Top 10 Cheapest Life Insurance Policies for Seniors Over 60 in 2023


As we age, securing a life insurance policy becomes a crucial part of our financial planning. For seniors
over 60, finding an affordable and reliable life insurance policy can be challenging. However, numerous
insurance providers offer affordable plans tailored to the needs of older adults. This article will explore the top 10 cheapest life insurance policies for seniors over 60 in 2023.

1. AARP Life Insurance

AARP is a well-known organization providing various services to seniors. Their life insurance policies, issued by New York Life, offer competitive rates for individuals over 60. With no medical exams required and guaranteed acceptance, AARP is a convenient choice for many seniors.

2. Colonial Penn

Colonial Penn offers guaranteed acceptance life insurance policies for seniors aged 50 and above. These plans are known for their affordability and flexibility, allowing seniors to obtain coverage without undergoing medical examinations. The coverage amounts are modest, making them suitable for final expenses.

3. Mutual of Omaha

Mutual of Omaha offers term and whole life insurance policies, catering to seniors with different needs and budgets. With streamlined application processes and optional riders, their policies provide customizable and affordable options for seniors over 60.

4. Transamerica

Transamerica’s life insurance policies for seniors offer competitive rates and flexible coverage options. With term and permanent life insurance policies available, seniors can choose based on their financial goals and preferences. Transamerica is known for its customer-friendly policies and financial stability.

5. Globe Life

Globe Life is another popular choice for seniors seeking affordable life insurance. Their policies do not require medical exams, making the application process quick and straightforward. Globe Life offers a variety of coverage options, ensuring that seniors can find a plan that fits their budget.

6. American National

American National provides various life insurance policies tailored to seniors’ needs. Offering both term and whole life options, they provide competitive rates and flexible coverage amounts. Their policies are designed to cover final expenses and provide financial peace of mind for seniors over 60.

7. Prudential

Prudential is a reputable insurance provider offering comprehensive life insurance policies for seniors. Their term and whole life insurance products come with optional riders, allowing seniors to customize their coverage. Prudential’s financial stability and competitive rates make them a top choice for older adults.

8. Fidelity Life

Fidelity Life specializes in providing affordable life insurance policies for seniors. With simplified issue and final expense policies available, they cater to seniors looking for quick and hassle-free coverage. Fidelity Life’s policies are designed to be affordable while offering sufficient coverage.

9. Banner Life

Banner Life offers term life insurance policies with competitive rates for seniors. Known for their excellent customer service and straightforward application process, Banner Life is a reliable option for older adults seeking affordable life insurance. Their policies can be customized to meet various coverage needs.

10. John Hancock

John Hancock provides a range of life insurance policies suitable for seniors over 60. With both term and permanent options available, seniors can choose a plan that fits their financial goals. John Hancock is recognized for their innovative wellness programs and competitive premiums.


Choosing the right life insurance policy as a senior over 60 is crucial for financial security and peace of mind. The top 10 cheapest life insurance policies listed above offer a variety of options tailored to seniors’ needs and budgets. By considering factors such as coverage amounts, policy types, and premium costs, seniors can find a plan that provides the necessary protection without breaking the bank.


Q1: Do I need a medical exam to qualify for these life insurance policies?

A1: Not all policies require a medical exam. Providers like AARP, Colonial Penn, and Globe Life offer guaranteed acceptance policies with no medical exams.

Q2: Can I customize my life insurance policy?

A2: Yes, many providers offer optional riders and coverage amounts, allowing you to tailor the policy to your needs.

Q3: What is the best type of life insurance for seniors over 60?

A3: The best type depends on your individual needs. Term life insurance is generally more affordable for seniors, while whole life insurance provides lifelong coverage and builds cash value.

Q4: How do I determine the right coverage amount?

A4: Consider your financial obligations, such as final expenses, outstanding debts, and potential income replacement for dependents, to determine the appropriate coverage amount.

Q5: Are these policies suitable for covering final expenses?

A5: Yes, many of the policies mentioned, especially those from American National and Fidelity Life, are designed to cover final expenses and other financial needs.

© 2023 Life Insurance Guide for Seniors. All rights reserved.