Term life insurance gets more expensive — and harder to qualify for — the older you get, but it’s far from out of reach. Most carriers stop issuing brand-new term policies somewhere between age 75 and 85, and a handful still write coverage past that. The right company for a healthy 65-year-old shopping for a 10-year term is often a different company than the right pick for an 80-year-old who needs coverage for final expenses. Below, we break down the insurers that consistently stand out for seniors in 2026 and who each one actually fits.
Quick Answer: Best Term Life Insurance for Seniors
| Company | Best For | Max Issue Age (Term) | Notes |
|---|---|---|---|
| Banner Life | Best Overall for Seniors | 75-80 (varies by term) | Strong balance of price and coverage flexibility |
| Pacific Life | Best Customer Experience | 75-80 | Competitive rates, strong conversion options |
| Penn Mutual | Cheapest Rates (Ages 65-70) | 70 | Hard cutoff at 70 — not for older applicants |
| Protective Life | Best Price-Value Overall | 65-70 (varies) | Frequently the most affordable for healthy 60s applicants |
| Transamerica | Best for Ages 75-80 | 80-85 | Wider eligibility window than most competitors |
| John Hancock | Best for High Coverage Amounts | 75-80 | A+ rated, established since 1862 |
| Mutual of Omaha | Best for Final Expense / Burial Coverage | 85 (final expense) | Fast claims, small face amounts available |
| AARP/New York Life | Best for Guaranteed Acceptance | Whole life to 80-85 | No medical exam; term availability limited |
*Max issue ages and eligibility rules vary by state and health class — always confirm directly with the carrier before applying.
What Changes About Term Life Insurance After 60
A few things shift once you’re shopping for term coverage as a senior, and they explain why the «best» company list looks different than it does for a 30-year-old buyer:
- Term lengths shrink. Seniors in their 60s can often still get 15- or 20-year terms, but by your early-to-mid 70s, most insurers will only offer 10-year terms — some will only sell 1-year renewable term at that point.
- Underwriting gets stricter. Fewer carriers offer true no-exam term at older ages, and the ones that do usually cap coverage at a lower face amount than they would for a younger applicant.
- Price gaps between insurers widen. The difference between the cheapest and most expensive quote for the exact same coverage can be several times larger at 65+ than it is at 35, which makes shopping around more valuable, not less.
- Conversion options matter more. If you bought term coverage years ago, look at whether your policy can convert to permanent coverage without new medical underwriting — this can be a lifesaver if your health has changed.
Banner Life — Best Overall for Seniors
Banner Life is frequently named a top overall pick for senior term life shoppers thanks to a consistent balance of competitive pricing and reasonable underwriting standards across the 60-75 age range. It doesn’t always have the single cheapest quote, but it tends to be near the top for both price and issue-age flexibility at once, which is why it’s a strong default starting point.
Pros:
- Competitive pricing across a wide senior age range
- Reasonable underwriting for well-managed health conditions
- Solid financial strength ratings
Cons:
- Not the single cheapest option for every age and health profile
- Term availability narrows after age 75 like most competitors
Best for: Seniors in their 60s to mid-70s who want a strong all-around option without shopping five separate quotes.
Pacific Life — Best Customer Experience
Pacific Life regularly scores well for customer service and offers some of the more competitive term rates for seniors in good health, alongside strong options for converting term coverage to a permanent policy later without new medical underwriting. For a 65-year-old in good health, Pacific Life is often among the more affordable choices for a 10-year term policy compared with other well-known national carriers.
Pros:
- Strong customer service ratings
- Competitive term pricing for healthy seniors
- Flexible conversion options to permanent coverage
Cons:
- Full underwriting (not just a questionnaire) required for the best rates
- Online quote tools are more limited than fully digital insurers
Best for: Seniors who want a well-regarded insurer with room to convert to permanent coverage down the line.
Penn Mutual — Cheapest Rates for Ages 65-70
Penn Mutual is consistently one of the least expensive options for term coverage between ages 65 and 70, particularly for women in good health. The tradeoff is a hard age cutoff at 70 for new applications, which rules it out immediately for anyone shopping past that age.
Pros:
- Some of the lowest term premiums in the 65-70 age bracket
- Strong option for healthy applicants close to retirement age
Cons:
- Hard cutoff at age 70 — not an option for older applicants
- Narrower product lineup than larger multi-line insurers
Best for: Healthy applicants between 65 and 70 who want the lowest possible premium and don’t need coverage past that age cutoff.
Protective Life — Best Price-Value Overall
Protective is frequently ranked as one of the most affordable term life options for seniors just past 60, scoring well on price-to-coverage value across multiple independent comparisons. It’s a strong first quote to get before comparing anything else on this list.
Pros:
- Frequently among the most affordable options for healthy seniors in their 60s
- Strong overall price-to-value ranking in independent studies
- Solid financial strength ratings
Cons:
- Term availability for the oldest applicants is more limited than specialists like Transamerica
- Full medical underwriting typically required for the best rates
Best for: Seniors in their early-to-mid 60s who want to start with the most competitively priced quote.
Transamerica — Best for Ages 75-80
Transamerica stands out for accepting term and other life insurance applications up to age 80-85 across several of its products — a noticeably wider window than most competitors, who typically cut off term applications around 75. It also builds living-benefit riders into many policies, which can pay out early if the policyholder is diagnosed with a qualifying chronic or critical illness.
Pros:
- Wider maximum issue age than most term life competitors
- Living benefit riders included on many policies
- Broad range of coverage amounts, including smaller final-expense-style policies
Cons:
- Pricing for the oldest eligible applicants is still significantly higher than younger senior tiers
- Not always the cheapest option for younger seniors in their 60s
Best for: Applicants age 75 and older who are running out of term options elsewhere.
John Hancock — Best for High Coverage Amounts
John Hancock, in continuous operation since 1862, holds a strong A+ financial strength rating and offers some of the higher maximum coverage amounts available to senior applicants, alongside term, whole, and final expense products. It’s a solid choice for seniors who need a larger death benefit rather than a small final-expense policy.
Pros:
- Strong A+ financial strength rating
- High maximum coverage amounts available to older applicants
- Long operating history and established claims-paying record
Cons:
- Pricing is not typically the cheapest for smaller coverage amounts
- Full underwriting required for larger face amounts
Best for: Seniors who need a substantial death benefit (not just final expense coverage) and want an established, highly rated carrier.
Mutual of Omaha — Best for Final Expense / Burial Coverage
Mutual of Omaha is a go-to option for seniors specifically shopping for final expense or burial insurance rather than large term policies — coverage amounts can start as low as a few thousand dollars, and claims are often processed quickly once a beneficiary files. It’s less competitive if you need a large term policy, but it’s hard to beat for small, guaranteed coverage aimed purely at covering funeral and end-of-life costs.
Pros:
- Strong fit for small final-expense policies
- Fast claims payout reputation
- Wide range of coverage amounts, including very small policies
Cons:
- Not designed for large term coverage needs
- Simplified-issue products carry a higher cost per dollar of coverage than fully underwritten term
Best for: Seniors who specifically want to cover funeral and final expenses rather than replace income or pay off a large debt.
AARP/New York Life — Best for Guaranteed Acceptance
Distributed through AARP for members 50 and older, this New York Life-backed program is built around simplified and guaranteed-acceptance permanent life insurance rather than traditional term, making it one of the more accessible options for seniors who don’t qualify for fully underwritten term coverage due to health history. Term availability is limited, so most AARP/New York Life shoppers end up comparing its whole life products instead.
Pros:
- No medical exam required for guaranteed-acceptance products
- Backed by New York Life’s financial strength
- Accessible to AARP members regardless of most health conditions
Cons:
- Traditional term life options are limited compared with the rest of this list
- Guaranteed-acceptance policies cost more per dollar of coverage than medically underwritten term
Best for: Seniors who’ve been declined elsewhere or want guaranteed acceptance without medical questions.
How We Chose These Companies {#how-we-chose}
InsureAtlas’s rankings for this list are based on publicly available information: each carrier’s disclosed maximum issue ages and term lengths, third-party financial-strength ratings (AM Best), and published consumer research on senior-specific pricing and customer satisfaction. No insurer can pay to appear higher on this list, and our rankings are not based on affiliate commission rates. Because senior life insurance pricing depends heavily on individual health class, and underwriting rules can change, we recommend getting a personalized quote directly from at least two or three carriers before deciding.
How to Choose Term Life Insurance as a Senior
Get quotes before you assume you don’t qualify. Many seniors overestimate how expensive or hard to get term coverage will be at 65 or 70. Get at least two or three real quotes before ruling it out.
Match the term length to your actual need. If you’re covering a specific debt or a spouse’s income gap for a defined period, a 10- or 15-year term is usually far cheaper than permanent coverage for the same purpose.
Ask about conversion options up front. If there’s a chance your health could decline before the term ends, a policy that lets you convert to permanent coverage without new underwriting is worth paying slightly more for.
Consider your health class carefully. Seniors managing conditions like controlled high blood pressure or type 2 diabetes can often still qualify for standard or even preferred rates with the right carrier — health class matters more than age alone in many cases.
Don’t default to guaranteed-issue unless you have to. Guaranteed-issue and final expense policies skip health questions but cost significantly more per dollar of coverage. They’re the right tool only if you’ve been declined by fully or simplified-underwritten carriers.
Frequently Asked Questions
Can seniors over 70 still get term life insurance? Yes, though options narrow. Most insurers cap new term applications somewhere between 75 and 80, with a smaller group of carriers — including Transamerica — accepting applications up to 80 or 85 depending on the product.
Why is term life insurance so much more expensive for seniors? Premiums are priced on mortality risk, which rises with age. Because the insurer is statistically more likely to pay a claim sooner on an older applicant, the same coverage amount costs significantly more per month than it would for a younger, healthier applicant.
What’s the difference between term life and final expense insurance for seniors? Term life typically offers larger coverage amounts for a fixed period, aimed at replacing income or covering a specific debt. Final expense (or burial) insurance offers smaller, permanent coverage amounts specifically intended to cover funeral costs and end-of-life expenses, usually with simplified or guaranteed underwriting.
Do I need a medical exam to get term life insurance as a senior? It depends on your age and the coverage amount. Some carriers offer simplified-issue term with no exam for smaller face amounts, but larger policies typically require full underwriting, including a paramedical exam, once you’re in your late 60s or beyond.
Is it worth converting an old term policy instead of buying new coverage? It can be, especially if your health has declined since you bought the original policy. Converting avoids new medical underwriting, but the resulting premium is usually based on your current age, so compare the converted cost against a fresh quote before deciding.
Bottom Line
Protective Life and Penn Mutual are strong starting points for healthy applicants in their early-to-mid 60s, while Transamerica and John Hancock open up more options for applicants in their late 70s and 80s. If you’re specifically looking to cover funeral costs rather than replace income, Mutual of Omaha or a guaranteed-acceptance product through AARP/New York Life is likely a better fit than traditional term. Get quotes from at least two or three insurers on this list — the price difference for identical coverage can be substantial once you’re past 65.
This article is for general informational purposes only and does not constitute financial, legal, or insurance advice. Coverage availability, rates, and underwriting requirements vary by state, age, and health class, and are subject to change. Always confirm current policy details directly with the insurance company or a licensed agent before purchasing.