beneficiaries will receive the premiums you paid and some interest.

   More: Guaranteed issue life insurance: Do you want it?

Term life insurance for seniors

Term life insurance can be the most affordable life insurance for seniors, even if you have some health issues, although your choices for the term length will be limited based on your age. It's also possible that you could outlive a term life insurance policy. If you want to provide money for a funeral, for example, term life is not the right option.

Finding the best life insurance for seniors

Compare life insurance quotes from at least a few companies. An independent life insurance agent can find companies offering the policy types and coverage amount you want.

Check the insurer's financial strength rating from A.M. Best or Standard & Poor's. Most life insurers provide their ratings on their websites, or ask your insurance agent for the ratings. Look for a company rated A- or higher.

Rates source: EverQuote research. We average the three cheapest rates found for whole life insurance. Rates are for men and women of average height and weight, in very good health. Rates shown are for policies that don't require a medical exam. Your own rates will be different.