As we get older, our financial needs change — and so does the way we think about life insurance. For seniors, the right policy isn’t just about leaving something behind; it’s about peace of mind, covering final expenses, and sometimes, ensuring a loved one isn’t burdened with debt.
Whether you’re 60 or 85, you still have good options. This guide breaks down the best life insurance policies for seniors in 2025 — simple, honest, and easy to understand.
Why Seniors Still Need Life Insurance
Many people assume life insurance is only important when you’re younger, but for seniors, it can play a critical role:
- Covering funeral costs (average: $8,000 to $12,000)
- Paying off remaining medical bills or debts
- Providing financial support for a spouse or dependent
- Leaving behind a tax-free gift
Even if you have savings, life insurance can ensure those funds stay untouched.
Top 5 Life Insurance Companies for Seniors in 2025
Here are some of the most trusted, senior-friendly providers offering reliable plans with flexible coverage.
1. Mutual of Omaha
Why It Stands Out:
- Offers guaranteed acceptance for seniors up to age 85
- No medical exam needed
- Fixed premiums — your cost won’t go up
Best For: Seniors looking for a no-hassle, permanent policy that covers final expenses.
Plan Type: Whole Life (final expense insurance)
Coverage Range: $2,000 – $25,000
2. AARP/New York Life
Why It Stands Out:
- Backed by New York Life, a financially strong company
- Available to AARP members (ages 50-80)
- Level benefit term and whole life options
Best For: Seniors who are AARP members looking for affordable, brand-trusted plans.
Plan Type: Term & Whole Life
Coverage Range: $10,000 – $100,000+
3. Transamerica
Why It Stands Out:
- Wide range of policy options, even for older applicants
- Accepts seniors up to age 85
- Fast approval process
Best For: Seniors with health issues who want flexibility and customizable terms.
Plan Type: Term, Whole, and Universal Life
Coverage Range: $25,000 – $500,000+
4. Colonial Penn
Why It Stands Out:
- Guaranteed acceptance policy for ages 50 to 85
- Fixed monthly price regardless of health
- Simple phone or online application
Best For: Seniors with pre-existing conditions or on a fixed income.
Plan Type: Whole Life (Guaranteed Issue)
Coverage Range: Based on units (usually ~$2,000 per unit)
Note: This plan uses “unit-based” pricing which can be confusing, so it’s best to read the fine print or call.
5. Globe Life
Why It Stands Out:
- $1 first-month offer to get started
- Coverage available up to age 90
- No medical exam for most applicants
Best For: Seniors looking for quick, budget-friendly coverage with a simple sign-up process.
Plan Type: Term and Whole Life
Coverage Range: $5,000 – $100,000
What to Look For in Senior Life Insurance
Not all policies are created equal. Here are 5 key things seniors should keep in mind:
- Guaranteed Issue vs. Simplified Issue
- Guaranteed issue means no health questions at all — good if you’re not in perfect health.
- Simplified issue asks a few basic questions but offers higher coverage.
- Coverage Type
- Term life is cheaper but expires after 10, 15, or 20 years.
- Whole life lasts your entire life and builds cash value.
- Premiums
- Choose a plan with fixed premiums so you don’t get surprised later.
- Medical Exams
- Many plans now offer no-exam options — quick and easy sign-up.
- Company Reputation
- Choose a provider with strong customer reviews and an “A” or higher AM Best rating.
Common Mistakes Seniors Make
- Waiting too long to apply: Premiums increase with age.
- Underestimating final expenses: Funerals cost more than expected.
- Not reading the fine print: Some “guaranteed” policies have 2-year waiting periods.
- Relying only on savings: Life insurance gives extra protection that savings alone may not cover.
FAQs: Senior Life Insurance
1. Can I get life insurance at age 75 or 80?
Yes. Several companies offer coverage up to age 85 — though premiums will be higher, and coverage limits may be lower.
2. Is a medical exam required?
No. Many plans offer no medical exam or simplified issue policies.
3. How much does senior life insurance cost?
It varies. A 70-year-old could pay around $50 to $150 per month for $10,000 – $25,000 of whole life coverage.
4. Is the payout tax-free?
Yes, life insurance payouts are generally tax-free to your beneficiary.
Final Thoughts
The best life insurance for seniors is the one that fits your lifestyle, health, and budget. Whether you’re looking for peace of mind, to cover final expenses, or to leave something behind — there’s a policy out there for you.
Here’s a quick recap:
| Company | Max Age | Medical Exam | Coverage Type | Coverage Range |
|---|---|---|---|---|
| Mutual of Omaha | 85 | No | Whole Life | $2,000 – $25,000 |
| AARP/New York Life | 80 | No | Term/Whole | $10,000 – $100,000+ |
| Transamerica | 85 | Optional | All types | $25,000 – $500,000+ |
| Colonial Penn | 85 | No | Whole Life | ~$2,000 per unit |
| Globe Life | 90 | No | Term/Whole | $5,000 – $100,000 |
Start with what matters most: coverage that gives you and your family confidence. Compare quotes, read reviews, and ask questions. You’ve earned this peace of mind.