Best Life Insurance Plans for Seniors in 2025

Life insurance plays an important role at every stage of life, but for seniors, it can provide something even more meaningful—financial security for loved ones and peace of mind for the policyholder. Whether it’s to cover final expenses, pay off debts, or leave a legacy, the right life insurance plan ensures that seniors can protect their families even after they’re gone.

In 2025, the life insurance market has become more tailored to the needs of older adults, with options ranging from simple final expense policies to permanent coverage with cash value. Let’s take a look at the best life insurance plans for seniors in 2025 and what you should consider before choosing one.

Why Seniors Need Life Insurance

Some people assume seniors don’t need life insurance once they retire, but in reality, it can still be a valuable safety net:

Covering Final Expenses – Funerals can cost $8,000–$15,000 on average.
Paying Off Debt – Mortgages, medical bills, or personal loans may remain.
Supporting Dependents – Some seniors still provide for a spouse or family.
Leaving a Legacy – A policy can provide a financial gift for children or grandchildren.
Estate Planning – Helps beneficiaries cover estate taxes or property expenses.

Types of Life Insurance for Seniors

1. Final Expense Insurance (Burial Insurance)

Smaller policies ($5,000–$25,000).
Designed to cover funeral and medical bills.
Easy approval with minimal health questions.

2. Whole Life Insurance

Permanent coverage with fixed premiums.
Builds cash value over time.
Good for seniors who want guaranteed lifelong coverage.

3. Guaranteed Issue Life Insurance

No medical exam required.
Guaranteed approval for most applicants aged 50–80.
Higher premiums but accessible for those with health issues.

4. Term Life Insurance (Limited Availability for Seniors)

Provides coverage for a fixed period (10–20 years).
More affordable but harder to qualify for seniors over 70.
Best for covering short-term debts or obligations.

Best Life Insurance Companies for Seniors in 2025

1. Mutual of Omaha

Offers affordable final expense insurance.
No medical exam required.
Strong reputation and customer support.

2. AARP (New York Life Partnership)

Designed specifically for seniors.
Offers term and permanent life insurance options.
Easy acceptance for AARP members.

3. Globe Life

Affordable plans starting at a few dollars a month.
Guaranteed issue policies available.
Simple application process for older adults.

4. Transamerica

Competitive rates for seniors in their 60s and 70s.
Offers whole life and final expense coverage.
Flexible benefit amounts.

5. Prudential

Best for seniors who still qualify for term life coverage.
Offers customizable plans for estate planning.
Trusted, long-standing insurance company.

Average Costs of Life Insurance for Seniors in 2025

Premiums depend on age, health, gender, and coverage type. On average:

65-year-old male: $80–$120/month for $25,000 whole life coverage.
70-year-old female: $100–$150/month for $25,000 coverage.
Final Expense Policies: $40–$90/month depending on benefit amount.

💡 Tip: Lock in coverage earlier to secure lower premiums.

Tips for Seniors Choosing a Life Insurance Plan

Know Your Purpose – Do you want to cover final expenses, pay debts, or leave an inheritance?
Check Health Requirements – Some plans require medical exams, while others don’t.
Compare Quotes – Rates vary widely among insurers.
Avoid Over-Insuring – Choose a coverage amount that matches your actual needs.
Work With a Licensed Agent – An agent can help you navigate complex options.

Final Thoughts

The best life insurance plans for seniors in 2025 offer peace of mind, financial protection, and flexibility.

Final expense insurance is ideal for those wanting affordable, no-exam coverage.
Whole life insurance provides lifelong security and cash value.
Guaranteed issue plans ensure acceptance for seniors with health conditions.

Companies like Mutual of Omaha, AARP/New York Life, Globe Life, Transamerica, and Prudential stand out in 2025 for their strong offerings tailored to older adults.

Ultimately, the right policy depends on your health, budget, and personal goals. By carefully comparing plans and understanding your needs, you can find coverage that ensures your loved ones are financially secure.