Senior couple couple walking in front of their home
Term life insurance policies can provide seniors cost-effective and valuable financial protection. 

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Life insurance provides a financial safety net for millions of American adults by providing a lump sum of money to designated beneficiaries following the policyholder’s death. Depending on the insurance type, some policies will let the insured access a cash portion of the account while alive

While the advantages of having a life insurance policy are significant, you’ll still need to do your research to find the best deal. A cost-effective and valuable life insurance policy is generally easy to secure if you know what you’re looking for.

For seniors and older adults, many of whom may be making ends meet with retirement savings and Social Security, it’s vital to understand the costs and benefits of life insurance. Despite conventional wisdom, life insurance for seniors can be worthwhile. It just needs to be secured for the right amount and for the right cost. 

The cost of a life insurance policy for seniors is largely tied to the type that’s applied for. If you’re in the market for life insurance then start by getting a free price quote now.

What is the cheapest type of life insurance for seniors?

Not all seniors can expect to pay the same rate for life insurance. There is one type, however, that’s generally cheaper than others.

Term life insurance

This type of life insurance is generally the cheapest option for applicants of all ages and seniors are no different. Because term life insurance only lasts for a specific time frame (think anywhere between five and 30 years), it’s not as expensive to maintain for the provider. That savings will be passed back to the policyholder in the form of lower premiums to pay each month.

This type of policy also won’t offer a cash reserve to utilize and you won’t get your money back if you outlive the term you choose (unless you have a specific rider). Due to these factors, seniors can generally expect to pay the least for term life insurance policies. Seniors interested in a term life insurance policy can get a free price estimate online now.

How seniors can get cheap life insurance

There are other ways seniors can keep their life insurance costs low, besides just choosing a term policy. Seniors can also:

Apply early. The younger you are the less you’ll pay for a policy. So if you’re 65 years old don’t wait until you’re 70. And if you’re 70, don’t wait until you’re 71 or older. Each additional year will raise costs and jeopardize the coverage options you need and want.

Take a medical exam. No-exam life insurance is an attractive alternative for seniors concerned about the potential negative results of a medical exam. But because there’s no medical verification, this type of insurance is generally more expensive. So if you’re healthy and willing to complete a medical exam it makes sense to do so. It can help keep costs low.

Shop around. Just like you shop around for a car or a home, you should also shop around for life insurance. Many financial advisors recommend getting a price quote from at least three providers before signing on the dotted line. Fortunately, it’s easy to do this research from the comfort of your own home. You can get a free price quote from Haven Life online now or simply use the table below to start comparing your options.

The bottom line

Life insurance provides financial security for millions of adults – including those who have retired or are older. Seniors looking for cheap life insurance should consider turning to term policies. They may not last as long as whole policies and they won’t provide cash but they can still provide cost-effective and valuable protection for both policyholders and their loved ones.


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