Skip to main content
  • Find a dentist
  • Find a vision provider
  • Find a financial professional
  • Forms and claims
  • Contact us
Guardian Life Logo
login
Guardian Life Logo
      • Life insurance
      • Disability insurance
      • Dental insurance
      • Vision insurance
      • Accident insurance
      • Critical illness insurance
      • Hospital indemnity insurance
      • Group benefits
      • Absence management
      • Paid family & medical leave
      • Benefits technology
      • Enrollment
      • Mental wellness
    • Retirement
    • Annuities
    • Investment accounts
    • Find a financial professional
      • Learning Center
      • Forms and claims
      • Find a dentist
      • Find a vision provider
      • Find a financial professional
      • Retirement calculator
      • Life insurance quote
      • Disability insurance quote
      • Dental insurance quote
      • Vision insurance quote
      • Accident insurance quote
      • Research and insights
      • Reports
      • Webinars
      • Join as a broker
      • Find a sales office
    • About Guardian
    • Careers
    • Newsroom
    • Contact us
    • Social responsibility
    • Our diverse and inclusive culture
    • an individual or family
    • an employer
    • a broker
    • a dental provider
    • a financial professional
userLog in

Got a minute?

Get a quote

Select one

Need help? Call us:

(888) 482-7342

Life insurance for seniors

Think you’re too old to find coverage? You may have more options than you think.
Guardian Life Insurance of America
Written by

Reviewed by

Life Insurance for Seniors, Senior Life Insurance

Life insurance for seniors can be a valuable investment but may require different considerations than life insurance for people of other ages. When you're younger, you're typically concerned with replacing your income to preserve the financial well-being of children or a partner left behind. Later in life, you may be more focused on covering end-of-life expenses. The types and amount of life insurance coverage available when you're over 50 may also differ. For example, you may not qualify for the same kind of life insurance plan you once did, and the price will very likely be higher. Here’s what you need to know to make smart decisions when buying life insurance over 50:

  • The main types of life insurance coverage available

  • Considerations when choosing a policy

  • Specific kinds of riders to look for

The main types of life insurance

Term life insurance

A term life insurance policy provides coverage for a limited period of time, for example, 10, 20, or even 30 years, but when it expires, your protection ends, and there's no value to the policy. Term life is typically more budget-friendly than permanent whole life insurance that builds cash value, but the price difference can narrow somewhat as you age. Policies for seniors typically have a shorter term length — 10 or 20 years at most. A longer term is hard to find and would start to become prohibitively expensive. But it’s fairly easy for a healthy person in their 50s or even 60s to find coverage — the price will just be higher than it would have been in their 30s or 40s. Those in their 70s may find their options limited to 10-year term policies, and after age 80, it can be hard to get a traditional term policy, but final expense policies with lower coverage amounts are readily available.

Get an instant Term Life quote

Go Now

Whole Life

Whole life insurance is a type of permanent insurance that is designed to last for your entire life, as long as you stay up-to-date with premium payments.1 This type of policy also has a tax-efficient cash value component, which can help accumulate assets over time.2,3 You can tap into this cash value while you are still alive, for example, by borrowing against it to help supplement your retirement income.4 Whole life insurance typically costs much more than term life insurance with the same coverage amount, but because coverage is permanent and builds cash value, a whole life policy can be used in ways that term life can't. For example, many people will buy a permanent whole life policy to help with estate planning, or to fund a special needs trust after they are gone. A term life policy shouldn't be used for these kinds of purposes for the simple reason that you could pass away after the term ends – and there would be no payout.

Burial insurance

Another type of insurance, called burial insurance or final expense insurance, is specifically designed to pay for end-of-life expenses such as a funeral, cremation, or burial. Burial insurance is usually guaranteed issue life insurance — there is no medical exam required — and monthly premiums are typically cost-effective. However, coverage amounts can be significantly smaller than the typical whole or term life policy – $10,000 or $20,000 at most, and often less — so the actual cost per $1,000 of coverage is typically much higher with burial insurance than other types of policies. These policies also work somewhat differently: like a whole life policy, coverage stays in force as long as you’re current on your payments. However, there is no cash value, only a death benefit paid to your beneficiary.

Simplified and guaranteed issue life insurance

Most life insurance policies require a medical exam as part of the application process. Simplified issue and guaranteed issue policies don’t require a medical exam. These policies are primarily designed for older applicants or those with serious health problems who may not qualify for policies that require a medical exam.

Some term policies and most final expense policies are either simplified issue or guaranteed issue. These policies typically offer lower levels of coverage compared to other types, and premiums tend to be higher because the insurance company has to assume that there’s a high risk to providing coverage.

Things to consider when choosing a policy

Start by thinking about why you want or need to have coverage. Do you want to leave loved ones a significant lump sum to help provide for their ongoing needs? A smaller amount to help ensure personal debts are taken care of? Are you looking to use life insurance to help with estate planning? Are you still working and looking to build assets with cash value? Or do you have another reason, perhaps relating to your business? Whole life policies can also be used to support business planning needs because they can help ensure there are funds to cover issues such as stock redemptions, business loans, and mortgages, supplemental retirement plan funding, or key person indemnification, which can involve compensating for losses or damages incurred by a key individual in the business.

The answer will help you determine what type of policy and how much life insurance coverage you should consider. Then you have to determine what will fit within your budget. Here are a few things to keep in mind.

  • Age: As you age, the cost of insurance rises, because there is a higher risk that the insurance company will have to pay a death benefit, and they increase premiums to compensate. This will affect the policy price and the coverage level available to you.

  • Health: Your health will also have a direct effect on the cost of policies you can choose from. Younger people tend to be healthier than older people and less of a risk to the insurer, so again, older people pay more and may not qualify for certain coverage. Some policies, like those for final expenses, are "guaranteed acceptance" – meaning that your application will be approved regardless of health. But, these policies generally cost more for a given level of coverage and have more limitations compared to a "medically underwritten" policy where the insurer assesses your health via health questions and medical exams.

  • Policy length: Term life insurance, which provides temporary coverage, typically costs less than a permanent policy. And shorter-term policies are typically less expensive than longer-term life insurance policies. But remember, for estate planning purposes, you probably need to have a permanent life policy.

  • Policy cost: Typically, all life insurance policies are much more expensive for seniors than for those age 40 and under. And, typically, permanent life insurance (whole life or universal life insurance policies) cost much more than term life policies. The following cost comparisons will give you a better idea of the relative annual costs for equivalent coverage amounts.5 Of course, you can expect these costs to increase significantly as you reach your 60s and 70s:

Person covered

Whole life

20-year term life

Male, age 30

$4,188

$221

Female, age 30

$3,722

$187

Male, age 40

$6,383

$334

Female, age 40

$5,560

$282

Male, age 50

$10,313

$819

Female, age 50

$8,775

$642

Source: Term Life vs. Whole Life Insurance, Nerdwallet, 2025

Generally speaking, a term life insurance policy may make sense if you need a significant amount of coverage for a limited amount of time. Assuming you are still young and healthy enough, it could be one of the most cost effective ways to help provide for children until they are financially independent or to pay off the mortgage for a surviving spouse.

Whole life insurance, while costlier, can be a better fit for seniors who need the benefits and features of a permanent policy, including cash value growth and lifetime coverage. If you need coverage to help assure business continuity or to help with estate planning, consider exploring this option first.

Burial or final expense insurance isn’t really suited for any of those purposes. But it can help take care of funeral costs and even help pay off small amounts of debt, helping to ensure your family isn’t burdened with those expenses. And if you’re in your 70s or older – or in poor health – this may be one of the only types of coverage that makes economic sense.

Whole life vs. term life at a glance

Policy feature

Term life insurance

Whole life insurance

Initial premium

Typically lower than whole insurance

Typically higher than term insurance

Premium over time

May remain the same or increase over time

Guaranteed to remain the same

Permanent coverage

No

Yes

Length of coverage

Typically, 10-30 years. If you buy through work, coverage can be up to a termination age

Lifetime coverage (as long as premium payments are made)

Health exam required

In most cases, but depends on the amount taken out

Yes

Cash value

No

Yes – accumulates over time

Eligible for company dividends

No

Yes – depending on the company

Ability to withdraw cash value during the life of the policy

No cash value

Yes – withdrawals and loans are allowed (but if unrepaid, this will diminish the death benefit)

Guaranteed death benefit

Yes

Yes

Used for estate planning

Not typically

Yes

Accelerated death benefit

Yes

Yes

Tailoring your coverage with life insurance riders

If you get a traditional term or whole life policy, be sure to take a look at any available riders.6 These are optional coverage provisions that can add a lot of value to a policy, typically for minimal added cost. While each life insurance company may give them slightly different names, the following types of riders can be particularly helpful as you age:

  • Conversion rider: This provision, which is commonly offered on term life policies, lets you convert your coverage to a whole life policy without the need for a medical exam. If your health takes a turn for the worse, this could be a valuable option for extending life insurance protection past your current coverage term.

  • Waiver of premium: This rider allows you to stop paying premiums in the event of a covered disability while still keeping your policy in place.7

  • Critical or chronic illness rider: This is what’s known as a “living benefit” rider because it can provide a payout while you’re still alive: If you’re diagnosed with a critical or terminal illness and you meet other requirements, this optional provision can give you early access to a portion of the death benefit to help pay for care.

Benefits of life insurance for seniors

While life insurance for seniors can be costly, coverage offers some key benefits that can make it a worthwhile investment, even at an advanced age. Life insurance can:

  • Supplement retirement income: Whole and universal life insurance accumulate cash values which can be withdrawn or borrowed against to supplement your retirement savings.

  • Protect loved ones: A life insurance policy can help your loved ones cover funeral costs, final expenses, outstanding debts, and medical bills.

  • Enhance estate planning: The death benefit can be used to pay estate taxes, which will reduce financial complications for your heirs.

How to get life insurance as a senior

  1. Decide what kind of coverage you need: Think about why you might need life insurance, which type of policy can best meet your needs, and how much life insurance you should get. Need help deciding? Consider speaking with a financial professional.

  2. Shop for policies: Consider looking at a few providers to find the one that can offer the specific coverage you need at a price you can afford. Compare details, terms, and costs for each quote. As a senior, it's important to understand that even some of the best life insurance companies have different underwriting requirements, and your medical history may be fine for some and problematic for others.

  3. Customize your coverage with riders: Be sure to ask about these optional provisions from life insurance companies which can enhance your protection and add benefits that you can access while you're living.

  4. Read the fine print: As you apply for coverage, be sure to go over all the terms of the policy with your financial professional and ask them to highlight key features and restrictions of the policy you’re considering.

  5. Consider automating your payments: Many working aged people obtain coverage through work, with premiums conveniently deducted from their pay. But if you’re getting coverage as an individual, you have to remember to keep premiums up-to-date to avoid losing your coverage, so ask about ways to automate your payments.

Guardian can help

Now that you know more about your options, you may actually have more questions, such as whether term or permanent life insurance may be best for your needs or if a more specialized type of policy, like universal life insurance, could be a good fit. Consider talking with an experienced professional who will take the time to learn about your unique situation, listen to your coverage concerns, and explain the different senior life insurance policy options that can fit your needs and your budget. If you don’t know a financial professional, ask your friends for a recommendation – or contact Guardian to find a local financial professional who can help. You may also want to take a minute to review Guardian’s report Prepared and Protected: How Life Insurance Supports Financial Wellness for Those You Love.

Need some help?

Find a financial professional near you who can help

1 All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims-paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

2 Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

3 Some whole life polices do not have cash values in the first two years of the policy and don't pay a dividend until the policy's third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

4 Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

5 Term Life vs. Whole Life Insurance: Key Differences and How To Choose - NerdWallet

6 Riders may incur an additional cost or premium. Riders may not be available in all states.

7 The Disability Income and Waiver of Policy Premium Benefit Rider (form ICC21 DIR, DIR (12-2021), or state equivalent) is underwritten and issued by The Guardian Life Insurance Company of America (Guardian®), New York, NY. There will be an additional cost or premium associated with this Rider. Provisions, features, and availability may vary by state. Exclusions and limitations may apply.

8 https://money.usnews.com/money/retirement/aging/articles/how-to-calculate-your-life-expectancy

9 Guardian Term Life Insurance Calculator, accessed September 2024

Guardian Life Logo

Customer service

  • Contact Us
  • 1-888-Guardian (1-888-482-7342)
  • Submit a Claim

Resources

  • Forms & Claims
  • Find a dental or vision provider
  • Find a financial professional
  • Careers

Industry Professionals

  • Find a Guardian benefits sales office
  • New case implementation tracker
  • Living Balance Sheet
  • instagram squareopens in a new window
  • twitter squareopens in a new window
  • facebook squareopens in a new window
  • linkedinopens in a new window
  • youtube squareopens in a new window

Legal Information

  • Terms & conditions
  • Privacy policy
  • Disclosures
  • Individual products benefit disclosures
  • Cybersecurity
  • Accessibility
  • Language assistance
  • Telehealth
  • NY Reg. 200
  • Confidentiality for domestic violence victims
  • SEC Rule 606
  • Amendments to broker agreement
  • State disaster updates
  • MDG TX notice to providers
  • TX consumer information
  • Artificial intelligence statement
  • Agreement to conduct business electronically
  • Report suspected fraud
  • Do not sell or share my personal information

Guardian® is a registered trademark of The Guardian Life Insurance Company of America, New York, NY.

Copyright© 2025 The Guardian Life Insurance Company of America. All rights reserved.

Frequently asked questions about life insurance for seniors

No two people are alike; the answer depends on your reasons for getting coverage, budget, and other factors. For example, a term policy may be a better senior life insurance option for those who still have dependents to provide for and need a budget-friendly protection option – even if it has an end date. Those with more complex needs, such as having to provide for a special needs dependent or assuring operational continuity for their business, may find a whole life policy to be a better fit. For others — especially older seniors — final expense life insurance may be the only viable option

Not everyone needs it, but as people live longer and have more to look forward to in life, there are more reasons to get life insurance. For example, the average male who reaches age 70 can now expect to live an average of 15.4 more years8 — and many will live into their 90s and beyond. Life insurance can help a 70-year-old care for financial dependents, streamline estate planning, help ensure the continuation of the business they've built, or even ensure that final expenses are covered.

There is no single answer as the cost of life insurance depends on several factors including one’s age, gender, and health status, and the type of coverage (term life insurance, whole life insurance, universal life insurance etc.). For example, at age 30, a healthy female non-smoker can get a $1,000,000 20-year term life insurance policy for $48 per month.9 However, by age 50 the cost increases to $167 per month.9

Life insurance can be an effective way to leave an inheritance, as it provides an income tax-free death benefit to beneficiaries, bypasses probate for quicker payouts and can be structured to avoid estate taxes when placed in an irrevocable trust. However, it requires careful planning, as policy ownership and trust setup impact tax efficiency and control over the funds.