Life insurance for seniors shouldn’t always cost an arm and leg if you can get cheap coverage.
Life insurance is an essential financial product for seniors to consider. As we age, life insurance can provide peace of mind by covering final expenses or leaving an inheritance for loved ones.
However, life insurance can be expensive, especially for seniors on a fixed income.
The good news is that many affordable life insurance options are available to seniors.
With some research, you can find policies that provide good coverage for a fraction of what many standard policies cost.
This article will highlight the 15 best cheap life insurance options for seniors in 2024.
We’ll explain what makes these policies affordable, what coverage they provide, and any other vital factors to help you determine if they may be a good fit for your needs and budget.
What Makes Life Insurance Affordable for Seniors
There are a few key factors that allow some life insurance policies to offer lower premiums for seniors:
- Simplified underwriting: Policies with simplified underwriting base approval on just a few health questions rather than a full medical exam. This saves costs and makes it easier for seniors to qualify.
- Lower coverage amounts: Typically under $25,000 in death benefit. Lower coverage equals lower premiums.
- Graded death benefits: Rather than the full death benefit, these policies pay out a portion of the death benefit if you pass within the first two years. This reduces risk to the insurer.
- Level premiums: Premiums that don’t increase with age can lock in affordability as you age.
- Term lengths: Shorter terms like 10 or 15 years mean lower premiums than lifelong policies.
Considering these factors will help you know what to look for as we explore the cheapest life insurance options for seniors next.
15 Best Cheap Life Insurance Companies for Seniors
The following are the best cheap life insurance companies available for seniors:
1. Ethos Life
With Ethos Life, you can quickly get an affordable term life insurance quote online in just minutes without any medical exams.
Pros:
- Premiums as low as $8/month
- 10, 15, 20, and 30-year term lengths
- Coverage up to $2 million
- Online application with instant decision
Cons:
- Only available for ages 50-75
- Health questions determine eligibility
Overall, Ethos provides a cheap and convenient way for seniors to apply for term life insurance online.
2. Bestow
Bestow offers simple, no-medical exam life insurance that you can buy online. They have two main policy options:
- Term Life – 10, 15, 20, and 30-year terms with premiums starting at $8/month. Up to $1.5 million in coverage.
- Decreasing Term – Covers ages 50-85. Death benefit decreases over time while premiums remain the same.
Pros:
- No health exams or blood work
- Quick application process
- Rates locked in for life
Cons:
- Only available for up to age 85
- Limited underwriting means higher premiums if health conditions are disclosed
With its easy online application and competitive pricing, Bestow is great for seniors looking for digital, no-exam life insurance.
3. Guaranteed Life
Guaranteed Life specializes in guaranteed issue life insurance, meaning approval is guaranteed with no health questions or medical exam required.
They offer both permanent and term coverage. Their options include:
- Guaranteed Issue Whole Life – Up to $25,000 coverage
- Guaranteed Issue Graded Death Term – Up to $50,000 coverage
Pros:
- Guaranteed approval for seniors
- No medical exam needed
- Permanent and term options
Cons:
- Low coverage amounts
- More expensive than underwritten policies
If you have health conditions that may make it hard to qualify for underwritten life insurance, Guaranteed Life is a good option with guaranteed approval.
4. AIG Direct
AIG Direct offers affordable term life insurance online. Their options include:
- 10, 15, 20, and 30-year term lengths
- Face amounts up to $500,000
- Rates start at $10/month
Pros:
- Easy to get quotes and apply online
- No medical exam for up to $249,999 in coverage
- Rates locked in for term length
Cons:
- Only available for ages 50-80
- Coverage limited to $500,000
AIG Direct makes applying for term life insurance online for seniors on a budget simple and affordable.
5. State Farm
State Farm offers several permanent and term life insurance options with simplified underwriting for seniors.
Pros:
- No medical exam for coverage up to $100,000 if under age 65
- Whole life and term lengths up to 30 years
- Good for existing State Farm customers
Cons:
- Mixed reviews for price competitiveness
- Underwriting can be more intensive above $100k in coverage
Existing State Farm customers may find loyalty advantages and convenience applying through their agent. But shop around to ensure competitive pricing.
6. Kansas City Life
Kansas City Life Insurance Company offers affordable permanent and term life insurance products including:
- Graded Benefit Whole Life
- Simplified Issue Whole Life
- 10, 15, 20, and 30-year level term policies
Pros:
- Low-premium permanent options
- No medical exams for some simplified issue policies
- Strong financial strength ratings
Cons:
- Limited to those in good health
- Highest rates compared to some peers
Kansas City Life is worth considering if you prefer permanent coverage with a highly-rated insurer. Compare rates to competitors.
7. Pacific Life
Pacific Life offers term, universal, and whole life insurance options with streamlined underwriting focusing on health, prescription history, and MIB report review.
Pros:
- Simplified underwriting for up to $500k coverage
- Permanent coverage options
- Products available into your 90s
Cons:
- Mixed reviews on price
- Mostly available regionally rather than nationwide
If you live in an eligible state, Pacific Life could be ideal for avoiding exams while purchasing permanent or term coverage into advanced age.
8. Mutual of Omaha
Mutual of Omaha provides term, whole, and universal life insurance with face amounts up to $2 million for seniors.
Pros:
- Simplified underwriting available
- Rates locked in for 10, 15, 20, or 30-year terms
- Convert term policy to permanent coverage
Cons:
- Mixed reviews on price
- Full underwriting is required for preferred rates
Mutual of Omaha is worth a look for both term and permanent insurance into older age. Have an agent shop for your best rate.
9. Globe Life
Globe Life offers a variety of simplified issue whole life and term insurance options for seniors looking to avoid medical exams.
Pros:
- No medical exams
- Permanent & term lengths available
- Low face amounts start at $5k
Cons:
- Limited details online
- Max coverage of $100k to $300k
Globe Life simplified issue products provide an easy option for smaller coverage amounts. Get more details from an agent on exact product specifications.
10. Colonial Penn
Colonial Penn is well known for providing permanent life insurance to seniors with streamlined underwriting.
Pros:
- No medical exam for coverage up to $100k
- Whole life & graded benefit plan options
- Guaranteed acceptance for ages 50-85
Cons:
- Lower coverage maximums
- Mixed reviews on cost
Colonial Penn, guaranteed issue plans, make obtaining smaller amounts of permanent coverage easy for seniors.
11. Sagicor Life
Sagicor Life offers guaranteed issue whole life insurance for seniors aged 50-80 with benefits from $3,000-$20,000.
Pros:
- Guaranteed issue means no medical questions
- Cost remains the same over a lifetime
- Cash value & dividends options
Cons:
- Low coverage amounts
- Premiums are pricier than underwritten policies
If you prioritize a guaranteed issue policy with cash value benefits, Sagicor Life could be fit despite the low coverage amounts.
12. Gerber Life
Gerber Life is known for offering guaranteed issue whole life insurance, including the Gerber Grow-Up® Plan for seniors aged 50-80 in amounts of $3,000-$25,000.
Pros:
- Guaranteed acceptance with no health questions
- Lifelong permanent coverage
- Gerber reputation and strong ratings
Cons:
- Low coverage maximums
- Higher cost for permanent coverage
Gerber Grow-Up plan gives peace of mind knowing you’ll be accepted for permanent coverage.
13. APPS Parametric
APPS Parametric offers a simple issue term life product for ages 50-75 with 10, 15, 20, and 30-year level premium term lengths.
Pros:
- Simplified underwriting with no exams
- 10% spousal discount
- Term coverage into your 70s
Cons:
- Only S&P A+ rated insurer on the list
- Must be in good health
Simple issue terms up to 30 years could provide affordable options for healthy seniors seeking longer lengths.
14. C.M. Life Insurance
C.M. Life Insurance offers guaranteed issue whole life policies for applicants aged 45-85 from $3,000-$25,000.
Pros:
- Guaranteed approval with no health questions
- Level death benefit and premiums
- Option to add riders for more benefits
Cons:
- Maximum $25k benefit amount
- Mixed customer reviews
C.M. Life provides permanent coverage for those prioritizing guaranteed issues up to $25k regardless of health.
15. KSKJ Life
Fraternal insurer KSKJ Life offers guaranteed issue permanent & term life insurance options to its members, which include Slovenian Catholic Union lodges.
Pros:
- Guaranteed issue permanent & term options
- Join the Union for eligibility
- Strong financial ratings (A-)
Cons:
- Must be a Union member to qualify
- Term only available to age 70
If you have a connection to a qualifying Slovenian lodge, check out guaranteed issue options from KSKJ Life.
Key Considerations When Buying Cheap Life Insurance
While the above options provide affordable rates, make sure to weigh the following factors when choosing budget life insurance:
- Coverage amount – Make sure it fits your needs or those of beneficiaries. Cheaper plans offer lower amounts.
- Type of insurance – Know the difference between permanent and term policies to choose what works best for your situation.
- Length of coverage – Pick an appropriate term length with term insurance. Plan for lifelong coverage if you want permanent protection.
- Ratings & Reviews – Read third-party evaluations of companies to ensure satisfactory customer experiences.
- Pre-existing conditions – Underwritten policies may have clauses for pre-existing illnesses, while guaranteed issue plans don’t factor in health at all.
- Cost vs. value – The cheapest premium isn’t everything. Make sure you get quality coverage and service from a reputable insurer.
Conclusion
Finding cheap life insurance as a senior is possible thanks to the range of simplified issues and guaranteed acceptance policies.
By understanding these more budget-friendly options, you can find a policy that fits your financial needs and current health status.
Consider coverage amount, premium cost, financial ratings, and underwriting requirements as you shop policies and carriers.
With diligent research, seniors of any age or health status can locate quality, inexpensive life insurance.
