Compare life insurance quotes
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Do you still need life insurance?
You may not. Ask yourself:
- Does anyone depend on your income or pension, such as a spouse who would lose a pension or Social Security benefit?
- Do you have a mortgage or debts that would burden your family?
- Would your savings cover funeral costs, about $10,000 on average?
- Do you want to leave an inheritance, cover estate taxes or support a dependent with special needs?
If the answer to all of these is no, you may be able to drop or reduce cover and put the premium toward retirement needs. If yes, the right product depends on how much you need and your health.
Term life after 60
| Age | Policy | Women, monthly | Men, monthly |
|---|---|---|---|
| 60 | $250,000, 20-year | $157 | $215 |
| 65 | $250,000, 20-year | $178 | $245 |
| 70 | $250,000, 10-year | $217 | $321 |
| 70 | $500,000, 10-year | $397 | $600 |
| 75 | $250,000, 10-year | $268 | $396 |
Source: MoneyGeek, September 2026; nonsmokers in average health.
Term cover can still be good value in your 60s if you have a specific need for a set period, such as a mortgage or supporting a younger spouse. At 70, most insurers offer only 10- or 15-year terms.
Final expense and guaranteed issue cover
Final expense insurance is a small whole life policy, usually $5,000 to $25,000 or so, designed to pay for a funeral and remaining bills. Most ask a few health questions (simplified issue) and lock in level premiums for life.
Guaranteed issue policies ask no health questions. USAA’s, for example, accepts applicants aged 45 to 85 for $2,000 to $25,000, with fixed premiums. For $2,000 of cover, 2026 monthly rates ranged from about $8.36 to $40.12 for men and $6.38 to $32.34 for women, depending on age. The trade-off is a two-year graded benefit: if you die of natural causes during that period, your beneficiaries receive premiums paid plus 10%, not the full benefit.
AARP members aged 50 to 74 can also buy level term cover from $10,000 to $150,000 through New York Life, with cover lasting to age 80.
Compare the options
| Option | Health questions | Amounts | Best for |
|---|---|---|---|
| Fully underwritten term | Yes, often with exam | $100,000+ | Healthy seniors with a temporary need |
| Simplified issue / final expense | A few questions | About $5,000–$100,000 | Funeral costs and small debts |
| Guaranteed issue | None | About $2,000–$25,000 | Seniors who can’t qualify elsewhere |
| Permanent (whole or guaranteed universal) | Yes | Any | Estate planning, lifelong dependents |
Tips for buying after 60
- Try underwritten options first. Even with health conditions, you may qualify for simplified issue cover at a much better price than guaranteed issue.
- Check existing cover before buying more, including any old policies or conversion rights on a term policy you already have.
- Don’t over-buy. Over 10 years, premiums on a small guaranteed issue policy can approach the death benefit.
- Use the free-look period to review the policy and cancel for a full refund if it isn’t right.
- Tell your beneficiaries where the policy is; see our payout guide.
For no-exam choices in more detail, see no-exam life insurance. Medicare questions are covered in our Medicare guide.
Frequently asked questions
Can you get life insurance at 70?
Yes. Many insurers offer 10- or 15-year term cover at 70, and final expense or guaranteed issue cover is available into the 80s.
How much is life insurance for a 70-year-old?
About $321 a month for a man and $217 for a woman for $250,000 of 10-year term cover, according to MoneyGeek’s September 2026 data.
What is final expense insurance?
A small whole life policy, often $5,000 to $25,000, meant to cover funeral costs and final bills.
Is guaranteed issue life insurance worth it?
It can help people who can’t qualify for other cover, but it’s expensive and usually pays only premiums plus interest for natural-cause deaths in the first two years.
Should seniors cancel their life insurance?
Not before checking whether anyone depends on it, whether it has cash value or conversion rights, and whether you could get new cover at your current age and health.
Sources
- MoneyGeek – Term life insurance rates by age (Sept 2026)
- NerdWallet – Average life insurance rates (Oct 2026)
- USAA – Guaranteed issue life insurance
- NerdWallet – Best no-exam life insurance 2026
- John Hancock – How much life insurance do you need? (Sept 2026)
- LIMRA / Life Happens – 2026 Insurance Barometer
Insurance prices, discounts and rules change often and vary by state. Figures were checked in October 2026; confirm details with the insurer or your state insurance department.