The Best Term Life Insurance for Seniors in 2025
SBLI is our top pick for term life insurance due to their affordable premiums, high coverage limits, and excellent customer service.
SeniorLiving.org is supported by commissions from providers listed on our site. Read our Editorial Guidelines
- Monthly premiums as low as $37.72
- Medical exam required
- Premiums won’t increase over time
- Monthly premiums as low as $87.55
- Medical exam required
- Coverage can be renewed up to age 95
- Monthly premiums as low as $21
- No medical exam required
- Access to all of AARP’s tools and resources for seniors
- No medical exams
- No waiting periods
- First month of coverage for $1
- High age limits
- No waiting periods
- Strong financial history
Our experts researched and compared several term life insurance carriers and narrowed down the list to our top picks for seniors.
Our experts researched and compared several term life insurance carriers and narrowed down the list to our top picks for seniors.
Learn MoreContents
Insurance companies often tailor their term policies toward younger applicants, but fortunately, you can still find great policies for seniors. These are ideal if you want something more affordable than a whole life policy, but with higher death benefits than a final expense plan. After over 50 hours researching plans and carriers, we picked SBLI as our top choice thanks to their competitive rates, $5 million maximum death benefit, and guarantee to never increase premiums during the life of the policy.
The Best Term Life Insurance for Seniors in 2025
Our Methodology
How We Tested the Best Term Life Insurance for Seniors
Here is the process we used for every carrier that made our list (along with those that didn’t).
- We visited the insurance carrier’s website to see what kind of life insurance they offered and how easy it was to choose between products. Some carriers had a lot of information (like instant online quotes) available on their websites, while others provided a basic overview of their plans.
- We went through the process of getting a quote and seeing what plans were available in our area.
- We reached out by phone to each carrier and asked questions about their term life insurance plans, focusing on costs, plan options, benefit amounts, age limits, medical exam requirements, and other factors that matter to older adults.
- We compared notes and narrowed down our list to the top term life insurance carriers for seniors.
How We Chose the Best Term Life Insurance for Seniors
We looked at specific criteria to create our list of the best term life insurance carriers for seniors. Here are the most important factors that helped us choose our list:
- Term length: Many carriers offer term lengths that vary between 10 and 30 years. However, with age limits, the term lengths available to seniors may be shorter. We evaluated the different plan options to determine which insurance carriers offered a wide breadth of term limits.
- Issue age: Limiting eligibility by age is a major factor when it comes to life insurance. Some carriers have no plans available to adults over the age of 70, for example, while others have reduced plan options for older seniors. We picked carriers that offer higher age limits and better plan offerings for seniors, especially since life insurance can be a major part of many people’s retirement plans.
- Cost: Cost always plays a role when purchasing a plan. Premiums get higher as we age, so it’s not always easy to find a plan that falls within everyone’s budget. Premiums vary by the term length, carrier, and medical history, but we focused our attention on the carriers that offer the most bang for your buck.
- Plan availability: Not all insurance carriers offer term life insurance nationwide. That said, many of the carriers on our list have plans available in all or most states.
- Renewal and conversion options: With term life insurance, if you reach the end of the term, the plan ends and you (typically) get nothing. Fortunately, many carriers allow you to renew your term life insurance (often at a much higher premium) or switch it to whole life, universal life, or final expense insurance plans. We looked for carriers that offer this flexibility, as it gives older adults the added security that they’re not throwing away their monthly premiums if they outlive their policy.
- Medical exam requirements: Some carriers require medical exams to be eligible for term life insurance. With many, it depends on your age when you apply. Many seniors prefer to avoid the hassle of a medical exam (and the possibility of being excluded from a policy for health reasons), so several of the carriers on our list do not require medical exams for their term life insurance plans.
- Maximum benefits: The maximum death benefit is often the biggest factor many older adults consider, as they want to leave behind sufficient funds for their loved ones and other beneficiaries. Many insurance carriers limit plans for older adults to “final expense” plans, which tend to offer lower amounts that are only meant to cover the policyholder’s funeral and similar expenses. We focused on carriers that offered plans with higher maximum death benefits so that seniors can leave behind the most for those they care about.
- Waiting period: Many life insurance policies institute a waiting period — often one to two years — during which time the policyholder won’t be able to benefit from their plan’s coverage. While some of the carriers on our list have waiting periods, others do not.
- Additional benefits: Many carriers include extra benefits to entice applicants, and we always look out for these when researching plans. Some benefits include AARP memberships, cash value conversion options, and low introductory rates.
Why Trust Us?
Our experts have spent hundreds of hours researching insurance plans for seniors. We’ve spent hundreds of hours testing and reviewing products and services designed specifically to keep seniors covered. We also consult with older adults to learn about their personal experiences with different carriers to gain better insights into advantages and disadvantages.
-
1. SBLI - Highest coverage amounts
What we like most
- Monthly premiums as low as $37.72
- Medical exam required
- Premiums won’t increase over time
Overview:- Starting premiums: $37.72 per month
- Maximum issue age: 74
- Maximum benefit: $5 million
- Waiting period: Yes
- Medical exam required: Yes
- Unique benefit: No rate increases
SBLI has provided life insurance and similar products to Americans for more than a century. The company holds an A- (Excellent) rating from AM Best,1 indicating strong financials and long-term dependability. In our experience, SBLI excels not just as a company, but also in the death benefits they offer to seniors. Unlike many carriers like Globe Life or AARP that keep death benefits relatively low for older adults, SBLI offers high death benefit policies to seniors at competitive prices — and those prices won’t change over the life of the plan.
The downside is that most older adults, particularly those applying for plans with the highest death benefit amounts, will need to undergo a thorough medical exam for approval. Depending on the plan, older adults may also have a waiting period of nine months or longer before they can file a claim.
Pros & Cons:Pros About SBLI
- Very high death benefits
- Competitive pricing that won’t increase with time
- Fast online quotes
- Strong company financials
- Overwhelmingly positive customer feedback
- Term life can be converted to whole life, universal, or final expense
Cons About SBLI
- Term life plans automatically terminate at age 85
- Medical exams required for most seniors
- Some plans require waiting periods
Summary:Plans and Pricing
Unlike AARP and Globe Life, SBLI offers term life plans with traditional term lengths ranging from 10 to 30 years. However, age limits access to long-term plans, so a 65-year-old can only get a 10 or 15-year plan. While plans can be renewed, all term life plans end at age 85, regardless of the term length. Fortunately, SBLI gives seniors the option to convert their term life insurance plans to whole life, universal life, or final expense plans as long as they do so before the plan expires.
» Useful Guide: A Guide to Finance for Seniors
We researched plan pricing for 65-year-old male and female applicants (nonsmokers) living in Orlando, Florida. The prices below are for 10-year term lengths. Like Globe Life and Fidelity Life, SBLI charges significantly less for female applicants. Rather than showing a fixed quote, they offer a range of potential premiums. This is because the final amount will largely depend on the results of the applicant’s medical exam.
Male applicants (10 year policy) Female applicants (10 year policy) Monthly premium Death benefit Monthly premium Death benefit $52.44 to $85.99 $100,000 $37.72 to $65.75 $100,000 $98.88 to $165.98 $200,000 $69.44 to $125.50 $200,000 $117.07 to $204.23 $300,000 $84.37 to $164.12 $300,000 $154.10 to $270.30 $400,000 $110.49 to $216.82 $400,000 $187.42 to $334.15 $500,000 $136.48 to $268.13 $500,000 $355.59 to $650.84 $1,000,000 $266.71 to $529.34 $1,000,000 $705.13 to $1295.62 $2,000,000 $528.41 to $1053.67 $2,000,000 $1055.20 to $1940.93 $3,000,000 $790.12 to $1578.01 $3,000,000 $1405.26 to $2586.24 $4,000,000 $1051.82 to $2102.35 $4,000,000 $1755.33 to $3231.55 $5,000,000 $1313.53 to $2626.69 $5,000,000 Some seniors might think these death benefits are more than they need, in which case they could opt for a carrier like Globe Life, AARP, or apply for one of SBLI’s final expense plans. However, we appreciate that SBLI gives older adults access to high death benefits, ranging from $100,000 all the way up to $5 million. The premiums can get pricey if you want $1 million or more in death benefits, but otherwise, we found that pricing was competitive and reasonable. These plans offer high value, especially for nonsmokers who are in relatively good health.
» For Budgeting Help: 8 Helpful Tips to Building a Budget on a Fixed Income
Customer Feedback
SBLI doesn’t just get high ratings as a company; they also get positive feedback from policyholders. Most reviews we came across were glowing, with users focusing on the value of plans, competitive pricing, and friendly customer service reps.
While the majority of reviews commended the company, not everyone had positive things to say about their term life insurance plans. Some reviewers cited general confusion and a lack of help from SBLI when filling out paperwork to obtain a new policy, making changes to an existing policy, or attempting to get claims resolved swiftly.
-
2. Fidelity Life - Most predictable premiums
What we like most
- Monthly premiums as low as $87.55
- Medical exam required
- Coverage can be renewed up to age 95
Overview:- Starting premiums: $87.55 per month
- Maximum issue age: 70
- Maximum benefit: $500,000
- Waiting period: No
- Medical exam required: Yes
- Unique benefit: Coverage can be renewed up to age 95
Much like SBLI, Fidelity Life has been providing life insurance products for more than 100 years. They have built a reputation as a trustworthy and dependable carrier, offering high maximum benefits with no waiting periods. We like that Fidelity Life makes it easy to get an online quote in under two minutes. Plus, seniors can get plans with maximum death benefits of $500,000 (that’s 10x the maximum offered at Globe Life) and no waiting periods. However, Fidelity Life only allows people ages 70 or younger to apply for their term life policies.
Pros & Cons:Pros About Fidelity Life
- Fast online quotes
- Death benefits up to $500,000
- Coverage can be renewed up to age 95
- No waiting periods
Cons About Fidelity Life
- Term life plans cannot be converted to whole life or final expense
- Age limit is fairly low at 70
- Only final expense and guaranteed issue plans don’t require a medical exam
Summary:Plans and Pricing
Like SBLI, Fidelity Life only offers 10 and 15-year term life plans to adults over 60. However, these can be renewed at significantly higher rates. Below are the estimated term life rates we found for nonsmoking, 65-year-old residents of Orlando, Florida, with above-average health:
Male applicants Female applicants 10-year policy 15-year policy 10-year policy 15-year policy Monthly Premium Death Benefit Monthly Premium Death Benefit Monthly Premium Death Benefit Monthly Premium Death Benefit $137.70 $250,000 $190.61 $250,000 $87.55 $250,000 $123.04 $250,000 $164.22 $300,000 $227.72 $300,000 $104.04 $300,000 $146.43 $300,000 $190.74 $350,000 $264.82 $350,000 $120.53 $350,000 $170.21 $350,000 $217.26 $400,000 $301.92 $400,000 $137.02 $400,000 $193.80 $400,000 $243.78 $450,000 $339.02 $450,000 $153.51 $450,000 $217.30 $450,000 $246.50 $500,000 $342.55 $500,000 $155.13 $500,000 $219.73 $500,000 While Fidelity Life premiums may seem high, the lowest death benefit they offer is $250,000. When looking at the comparatively low death benefits of AARP and Globe Life, the value you get for the price is far greater with Fidelity Life. Fidelity Life is also a great option for older adults who need a high death benefit policy that won’t break the bank. The carrier has more affordable rates than SBLI, and the difference in estimated premiums between Fidelity Life’s $450,000 and $500,000 plan is negligible. This means you could get an additional $50,000 in coverage for about $2 or $3 more dollars per month.
» Shopping on a Budget: Best Cheap Life Insurance for Seniors
Keep in mind that premiums are higher for smokers or older adults with poor to average health. Fortunately for seniors with preexisting health issues or those who want to avoid a medical exam, Fidelity Life also offers final expense plans with death benefits up to $40,000, along with guaranteed issue plans with death benefits up to $25,000. Neither of these plans requires a medical exam.
» You Might Like: Best Life Insurance for Seniors Without Medical Exams
Customer Feedback
Fidelity Life has an A rating from the Better Business Bureau and generally receives above-average reviews from policyholders and plan beneficiaries. Many reviewers praised the Fidelity Life support team for helping them find the right life insurance plan to fit their needs. Others mentioned that the claims process was simple, which is something that many beneficiaries will appreciate after the death of a loved one. However, many policyholders complained about billing issues that were not always easy to resolve online or over the phone.
-
3. AARP - Best resources for seniors
What we like most
- Monthly premiums as low as $21
- No medical exam required
- Access to all of AARP’s tools and resources for seniors
Overview:- Starting premiums: $21 per month
- Maximum issue age: 74
- Maximum benefit: $150,000
- Waiting period: No
- Medical exam required: No
- Unique benefit: Access to all benefits of an AARP membership
AARP offers many different services, products, and educational resources to people over the age of 50 — including term life insurance. You have to pay a small annual fee for AARP membership, but the benefits far outweigh the costs. This is especially true if you opt for one of AARP’s low-cost term life insurance plans.
AARP term life insurance policies start as low as $21 per month (for women) or $31 per month (for men). You don’t have to worry about taking a medical exam when you apply. You can expect your premiums to go up once every five years, and you will need to factor in the cost of an AARP membership.
Pros & Cons:Pros About AARP
- Access to ample senior tools and resources
- No medical exams required
- Death benefits up to $150,000
- Wide range of death benefits
- Conversion to whole life or final expense available
Cons About AARP
- Not available in Arkansas, Oregon, or Louisiana
- Term life policies end at age 80
- Premiums increase every five years
- Must be an AARP member to apply
Summary:Plans and Pricing
Unlike carriers like Globe Life, AARP takes gender into account when calculating premiums, and the differences when getting initial quotes were quite large. Here are the rough quotes we got for 65-year-old, nonsmoking male and female applicants in Orlando, Florida:
Male applicants Female applicants Monthly premium Death benefit Monthly premium Death benefit $31 $10,000 $21 $10,000 $67 $25,000 $44 $25,000 $128 $50,000 $81 $50,000 $236 $100,000 $154 $100,000 $323 $150,000 $213 $150,000 Like age, gender plays a major role in determining the cost of AARP term life insurance. We liked that we could automatically get quotes for ourselves and a spouse at the same time, which made comparing premiums easier. It also made it very clear that male applicants will need to pay roughly 50 percent more for their AARP term life insurance than female applicants — something seniors don’t need to worry about with carriers like Globe Life. Despite the disparity, AARP still offers competitive premiums, particularly for those who don’t need a high death benefit.
» Calculate Your Insurance Needs: Life Insurance Calculator
Remember that you’ll need to add the cost of an AARP membership to your premium. An AARP membership costs roughly $1 to $2 per month, which shouldn’t make a huge impact on the total price. Just remember that the rates outlined above are dependent on your age, and they will not remain constant throughout the life of your term policy. Instead, you will see automatic increases once every five years, similar to carriers like Globe Life.
FYI: AARP offers hundreds of resources, assistance programs, and senior discounts to older adults.
One big downside to AARP’s term life policies is the automatic cutoff date at age 80. While other carriers like Fidelity Life allow seniors to continue their policy to age 90 (or beyond), AARP cuts it off relatively early. This means AARP’s term policies are best for applicants who are no older than 70. AARP has a maximum age of 74 for applicants, which is somewhat low compared to carriers like Mutual of Omaha.
Customer Feedback
AARP provides life insurance through New York Life, and feedback from consumers is mixed. In most cases, policyholders and their family members have praised AARP’s senior-friendly benefits, but complained about the difficulty of dealing with New York Life customer service. Some beneficiaries report receiving death benefits in as little as two weeks, but others complain that they’ve needed to jump through many hoops and wait months to get any kind of resolution when requesting death benefits.
-
4. Globe Life - Best introductory rates
What we like most
- No medical exams
- No waiting periods
- First month of coverage for $1
Overview:- Starting premiums: $19.91 per month
- Maximum issue age: 79
- Maximum benefit: $50,000
- Waiting period: None
- Medical exam required: No
- Unique benefit: First month of coverage costs $1
Globe Life has built a reputation as a trustworthy and financially strong insurance carrier over the course of nearly 75 years. Founded in 1951, Globe Life has expanded their offerings to include a variety of insurance types and annuities, including term life insurance for seniors. While Globe Life advertises term life premiums that start as low as $4, we found that these prices only apply to children and very young adults. If you’re 60 and above, you can expect to pay roughly $20 per month for their lowest benefit plans. The upside is that Globe Life does not require medical exams, has no waiting periods, and only charges $1 for the first month of coverage.
Pros & Cons:Pros About Globe Life
- No medical exams
- No waiting periods
- Plans can be converted to whole life or final expense
- First month of coverage only costs $1
- Strong financial profile
- Available in 47 states
Cons About Globe Life
- Term plans renew every five years at a higher premium
- Maximum benefit for applicants over 60 is relatively low
- Getting a quote online requires you to provide your email and address
- Term life coverage ends at age 80 in certain states
Summary:Plans and Pricing
Rather than setting specific term lengths (10 years, 20 years, etc.), Globe Life sells “term-to-age” products. In other words, you can apply at any time up to age 79, and depending on the state you live in, your coverage will end at age 80 or 90. In Florida, for example, coverage would end at age 90. In Alabama, however, it would end at age 80.
Pro Tip: You can learn more about choosing the right policy by checking out our comprehensive guide to life insurance and our list of the best life insurance plans for seniors.
Globe Life is generally best for applicants who are 70 or younger and want to avoid medical exams and waiting periods, and who don’t mind opting for a relatively low death benefit. These plans renew every five years, with premiums rising automatically based on your age. So, even if you apply at 65 and pay less than $20 per month for your policy, that premium could double or even triple by the time you turn 70.
We found that our initial quotes were the same for male and female applicants. We liked that we could get quotes online in minutes and even compare different coverage amounts, but we didn’t like how much personal information we had to provide to get there. We had to give our full name, residential address, and email address before we could get a quote. The same applied if we called a representative. Fortunately, we weren’t asked any health-related questions, which is unusual for an insurance carrier, as even AARP asked if we had smoked or used tobacco within the last year.
» Related Reading: Changes in Health and Health Care Needs as We Age
A 65-year-old adult living in Orlando, Florida, could expect to pay the following premiums (roughly) for term life coverage:
Monthly premium Death benefit $19.91 $5,000 $36.08 $10,000 $68.43 $20,000 $100.78 $30,000 $165.48 $50,000 Globe Life also offers term life death benefits of $75,000 and $100,000, but these are only available to applicants younger than 60.
Customer Feedback
Globe Life has an A+ rating from the Better Business Bureau (BBB). Many reviewers praise the overall customer service, particularly the in-person agents who visit homes to discuss the needs of applicants. Some have specifically mentioned that customer service reps explain things very clearly and make sure that applicants and policyholders understand their options thoroughly. Working with an agent in person can also help many seniors feel safer when acquiring a policy.
» Also Check Out: Common Scams That Target Seniors
While customer service interactions are often praised by users, the results are not. A large percentage of online reviewers complain that after speaking with customer service, paperwork was filed incorrectly, policies were not canceled as requested, and general changes to policies (including updated beneficiaries) were not made in a timely manner.
-
5. Mutual of Omaha - Highest age limit
What we like most
- High age limits
- No waiting periods
- Strong financial history
Overview:- Starting premiums: $80 per month
- Maximum issue age: 80
- Maximum benefit: $150,000
- Waiting period: No
- Medical exam required: Yes (varies by age)
- Unique benefit: Can convert coverage to cash value
Mutual of Omaha is a carrier with a long history that has helped cement their financial strength and credibility among consumers. Founded in 1909, Mutual of Omaha offers a variety of products ranging from Medicare Supplement plans to life insurance. Their term life insurance is ideal for older seniors who’ve waited to purchase a plan, as they have the highest age limit of any carrier on this list. However, age limits for Mutual of Omaha term life insurance can vary by state.
» For Medical Coverage: Best Medicare Supplement Plans
While this can make it tricky to know if you’re still eligible in your state, Mutual of Omaha makes the application process even less convenient because they have no online quote tool. We had to call an agent and begin the application process just to get a quote. The plus side is that term policies can be converted into cash value if needed — meaning seniors can draw from their death benefit early to cover senior care or other expenses.
» Learn More: Senior Care and Housing Costs
Pros & Cons:Pros About Mutual of Omaha
- Premium never increases during the initial term length
- Cash value conversion available
- High maximum age limit
- No waiting periods
- Strong financial history
- Can be converted to a whole or universal life policy
- Available in 35 states
Cons About Mutual of Omaha
- Applicants over 70 typically need to get a medical exam
- Must call an agent to get a quote
- Age limits and requirements vary by state
Summary:Plans and Pricing
Mutual of Omaha is not as transparent about pricing as carriers like AARP, Fidelity Life, and SBLI. We would love for the company to implement an online quote estimator for term life insurance, but that is currently not an option. Applicants must call an agent and begin the application process to get a price estimate.
If you’re looking for a 10-year policy with up to $150,000 in death benefits, you can expect to pay somewhere between $80 and $120. This is based on our research of nonsmoking, 65-year-old applicants living in Orlando, Florida. While this is relatively competitive pricing and is similar to what we’ve seen from carriers like SBLI and Fidelity Life, it’s unfortunate that seniors need to jump through hoops to get a quote.
» Learn About: The Best Budgeting Apps for Seniors
Premiums also depend on health status. While Mutual of Omaha offers Guaranteed Issue policies that don’t require medical exams, most term life plans for applicants 70 and older will require a medical exam. This means that Mutual of Omaha might be a better option for younger seniors or older adults in good health.
Customer Feedback
Mutual of Omaha has an A+ rating from the Better Business Bureau, but after reading through hundreds of reviews, we saw that many consumers were dissatisfied with the company’s claim resolution services. While positive reviews praised the overall plan quality and pricing, most reviews complained about the quality of customer service. Many reviewers dealt with confusing claims processes and unhelpful customer service representatives.
Comparing the Top Term Life Insurance Carriers
|
SBLI
|
Fidelity Life
|
AARP
|
Globe Life
|
Mutual of Omaha
|
|
|---|---|---|---|---|---|
| Rating | 4.4 | 4.8 | 4.6 | 4.6 | 4.2 |
| Starting premiums* | $37.72 per month | $87.55 per month | $21 per month | $19.91 per month | $80 per month |
| Age limit (term) | 74 | 70 | 74 | 79 | 80 |
| Additional benefits | Up to $5 million in death benefits | Fast online quotes | Access to AARP resources | First month of coverage costs $1 | Can be converted to cash value |
*Premiums for term life insurance plans of 10 years, ranging between $5,000 and $250,000 in coverage (as of 2025). These are the lowest available premiums; actual premiums will vary based on age, location, health, and other factors.
How Does Term Life Insurance Work?
Term life insurance is pretty straightforward. You choose the length of time you would like to have coverage (typically between 10 and 30 years) and pay a monthly premium. In some cases, the carrier offers a term-to-age plan that ends when you reach a specific age. This means you only choose the coverage amount, not the term length. In either case, if you outlive your coverage, you often have the option to renew your plan or convert to a whole life policy. However, some carriers do not grant either of these benefits. So, if you outlive your coverage, you will not get any payout.
Did You Know? Roughly 52 percent of American adults report having some form of life insurance.2
Unlike many whole life insurance policies, the vast majority of term policies do not have the ability to accrue cash value. Instead, they simply provide the possibility of a death benefit payout if you do not outlive the term of your policy. Like a whole life policy, you can choose the amount of your death benefit. Death benefits vary widely, with some as low as $5,000 and others as high as $10 million.
How Much Does Term Life Insurance Cost?
The cost of term life insurance is generally lower than whole life insurance because it only offers a death benefit. The current average cost of $250,000 coverage for a 60-year-old applicant is $66 per month.3 This average increases with age, but many term life insurance carriers offer fixed monthly premiums for the duration of the policy. That means you could end up saving thousands on term life insurance premiums by purchasing a plan as soon as possible.
Factors That Affect the Cost of Term Life Insurance for Seniors
Insurance quotes are based on complex algorithms that take many factors into consideration. Here are some of the most important factors that can affect the cost of term life insurance.
- Age at the time of application
- Gender
- Overall health
- Tobacco use
- Location
- Length of term
- Death benefit amount
- Plan add-ons
- Plan carrier
Term vs. Whole Life Insurance
As the names imply, term life insurance only lasts for a select term, while whole life insurance lasts for the rest of your life (as long as you stay current with the payments). Whole life insurance is typically more expensive, but it also ensures that your beneficiaries will get a payout. This is not always guaranteed with a term life insurance plan, as you could always outlive your coverage.
Many whole life insurance plans accrue value over time. You can make withdrawals against your death benefits to help pay for medical costs or other expenses. For this reason, whole life insurance can provide greater financial security for you and your beneficiaries.
FYI: If you’re interested in learning more about whole life insurance, check out our guide to the best whole life insurance plans for seniors.
This doesn’t mean that whole life insurance is better than term life insurance; it just depends on your budget and needs. Typically, term life insurance is best for those who want short-term coverage to protect their family. For example, if you have major financial obligations like a mortgage or dependents, a term plan may be the most affordable and practical option. Alternatively, if you want to guarantee a death benefit without the need to convert or renew your plan, you can opt for a whole life insurance plan.
Tips for Choosing the Best Term Life Insurance for Seniors
The term policies listed above provide some great options, but you may still want to do your own research. Here are a few tips to help you choose the best term life insurance policy for you:
- Read the fine print to see if and when you can renew or convert your policy.
- Shop around to find the best balance between a larger payout and a lower premium.
- Consider the needs of your beneficiaries before choosing how much coverage you need.
- Ask your provider if they offer fixed monthly premiums; if not, you can expect your premiums to go up every year.
- Every insurance carrier has its own advantages and disadvantages; think about the things that matter the most to you (premiums, customer service, plan variety, etc.) before choosing a plan.
- Think about how life insurance can work as part of your overall retirement and estate-planning goals.
Frequently Asked Questions About Term Life Insurance
-
Do seniors need life insurance?
Life insurance is generally a good idea for people of most ages. While it costs more as you get older, it can be a great way to supplement your existing retirement plan and ensure financial security for your loved ones. That said, many seniors, including those without beneficiaries, may not want or need life insurance.
-
What happens to term life insurance at the end of the term?
In most cases, the insurance policy expires, meaning that you no longer have coverage. Your provider may send you a notice that your coverage has expired. However, if you have renewed your policy, it will begin with new terms (and premiums) as soon as your old policy ends.
-
Which is better: term life or whole life insurance?
It depends on your needs and budget. Term life insurance is typically best for people who have significant financial obligations (like debt) and want affordable, short-term coverage. Whole life insurance is best for those who want a guaranteed death benefit and the ability to withdraw funds early.
-
Do you lose money with term life insurance?
You only lose money with a term life insurance policy if you outlive your policy and your provider does not offer any options to renew your plan, convert to whole life insurance, or return your paid premiums to you. Most providers give you the option to continue your life insurance in some form so that your beneficiaries can get a death benefit.
-
At what age should you stop term life insurance?
Most providers will not continue a term life insurance policy past the age of 95. If you believe you will outlive your term life insurance policy, try to convert to a whole life policy before you turn 80, as most providers have a strict cutoff deadline at or before the age of 80.
AM Best. (2024). SBLI USA Life Insurance Company, Inc.
LIMRA. (2023). New Study Shows Interest in Life Insurance at All-Time High in 2023.
Progressive. How much does life insurance cost?