If you are a senior citizen and others still depend on you financially, you might want to consider senior term life insurance to protect your family.

Term life insurance is an excellent choice for senior citizens looking to obtain the largest amount of insurance at the cheapest cost.

Plus, term coverage is the most affordable life insurance for seniors, especially when compared to whole life or universal life.

We hope to provide you with education information to help you determine which type of term life insurance policy is best for your family.

In our review of term life insurance for seniors, we will answer the following common questions:

Do seniors even need term life insurance? What is the difference between term life insurance plans? How to compare term life insurance quotes for seniors? Which life companies offer the best policies for senior citizens? What are the pros and cons of term life insurance coverage?

Do You Need Senior Term Life Insurance?

Many people senior citizens often contemplate if they actually still need life insurance.

But, since people are retiring later and living longer life spans, life insurance is often required for a variety of different reasons.

Determining the reason why you may need coverage will help answer the type of plan and how much coverage you may eventually need.

So, gaining a proper understanding of your underlying life insurance needs is very important first step according to a recent article in Investopedia.

Common senior life insurance needs:

Mortgage Life Insurance – If you are trying to find inexpensive mortgage life insurance rates, term life insurance can be perfect policy for seniors needing to protect a long term mortgage.

– If you are trying to find inexpensive mortgage life insurance rates, term life insurance can be perfect policy for seniors needing to protect a long term mortgage. Income Protection for your spouse – If you have a spouse who depends on your income, then a term life policy will secure their financial future in the event that something happens to you.

If you have a spouse who depends on your income, then a term life policy will secure their financial future in the event that something happens to you. Protection for Children – If you had children in your thirties or early forties you may need a term life insurance policy that extends well into your golden years to make sure your family is protected.

– If you had children in your thirties or early forties you may need a term life insurance policy that extends well into your golden years to make sure your family is protected. Cover your Debts – If you are still paying on outstanding personal loans or credit card debt, you may need life insurance to protect your heirs.

If you are still paying on outstanding personal loans or credit card debt, you may need life insurance to protect your heirs. Final Expenses – A small permanent life insurance policy can be a good idea if you want an easy method to pay for your final expenses.

A small permanent life insurance policy can be a good idea if you want an easy method to pay for your final expenses. Charitable Planning – You could either purchase a term or permanent policy life insurance for the purpose of leaving a charitable legacy.

– You could either purchase a term or permanent policy life insurance for the purpose of leaving a charitable legacy. Estate Protection – Senior life insurance is often part of an overall estate plan. Since proceeds of survivorship life insurance polices are tax-free, they offer a way to offset estate taxes.

Senior life insurance is often part of an overall estate plan. Since proceeds of survivorship life insurance polices are tax-free, they offer a way to offset estate taxes. Pension Plan Life Insurance – Pension life insurance is often utilized by married couples to increase their net retirement income while still protecting the surviving spouse’s income in the event the retiree dies first.

Senior Life Insurance Plans

If you are in decent health, you can get great term life insurance rates at almost any time in your life.

Term life insurance for seniors is usually available for 10, 15, 20, 25, and 30 year time frames. The length of the term determines your premium and how long you will maintain death benefits from your coverage.

So, term life insurance coverage can be tailored in duration to address many common life insurance needs faced by senior citizens.

Most people also realize that life insurance rates are greatly affected by your age. Unfortunately, as you get older, your life insurance rates do go up in cost.

Not to mention, that companies have different age cutoffs, which affect the term length you can actually buy.

Here are the common age cutoffs with most life insurance carriers:

Age 80 for purchasing a 10 year level term plan

Age 75 for buying a 15 year level term plan

Age 70 for selecting a 20 year level term plan

Age 55 for buying either a 25 or a 30 year term plan

We have analyzed term life insurance rates by age and the needs which are typically covered as you mature.

10 Year Term Life Insurance for Seniors

What is a 10 year level term policy? A 10 year term life insurance policy provides senior citizens with guaranteed premiums for ten years, and a guaranteed level death benefit should you pass away during the 10 years that your policy is in force.

So, what is the most affordable life insurance for seniors over 60 years old?

Since, a 10 year term life insurance coverage only lasts for a short time, it always the most affordable life insurance for seniors looking for coverage with a specific need in mind.

Term life insurance for seniors over 60 years old can be used to protect a large salary or pay off a mortgage, if you should die before you reach retirement.

If you would like to analyze specific plans for your unique planning situation, you can always use our search engine to evaluate some quick life insurance quotes.

Meanwhile, we have put together a few sample quotes for age 60 and age 70 for between $250,000 and $1,000,000 in life insurance coverage.

For example, take a look at a $1,000,000 term life insurance policy for 10 years at 60 years old that costs only $214 per month, compared to $610 for a 10 year term life insurance at 70 years old.

What is the reason for the additional cost?

The probability of a life insurance claim being paid is higher because your policy will run further into you life expectancy!

10 Year Term Life Insurance quotes for seniors



$250,000 $500,000 $750,000 $1,000,000 10 year 10 year 10 year 10 year Age 60 $60 $113 $171 $214 Age 70 $173 $319 $476 $610

*10 year term life insurance rates for seniors age 60 and age 70, non-smoking, males

15 Year Term Life Insurance for Seniors

What is a 15 year level term policy? A level 15 year term life insurance policy provides you with a guaranteed premium for 15 years, and a guaranteed level death benefit should you pass away during the 15 years that your policy is in force.

A 15 year term life insurance for seniors over 60 can act as bridge until a pension income is available, or allows time for assets to grow inside retirement plans.

Are you are in your seventies and looking into buying a 15 year term?

Don’t hesitate!

People seeking life insurance over 70 years old must act now because age 75 is the last year for buying a 15 year term plan.

Let’s take a look at practical example!

A $500,000 term life insurance policy for 15 years at 60 years old costs only $152 per month, compared to $462 for term life insurance at 70 years old.

Notice, how much more affordable a 15 year term life insurance for a 60 year old can be compared to at age 70.

15 Year Term Life Insurance rates for seniors



$250,000 $500,000 $750,000 $1,000,000 15 year 15 year 15 year 15 year Age 60 $83 $152 $226 $288 Age 70 $236 $463 $690 $890

*15 year term life insurance rates for seniors age 60 and age 70, non-smoking, males

20 Year Term Life Insurance for Seniors

What is a 20 year term policy? A level 20 year term life insurance policy provides you with a guaranteed premium for ten years, and a guaranteed level death benefit should you pass away during the 20 years that your policy is in force.

As people reach their golden years, the need for life insurance also tends to change.

People who are going to be retiring in the near future often use pension life insurance to increase their retirement income while still protecting the surviving spouse’s income in the event the retiree dies first.

While, most life insurance for retirees is purchased to cover funeral expenses, provide for college tuition for grandchildren, and cover any unexpected medical expenses for surviving spouses.

A 20 year term insurance may work for you, provided that you do not live longer then your policy.

Although more expensive then shorter duration term plans, a 20 year term life insurance policy offers a happy medium between shorter duration term plans and more expensive permanent coverage.

If you need coverage the time to act is now!

This is only because twenty year term is only available until specific ages.

For example, people seeking life insurance at 70 years old must act now because this is the magic cut-off age for buying a 20 year term plan.

Plus, as you can clearly see below, term life insurance for seniors over 70 years old is now getting more expensive.

Let’s take a glance at another example!

A $250,000 term life insurance policy for 20 years at 60 years old will cost only $115 per month, compared to $407 for term life insurance at 70 years old.

20 Year Term Life Insurance rates for seniors



$250,000 $500,000 $750,000 $1,000,000 20 year 20 year 20 year 20 year Age 60 $115 $211 $322 $406 Age 70 $407 $819 $1,227 $1,578

*20 year senior term life insurance rates at age 60 and age 70, non-smoking, males

Senior Term Life Insurance Rates

Depending on your unique planning needs, we have streamlined the process of shopping for affordable life insurance for retirees.

We monitor a network of 186 different insurance companies with goal of find the cheapest life insurance for seniors in America!

When we recommend insurance, we consider much more than age; we take into consideration your lifestyle, health, and your unique planning needs.

If you are applying for life insurance with a medical condition, always try to fully disclose your diagnosis to your agent.

This allows your agent to select carriers offering more liberal underwriting.

Super news!

We represent many niche life insurance companies for seniors and can use our insider knowledge to direct you to the company specializing in your pre-existing medical condition.

Which companies offer best term life insurance for retirees?

Affordable Life USA makes finding the insurance companies that offer the cheapest life insurance rates both simple and easy.

It will only take you a few minutes to perform a quick search using our free online “Senior Life Insurance Calculator”.