Most seniors can still buy life insurance. People in their 50s and 60s in fair health can usually get term or whole life coverage after a health review. People in their 70s and 80s, or with serious health problems, usually end up with smaller whole life policies, often called final expense or burial insurance, worth roughly $5,000 to $25,000 in sample rate tables. Guaranteed issue policies accept almost anyone in their age range with no health questions, but they cost more and usually pay only a refund of premiums if you die in the first two years. Price depends mostly on your age when you buy, your health, and whether you smoke.
This guide covers the main policy types, sample monthly costs by age, who qualifies for each, and how life insurance affects benefits like SSI and Medicaid. It is general information, not a recommendation of any company or plan, and no price below is a quote.
Types of Life Insurance for Seniors
Life insurance comes in two basic forms. Term covers you for a set number of years and pays only if you die during that time. Permanent (whole life and universal life) covers you for life as long as you pay, and usually builds a cash value.
| Type | How long it lasts | Health questions | Typical coverage for seniors | Builds cash value | Best fit |
|---|
| Term life | 10, 15, 20 years or more | Yes, often an exam | $100,000 and up | No | A mortgage, a spouse who depends on your income, debts with an end date |
| Whole life | For life | Yes | $10,000 to $250,000+ | Yes | Lifelong need, leaving money to heirs |
| Guaranteed universal life | To a set age, often 90 to 100+ | Yes | $25,000 and up | Little or none | Lifelong coverage at a lower price than whole life |
| Final expense (simplified issue) | For life | A short health questionnaire, no exam | Roughly $5,000 to $25,000 | Yes, small | Funeral costs and final bills |
| Guaranteed issue | For life | None | Roughly $5,000 to $25,000 | Yes, small | Serious health conditions that rule out other options |
| Group or employer coverage | While you work, sometimes after | Usually none | Often 1 to 2 times salary | No | Short-term cover while still employed |
Term life insurance
Term is the cheapest way to buy a large death benefit, but the price climbs fast with age. Many companies stop selling longer terms as you get older. A 75-year-old may only be offered a 10-year term, if any. Term makes sense when the need has an end date: a mortgage that will be paid off, or a spouse who needs your pension or paycheck replaced for a set number of years.
Whole life insurance
Whole life premiums stay level and the coverage lasts your whole life. Part of what you pay builds cash value, which you can borrow against or take if you cancel the policy. That cash value matters if you ever apply for SSI or Medicaid (see the benefits section below).
Final expense and burial insurance
"Final expense" and "burial insurance" are marketing names for small whole life policies. They are built to pay for a funeral, medical bills and other last costs. Most use a short health questionnaire with no medical exam. The death benefit goes to your beneficiary in cash. They can spend it on anything, not just the funeral.
Guaranteed issue life insurance
Guaranteed issue policies ask no health questions. If you are in the company's age range, you are accepted. The trade-off is a graded death benefit: if you die of natural causes during the first two years or so, the policy usually returns the premiums you paid plus some interest, not the full amount. Accidental deaths are often covered in full from day one. Check the exact waiting period in the policy, because it varies by company.
Costs by Age: Sample Monthly Premiums
Life insurance prices are set by each insurer and vary by state, sex, health and tobacco use, so there is no official national price list for private policies. The table below shows sample rates published by the broker Policygenius, using illustrations dated September 12, 2024, for nonsmokers. They show how cost rises with age. They are not quotes, and your price will be different.
| Age when you buy | 15-year term, $100,000 | Whole life, $10,000 | Final expense, $10,000 |
|---|
| 60 | $53 | $49 | $42 |
| 65 | $88 | $61 | $52 |
| 70 | $162 | $81 | $67 |
| 75 | $314 | $107 | $90 |
| 80 | Not shown | $149 | $127 |
Source: Policygenius sample rates, September 2024 illustrations, nonsmokers, monthly. Rates vary by insurer, health class and state.
A few patterns hold across companies:
- Every year of waiting costs money. Prices are based on your age when you apply, so buying at 65 instead of 70 locks in a lower premium for permanent policies.
- Term gets expensive fastest. In the sample above, $100,000 of 15-year term costs about six times as much at 75 as at 60.
- Smokers pay much more. Tobacco use is one of the biggest price factors.
- Guaranteed issue costs more than simplified issue for the same coverage, because the insurer is not checking your health.
Official example: VA life insurance rates
The one senior life insurance price list published by a government agency is VA's. Veterans Affairs Life Insurance (VALife) is guaranteed acceptance whole life insurance for veterans with a service-connected disability rating, including a 0% rating. These are VA's monthly rates, based on age when you apply, as listed on VA.gov (page updated October 13, 2026):
| Age when you apply | $10,000 coverage | $40,000 coverage |
|---|
| 50 | $32.50 | $130.00 |
| 55 | $40.10 | $160.40 |
| 60 | $50.00 | $200.00 |
| 65 | $62.00 | $248.00 |
| 70 | $78.00 | $312.00 |
| 75 | $99.50 | $398.00 |
| 80 | $127.50 | $510.00 |
VA says the premium never goes up while you keep the policy. If more than 6 months have passed since your last birthday, VA rates you as one year older.
Who Qualifies for Life Insurance as a Senior
Each company sets its own age limits and health rules. In general:
| Your situation | What you can usually buy |
|---|
| 50s to mid-60s, good health | Term, whole life, guaranteed universal life, all with full underwriting |
| Late 60s to 70s, managed conditions (blood pressure, cholesterol, type 2 diabetes) | Shorter term, whole life, simplified issue final expense |
| 80s | Mostly final expense and guaranteed issue, smaller amounts |
| Serious recent illness (recent cancer treatment, heart failure, dialysis, terminal diagnosis) | Usually guaranteed issue only, with a waiting period |
| Veteran with any service-connected VA rating, age 80 or younger | VALife, up to $40,000 |
What insurers look at
- Age when you apply
- Health history: diagnoses, hospital stays in the last few years, medications
- Tobacco and nicotine use
- Height and weight
- Prescription and medical records, which many insurers check through databases even when there is no exam
- Driving record and hazardous hobbies, for larger policies
Answer health questions honestly. Most policies have a contestability period, usually the first two years, during which the insurer can review the application after a death and deny the claim if it finds a misstatement.
VALife eligibility in detail
VA's rules, from VA.gov:
- Age 80 or younger: eligible with a service-connected disability rating of any percentage, including 0%. There is no deadline to apply after you get the rating.
- Age 81 or older: eligible only if you applied for disability compensation before turning 81, got the rating after turning 81, and apply for VALife within 2 years of the rating notice.
- Coverage: up to $40,000, in $10,000 steps. No health questions.
- Waiting period: full coverage starts 2 years after you apply. If you die during those 2 years, VA pays your beneficiaries the premiums you paid plus interest (4.23% for a death in 2026).
- No loans and no premium waivers. Cash value starts building 2 years after approval.
If you are a veteran and do not have a rating yet, getting one is the first step. Even a 0% rating opens VALife.
How Life Insurance Affects SSI, Medicaid and SNAP
If you get, or might apply for, a means-tested benefit, the type of policy you own matters.
| Program | Term life | Whole life or other cash-value policy |
|---|
| SSI | Not counted | Cash value is excluded if the total face value of all such policies on you is $1,500 or less. Above that, the full cash value counts toward the $2,000 resource limit ($3,000 for a couple). |
| Medicaid for seniors and people with disabilities | Not counted | Most states follow the SSI rule above. Some states have their own limits. |
| SNAP (food stamps) | Not counted | Not counted. Federal SNAP rules exclude the cash value of life insurance policies (7 CFR 273.8(e)(2)). |
| The death benefit | Paid to your beneficiary, not counted as your asset while you are alive | Same |
A whole life policy with a $10,000 face value and $3,000 of cash value could push someone on SSI over the resource limit. Term and final expense policies with little cash value rarely cause problems, but check. Our guide on how life insurance counts for SSI and Medicaid walks through the face value rule, the burial fund exclusion and what to do if a policy puts you over.
What Social Security and Medicare Pay When Someone Dies
Medicare does not pay for funerals or provide a death benefit. Social Security pays a one-time $255 lump-sum death payment, in this order:
- A surviving spouse who was living in the same household
- A surviving spouse who was getting or could get benefits on the worker's record for the month of death
- Children who were getting or could get benefits on the worker's record
Surviving divorced spouses cannot get the $255. The claim must be filed within 2 years of the death, according to SSA's operations manual (POMS RS 00210.001). A surviving spouse or child may also qualify for monthly survivor benefits, which are usually worth far more. See our guides on Social Security survivor benefits and help paying for a funeral for other sources of help.
The $255 does not go far toward a funeral, which is the main reason many seniors look at final expense coverage.
How to Buy Life Insurance as a Senior: Step by Step
- Decide what the money is for. Funeral and final bills, a mortgage, replacing income for a spouse, or leaving something to family. The answer sets the type and the amount.
- Add up the amount. List the debts that would remain, expected funeral costs and what a survivor would need. Subtract savings and survivor benefits they would get.
- Check what you already have. Look for coverage through a current or former employer, a union, a credit union, or VALife if you are a veteran. Group coverage often ends or shrinks at retirement, but many plans let you convert it to an individual policy within a short window.
- Start with the strictest underwriting you might pass. If you could qualify for a fully underwritten or simplified issue policy, it will usually cost less and have no waiting period. Guaranteed issue is a fallback, not a first choice.
- Get quotes from more than one licensed agent or company. Prices for the same person can differ a lot between insurers. Check that the agent and the company are licensed in your state through your state insurance department.
- Read the policy before you pay. Look for the waiting period, whether premiums can rise, when coverage ends (some policies stop at a set age), and what happens if you miss a payment.
- Use the free look period. State law gives you a set number of days after the policy arrives to cancel for a full refund, often 10 to 30 days depending on the state and policy.
- Name beneficiaries and tell them. Keep a copy of the policy where family can find it, and update beneficiaries after a death, divorce or marriage.
Warning Signs When Shopping
- "Guaranteed acceptance" with no mention of a waiting period. Almost every guaranteed issue policy has one. Ask how long it is.
- Pressure to replace a policy you already own. A new policy restarts the contestability period and is priced at your current, older age.
- Being asked to pay in cash, gift cards or wire transfer, or to sign blank forms. Report this to your state insurance department.
Frequently Asked Questions
Can I get life insurance at 70, 75 or 80?
Usually, yes. At 70 and 75, many people can still get short-term or whole life coverage after health questions. By 80, most options are final expense or guaranteed issue policies in smaller amounts. Each company sets its own maximum age to apply.
How much does life insurance cost for a 65-year-old?
It varies by insurer, health and smoking. Sample rates published by Policygenius (September 2024 illustrations, nonsmokers) show about $88 a month for $100,000 of 15-year term at 65, about $61 a month for $10,000 of whole life, and about $52 a month for $10,000 of final expense coverage. VA's VALife rate for a 65-year-old veteran is $62.00 a month for $10,000. Treat these as rough guides, not quotes.
Is there life insurance for seniors with no medical exam?
Yes. Simplified issue policies use a short health questionnaire and no exam. Guaranteed issue policies ask no health questions at all. Both cost more per dollar of coverage than a fully underwritten policy, and guaranteed issue policies usually have a two-year waiting period before the full benefit is paid for a death from illness.
Is a life insurance payout taxable?
Generally no. The IRS says life insurance proceeds paid because the insured person died are generally not included in gross income and do not have to be reported. Any interest paid along with the proceeds is taxable.
Does whole life insurance affect SSI or Medicaid?
It can. For SSI, if the total face value of your cash-value policies is over $1,500, the full cash value counts toward the $2,000 resource limit ($3,000 for a couple). Most state Medicaid programs for seniors use the same rule. Term life does not count. SNAP does not count the cash value of life insurance at all.
Does the government offer life insurance for seniors?
There is no general government life insurance program for older adults. Veterans with a service-connected disability rating can buy VALife, up to $40,000, with no health questions, if they are 80 or younger (or meet the narrow rule for age 81 and older). Social Security pays a one-time $255 death payment to an eligible spouse or child, and monthly survivor benefits to those who qualify.
How do I find a life insurance policy a parent may have had?
The National Association of Insurance Commissioners runs a free Life Insurance Policy Locator. A beneficiary, executor or legal representative can submit the person's name, Social Security number, dates of birth and death, and a death certificate. Participating insurers search their records and contact the beneficiary if they find a policy. Not every insurer takes part, so also check the person's bank statements, tax returns and mail for premium payments.
