Term Life Insurance for Seniors

If you are a senior citizen and others still depend on you financially, you might wan to consider  senior term life insurance to protect your family. Term life insurance is an excellent choice for seniors citizens looking to obtain the largest amount of insurance at the cheapest cost. Plus, term life insurance for seniors is not nearly as expensive as whole life or universal life.

Term life insurance for seniors is usually available to you for 10, 15, or 20 year terms. The longer the term length, the more expensive your life insurance premium. The length of the term also determines how long you will maintain death benefits from your coverage.

Term life insurance coverage can be tailored in duration to address many common life insurance needs faced by senior citizens. Here are two senior life insurance needs we discuss almost every day with our clients:

  • Mortgage Life Insurance – If you are trying to find inexpensive mortgage life insurance insurance rates, term life insurance can be perfect policy for seniors needing to protect a long term mortgage.
  • Income Protection for your spouse – If you have a spouse who depends on your income, then a term life policy will secure their financial future in the event that something happens to you.

Many life insurance companies specialize in offering different types of term life insurance policies. So, it can be difficult to know which life insurance company can offer the best term life insurance rates for seniors.

We hope to provide you with education information to help you determine which type of term life insurance policy is best for your family.

In our review of term life insurance for seniors, we will answer the following common questions:

  1. What is a 10, 15, and 20 year term life insurance policy?
  2. What are the pros and cons of term life insurance coverage?
  3. How do you qualify for term life insurance?
  4. How to compare term life insurance quotes for seniors?
  5. Who are the top term life insurance companies?

10 Year Term Life Insurance for Seniors

What is a 10 year level term policy? A level 10 year term life insurance policy provides senior citizens with guaranteed premiums for ten years, and a guaranteed level death benefit should you pass away during the 10 years that your policy is in force.

Since, a 10 year term life insurance coverage only lasts for a short time, it is the cheapest life insurance for seniors looking for coverage with a specific need in mind.

How much does term life insurance cost for a 60 year old?  We have put together a few sample quotes for age 60 and age 70 for between $250,000 and $1,000,000 in life insurance coverage.

Over the years, we have found he best life insurance for seniors over 60 years old is normally a 10 year term policy.

10 Year Term Life Insurance

$250,000 $500,000 $750,000 $1,000,000
10 year 10 year 10 year 10 year
Age 60 $60.00 $113.00 $171.00 $214.00
Age 70 $172.00 $319.00 $475.00 $610.00

*10 year term life insurance rates for seniors, non-smoking, males

15 Year Term Life Insurance for Seniors

What is a 15 year level term policy? A level 15 year term life insurance policy provides you with a guaranteed premiums for 15 years, and a guaranteed level death benefit should you pass away during the 15 years that your policy is in force.

Notice, how much more affordable term life insurance for seniors over 60 years old can be compared to at age age 70.

15 Year Term Life Insurance

$250,000 $500,000 $750,000 $1,000,000
15 year 15 year 15 year 15 year
Age 60 $82.00 $152.00 $226.00 $288.00
Age 70 $236.00 $463.00 $690.00 $890.00

*15 year term life insurance rates for seniors, non-smoking, males

20 Year Term Life Insurance for Seniors

What is a 20 year level term policy? A level 20 year term life insurance policy provides you with a guaranteed premiums for ten years, and a guaranteed level death benefit should you pass away during the 20 years that your policy is in force.

Although more expensive then shorter duration term plans, a 20 year term life insurance policy offers a happy medium between shorter duration term plans and more expensive permanent coverage.

However, as you can see below, finding affordable life insurance for seniors over 70 years old is now getting a bit more difficult.

20 Year Term Life Insurance

$250,000 $500,000 $750,000 $1,000,000
20 year 20 year 20  year 20 year
Age 60 $115.00 $211.00 $321.00 $406.00
Age 70 $407.00 $819.00 $1,226.00 $1,577.00

*Senior 20 year term life insurance rates,non-smoking, males

Affordable Life USA makes finding the insurance companies that have the cheapest life insurance for senior citizens simple and easy. It will only take you a few minutes to perform a quick search using our “Senior Life Insurance Calculator”.

To compare term life rates for seniors, press  “Get Quote”:

term life insurance for seniors quotePros & Cons of Term Life for Seniors

When we make recommendations to seniors or on the life insurance for parents of our clients, we always keep their unique planning needs in mind.

In some cases, term life insurance is great option in other scenarios a whole life policy may be a better fit. Here are just few pros and cons of term life insurance for seniors:

Advantages of Term Life Insurance for Seniors

Your term life insurance rates can be chosen to remain the same for 10, 15, or even 20 years. So, the best life insurance for seniors over 60 years old is a term plan that is coordinated with  exact underlying need for coverage (mortgage or income protection).

Senior term life is normally cheaper then permanent life insurance.  So, senior citizens can buy a lot more term life insurance compared to whole life insurance at a substantially cheaper cost. So, term life insurance is ideal for people who need life insurance protection for a long time, but not necessarily their entire lifetime.

Disadvantages of Term Life Insurance for Seniors

Keep in mind, in order to receive benefits of your policy, you would need to die within the 10, 15, 0r 20 years that your policy remains active.

So, if you live longer then your initial term insurance period your premiums will go up in cost and your family may not receive any death benefits. This is definitely something to keep in mind when buying life insurance for senior citizens with an above average life expectancy.

TIP: Buy cheap term life insurance which can be converted!

  • If you buy term coverage make sure it is also a convertible term life insurance.
  • This allows you to extend coverage beyond the initial term period.
  • This can be done by converting your term insurance policy into permanent coverage.
  • You can covert your coverage without answering any questions about your health or taking a new medical exam.
  • The policy will have the same rate class as when you initially purchased your original policy.
  • So, if you have developed any health problems during the policy term your rate class will not change with your new permanent policy.

Life Insurance for Seniors Over 70

As people get older, the type of life insurance for senior citizens also tends to change. So, should seniors always buy term life insurance?

Many of our senior life insurance clients want to know how to buy life insurance wisely. So, you should always answer these questions before making a decision to buy term life insurance:

  • Are you worried about the cost converting your term insurance in the future?
  • Are you concerned that your term insurance coverage may end before you do?
  • Are you only looking for an affordable premium and only need a small policy to pay for final expenses?

If any of these situation pertain to you, then you should not buy term life insurance term insurance!

So, how do you buy life insurance wisely?

First, when evaluating life insurance for seniors over 70 years old, we normally recommend that coverage be a permanent policy such as universal or whole life.

Many seniors start their search with easy to qualify for simple issue plans offered by AARP.

However, when you purchase life insurance online, it is always best to do your homework. This is because many of the companies advertising cheap whole life insurance no exam required actually offer much higher rates.

If you are in decent health, you can always shop around to find a better deal! You see, obtaining  cheap life insurance without medical exam or your doctor’s records is next to impossible.

This is why people in their 70s should consider either cheap whole life or universal life insurance which typically start at a $25,000 death benefit.

This can be the perfect life insurance for elderly citizens to cover burial expenses, provide for college tuition for grandchildren, and cover potential medical expenses for surviving spouses.

Universal life insurance for seniors over 70 years old provides a happy medium between term and more expensive whole life insurance. Guaranteed universal life is a low cost life insurance policy with guaranteed premiums and death benefits which last for your entire lifetime.

Three top life insurance companies for seniors are carriers like North American Life, Midland, and Protective Life.   These companies offer a good combination of liberal underwriting and cheap life insurance rates for seniors.

Remember, if you need to life insurance do not hesitate because getting life insurance for seniors over 80 years old can be very expensive!

Here are some typical life insurance rates by age for both a $25,000 and a $50,000 policy:

Universal or Whole Life Insurance Rates for Seniors

Death Benefit Death Benefit
 Age $25,000 $50,000
70 $84 $164
71 $90 $174
72 $94 $183
73 $101 $195
74 $106 $207
75 $112 $220
76 $119 $233
77 $128 $251
78 $137 $270
79 $147 $290
80 $160 $316

*The universal or whole life Insurance rates for seniors are for non-smoking males with guaranteed coverage lasting until age 100.

How do I apply for Coverage?

Remember getting affordable term life insurance for seniors typically requires your policy to be medically underwritten.  Although more expensive in cost, getting life insurance with no medical exam required is still possible. So, it is important check into whether you can qualify for coverage before deciding which application process to pursue.

TIP: To get the cheap life insurance, you are better off taking an exam.

Here is how it works:

  • First, your general medical history is initially evaluated to determine which company may be best suited for your particular medical history.
  • Most competitive life insurance companies will require a brief insurance examination.
  • Your medical profile and exam are submitted to several highly rated companies to determine which carrier would be willing to offer coverage at the most competitive rate class.

This process allows us to provide accurate and affordable life insurance for seniors based on how their overall medical history fits with each insurance company.

Remember, that when you are applying for life insurance with a health condition, always try to fully disclose your treatment and type of diagnosis to your agent. This will allow your agent to use companies which offer more competitive pricing and liberal underwriting.

Guess what? We represent many niche life insurance companies for seniors and can use our insider knowledge to direct you to the company specializing in your medical condition.

We have been selling life insurance for over 25 years, and have found the best insurance company for someone with high blood pressure may not be the best company for a person with diabetes.

So, the complete underwriting process typically takes between 3-4 weeks depending on the details of your medical history.

Rates on Term Life Insurance for Seniors

Depending on your unique planning needs, we have streamlined the process of shopping for affordable life insurance for seniors. We monitor a network of 186 different insurance companies with goal of find the cheapest life insurance for seniors in America!

When we recommend insurance, we consider much more than age; we take into consideration your lifestyle, health, and your unique planning needs.

You can use our life insurance rate calculator, to compare senior life insurance quotes based on your current age, plan, and amount of insurance required.

To compare senior life insurance rates press “Get Quote” below:

term life insurance for seniors quoteTop Life Insurance Companies for Seniors

What are the best term life insurance companies for seniors?

We have chosen highly rated life insurance companies which offer the cheapest term life insurance for seniors.

Financial ratings for life insurance companies are extremely important to us when selecting a life insurance provider for our clients.

We monitor the financial strength and claims paying ability of life insurance companies by using a number of different rating agencies such as A.M Best, S&P, Fitch, and Moody’s.

The life insurance companies (listed alphabetically below) offer seniors the best combination of financial ratings, underwriting fairness, and inexpensive rates.

AIG Life Insurance Quotes for seniorsAIG (American General) Plan Summary Details:

  • Policy names: Select-A-Term 10, 15, and 20 year term
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit, Child Rider, Terminal Illness Rider, Waiver of Premium Rider, Select Income Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A)

Banner Life Insurance Quotes for seniors

Banner Life Plan Summary Details:

  • Policy names: OPTerm 10,15, and 20 year term
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium Rider, Term Rider, Children’s Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

Protective Life Insurance Quotes for seniorsProtective Life Plan Summary Details:

  • Policy names: Custom Choice UL 10, 15, and 20 year term
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Benefit Rider, ExtendCare Rider, Income Provider Option, Accelerated Death Benefit
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)Transamerica Life Insurance Quotes for seniors

Transamerica Life Plan Summary Details:

  • Policy names: Trend Setter Super 10, 15, and 20 year Term
  • Minimum coverage amount: $25,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium, Children’s Insurance Rider, Accident Indemnity, Income Protection Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

Getting approved for coverage is the most important thing when looking into affordable life insurance for seniors. The premiums you pay will ultimately depend on your overall health. The actual price seniors pay for your life insurance is based on many personal factors like height, weight, medical background, and family history.

Affordable Life USA expedites the underwriting process by shopping your policy with multiple insurance companies. If you need help determining the best option for you or for getting life insurance on parents, please do not hesitate to call us at 1-877-249-1358.

Here is a complete list of companies which have offered the cheapest life insurance for over 50 years. Not only do these companies consistently offer affordable life insurance rates for seniors but, they also offer the highest ratings from the Better Business Bureau, AM Best, and J.D. Power.

COMPANY BBB
AM Best
JD Power
AIG A+ A 718
AXA Equitable A+ A+ 752
Banner Life A+ A+ N/A
Brighthouse A+ A+ N/A
Guardian Life A+ A++ 760
John Hancock A+ A+ 739
Lincoln Financial A+ A+ 744
Mass Mutual A+ A++ 780
Metlife B- A+ 780
Mutual of Omaha A+ A+ 766
Nationwide A+ A+ 806
Pacific Life A+ A+ N/A
Principal Financial A+ A+ 774
Protective A+ A+ 742
Prudential A A+ 770
SBLI A+ A+ N/A
Transamerica A+ A+ 720

Introducing Eric Van Haaften:

Eric Van Haaften

Affordable Life USA is a nationally licensed and independently operated life insurance agency. The agency was started by Eric Van Haaften, over 25 years ago, from our home office located in Grand Rapids, Michigan. Please feel free to email him at: eric@affordablelifeusa.com, or call us at 1-877-249-1358.