Cheapest Life Insurance for Senior Citizens – The Best 5 to Consider

Cheapest Life Insurance for Senior Citizens: Life insurance is one of the things anyone who wants a better life for their spouse should get, in doing this you need to make sure that you get the most affordable life insurance and will be willing to sacrifice for it.

Although purchasing coverage as a senior may be pricey, it might assist your family in handling any outstanding debts following your passing.

The money can be used to pay for your burial, any debts you leave behind, your mortgage, or your children’s college tuition. It might even be saved up for retirement in some circumstances.

The cost of your life insurance premiums is influenced by your age, gender, health, way of life, and policy type. Older people’s life insurance rates are higher because insurers view them as higher-risk customers.

There are several affordable life insurance for senior citizens, though the cost of a policy may vary depending on your policy type and personal needs.

You can find a price that works for you by shopping around and comparing quotes because some insurance companies give life insurance at better rates than others.

Term life insurance rates for seniors with high BMIs

People with high BMIs typically pay higher than average life insurance rates because a high BMI can shorten a person’s lifetime and result in various health issues.

Most insurance companies base their rates on BMI, although some have their own standards that may be more forgiving. Companies that use BMI may sometimes label fat people who have a lot of muscle mass.

Seniors with high BMIs may pay up to 83% more than those with normal BMIs. For people with high BMIs, Mass Mutual offers the most affordable life insurance policies, which typically cost $226 a month.

Mutual of Omaha is the second-cheapest provider, with an average monthly fee of $240. Nationwide is the third cheapest, with an average monthly fee of $259.

Companies That Provides The Cheapest Life Insurance for Senior Citizens

Banner Life

Banner Life is the No. 1 Cheapest Life Insurance Company in 2022 due to its reduced monthly premium costs compared to the other firms in our rating.

Term and universal life insurance products are available from Banner Life. Customers can also get quotes from the business online.

The term lengths for Banner’s term life insurance policies span from 10 to 40 years, one of the broadest ranges in our evaluations. Although there are only a few riders offered, applicants can still pick from a variety, including the Children’s Life Insurance Rider and the Accelerated Death Benefit Rider.

With coverage amounts starting at $50,000, Banner Life’s universal insurance policy provides lifetime protection for those between the ages of 20 and 80. But because universal life policies only have one rider, the Accelerated Death Benefit Rider, they are less flexible than term life policies.

Guardian Life

If you want to extend the coverage for a few more years, Guardian Life will let you renew term insurance for five additional years. If you’re searching for additional permanent insurance options, you might want to think about the universal and variable universal life products from Guardian, which are granted up to age 85.


The best option for avoiding a physical. For both term and whole life insurance, applicants just need to provide their responses to a few health-related questions.

Life insurance coverage is provided to members‘ spouses even though AARP products are normally only for members (even if those spouses are not AARP members).


AIG’s sample rates are close to Banner Life’s, and it is one of the most affordable life insurance providers for seniors in 2022. Depending on the policy you select, coverage amounts can range from $5,000 to $10 million.

AIG provides term life insurance with 18 options for term lengths ranging from 10 to 35 years. You can change a term life insurance policy to a permanent one without having to undergo a medical checkup.

The guaranteed issue of whole life and universal life policies offered by AIG doesn’t require a medical checkup. You can get a quote online, but to complete the application process, you have to talk to an agent.

Conclusion on Cheapest Life Insurance for Senior Citizens

In general, term life insurance policies are the least expensive, although whole life insurance and other permanent policies are more expensive. The cost of a life insurance policy can, however, be impacted by a wide range of factors.

I hope you make better choices while getting life insurance because any mistake made will greatly affect you in so many ways.


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