The Best Cheap Life Insurance for Seniors in 2025

AARP offers affordable life insurance plans to adults over 50, but AARP is not just an insurance carrier. The organization offers a wide range of financial and educational services for older adults. However, their services are limited to fee-paying AARP members.

Fortunately, the standard fee to join AARP is just $20 per year (about $1.66 per month), with cheaper options available if you sign up for more than one year at a time. Even with the fee, AARP is one of the cheapest life insurance carriers for seniors. If you are looking for low-cost insurance tailored to the needs of older adults and educational resources bundled under the same carrier, AARP is your best option.

» Our Top Picks: The best life insurance for seniors in 2025

Highlights

• Rates never increase with whole life plans
• Options to get half of your benefit in advance for long-term care
• Term life coverage ranges from $10,000 to $150,000

Finding a plan that fits your needs is easy, as AARP gives you the basic coverage options and benefits of each plan type on their website.

AARP term life plans expire at age 80, regardless of when you acquire the policy. This differs from many other carriers, like Mutual of Omaha, which require you to pick a set term, like 10 or 20 years. Even if you choose term life, you can exchange your plan for a permanent (whole life) plan as long as you do it before you turn 80. This is great for seniors who want to pay the lower premiums of term life now but still get whole life coverage as they age.

» Learn More: The best term life insurance for seniors in 2025

AARP offers three types of whole life insurance plans: AARP Permanent Life, AARP Permanent Life with Living Benefits, and AARP Guaranteed Acceptance Life. All three options have locked-in rates that won’t go up as you age, just like the plans available through insurance brokers like TruStage.

However, the maximum coverage amount varies based on the plan you choose. Permanent Life maxes out at $50,000, while Permanent Life with Living Benefits maxes out at $100,000. The Living Benefits plan allows seniors to withdraw up to half of their coverage amount early to help pay for eligible long-term care. Guaranteed Acceptance plans max out at $25,000 and offer limited benefits for the first two years.

» Related Reading: Compare Senior Living and Long-Term Care Options

We researched AARP’s quotes for 65-year-old nonsmokers living in Miami, Florida. Here are the results for male and female applicants:

Customer Testimonials

While most insurance carriers get mixed customer reviews, AARP is consistently praised for its reliability and affordable premiums. For instance, a 72-year-old male in Florida said “I check every year with other life insurance companies for their whole life $10,000 policy rates and New York AARP is still the best and the lowest premium.”

A 63-year-old female customer in Florida commended AARP’s customer service as a whole and the simplicity of getting a new policy. She said, “[AARP] answered all my questions and walked me right through the process with no problems at all. They got me all set up in less than two days. The prices are great and I got exactly what I asked for … I didn't even need to shop around too much.”

» Also Check Out: AARP car insurance for seniors

However, some customers have complained about unexpected delays in death benefits, along with plans that aren’t worth the premiums. For example, the family member of a 91-year-old female policyholder in Florida claimed the policy “only has a value of $5,000 until she is 95.” By the time she turns 95, “she would have paid $10,850 in premiums.”

Globe Life is a whole and term life insurance carrier that has gained notoriety for its “$1 premium” promotion, but it offers more than great introductory deals. Most plans require no medical exam and offer good deals on policies for older adults.

» Related Reading: Best life insurance for seniors with no medical exams in 2025

While their maximum benefits for seniors can’t compete with carriers like AARP and TruStage, Globe Life offers affordable premiums on lower-benefit policies, with the option to increase benefits with low-cost accidental death riders. However, like many carriers, Globe Life increases their life insurance premiums as policyholders age, with automatic increases every five years.

Highlights

• Term life insurance plans are age-based, expiring when the policyholder turns 80 or 90 (varies by state)
• $1 promotion only applies to the first month of coverage
• Accidental death riders greatly increase death benefits but only in specific circumstances

Many older adults get drawn in by Globe Life’s “$1 per month for $50,000 life insurance policy” promo. However, there are a few important caveats to consider. This price only applies to the first month of coverage on select life insurance plans. After that, the price will increase to a more “normal” amount for your plan, age, and location.

Second, unless you opt for a whole life plan, adults aged 60-plus can only access term life insurance plans with maximum benefits of $50,000 (excluding accidental death benefits). Opting for a whole life plan is a little complicated through Globe Life, too, as it can only be done by mail.

» Learn More: Everything you need to know about insurance for seniors

It’s important to consider how Globe Life’s term life insurance policies differ from other carriers like Mutual of Omaha and AARP. Instead of choosing a specific number of years for your coverage, Globe Life’s term life insurance expires when you turn 80 or 90 (much like term life plans from TruStage).

The age limit depends on the state in which you reside. This might be fine for younger seniors who just want a 10- or 20-year policy. Still, it probably won’t be a good value for you if you’re 75 and reside in a state where the policy expires when you turn 80.

That said, Globe Life offers competitive premiums, even without its $1 promotion. Here are the quotes we got for 65-year-old applicants located in Miami:

These prices are lower than comparable plans from TruStage, but Globe Life implements automatic premium hikes every five years, whereas TruStage’s premiums are locked in for the life of the policy.

We could also add an accidental death benefit to our Globe Life plan. This would pay out a much higher sum if the policyholder were to die in an accident that meets Globe Life’s criteria. Here are the quotes we got for the same parameters:

Customer Testimonials

Based on our analysis, dozens of customers report positive interactions with the company’s claims department. Many seniors commend Globe Life for the whole life insurance policies they’ve purchased for their grandchildren, praising the easy applications and highly affordable premiums. An older female in New Jersey also praised the customer service reps at Globe Life for being “personable, caring, and knowledgeable.”

However, many customers have complained about the efficiency of Globe Life’s billing department. A customer in California needed a check to be reissued with the correct zip code, only to have Globe Life put a stop payment on the check after reissuing it, causing substantial delays in receiving their funds. Another customer in Texas complained about her inability to get a refund after canceling her policy, despite speaking with multiple representatives in the billing department.

Mutual of Omaha is an insurance and financial services company that’s been in business for over a century. They specialize in products to help adults plan for the future, including long-term care insurance, Medigap, and life insurance plans. Mutual of Omaha offers whole life, term life, and universal life insurance policies to millions of Americans across 35 states.

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We appreciate that Mutual of Omaha makes it easy to customize the plan you want based on your budget, though we would have liked to see higher benefit amounts on whole life policies. If you’re looking for a whole life policy, Mutual of Omaha benefits max out at $25,000, making them ideal for policyholders who want to provide final expense coverage to help their beneficiaries — but not much else. Their term and universal life insurance policies offer more flexible options, with benefits exceeding $100,000.

Highlights

• Term and universal life insurance plan enrollment requires you to call Mutual of Omaha directly
• Whole life plans have relatively low death benefits for older adults (up to $25,000)
• Mutual of Omaha premiums are not as affordable as AARP or Globe Life

Mutual of Omaha offers three plan types: whole life, term life, and universal life insurance. Whole and universal life insurance policies offer lifelong protection and are available to eligible seniors who are 85 years or younger. Alternatively, the age limit for term life insurance is 80 years old. We appreciate these high age limits.

On Mutual of Omaha’s website, you can pick the age group you fall within (18 to 44, 45 to 80, or 81 to 85). Then, you can choose the features you want, including no premium increases, a specific time period for coverage, cash value to withdraw as needed, lifelong protection, and no medical exams.

Some of these choices cancel out others and limit the types of plans you can choose. For example, you can’t choose a specific time period for coverage and lifelong protection, as these refer to specific term life policies and whole or universal life policies, respectively.

If you want a quote for term life or universal life plans, you’ll need to contact a Mutual of Omaha agent by phone or email. Prices can vary based on your age, gender, location, benefits, and other plan features.

We researched premiums for male and female applicants in Miami seeking whole life insurance. While you can choose from 24 different death benefits between $2,000 and $25,000, here’s a snapshot of what you can expect to pay at a few different benefit intervals:

Though these prices are not as low as comparable plans from AARP, you can adjust your benefit amount to match your budget. For example, we could reduce our budget and see exactly how much it affected the monthly premium, going as low as $10.80 per month for a $2,000 death benefit. Additionally, you may find a more cost-effective term life plan by calling Mutual of Omaha, depending on your age and location.

Customer Testimonials

Mutual of Omaha generally receives positive feedback from life insurance customers. We noticed most online customers were content with the easy application and enrollment process, affordable starting premiums, and friendly agents. One reviewer in California said “My agent regularly checks in on us at least twice a year, providing a free yearly financial advisor review.” We appreciate this quality service and assistance!

We also came across many reviewers who were unhappy with Mutual of Omaha due to unpredictable rate increases, sudden threats to cancel policies, and unhelpful customer service representatives. A 75-year-old reviewer from Connecticut said “I received a letter from Mutual of Omaha that my life insurance was expiring in five days. I noticed the letter was dated one month prior to my receipt. So after 26 years of payments, they were going to cancel me in five days.”

Fidelity Life is a life insurance carrier based in Des Plaines, Illinois. Founded in 1896, Fidelity Life has built a strong reputation as an insurance carrier. They offer life insurance plans designed for older adults, though many of these plans have low issue ages ranging from 65 to 70.

If you’ve already been retired for a few years, you might be better off with a carrier offering higher issue ages, like Mutual of Omaha or AARP. Despite the low issue ages, Fidelity Life makes it easy for older adults between the ages of 50 and 65 to access life insurance with no medical exams, and often same-day approval and coverage.

Highlights

• No medical exams, same-day approval, and coverage from day one with most plans
• 10-year term life plans offer the highest coverage for eligible seniors
• Final expense coverage and pricing are comparable to plans from Mutual of Omaha

Much like Mutual of Omaha, Fidelity Life only offers senior whole life plans that are essentially final expense policies. We researched plans available to a 65-year-old female in good health in Miami. Here’s what we found:

And here are the quotes we got for males in good health of the same age and in the same location:

If you apply earlier, you can qualify for lower starting premiums and higher rates. For example, a healthy adult who just turned 50 could enroll in a 10-, 15-, 20-, or 30-year term life insurance policy with a maximum benefit of $150,000, or a final expense policy with a maximum benefit of $40,000.

Unlike AARP and Mutual of Omaha, Fidelity Life only offers high issue ages on final expense plans. If you want the RAPIDecision Life policy, the maximum age is just 65, while the maximum age for a RAPIDecision Senior Life Term policy is 70. This greatly limits the type of plans seniors can access with Fidelity Life. Still, if you’re still in your 60s or you just want a final expense policy, Fidelity Life offers affordable rates.

» Useful Guide: The best whole life insurance plans for seniors in 2025

Customer Testimonials

We noticed Fidelity Life gets a lot more positive feedback than most other insurance carriers, even popular options like AARP. Many reviewers appreciate the fast underwriting and approval process. Most applicants, regardless of age, can get same-day approval and coverage, a huge plus for those who don’t want to deal with medical exams, waiting periods, or red tape.

Unfortunately, some customers have expressed frustration about poor communication with Fidelity Life’s sales agents and customer support team. A woman in Virginia was told she was enrolling in a plan with benefits up to $500,000, only to find out when she got the official documentation in the mail that the maximum benefit was $150,000.

Similar to AARP and Mutual of Omaha, TruStage is a financial services company that offers a range of solutions for seniors. However, when it comes to life insurance, TruStage isn’t a traditional insurance carrier — it’s an insurance broker.

This means TruStage doesn’t write the life insurance policies itself. Instead, it functions as a third-party broker to help customers buy policies that best fit their needs and budget. As a result, TruStage helps customers acquire low-cost, high-benefit plans, with premiums that are locked in for the life of the policy.

» Learn About: Tax credits and deductions for seniors

Highlights

• Guaranteed acceptance plans are a great way to get life insurance without health exams or questions
• Easy to get quotes for a variety of plans online
• TruStage offers older adults much higher coverage than traditional life insurance carriers like Globe Life and Fidelity Life

We love that TruStage keeps its offerings straightforward. There are three basic life insurance solutions: whole life, term life, and guaranteed acceptance. The latter is another form of whole life that offers lower benefit amounts but doesn’t ask any health questions or require any exams. Anyone who meets the eligibility requirements can apply and get accepted online. This is a great option for seniors with preexisting conditions who may not qualify for most other types of life insurance.

Like Globe Life, TruStage doesn’t let you choose a set period for a term life policy. Instead, all TruStage term life policies last until the policyholder turns 80 and are only available to purchase up to age 69.

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We researched quotes for 65-year-old female applicants living in Miami. TruStage gave us nearly a dozen benefit amounts for each plan, but here are the most affordable, middle-of-the-road, and most expensive options for each plan type:

Below are the results for 65-year-old male applicants in the same location:

Customer Testimonials

Reviews consistently praise TruStage for offering life insurance plans with locked-in pricing. This is great for seniors who want to plan their future finances, as they won’t have to contend with unpredictable premiums as they age.

However, not all customers have been satisfied with TruStage’s offerings. Like Globe Life, TruStage receives many complaints about refunds and billing issues. For example, one customer in Florida decided they didn’t want to continue their whole life insurance policy within days of the policy’s start date, but after contacting TruStage on 12 different occasions, they still did not receive a refund for their initial payment.

Since TruStage works directly with many credit unions, we noticed many complaints from credit union customers getting unsolicited marketing and offerings from TruStage, even after declining their services.