Here's something that surprises most people over 50: you're not too old for life insurance. Not at 60, not at 70, not even at 80. The insurance industry has plenty of options designed specifically for seniors, and some of them don't even require a medical exam. Yes, premiums cost more than they would have in your 30s. But if you need to protect a spouse, cover final expenses, or leave something behind for your kids, affordable coverage is still within reach.
The key is understanding what's actually available at your age—and what each type of policy can and can't do for you.
What Types of Life Insurance Are Available After 50?
Once you're past 50, you'll typically see three main options: term life, whole life, and guaranteed issue policies. Each serves a different purpose.
Term life insurance gives you coverage for a set period—usually 10 or 20 years if you're in your 50s or 60s. It's the most affordable option and provides the highest death benefit for your dollar. A healthy 60-year-old might pay $63-$83 per month for $250,000 in coverage. But here's the catch: once you hit 70, term options get expensive fast. A 70-year-old pays $173-$245 for that same coverage, and by 80, you're looking at $718-$960 monthly. Term works best if you need temporary coverage—say, until your mortgage is paid off or your spouse retires.
Whole life insurance lasts your entire life, no matter when you die. Premiums stay the same, and the policy builds cash value you can borrow against if needed. The downside? It's expensive. That $250,000 policy that costs $110 monthly with term life would run about $1,123 per month as whole life for a 65-year-old. But if you want guaranteed coverage and can afford the premiums, whole life eliminates the risk of outliving your policy.
Guaranteed issue policies are whole life policies that accept everyone, no health questions asked. These are popular with seniors who have serious health conditions that would disqualify them elsewhere. You're guaranteed approval, but coverage maxes out around $25,000, and you'll pay more per dollar of coverage than you would with a traditional policy. Still, if you just need enough to cover funeral costs and final bills, guaranteed issue gets the job done.
Understanding Final Expense Insurance
Final expense insurance is exactly what it sounds like: a policy designed to cover end-of-life costs. This is a type of whole life insurance with smaller payouts, typically $10,000-$15,000. The money pays for your funeral, cremation, outstanding medical bills, and other debts you leave behind.
This market has exploded in recent years. In 2024, insurers sold over 1 million final expense policies, with premiums totaling $1.05 billion—a 16% increase from the previous year. Guaranteed approval options within this category have grown even faster, with enrollment jumping 47% among seniors aged 65-80. About 70% of these policies now skip the medical exam entirely, and over 40% are purchased online.
For someone in their 70s, a $10,000 final expense policy might cost $53-$68 per month for women or $74-$93 for men. That's manageable for most budgets, and it spares your family from scrambling to cover funeral costs that can easily run $7,000-$12,000 or more.
How Age Affects Your Premiums and Options
Let's talk numbers. Life insurance premiums increase by 8-10% every year after age 40. Once you're past 50, that jumps to about 12% annually. Wait five years to buy a policy, and you're not paying 12% more—you're paying compounded increases that can push costs up 60-80%.
The oldest age you can typically buy term life insurance is 85, though your options narrow considerably after 70. Most term policies for seniors max out at 10 or 20 years. Whole life and universal life policies often accept applicants up to age 90, depending on the insurer. Companies like Pacific Life, Mutual of Omaha, State Farm, and AARP have built their senior offerings around these higher age limits.
Your health matters more than your age, honestly. A healthy 70-year-old nonsmoker can still find affordable term coverage. But if you have diabetes, heart disease, or cancer in your recent medical history, you'll either pay steep premiums or need to look at guaranteed issue options. The good news? The rise of no-exam policies means you can often get approved within days using just a health questionnaire and electronic medical records—no blood draws, no doctor visits.
Choosing the Right Coverage for Your Situation
The right policy depends on what you're trying to accomplish. If your goal is protecting a spouse who depends on your income or pension, you'll want substantial coverage—probably term life if you're in your 50s or early 60s, or whole life if you're older or want permanent coverage.
If you just want to cover funeral costs and final expenses, a final expense or guaranteed issue policy makes more sense. You're not trying to replace income—you're making sure your family doesn't face $10,000-$15,000 in bills while they're grieving.
Some seniors buy life insurance to leave an inheritance or make a charitable gift. Whole life works well here because the cash value grows tax-deferred, and your beneficiaries receive the death benefit tax-free. You're essentially creating a guaranteed legacy, though you'll pay for that certainty with higher premiums.
Budget matters too. If $50-$100 per month is doable but $500 isn't, term or final expense insurance gives you meaningful coverage without breaking the bank. And remember: some coverage is always better than none. Even a small guaranteed issue policy takes the financial burden off your family.
How to Get Started
Start by figuring out how much coverage you actually need. Add up funeral costs, outstanding debts, and any financial support your family would need. For many seniors, that number falls between $10,000 and $100,000. If you're healthy and under 65, get quotes for both term and whole life to compare. If you're older or have health issues, focus on final expense and guaranteed issue options.
Shop around. Rates vary widely between insurers—Nationwide and SBLI consistently offer competitive pricing for seniors, but companies like Mutual of Omaha, Guardian, and Prudential have excellent senior-specific programs too. Many insurers now offer instant online quotes and approvals for no-exam policies, so you can compare options from your kitchen table.
Don't wait. Every year you delay, premiums increase by double digits. If you're on the fence about whether you need life insurance, remember this: the question isn't whether something will happen. It's whether your family will have the financial cushion they need when it does. At 1800Insurance.com, our licensed agents can walk you through your options, explain the fine print, and help you find coverage that fits your budget. Getting a quote takes minutes, and it might save your family thousands in stress and expense down the road.
