You are in your late sixties and want a substantial term policy, enough to cover a mortgage and leave a small inheritance. You have a fixed income and cannot afford high premiums.
A term policy with a modest monthly premium can free up several hundred dollars a year for other expenses. Missing that money adds up meaningfully over a decade.
This post lists the top providers that still sell term life to people age 65 and older. It explains how to compare rates, what underwriting steps to expect, and tips to keep costs low.
This article provides educational information only and does not constitute financial or legal advice.
Key Takeaways
- Most insurers stop offering new term policies after age 70, but a few still write to age 75.
- Buying a 10-year term is usually cheaper than a 20-year term for seniors.
- Good health, non-smoker status, and a simple medical questionnaire can lower premiums by 15 % or more.
- Companies that specialize in senior business often have faster issue times and lower rates.
- Use a licensed agent or an online comparison tool to get at least three quotes before deciding.
- Review the policy’s conversion option in case you need permanent coverage later.
How Senior Term Life Works
Senior term life pays a death benefit for a set number of years and never builds cash value. It works well for covering short-term debts, funeral costs, or a brief income gap. For a vetted, regularly updated list of tools that can help, explore our AI insurance tools directory.
Term life provides a death benefit for a set number of years. The benefit does not build cash value. The National Association of Insurance Commissioners describes it the same way, as a policy bought for a set period rather than one that covers you for life.
For seniors, the main goal is to cover short-term debts, funeral costs, or a brief income gap. That makes term life one piece of a wider insurance picture rather than a standalone purchase.
Insurers treat older applicants as higher risk. They may require a medical exam, a detailed health questionnaire, or only a “simplified issue” with limited questions.
The premium reflects age, health, gender, and the length of the term. A non-smoker in their late sixties can expect a ten-year, six-figure term policy to cost a modest amount each month from the best providers.
Top Providers That Still Write Senior Term
Aegon (formerly Transamerica)
Several carriers still write new senior term policies well past typical cutoffs. Aegon offers coverage up to age 75 with 10-year and 20-year terms. Banner Life issues 10-year term to applicants as old as 70, often using a phone interview and basic blood test. Mutual of Omaha writes term to age 80 on a limited set of plans.
Premiums are competitive for non-smokers with good health. The company uses a simplified issue form for applicants under 70 who are in good health, which can avoid a lab draw.
Aegon also includes a conversion rider that lets you switch to a permanent policy without a new medical exam.
Banner Life
Banner Life is known for low rates across many age groups. They still issue 10-year term to applicants age 70.
Their underwriting process often relies on a phone interview and a basic blood test. If you have a chronic condition like high blood pressure that is controlled, you may still qualify at a modest premium increase.
Banner’s online quote tool gives a clear price breakdown within minutes.
Mutual of Omaha
Mutual of Omaha writes term to age 80 for a limited set of plans. Their “Senior Term” product is designed for ages 65-80.
The policy includes a “no-exam” option for healthy seniors, but the premium is higher than the full medical route.
A notable feature is the optional accelerated death benefit rider that pays part of the benefit if you are diagnosed with a terminal illness.
Prudential Financial
Prudential offers a 10-year term that can be purchased up to age 70. Their underwriting is strict, but they reward good health with lower rates.
They provide a “convertible” option that lets you move to a whole life or universal life policy at the same rate as a new issue, which can be valuable if you develop health issues later.
Prudential’s customer service is rated highly, and they have a strong claims-paying track record.
Protective Life
Protective Life has a “Senior Term” line that extends to age 75. They are aggressive on price for the 10-year term.
The company uses a “fast-track” underwriting path for applicants under 70 with no chronic conditions. This can result in a policy being issued within a week.
Protective also offers a free online calculator that shows how much coverage you need based on debts and income.
Gerber Life
Gerber Life is best known for whole life policies, but they also sell a 10-year term to seniors up to age 70.
Their rates are slightly higher than the low-cost carriers, but the application is fully online and does not require a medical exam for most healthy seniors.
Gerber includes a “return of premium” rider for an extra cost, which refunds the premiums if you outlive the term.
Comparing Rates: What to Look For
Comparing rates for senior term means holding every variable constant except price. Get quotes for the same coverage amount and term length from each provider, then check whether the quote uses simplified issue or a full medical exam, since the underwriting method changes the premium. Also weigh conversion options, any riders, and the insurer’s financial strength rating.
Second, check the underwriting method. A “simplified issue” quote will be higher than a “full medical” quote, but the difference can be offset by a lower premium if you are healthy.
Third, examine the policy’s conversion options. Some carriers allow you to lock in a permanent policy at the original rate, which can be a safety net if your health declines.
Fourth, note any riders. An accelerated death benefit rider can cost $5-$10 per month but provides early cash if you become terminally ill.
Finally, verify the insurer’s financial strength. Look for ratings from A.M. Best, Moody’s, or Standard & Poor’s. A rating of A- or higher indicates the company can meet its obligations.
How to Apply Efficiently
Applying efficiently starts with an accurate online quote and health questionnaire, since errors here slow everything down later. If the quote looks good, request a full application, gather your ID, income proof, and medication list, and schedule a blood draw, ideally with a mobile lab that comes to you. Underwriting decisions typically arrive within a few days to three weeks.
If the quote looks good, request a full application. You will need to provide:
- A recent driver’s license or state ID.
- Recent pay stubs or Social Security benefit statements to prove income.
- A list of current medications.
Schedule a blood draw if required. Many labs offer a “mobile” service that comes to your home, saving time.
After the medical results return, the insurer will issue an underwriting decision. This can take from a few days to three weeks.
If approved, review the policy document carefully. Confirm the death benefit amount, term length, premium due date, and any riders.
Saving Money on Senior Term
Saving money on senior term starts with picking the shortest term that covers your need, since a 10-year term is usually cheapest for seniors. From there, healthier habits, bundling with another policy, and paying annually all help lower the premium. A no-exam policy makes sense mainly if a chronic condition would otherwise raise your underwriting cost significantly.
Maintain a healthy lifestyle. Quitting smoking even a few months before applying can lower your rates by a meaningful percentage, since insurers price non-smokers well below smokers.
Bundle with other insurance products if the carrier offers a discount. Some insurers give a modest reduction in your premium when you also hold a home or auto policy with them.
Pay annually instead of monthly. Most companies waive a small surcharge for annual payments.
Consider a “no-exam” policy only if you have a chronic condition that would raise your medical underwriting cost significantly.
When Term May Not Be Right
Term is not always the right fit. If you need coverage beyond age 80, a permanent policy such as universal life may be more appropriate. A high-risk condition likely to be denied for term may still qualify for guaranteed issue whole life, at a higher price, and term never builds cash value you can borrow against.
If you have a high-risk health condition that will likely be denied for term, a guaranteed issue whole life policy can provide coverage, albeit at a higher price.
If you want to build cash value that you can borrow against, term life does not offer that feature.
How to Use an Agent vs. DIY Online
Choose an agent when your health history is complicated, since they can navigate medical questions, compare multiple carriers at once, and sometimes access rates that are not publicly posted. Go the DIY online route when you want speed: online tools can generate three to five quotes in under 15 minutes. Agents also help later with the conversion process.
Online tools give you speed and transparency. You can generate three to five quotes in under 15 minutes.
For seniors, an agent can be valuable when you have complex health histories. They can also assist with the conversion process later on.
Common Pitfalls to Avoid
Common pitfalls include skipping or rushing the health questionnaire, which can lead to a denied claim later, and assuming the cheapest quote is best without checking the insurer’s rating and features. Waiting until a diagnosis like heart disease, cancer, or diabetes sharply raises premiums, and a missed automatic payment can lapse the policy entirely.
Do not assume the cheapest quote is the best. Check the insurer’s financial rating and policy features.
Do not wait until you have a serious health event to apply. Premiums rise sharply after a diagnosis of heart disease, cancer, or diabetes.
Do not forget to set up automatic premium payments. A missed payment can cause the policy to lapse, leaving you uncovered.
Related guides
- What Is Term Life Insurance Mean
- Understanding Term Life Insurance: Costs and Benefits
- How Does Term Life Insurance Work
- What Does Term Life Insurance Mean? A Clear Guide
- Best Term Life Insurance Providers for Seniors: Your Complete 2025
- What Is Group Term Life Insurance? A Comprehensive Guide
- Insurance Coverage: What is the Difference Between Term and Whole
- How to Choose the Right Life Insurance Policy (The Type Isn’t
- Best Life Insurance for Seniors
- How Much Does Life Insurance Cost? A Detailed Guide
Sources
- What is Life Insurance
- Medicare Supplement Insurance (Medigap) plans
- HealthCare.gov
- further context: patient’s bill of rights
Summary
| Provider | Max Age for New Term | Cheapest 10-Year $100k Rate* | Conversion Option |
|---|---|---|---|
| Aegon | 75 | $38 per month | Yes |
| Banner | 70 | $35 per month | Yes |
| Mutual | 80 (Senior Term) | $42 per month | Yes (accelerated) |
| Prudential | 70 | $40 per month | Yes |
| Protective | 75 | $34 per month | Yes |
| Gerber | 70 | $45 per month | Optional return of premium |
*Rates based on a healthy non-smoker applicant age 68, as of 2026. Actual premiums vary by health, gender, and state regulations.
Frequently Asked Questions
Can I get a term policy after age 70?
Yes. A few carriers still issue new term life policies to applicants up to age 75, though your choices narrow considerably compared to what is available at younger ages. Expect fewer companies willing to underwrite you, a more limited range of term lengths and coverage amounts, and premiums that run noticeably higher than they would for someone decades younger. If you are shopping in this age range, plan on comparing several insurers rather than assuming any one company writes coverage this late, since eligibility and pricing vary widely carrier to carrier.
Do I need a medical exam for a senior term policy?
Not always. Many insurers offer a simplified issue option that skips the lab work and relies only on a health questionnaire, which can get you covered faster. That convenience has a tradeoff: a full medical exam usually results in a lower premium if you are in good health, since the insurer has more concrete evidence of your actual risk rather than self-reported answers. If your health is strong and you can tolerate the extra time a blood draw and exam take, the full medical route is often worth it for the savings on your monthly premium.
How does a conversion rider work?
A conversion rider lets you change your term policy into a permanent whole or universal life policy without going through a new medical exam, which matters if your health has declined since you first bought the term policy. Because no new exam is required, the rider effectively locks in your original insurability even years later. The tradeoff is on price: the new permanent policy is priced using the rates in effect at the time of conversion, not the rates from when you first applied, so the premium will typically be higher than your original term premium.
What happens if I outlive the term?
If you outlive the term, the coverage simply ends and no cash is paid out to you or anyone else, since term life is pure protection with no savings component built in. Some carriers offer a return of premium rider, which refunds the premiums you paid over the years if you survive the full term, giving you something back for coverage you never had to use. That protection is not free, though: adding the rider increases your monthly cost noticeably compared to standard term coverage without it.
Are there any tax benefits to term life for seniors?
The death benefit from a senior term policy is generally tax-free to the beneficiary, meaning the person you name to receive the payout typically will not owe income tax on it. That tax-free treatment is one of the main reasons term life works well as a simple way to leave money behind for a mortgage, funeral costs, or other expenses. On the other side of the ledger, premiums are not tax-deductible for personal policies, so you cannot write off what you pay each month the way you might with certain business expenses.
Should I buy term life if I already have Social Security survivor benefits?
Social Security survivor benefits help, but they were never designed to cover everything your family might face after you are gone. Term life can fill the gaps that survivor benefits do not cover, such as funeral costs, unpaid medical bills, or a mortgage that still needs to be paid off. Before deciding how much coverage makes sense, evaluate your total outstanding debt alongside the amount your family would actually need each month to stay financially stable, then size a term policy to close that specific gap rather than guessing at a round number.
