The Best Life Insurance Plans for Seniors

Having a solid life insurance policy can offer peace of mind both in the present and for your family after you're gone. We examine wise options.

The thought of life insurance can yield quite the internal debate. The very nature of considering a senior life insurance policy is a reminder of our own mortality and better left for down the road some years or decades. Many people push the conversation of insurance for older adults to an age where they start to worry they’ve waited too long, won’t qualify, or there just plain aren’t any options left. Let’s take a deeper dive into the best life insurance options for the senior set and learn if any of those worries are justified or if now is the time to engage.

There are actually quite a few life insurance options for seniors, but it’s important to understand that not all policies are created equal. Some policies will require a medical exam while others will not. And, as you might expect, premiums will vary based on factors like age, health, and gender. However, there are also some surprisingly affordable senior life insurance plans available for those who are in good health.

Mature mother and daughter face to face
Guide Overview

Why Do You Want Life Insurance?
Types of Life Insurance for Seniors
How to Choose the Best Life Insurance for Seniors
What is the Cost of Life Insurance for Seniors?
Senior Life Insurance FAQ

Why Do You Want Life Insurance?

As people age, their needs and priorities change as well. While some things become less important, others become more so. This is certainly true when it comes to life insurance. Whether you’re 60, 70, or 80+, the most common reasons life insurance plans for seniors are useful can be summed up as:

To Cover Debt

One of the most important things you can do for your loved ones is to make sure your financial affairs are in order. This includes having a life insurance policy in place to provide for them in case of your death. Life insurance can be used to pay off debts such as your mortgage, automobile loans, and credit card balances. This can provide much-needed financial relief for your loved ones at a time when they are grieving your loss.

To Provide for Dependents

For many people, the different life insurance options for seniors are essential parts of financial planning. It can provide peace of mind in knowing that your loved ones will be taken care of financially if something happens to you. Life insurance can also be used for more than just providing for your dependents after your death. It can also be used for things like funding a child's education or supplying money for everyday expenses in the event of your death.

To Leave a Legacy

When you're thinking about your legacy, it's important to consider your financial situation. If you have assets that you want to leave to your loved ones or a charity, a death benefit can be a smart way to do so. Death benefits are paid out by insurance companies to the beneficiaries of a life insurance policy. They can be used for a variety of purposes, including covering final expenses, paying off debts, and providing financial security for loved ones.

To Take Care of Funeral Expenses

When a loved one dies, the last thing anyone wants to think about is money. Yet, funeral costs can add up quickly, averaging 10-25K. Final expense life insurance for seniors can cover funeral costs, which is not only practical; it also can reduce financial stress for your surviving family. While no amount of money can ever truly heal the pain of loss, having the financial burden taken care of can provide some measure of comfort during a difficult time.

Types of Life Insurance for Seniors

Simply, the older you get the more expensive the senior life insurance plan becomes. If you’re thinking about getting a policy…the sooner, the better.

There are two main types of life insurance options for seniors: Seniors Term Life Insurance and Guaranteed Universal Life Insurance for Seniors.

These are generally recommended because they offer more affordable pricing, flexibility to select payout amounts, the ability to add riders, and guaranteed death benefit amounts.

Term Life Insurance

Term life insurance is an important decision for anyone with family or financial obligations. It is worth taking the time to fully understand how it works and what the pros and cons are before making a purchase. Here are some of the key points to consider:


Term life insurance can be very affordable, especially if you purchase it when you are young. It can also provide peace of mind for your loved ones in the event of your premature death. The death benefit can be used to cover debts, mortgages, or lost wages.


One of the main drawbacks of term life insurance is that it does not accumulate a cash value. You also need to be aware of the fact that the policy has an end date, so if you live beyond that point, you will need to renew it at a much higher cost.

Ultimately, whether or not term life insurance is right for you depends on your individual circumstances and needs. However, it is always important to carefully consider all of your options before making a decision.

Guaranteed Universal Life

Guaranteed universal life insurance is a type of permanent life insurance that offers guaranteed level premiums and guaranteed death benefit coverage for a certain period of years. It's a great option for people who want the security of knowing their premiums will never go up and their coverage will never go away.


As the name says, a guaranteed universal life insurance policy offers you the peace of mind that comes with knowing your premiums will never go up and that you have a guaranteed death benefit. You can choose to set the age limit at 120, which radically reduces the risk of outliving your policy. Plus, you can set death benefits of $25,000 to $10 million or more. This gives you the flexibility to customize your coverage to meet your needs and provides peace of mind knowing that your loved ones will be taken care of financially if something happens to you.


A guaranteed universal life insurance plan is a type of permanent life insurance that does not accumulate cash value. Your premium payment only insures a death benefit payment amount. The set payment schedule carries penalties for late payment.

Universal life insurance does have some cash value accumulation, which you can access through policy loans and withdrawals, but these take away from the death benefit. If you're looking for a life insurance policy that will primarily provide a death benefit to your beneficiaries, then a guaranteed universal life insurance plan may be right for you.

Senior African American man in deep thought

How to Choose the Best Life Insurance for Seniors

As people age, their life insurance needs change. That's why it's important for seniors to review their life insurance plan coverage and make sure they have the right type and amount of life insurance. Here are a few things to consider when choosing life insurance for seniors:

  • Make sure you have enough coverage. The amount of life insurance you need depends on your unique circumstances. Consider your debts, final expenses, and any other financial obligations you may have.
  • Choose the right type of senior life insurance policy. There are two main types of life insurance: term life insurance and guaranteed universal life insurance. Term life insurance provides coverage for a specific period of time, while guaranteed universal life insurance provides coverage for your entire lifetime. Seniors should evaluate their needs and choose the type of policy that best meets their needs.
  • Shop around for the best rates. Life insurance rates vary depending on the insurer, the type of policy, and other factors. It's important to compare rates from different insurers to find the best deal.
  • Review your coverage regularly. As your needs change, so does your life insurance coverage. Review your policy at least once a year to make sure it still meets your needs.

Check out your local resources to find trustworthy help. You may find a directory at your local Agency on Aging (AAA). The AAA assists seniors in understanding and maximizing the benefits of their insurance.

Additionally, you can look for referrals from The Society of Financial Service Professionals. If you have close relationships with friends or family in your area, ask for personal referrals.

Most experts advise getting quotes from several providers to find the best price for the best life insurance.

What is the Cost of Life Insurance for Seniors?

The cost of life insurance for seniors can vary depending on a number of factors, including the senior's age, health, and lifestyle. However, there are some general trends that can be observed in terms of the cost of life insurance options for seniors.

In general, older seniors tend to pay more for life insurance than younger seniors. This is because older seniors are more likely to have health issues that could impact their life expectancy. Additionally, seniors who smoke or have other risky lifestyle choices will also typically pay more for life insurance than those who do not.

Ultimately, the best way to get an accurate estimate of the cost of life insurance for seniors is to speak with a life insurance agent. They will be able to take all of the relevant factors into account and provide a customized quote.

Senior Life Insurance FAQs

No two seniors are alike, and neither are their life insurance needs. However, there are a few key questions that every senior should ask when considering life insurance. Here are some of the most frequently asked questions about life insurance plans for seniors.

How much life insurance do I need?

This is one of the most difficult questions to answer, as each person's situation is unique. Generally speaking, you should have enough life insurance to cover your funeral expenses and any outstanding debts or final expenses. You may also want to consider leaving behind a financial cushion for your loved ones.

What kind of policy should I get?

There are two main types of life insurance policies: term life insurance and guaranteed universal life insurance. Term life insurance provides coverage for a set period of time (usually 10-20 years), while guaranteed universal life insurance provides coverage for your entire lifetime. Seniors typically benefit from guaranteed universal life insurance, as it can be used as a financial planning tool in addition to providing death benefits.

What if I have health problems?

If you have health problems, you may still be able to qualify for life insurance coverage. However, you may have to pay higher premiums or accept a smaller death benefit. It's important to work with an experienced agent who can help you find the right policy for your unique needs.

How do I know if I'm getting a good deal?

The best way to ensure that you're getting a good deal on life insurance is to work with an independent agent who can compare rates from multiple carriers. An agent can also help you understand the different features of each policy and choose the one that best meets your needs.

Assistance Club Summary

The #1 Take Away: The Sooner the Better.

If you’ve been considering life insurance, don’t wait.

By getting life insurance at your current age, you have more options than if you wait ‘til later. You’ll have more choices, may find less cost-effective options, and may be able to get insurance without a medical exam. If you choose to get life insurance, you can start enjoying the peace of mind that this financial instrument provides.

We hope this Senior Assistance Club guide on life insurance has helped you find the right one for your needs!