Term Life Insurance for Seniors: Coverage After 60
Term life insurance for seniors gives you affordable, fixed-rate protection for the years your spouse or family still depends on you. Many healthy adults in their 60s and early 70s can still buy 10-, 15-, or 20-year term coverage, often for far less than permanent insurance.
Whether you’re paying off a mortgage, protecting a spouse’s retirement income, or covering debts you don’t want to leave behind, here’s how senior term life works and what it costs.
Key takeaways
- Healthy seniors can usually buy 10- to 20-year term life insurance into their early 70s.
- Premiums stay level for the full term, so your rate won’t rise as you age.
- Term costs far less than whole life for the same coverage amount.
- Terms shorten as you age: many carriers stop offering 20-year terms around 70.
Why seniors choose term life insurance
- Lower premiums. Term costs a fraction of permanent coverage for the same death benefit.
- Fixed rates. Your premium is locked for the full term.
- Coverage when it matters most. Protect a spouse until pensions, Social Security, and savings can carry them.
- Pay off what’s left. Make sure a remaining mortgage or loan doesn’t fall on your family.
Term life insurance rates for seniors
| Age | 10-year (men) | 10-year (women) | 20-year (men) | 20-year (women) |
|---|---|---|---|---|
| 60 | $76–$112 | $62–$92 | $105–$156 | $86–$128 |
| 65 | $135–$200 | $111–$164 | $188–$277 | $154–$227 |
| 70 | $247–$365 | $203–$299 | $344–$507 | $282–$416 |
| 75 | $429–$632 | $352–$519 | Not typically offered | Not typically offered |
Rates rise with each birthday, so applying sooner locks in a lower price. Get a personalized estimate with the term life insurance calculator.
Choosing the right term length
10-year term
The most widely available option for seniors, often offered until about age 80. It’s a good fit if you need coverage until a specific milestone, like paying off a mortgage or reaching full retirement age.
15-year term
A middle ground, typically available into your mid-70s. It works well if your spouse is younger and will rely on your income or pension for longer.
20-year term
Longer protection at a higher price, usually available until around 70. It suits seniors still carrying significant debt or supporting dependents.
What happens when the term ends?
If you outlive your policy, coverage ends. Many policies let you renew year to year without a new exam, but at much higher rates. The NAIC recommends asking about renewal costs before you buy. Some policies also let you convert to permanent coverage before a set age. Learn more about what happens if you outlive your term policy.
Alternatives to term life for seniors
- Guaranteed universal life for lifelong coverage at a lower cost than whole life.
- Final expense insurance for $5,000 to $50,000 of permanent coverage with simplified underwriting.
- Guaranteed issue life insurance if health conditions make other coverage hard to get.
See all your options in our guide to life insurance for seniors.
How much term coverage do seniors need?
Most seniors need less coverage than younger families, because children are grown and retirement savings are in place. Focus on what your spouse or heirs would actually need:
- Remaining mortgage and debts you don’t want to pass on.
- Lost retirement income, such as a pension that ends or a smaller Social Security check for your surviving spouse.
- Final expenses, often around $10,000 for a funeral and final bills.
- Any support you still provide to adult children or grandchildren.
For many seniors, $100,000 to $250,000 covers these needs. Run your own numbers with the life insurance calculator.
How to get the best senior term rates
- Apply sooner. Rates rise faster after 60, so even a year can make a difference.
- Bring your health records. Well-managed conditions like high blood pressure often qualify for better rate classes when documented clearly.
- Compare carriers. Some insurers are far more favorable to older applicants than others. AccuQuote customers save up to 70% by comparing 40+ A-rated carriers.
Term life insurance for seniors FAQs
Can I get term life insurance at 70?
Yes. Many carriers offer 10- or 15-year term policies to healthy applicants at 70, and some offer 20-year terms. Your health determines the price and which terms are available.
What is the oldest age to buy term life insurance?
Many carriers offer 10-year term policies until about age 80. Longer terms have lower maximum ages, often around 70 for 20-year coverage.
Do seniors need a medical exam for term life insurance?
Not always. Some carriers offer no-exam term coverage to older applicants, though larger amounts or certain health conditions may require an exam.
Is term life insurance worth it for seniors?
It can be if your spouse or family still depends on your income, or if you have debts to pay off. Your beneficiaries generally receive the death benefit free of federal income tax, according to the IRS.