Term Life Insurance for Seniors:
An Honest Guide by Age (50 to 70+)
Seniors ages 50 to 70 can still qualify for term life insurance, with coverage from $25,000 to over $1,000,000. Your options shrink with age. By 70, most carriers only offer 10 or 15-year terms. If you need lifetime coverage for burial or final expenses, a whole life policy is usually a better fit. Asurgo is an independent broker licensed in all 50 states. We compare 25+ carriers in one quote to find the right coverage at the lowest rate you qualify for.
Decision Framework
Term vs. Final Expense: Which Type of Life Insurance Do Seniors Actually Need?
Not every senior needs term life insurance. The right type depends on what you need coverage for, how long you need it, and your health. Here is a side-by-side look.
| Factor | Term Life Insurance | Final Expense / Whole Life |
|---|---|---|
| Coverage period | Fixed period (10, 15, 20, or 30 years) | Lifetime, as long as premiums are paid |
| Typical coverage amount | $25,000 to $1,000,000+ | $5,000 to $50,000 |
| Best for | Mortgage payoff, income replacement, spouse protection through retirement | Burial costs, final expenses, leaving a small inheritance |
| Health screening | Ranges from full medical exam to simplified-issue (health questions only) | Simplified-issue or guaranteed-issue (no health questions at all) |
| What happens at the end | Coverage expires unless you renew at higher rates or convert to permanent | Coverage stays in force for life |
The honest bottom line: If you have a financial need with an end date, term gives you the most coverage for the lowest cost. If you want a policy that pays out no matter when you pass, final expense or whole life is the right fit. Many seniors use both: a term policy for a mortgage or income gap, plus a small final expense policy for burial costs.
Ages 50 to 59
Term Life Insurance for Seniors Over 50
Seniors in their 50s have the widest range of term options. All major term lengths are open from most carriers, including 30-year terms. This is often the last decade where you can lock in long-term coverage at strong rates.
What is available at 50
- Term lengths: 10, 15, 20, and 30-year terms are available from most carriers. Some fully underwritten carriers also offer 25-year terms.
- Coverage amounts: $25,000 to over $1,000,000 based on the carrier and plan type.
- Exam options: Full exam (best rates), no exam with health questions, or fast-track (no exam, quick decision for some ages).
Why 50 is a good time to buy
Rates rise with age, so locking in at 50 costs far less than waiting. A healthy 50-year-old woman can get $500,000 of 20-year term coverage starting from $80.41 per month. By 60, that same coverage starts from $215.00 per month. That is roughly 2.5 times more for a 10-year wait.
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Ages 60 to 64
Term Life Insurance for Seniors Over 60
At 60, term options start to narrow. Thirty-year terms are gone from most carriers. Some no-exam carriers cap 20-year terms at this age. You still have good choices, but the window is closing.
Available term lengths at 60
- 10-year term: Available from all carriers. This is the most common choice at 60+.
- 15-year term: Available from most carriers, including both fully underwritten and simplified-issue.
- 20-year term: Open from full-exam carriers (up to age 70). No-exam carriers often cap 20-year terms at 60, so you may need an exam to get this length.
- 25-year term: Open from select full-exam carriers up to age 65.
- 30-year term: Rare. Only some full-exam carriers offer this at exactly age 60. Most cap 30-year terms at age 50.
Common use cases at 60
Many 60-year-olds buy term insurance to cover a remaining mortgage, protect a spouse through retirement, or bridge the gap until Social Security kicks in. A 10 or 15-year term often lines up well with these needs.
Age 65
Term Life Insurance for Seniors Over 65
At 65, your term length choices narrow again. Long-term options are mostly gone. You will likely choose between a 10-year or 15-year term.
What is still available at 65
| Term Length | Fully Underwritten | Simplified Issue |
|---|---|---|
| 10-year | Available (to age 80) | Available (to age 75) |
| 15-year | Available (to age 75) | Available (to age 70) |
| 20-year | Available (to age 70) | Not available |
| 25-year | Available (to age 65) | Not available |
| 30-year | Not available | Not available |
If you are 65 and healthy enough for a full exam, you can still get 10, 15, 20, and possibly 25-year terms. If you prefer no exam, your options are 10-year and 15-year terms.
Consider the conversion option
Most term policies let you convert to permanent coverage without a new medical exam. This matters at 65 because your health may change during the term. If you buy a 10-year term at 65, you can convert to a permanent policy at 72 or 73 without new health screening. Ask your Asurgo specialist about each carrier's conversion window.
Find out what you qualify for at 65
A licensed specialist compares 25+ carriers and matches you to the right term length and underwriting path.
Age 70+
Term Life Insurance for Seniors Over 70
At 70, term life options are limited. Most carriers only offer 10-year terms at this age, and premiums are much higher than at younger ages. You should weigh whether term is still the right fit or whether a final expense or whole life policy works better.
What is still available at 70
- 10-year term: Available from fully underwritten carriers (up to age 80) and simplified-issue carriers (up to age 75).
- 15-year term: Available from some fully underwritten carriers (up to age 75) and some simplified-issue carriers (up to age 70, so you would need to apply at exactly 70).
- 20-year term or longer: Available from select fully underwritten carriers at exactly age 70. Not available through simplified-issue.
When term still makes sense at 70
A 10-year term at 70 can work if you have a financial need that ends in the next decade. Examples include a mortgage with 8 years left, a spouse who will start getting pension income at 78, or a business loan with a set payoff date. Match the coverage amount to the specific need.
When to look at final expense instead
If your goal is to leave money for burial costs, final bills, or a small legacy, a final expense or whole life policy is almost always the better choice at 70. Premiums are locked in for life and the coverage never expires. Many carriers offer guaranteed acceptance with no health questions. See our life insurance for seniors over 70 page for a full guide.
No Exam Required
No-Medical-Exam Term Life Insurance for Seniors
Seniors who want term coverage without a medical exam have two main paths: simplified-issue and accelerated underwriting. Both skip the blood draw and doctor visit, but they work differently.
Simplified-issue term
You answer a set of yes/no health questions over the phone or online. No exam, no blood work, no doctor visit. The carrier checks prescription records to verify your answers. If you qualify, coverage can be in place within 24 to 48 hours. Some carriers, like Mutual of Omaha Term Life Express, offer this up to age 75 for 10-year terms, with up to $350,000 in coverage.
Accelerated underwriting
Some carriers offer a fast-track path for applicants under 60 with smaller coverage amounts. The carrier uses data like prescription history and motor vehicle records to make a decision without a physical exam. Approval can come within minutes. After 60, this option is rarely available. Your choices are fully underwritten (exam required) or simplified-issue (no exam).
How no-exam affects your rate
No-exam policies cost more than fully underwritten ones because the carrier takes on more risk. If you are healthy and willing to complete an exam, you will likely get a lower rate. Your Asurgo specialist can quote both options side by side so you see the difference.
For more on no-exam term options, see our no-exam term life guide. For no-exam final expense, see our no-exam burial insurance guide.
Honest Comparison
When Final Expense Beats Term for Seniors
We sell both term and final expense, so we have no reason to push one over the other. Here are the cases where final expense is the better pick.
- You are over 70 and need coverage that will not expire. A 10-year term bought at 72 ends at 82. If you are still living, you have no coverage. A final expense policy pays out whenever you pass.
- Your health makes term hard to get. Term carriers have stricter health rules. If you have been turned down for term, a final expense policy may accept you with day-one or graded coverage.
- You need a small amount ($5,000 to $25,000). Term policies start at $25,000 to $50,000 minimum. If you just need enough for funeral costs and a few months of bills, final expense is built for that.
- You want guaranteed acceptance. Some final expense carriers accept every applicant with no health questions at all. Term does not offer this option.
If any of these describe your situation, start with our senior life insurance hub or call an Asurgo specialist at (855) 380-9555 to discuss which path fits your needs.
Not sure which type fits? We will help you decide.
One call, both options compared. A licensed specialist walks you through term and final expense side by side.
Sample Rates
How Much Does Term Life Insurance Cost for Seniors?
What you pay depends on your age, health, gender, tobacco use, and how much coverage you need. Here are sample starting rates for healthy female non-smokers. Male and tobacco-user rates will be higher.
| Age | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| 50 (10-yr) | From $28.60/mo | From $45.15/mo | From $87.72/mo |
| 60 (10-yr) | From $69.88/mo | From $124.27/mo | From $245.96/mo |
| 70 (10-yr) | From $208.12/mo | From $376.68/mo | From $750.78/mo |
These are the lowest starting rates across Asurgo's carrier panel for each age and amount. Your rate may differ based on your health and the carrier you qualify with. For the full chart with 20-year and 30-year terms, see our term life rates by age page.
How It Works
How Asurgo's Term Life Quote Process Works
Asurgo is an independent broker, not a single carrier. We work for you, not one insurance company. Here is how the process works.
- Step 1: Tell us about yourself. Fill out a short form or call us. We ask about your age, state, health, coverage needs, and budget. This takes about 5 minutes.
- Step 2: We shop 25+ carriers. A licensed specialist checks your profile against our full carrier panel. We look at health rules, term lengths, and rates to find the best match.
- Step 3: Review your options. We show your top matches with real rates, not guesses. If term is not the right fit, we will tell you and show final expense or whole life options instead.
- Step 4: Apply with one call. Once you pick a carrier and amount, we handle the application by phone. Most no-exam decisions come back within 24 hours.
We are licensed in all 50 states and never charge a fee. You can verify our license through the NAIC at any time. Our carriers are rated A- or higher by AM Best, the rating agency for insurance company strength.
Frequently Asked Questions
Term Life Insurance for Seniors: Common Questions
Can a 65-year-old get a 20-year term life insurance policy?
It depends on the carrier. Some carriers with a full medical exam offer 20-year terms through age 70, so a 65-year-old can qualify. No-exam carriers often cap 20-year terms at 60. If you are 65 and want a 20-year term, you will likely need a medical exam. An Asurgo specialist can find which carriers offer this at your age.
Is term life insurance worth it for seniors over 60?
It can be, if you need coverage for a set time. Common reasons: paying off a mortgage, covering a spouse through retirement, or bridging the gap until Social Security starts. If you need coverage that never expires, like burial insurance, whole life is a better fit. Many seniors use both: term for the large need and final expense for lifetime coverage.
What is the cheapest type of life insurance for seniors?
Term life has the lowest monthly cost per dollar of coverage. A healthy 60-year-old woman can get $250,000 of 10-year term starting around $70 per month. But term expires at the end of the period. For lifetime coverage, final expense whole life starts around $30 to $50 per month for $10,000 to $15,000. The best pick depends on whether you need short-term or lifetime coverage.
Can you get term life insurance at 70 without a medical exam?
Yes, but your choices shrink at 70. No-exam term policies (just health questions) are sold by some carriers up to age 75 for 10-year terms. Full-exam carriers offer 10-year terms through age 80. If no-exam term turns you down, a whole life policy with no health questions may be a better path. These accept every applicant, though they have a 2 to 3 year graded benefit period and lower coverage.
Related Guides
Find the right coverage for your age and health.
Asurgo is an independent brokerage licensed in all 50 states. We compare 25+ carriers to find the lowest rate you qualify for, whether that is a term policy, final expense, or both.
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Nicholas Norminton, Licensed Insurance Specialist
Nicholas is a nationally licensed insurance specialist who has helped thousands of clients secure life insurance coverage. As an independent broker, Asurgo compares 25+ carriers in one quote so seniors get the lowest rate they qualify for.
Sources
NAIC (consumer insurance guidance) · AM Best (carrier financial strength ratings) · NAIC Producer Lookup (verify agent/broker licensing). Premium figures shown are starting rates from current Asurgo carrier illustrations for healthy female non-smokers, 2026. Your actual rate depends on age, gender, tobacco use, coverage amount, health underwriting, and carrier.