A Senior’s Guide to Choosing the Right Life Insurance Policy
Shopping for life insurance later in life can feel overwhelming, but it’s not too late to find good coverage. Life insurance for seniors is designed to help with final expenses, leave a legacy for loved ones or pay off debts. No matter your motives, you’ll be relieved to know that there are plenty of options out there, even if you have health concerns or a limited budget. Scroll on for a breakdown of some of the most popular life insurance plans from trusted providers in the U.S (as of 2025).
Whole Life and Final Expense Coverage
Mutual of Omaha Whole Life
- Coverage: Lifetime coverage with up to $50,000 in benefits.
- Application: Apply online or over the phone. Some applicants may need a health screening.
- Cost: Around $120–$150/month for a 75-year-old with a $25,000 policy.
- What stands out: Premiums never increase and the policy builds cash value over time.
Northwestern Mutual Whole Life
- Coverage: Lifetime protection with customizable benefit amounts, typically starting around $50,000.
- Application: Apply through a licensed Northwestern Mutual advisor. A full medical exam and health review are required.
- Cost: Premiums vary based on health and coverage, but for a 75-year-old, expect significantly higher rates than simplified-issue plans.
- What stands out: Builds guaranteed cash value and may pay dividends. Backed by one of the most financially stable insurers in the U.S.
AARP Final Expense (New York Life)
- Coverage: Designed to cover funeral costs, medical bills or small debts up to $30,000.
- Application: Simplified process. There's no exam, just a few health questions.
- Cost: Premiums range from $70 to $120/month.
- Why people choose it: Backed by a trusted name, plus features like terminal illness riders.
Gerber Life Guaranteed Issue
- Coverage: Offers up to $25,000 with no medical exam or health questions.
- Application: Quick and easy, online or by phone.
- Cost: $65–$100/month for most applicants in their 70s.
- Important note: Limited benefit if you pass away in the first two years (unless by accident).
These policies are a good fit for seniors who want simple, no-hassle coverage to help protect their families financially without undergoing a medical exam.
Life Insurance for Seniors: Term & Guaranteed Options
If you’re in relatively good health and looking for something more robust than final expense coverage, there are still options. Life insurance for seniors can include simplified issue, guaranteed acceptance and (if you're lucky) term policies with flexible features.
Mutual of Omaha Guaranteed Whole Life
- Coverage: $10,000–$35,000, with no medical exam.
- Application: Just a short health questionnaire; apply by phone or online.
- Cost: $85–$140/month depending on age and benefit amount.
- Good for: Seniors who want predictable monthly costs and lifetime coverage.
Is Term Life Still an Option at This Age?
While term life policies become harder to find, a few providers, like Banner Life and Principal, still offer short-term options.
- Coverage: Terms of 5 to 10 years; coverage amounts from $50,000 to $250,000.
- Application: Requires a full medical exam in most cases.
- Cost: Much higher than whole life, anywhere from $250 to $600/month.
- Who it's for: Seniors in excellent health who want larger benefits for a set period (like to cover a mortgage or leave an inheritance).
How to Choose the Right Plan
Choosing the right life insurance plan starts with thinking about what you want the coverage to do for you. Are you mainly looking to cover final expenses, or would you prefer to leave behind a larger benefit for your family? Some people want enough to pay for funeral and medical costs, while others are interested in providing financial support for loved ones or paying off debts.
Next, consider how comfortable you are with the application process. If you're open to taking a medical exam, you may qualify for more affordable coverage or higher benefit amounts. On the other hand, if you prefer a simpler route with no medical questions, a guaranteed issue policy may be the better fit. Just know it might come with higher premiums or a waiting period before full benefits kick in.
Affordability also plays a big role. Think realistically about your monthly budget and choose a plan you can maintain long term. Premiums vary widely, so it helps to compare quotes across several providers.
Life insurance for seniors isn't a one-size-fits-all situation. If you're unsure which plan fits your needs best, you should talk to a licensed insurance agent. They can walk you through the process and explain your options to help you find a policy that aligns with you.