Life Insurance for Seniors: Options at 50, 60, 70 and 80
It's a myth that life insurance is out of reach once you're older. What changes with age is which policies are open to you, how much coverage makes sense and what it costs. Here's a decade-by-decade look.
In your 50s
Still wide open. Most people can still qualify for term, whole life, IUL and final expense.
- Common needs: the remaining mortgage, a spouse's retirement income, helping adult children, funeral costs
- Good fits: 10-, 15- or 20-year term for remaining debts; whole life or guaranteed universal life for permanent needs
- Watch for: work coverage that ends at retirement, which often happens before you expect
In your 60s
Choices narrow a bit, but options are good. Term is still available, usually up to 10 or 20 years, and prices are higher.
- Common needs: protecting a spouse's income if a pension or Social Security check stops, final expenses, leaving an inheritance
- Good fits: 10-year term, guaranteed universal life to age 90 or 100, final expense whole life
- Watch for: converting an expiring term policy before the deadline
In your 70s
Final expense becomes the most common choice. Some carriers still offer term or guaranteed UL, but amounts above $50,000 usually require full underwriting.
- Common needs: funeral and burial, final medical bills, a small gift to grandchildren
- Good fits: simplified issue final expense ($5,000 to $35,000), guaranteed issue if health is a concern
- Watch for: plans with rising premiums; final expense premiums should be locked for life
In your 80s
Still possible. Many final expense policies accept applicants to age 85, and a few go beyond.
- Common needs: covering the funeral so children don't have to
- Good fits: smaller final expense or guaranteed issue plans, often $5,000 to $15,000
- Watch for: paying more in premiums than the death benefit over time; compare a smaller amount or a limited-pay option
What it costs, roughly
| Coverage (non-smoker, average health) | Age 60 | Age 70 | Age 80 |
|---|---|---|---|
| $10,000 final expense | $35–$55 | $55–$85 | $90–$150 |
| $25,000 final expense | $80–$125 | $130–$200 | $220–$350 |
| $100,000 10-year term | $45–$80 | $120–$220 | Rarely available |
Women generally pay less than men. Tobacco, health and carrier all change the price.
Tips for buying later in life
- Get a list of your medications and diagnosis dates together before you apply
- Compare more than one carrier, because health questions differ
- Choose a level death benefit if you qualify, to avoid a two-year wait
- Make sure the premium fits your fixed income for the long term
- Tell your beneficiary the policy exists and where it's kept
- Be wary of TV ads with "$9.95 a month" pricing; those units often buy very little coverage at older ages
Helping a parent buy coverage
Adult children often help parents shop. Your parent needs to be part of the application and sign it, and they must consent to being insured. An adult child can be the owner and payer of the policy if the parent agrees, which helps make sure premiums are paid.
It's not too late to get covered
Whether you're 55 or 85, we'll show you what's realistically available at your age and health, from several carriers, in plain English.
This guide is general education, not tax, legal or financial advice. Product features, issue ages and prices vary by carrier and state and change over time.