Life after 70 should feel like a reward, not another source of stress. But for many seniors, the thought of leaving loved ones with financial burdens is unsettling. That’s where term life insurance for seniors becomes essential. It provides peace of mind by covering final expenses, debts, or simply leaving a legacy for the family.
When someone searches for term life insurance for seniors over 70, it’s not just about finding a policy. It’s about finding an option that fits tight budgets, changing health needs, and sometimes even age restrictions from insurers.
This article breaks down the 7 best term life insurance for seniors in 2025 while also answering common questions like affordability, coverage for ages over 60 to over 85, and no-medical-exam options.
What Is Term Life Insurance for Seniors?
Term life insurance is a policy that covers you for a set number of years — often 10, 15, or 20. Unlike whole life insurance, it doesn’t last forever, but it’s usually more affordable. For seniors, this means you can secure coverage to handle debts, funeral costs, or family support without draining retirement savings.
Key takeaway: Term life insurance is often the cheapest life insurance for seniors compared to whole life, especially if you want coverage without locking into high lifelong premiums.
Why Term Life Insurance Over 70 Is Different
Finding term life insurance for seniors over 70 in 2025 comes with unique challenges:
Higher premiums: Age increases cost, so many seniors search for affordable term life insurance or the cheapest term life insurance for seniors over 70.
Limited terms: Most insurers won’t offer 30-year terms past age 70. Expect 10–15 years at most.
Medical exams: Traditional plans often require one, but many look for term life insurance for seniors without a medical exam.
Age restrictions: Some companies cap eligibility at 75 or 80, but there are still providers covering even seniors over 85.
7 Best Term Life Insurance for Seniors Over 70 in 2025
Here’s a list of insurance companies known for policies tailored to seniors. Each option balances affordability, coverage flexibility, and ease of approval.
1. AARP Term Life Insurance for Seniors
AARP, backed by New York Life, offers no-medical-exam options with easy approval for members. It’s a popular choice for those who want guaranteed term life insurance for seniors.
Coverage: $10,000–$100,000
Ages: Up to 80
2. Mutual of Omaha
Known for flexible options, including long-term life insurance for seniors, Mutual of Omaha provides policies up to age 80.
Coverage: Up to $250,000
Medical exam required for higher amounts
3. Transamerica
Transamerica offers affordable term plans, making it a strong pick for cheap term life insurance for seniors.
Coverage: $25,000–$100,000
Terms up to 15 years available after 70
4. Prudential
Prudential stands out for flexibility in terms and coverage amounts. It’s ideal for seniors looking for affordable term life insurance for seniors over 60 with medical exam options.
5. Globe Life
Globe Life offers simplified underwriting, which makes it easy to qualify for term life insurance for seniors no medical exam.
Coverage: Up to $100,000
Quick approval process
6. Banner Life
Banner Life has competitive rates, even for term life insurance for seniors over 65. They offer flexible payment schedules, which help retirees manage fixed incomes.
7. Canadian Seniors Options
If you’re searching for term life insurance for seniors in Canada, providers like Sun Life and Canada Protection Plan offer simplified issue coverage for seniors well into their 80s.
Comparing Term vs. Whole Life Insurance for Seniors
Many seniors ask: Should I get term or whole life insurance?
Term life insurance for seniors is cheaper and best for covering specific needs like debts or funeral costs.
Whole life insurance lasts a lifetime, but is much more expensive.
If budget is a concern, term life insurance for seniors over 70 is usually the smarter option.
Cheapest Term Life Insurance for Seniors
If you’re searching for the cheapest term life insurance for seniors, here’s what affects cost:
Age (over 70 premiums are higher than over 60)
Health status (smoking, diabetes, heart issues)
Term length (shorter terms = cheaper rates)
Coverage amount (smaller policies are more affordable)
Pro tip: Always compare multiple quotes. Online calculators and brokers can help seniors find the cheapest term life insurance for seniors over 70 in minutes.
Special Cases: Seniors Over 75, 80, and 85
Term life insurance for seniors over 75: Limited but available, often with reduced coverage.
Term life insurance for seniors over 80: Few options exist, but guaranteed acceptance plans fill the gap.
Term life insurance for seniors over 85: Mostly guaranteed issue or final expense coverage, with smaller face amounts but no medical exams.
No-Medical-Exam Term Life Insurance for Seniors
Many seniors don’t want the stress of medical exams. That’s why insurers now offer term life insurance for seniors without a medical exam or simplified issue policies. While coverage is smaller, approval is fast and nearly guaranteed.
Comparison Table: Best Term Life Insurance for Seniors Over 70 in 2025
| Company | Coverage Amounts | Max Issue Age | Term Lengths | Medical Exam Required | Best For |
|---|---|---|---|---|---|
| AARP (New York Life) | $10,000 – $100,000 | 80 | Up to 15 years | No | Guaranteed acceptance, no medical exam |
| Mutual of Omaha | Up to $250,000 | 80 | 10 – 20 years | Sometimes (for higher amounts) | Flexible long-term coverage |
| Transamerica | $25,000 – $100,000 | 80 | 10 – 15 years | Often yes | Affordable coverage after 70 |
| Prudential | $25,000 – $250,000+ | 75 | 10 – 15 years | Yes | Larger policies for healthier seniors |
| Globe Life | $5,000 – $100,000 | 80 | 10 – 15 years | No | Quick approval, no medical exam |
| Banner Life | $50,000 – $250,000+ | 75 | 10 – 20 years | Yes | Competitive rates for seniors 65+ |
| Canada Protection Plan (Canada) | $10,000 – $100,000 | 80+ (varies) | 10 – 15 years | No | Seniors in Canada, simplified issue policies |
FAQs
Q: What is the best term life insurance for seniors over 70?
A: The best options in 2025 include AARP, Mutual of Omaha, and Globe Life, as they balance affordability, no-medical-exam choices, and flexible terms.
Q: Can seniors over 80 get term life insurance?
A: Yes, though options are limited. Guaranteed acceptance or smaller face-value policies are most common.
Q: What’s the difference between term and whole life insurance for seniors?
A: Term is temporary and cheaper, while whole life lasts forever but costs significantly more.
Q: Is there term life insurance for seniors without a medical exam?
A: Yes, companies like Globe Life and AARP offer no-medical-exam term policies.
Final Thoughts
Choosing the best term life insurance for seniors over 70 in 2025 doesn’t need to feel overwhelming. The key is to compare quotes, decide if you need a medical exam option, and match coverage to your financial goals. Whether you’re 60, 70, or even 85, there’s still a plan that can bring peace of mind and financial security to your family.