Choosing life insurance after 60 doesn't have to be confusing. This guide breaks down your real options and how to pick coverage that fits your budget and goals.
What types of life insurance can seniors buy?
Seniors generally choose from four policy types. Term life covers a set period (10-30 years) and is cheapest but may end before you do. Whole life lasts your entire life and builds cash value. Final-expense (burial) insurance is small whole-life coverage, usually $5,000-$25,000, designed to pay funeral and end-of-life costs. Guaranteed-issue life skips medical questions entirely for those with serious health conditions. Each fits a different need and budget. A licensed agent at 1-800-MEDIGAP can match you to the right type based on your age, health, and why you want coverage.
Why do seniors buy life insurance?
Most seniors buy life insurance for practical, focused reasons rather than income replacement. The most common goal is covering final expenses: the median U.S. funeral with burial cost about $8,300 in 2023, per the National Funeral Directors Association. Other reasons include paying off a mortgage or co-signed debt, leaving a legacy or charitable gift, equalizing inheritances among children, and covering estate taxes. Knowing your specific goal makes choosing the right amount and policy type far simpler — and helps you avoid overpaying for coverage you don't need.
How much does life insurance for seniors cost?
Premiums rise with age and depend heavily on health, policy type, and coverage amount. Term life is the lowest cost but gets expensive after 70 and may be unavailable past 80. Whole and final-expense premiums are higher per dollar of coverage but never increase and never expire. Guaranteed-issue policies cost the most because the insurer accepts everyone. Pricing varies widely by carrier, so comparing several insurers is essential. We never quote fake guaranteed rates — call 1-800-MEDIGAP for honest, side-by-side estimates from multiple carriers.
Do you need a medical exam to qualify?
Not always. Many seniors qualify for no-exam life insurance, which uses health questions and database checks instead of bloodwork or a paramedical visit. Simplified-issue policies ask a handful of health questions and can approve you in days. Guaranteed-issue policies ask no health questions at all and cannot decline you, though they carry a two-to-three-year graded death benefit on natural causes. If you have diabetes, heart disease, or other conditions, these options keep coverage within reach. An agent can tell you which path fits your health.
How to choose the right senior life insurance
Start with your goal and budget, then match the policy. For lifelong burial coverage on a fixed income, final-expense whole life usually fits best. For a temporary need like a mortgage, term may cost less. If health is a barrier, simplified or guaranteed issue keeps you covered. Always compare at least three carriers, check the insurer's financial strength rating (look for A.M. Best A or higher), and read the graded-benefit terms. Calling 1-800-MEDIGAP connects you with a licensed agent who shops multiple carriers so you don't have to.