Many people assume they've aged out of life insurance. In reality, you can usually buy coverage well into your 70s and often into your 80s. The policy that makes sense just changes as you get older.
Here's what's available at each stage and how to choose.
Over 50 and want to know your options? Get my free life insurance quote → No pressure, no obligation.
Why seniors buy life insurance
- Final expenses. Funerals and burial often cost $8,000 to $12,000 or more, plus medical bills.
- Protecting a spouse who depends on your pension or Social Security income, which may drop when one spouse dies.
- Paying off a mortgage or debt so it doesn't pass to family.
- Leaving an inheritance or making a charitable gift.
- Estate planning, such as providing cash to cover taxes or equalize inheritances.
Your options by age
In your 50s
You can still qualify for nearly every type of policy, including 10-, 15-, 20- and even 30-year term. If you're healthy, term is often very affordable, and many insurers offer no-exam options. This is the ideal time to lock in coverage for a mortgage or a spouse's retirement years.
In your 60s
10- and 20-year term is still widely available, though prices rise each year. Whole life and guaranteed universal life become more popular as people focus on permanent coverage. Final expense policies become an option starting in your 50s or 60s with many insurers.
In your 70s
Term options shrink, usually to 10- or 15-year terms, and get pricier. Many buyers in their 70s choose final expense whole life (often $5,000 to $40,000) or guaranteed universal life, which gives lifetime coverage at a lower cost than whole life.
In your 80s
Options narrow mostly to final expense and guaranteed issue policies, with eligibility often ending somewhere between 80 and 85 depending on the insurer. Coverage amounts are smaller, but a policy that covers funeral costs can still spare your family a major bill.
Types of life insurance for seniors
| Policy | Lasts | Best for |
|---|---|---|
| Term life | 10-30 years | Covering a mortgage or a spouse's income for a set time |
| Guaranteed universal life | To a chosen age, like 90-121 | Lifetime coverage at a lower price than whole life |
| Whole life | Lifetime | Permanent coverage with cash value |
| Final expense (simplified issue) | Lifetime | Funeral and end-of-life bills, with health questions only |
| Guaranteed issue | Lifetime | Seniors with serious health issues who can't qualify elsewhere |
Learn more in our guides to term vs. whole life and final expense insurance.
Can I get life insurance with health problems?
Often yes. Conditions like diabetes, high blood pressure, high cholesterol and even a past heart attack don't automatically disqualify you. Insurers look at how well the condition is managed. If you can't qualify for a medically underwritten policy, guaranteed issue coverage can't turn you down, though it usually has a two- to three-year waiting period.
Tips for seniors buying life insurance
- Don't wait. Rates climb every year, and a new diagnosis can limit your options.
- Answer health questions before assuming guaranteed issue. Simplified issue final expense is usually cheaper and pays in full sooner.
- Buy only what you need. If your goal is funeral costs, a $10,000 to $25,000 policy may do the job.
- Keep existing coverage until a new policy is approved and in force.
- Be wary of TV "guaranteed acceptance" ads if you're in decent health. You may qualify for a better policy.
- Use an independent agent who can compare multiple insurers' age limits and underwriting.
See what you qualify for at your age. Get my free life insurance quote →
Frequently asked questions
What is the oldest age you can buy life insurance?
Many insurers sell final expense and guaranteed issue policies up to age 80 or 85. Term options generally end in your mid-70s to around 80, depending on the insurer and term length.
Can a 70-year-old get term life insurance?
Yes, often a 10- or 15-year term, especially if you're in good health. Prices are higher than at younger ages.
What is the best life insurance for seniors over 60?
It depends on your goal. Term works for temporary needs like a mortgage. Guaranteed universal life suits lifetime coverage on a budget. Final expense whole life is popular for covering funeral costs.
Can my children buy life insurance on me?
Yes, with your knowledge and consent. Adult children often help a parent buy a final expense policy. See our guide to buying life insurance on your parents.
Is life insurance for seniors worth it?
If someone would struggle to pay your final expenses or would lose income when you die, a policy can be worth it. If you have no dependents and enough savings, you may not need much coverage.
This article is general information, not insurance advice. Age limits, coverage and pricing vary by insurer and state.