As we grow older, planning for the future becomes more important than ever. Whether you want to leave a legacy, cover final expenses, or ensure your loved ones are financially secure, life insurance for seniors can provide peace of mind.
But with so many policies available—and needs that differ from those of younger adults—finding the right coverage can be challenging. In this guide, we’ll explore the best life insurance policies for seniors in 2025, including types of coverage, key providers, and what to look for when choosing a plan.
Why Seniors Should Consider Life Insurance
Even in retirement, life insurance offers several benefits:
- Covers final expenses like funeral and medical bills
- Leaves a tax-free inheritance to children or grandchildren
- Pays off remaining debts or a mortgage
- Protects a surviving spouse’s financial stability
Whether you’re 60, 70, or older, there are options tailored to your health, age, and budget.
Types of Life Insurance for Seniors
Before diving into the top policies, it helps to understand the common types of coverage available to seniors:
1. Term Life Insurance
- Coverage lasts a set period (10, 15, or 20 years)
- Typically more affordable than whole life
- Great for covering temporary needs (e.g., mortgage or income replacement)
2. Whole Life Insurance
- Coverage lasts your entire life
- Premiums remain fixed
- Includes a cash value component that grows over time
3. Guaranteed Issue Life Insurance
- No medical exam required
- Guaranteed approval for most applicants (usually up to age 85)
- Smaller coverage amounts (typically $2,000–$25,000)
- Often used for final expense coverage
4. Simplified Issue Life Insurance
- No medical exam, but requires a health questionnaire
- Faster approval than traditional policies
- Mid-range premiums and coverage
Best Life Insurance Policies for Seniors in 2025
1. Mutual of Omaha – Guaranteed Whole Life Insurance
Best for: Seniors wanting simple final expense coverage
Mutual of Omaha offers guaranteed issue whole life insurance with no medical exam and guaranteed acceptance for ages 45–85. It’s ideal for covering funeral costs or leaving a modest legacy.
Highlights:
- Coverage from $2,000 to $25,000
- Fixed premiums for life
- Builds cash value
- Approval in minutes
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2. AARP/New York Life – Level Benefit Term Life
Best for: AARP members seeking trusted term coverage
AARP partners with New York Life to offer term and permanent policies to seniors up to age 80. Their level benefit term life is a popular choice for members in good health.
Highlights:
- Coverage up to $100,000
- No medical exam for most applicants
- Premiums increase every 5 years
- Backed by one of the strongest insurers
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3. Globe Life – Simplified Term & Whole Life
Best for: Fast online application and flexible options
Globe Life is known for its fast approval and low entry premiums. While rates increase over time, it’s a convenient choice for seniors looking to avoid a lengthy application process.
Highlights:
- $1 first-month premium offers
- Coverage from $5,000 to $100,000
- No medical exam required
- Apply online in minutes
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4. Transamerica – Final Expense Whole Life Insurance
Best for: Budget-conscious seniors with health concerns
Transamerica offers affordable final expense policies for seniors up to age 85, with simplified underwriting and competitive rates.
Highlights:
- Coverage from $1,000 to $50,000
- Available to applicants with moderate health conditions
- Fixed premiums and lifetime coverage
- Builds cash value
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5. State Farm – Whole Life and Universal Life Options
Best for: Personalized service and long-term planning
State Farm offers both whole and universal life insurance with flexible options and strong financial ratings. It’s ideal for seniors who want to work with a local agent and create a long-term estate plan.
Highlights:
- Access to agents for one-on-one guidance
- Universal life policies with flexible premiums
- Competitive rates for healthy seniors
- Strong customer service reputation
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What to Look for in Senior Life Insurance
When comparing policies, consider:
- Your age and health status – affects eligibility and cost
- Medical exams – some policies require them, others don’t
- Coverage needs – funeral costs, debts, or estate planning?
- Budget – choose a premium you can comfortably afford
- Company reputation – choose a financially stable and customer-focused insurer