Life Insurance for Seniors Over 60 Without a Medical Exam

Introduction: why insurance matters after 60

Turning 60 is a milestone for many Americans. Children are often grown, mortgages are nearing completion, and retirement planning is in full swing. But with longer life expectancies and rising healthcare costs, many seniors still need life insurance. A policy can cover final expenses, pay off lingering debts or leave a legacy for loved ones. Traditional coverage requires a physical exam, but insurers now offer “no‑medical‑exam” policies designed for older adults who want an easier application process. These policies can provide peace of mind without needles or lab tests. However, they aren’t a one‑size‑fits‑all solution—rates, coverage amounts and eligibility vary widely. This guide explains the different types of no‑exam life insurance, outlines current rates, discusses eligibility and application tips, weighs pros and cons, busts common myths and helps you choose the right coverage. Throughout, our goal is to help you make an informed decision and find a policy that fits your budget and needs.

Types of life insurance available to seniors

Term life insurance

Term policies provide coverage for a specific period (e.g., 10, 15 or 20 years). They are often cheaper than permanent insurance because the benefit is only paid if you pass away during the term. Many insurers limit new term policies for applicants in their 60s and 70s—coverage may end at age 80 or 85. Some term policies offer accelerated or simplified underwriting (no lab tests) for people within certain age and coverage limits. A 2025 industry analysis of major insurers found that average monthly premiums for a 60‑year‑old buying a 10‑year, $500,000 term policy were about $220 for men and $155 for women. These figures vary based on health, state and insurer, but they illustrate the substantial cost difference between genders and highlight the high coverage amounts available through term policies.

Whole life insurance

Whole life (permanent) insurance covers you for your lifetime and builds cash value. Payments are fixed, and part of each premium goes into a savings component that grows tax‑deferred. However, whole life is significantly more expensive than term insurance. The same 2025 report noted that a $500,000 whole life policy for a 60‑year‑old averaged about $1,901 per month for men and $1,612 for women. Because of these high premiums, many seniors use whole life only for smaller final‑expense policies or estate planning.

Universal life insurance

Universal life provides lifelong coverage with flexible premiums and a cash‑value component. Guaranteed universal life (GUL) policies combine a fixed death benefit with lower premiums than traditional universal or whole life. Some insurers offer GUL policies without a medical exam for applicants aged 46–60 with coverage up to $500,000. These policies can be a middle ground for healthy seniors who want higher coverage but don’t want the expense of whole life.

Final expense insurance

Also called burial insurance, final expense policies are small whole life policies (typically $5,000–$25,000) intended to cover funeral and end‑of‑life bills. Insurers use simplified underwriting—no medical exam, but they may ask health questions. Because coverage amounts are modest, premiums are lower than larger whole life policies. A 2025 final‑expense cost survey reported that most seniors pay between $30 and $70 per month. For a $10,000 policy, the average monthly premium for a 60‑year‑old non‑smoking male was about $40, while a female paid around $32. These plans are appealing for those who want immediate coverage without a medical exam and can accept lower death benefits.

Simplified‑issue life insurance

Simplified‑issue policies drop the medical exam but require applicants to answer health questions. An insurer uses your answers and data from prescription and motor‑vehicle databases to determine approval and pricing. A leading consumer guide notes that simplified underwriting involves fewer questions, faster approvals and broader acceptance of pre‑existing conditions than fully underwritten policies. Because the insurer can’t fully evaluate your health, premiums per dollar of coverage are higher and coverage limits are lower. Simplified‑issue policies can be term or whole life; final‑expense plans are a common form.

Guaranteed issue life insurance

Guaranteed issue (also called guaranteed acceptance) policies require no health questions or exam. Approval is automatic as long as you fall within the age range (often 50–80). However, these policies limit coverage amounts—commonly $5,000–$25,000—and come with a “graded” or “waiting period.” According to a 2025 insurance guide, all policies with no health questions have a two‑year waiting period. If you die of natural causes during that period, your beneficiary receives only a return of premiums plus interest; after two years, the full benefit is paid. Guaranteed issue policies are best for seniors with serious health conditions who cannot qualify for other coverage.

Current rates and cost factors

How no‑exam policy rates are determined

Premiums depend on your age, gender, coverage amount, health history (even if no exam is required), location, and smoking status. For simplified‑issue policies, the insurer still reviews your prescription history and may check motor‑vehicle and MIB (Medical Information Bureau) records. Because the insurer has less health information, rates per $1,000 of coverage are usually higher than for fully underwritten policies. To illustrate, a quote calculator from a national insurer shows that a non‑tobacco 60‑year‑old male pays about $23 per month for a $5,000 policy, $43 for $10,000 and $102 for $25,000. A female of the same age pays roughly $18, $33 and $76 respectively. These examples use small coverage amounts, typical of final‑expense policies.

Rate ranges for larger coverage amounts

For seniors seeking more coverage (e.g., $50,000–$100,000), premiums rise quickly because age and limited underwriting increase the insurer’s risk. The same quote tool indicates that at age 60, a man would pay around $103 per month for $25,000 of guaranteed‑issue coverage, $206 for $50,000 and $412 for $100,000. Women generally pay 20–30 % less than men. For simplified‑issue final‑expense policies, rates at age 60 range from roughly $19–$36 per month for $10,000 coverage, depending on whether you qualify as “in good health” or opt for a no‑question plan. At age 65, premiums increase to about $26–$50 per month, reflecting the steep rise in risk with age.

Comparisons with term and universal life

If you need higher coverage—such as $100,000 or more to cover income replacement or debts—term or universal life may be more cost‑effective. As noted earlier, a 60‑year‑old nonsmoker can expect to pay around $220 per month for a $500,000 10‑year term policy. A guaranteed universal life policy with the same death benefit might cost approximately $582 for women and $682 for men. Whole life is far more expensive and may be impractical unless you need permanent, cash‑value coverage.

Cost factors beyond age and gender

1. Health history: Even without an exam, insurers review your prescription records. Chronic conditions such as diabetes, heart disease or COPD can increase premiums or limit coverage.
   
2. Smoking status: Smokers pay significantly more—often 50 % higher—than non‑smokers.
   
3. Coverage amount: Higher death benefits cost more, and guaranteed‑issue plans cap coverage around $25,000.
   
4. Policy type: Term and GUL policies may offer higher coverage at lower cost than whole life, but they may require an exam or more detailed health questions.
   
5. State of residence: Rates vary by state because regulators and insurers use different mortality tables and cost structures.
   

Eligibility and application tips

Understand age and coverage limits

Many insurers offering no‑exam coverage impose age and benefit limits. For example, a leading carrier offers term life with no exam up to $250,000 for applicants age 60 or younger and up to $150,000 for those under age 70. For permanent no‑exam coverage, the same company limits benefits to $40,000 and accepts applicants between 45 and 85. Guaranteed universal life policies may allow coverage up to $500,000 for people aged 46–60 but require healthy applicants. Before applying, decide how much coverage you need and confirm you fall within the insurer’s age range.

Prepare a health questionnaire

Even when no exam is required, you’ll answer health questions for simplified‑issue policies. Be ready to disclose any medications, surgeries, chronic illnesses, tobacco use and dangerous hobbies. Insurers cross‑check your responses with third‑party databases, so honesty is essential. Inaccurate information could lead to denial of a future claim.

Gather personal information

You’ll need to provide your Social Security number, driver’s license, beneficiary information and payment method. Most applications are completed online or over the phone and take 10–30 minutes. Accelerated underwriting uses digital records to speed the process; approvals often occur within minutes to a few days.

Compare quotes and riders

Premiums vary widely by company, so obtain quotes from multiple insurers or work with a broker. Ask about optional riders such as accelerated death benefit (allows early payout if you become terminally ill), accidental death benefit (increases payout if you die in an accident) and living benefits (advance funds if you need long‑term care). Some simplified‑issue policies include living benefits at no additional cost.

Consider your beneficiaries’ needs

Determine whether your beneficiaries require immediate payout or long‑term support. Final‑expense policies pay quickly and can help cover funeral costs. Term and universal policies are better for replacing lost income or paying off mortgages but may require more underwriting.

Benefits and drawbacks of no‑exam coverage

Benefits

• Fast approvals: Applications are typically approved within minutes or a few days. This speed can be critical if you need coverage quickly for an upcoming surgery or trip.
  
• Convenience: You skip needles and lab tests and often complete the application online or by phone.
  
• Accessibility: Simplified‑issue policies accept many pre‑existing conditions, making them an option for people who may be declined for fully underwritten coverage.
  
• Choice of term or permanent: You can obtain term, whole life or universal life with accelerated underwriting, so you’re not restricted to small final‑expense plans.
  

Drawbacks

• Higher premiums: Because insurers take on more risk without examining you, premiums per dollar of coverage are higher than fully underwritten policies. In some cases, a healthy senior could save money by completing a medical exam.
  
• Lower coverage limits: Most no‑exam policies cap coverage around $25,000–$50,000 for permanent plans and $150,000–$250,000 for term plans. If you need a bigger benefit, you may need to undergo a medical exam or accept higher premiums.
  
• Waiting periods for guaranteed issue: Policies that ask no health questions always include a two‑year waiting period. During this time, your beneficiaries receive only a refund of premiums (plus interest) for natural‑cause deaths.
  
• Potential for policy lapses: Universal life policies depend on cash value growth; if the cash value doesn’t perform as expected, you might face higher premiums or risk losing coverage.
  

How to choose the right policy

1. Assess your financial obligations: Determine whether you need to replace income, pay off debts, fund college for grandchildren or simply cover funeral expenses. Your needs will dictate the appropriate coverage amount and policy type.
   
2. Estimate your budget: Review your monthly income and decide how much you can comfortably pay. Use the rate ranges above as guidance (e.g., $30–$70 per month for final expense or $220 per month for a high‑coverage term policy).
   
3. Check eligibility and underwriting: If you have serious health issues, a guaranteed‑issue policy might be the only option, but be prepared for a waiting period. If your health is fair to good, consider simplified‑issue or accelerated‑underwriting term policies with higher benefits.
   
4. Compare multiple quotes: Costs can vary significantly. A 60‑year‑old man might pay $23 per month for $5,000 of coverage from one insurer but $29 from another. Because final‑expense policies are permanent, even small differences matter over time.
   
5. Review riders and benefits: Choose policies with riders that fit your circumstances. For example, living benefits and accelerated death benefit riders can provide funds if you become chronically or terminally ill.
   
6. Understand contract details: Read the policy documents carefully. Look for information about waiting periods, graded benefits and exclusions (such as suicide or dangerous hobbies). Always verify whether the policy’s premiums are level or can increase.
   
7. Consult a licensed agent: Working with an experienced professional helps you navigate the complex underwriting rules, compare carriers and choose the best fit for your health and budget. Liberty Financial Group’s agents specialize in helping seniors secure affordable coverage; more on that below.
   

Common myths and misconceptions

Myth 1: No‑exam life insurance means no health questions.

Reality: Only guaranteed issue policies skip health questions; these come with limited coverage and a two‑year waiting period. Simplified‑issue and accelerated‑underwriting policies still require you to disclose your health history and may use prescription checks.

Myth 2: No‑exam policies are always cheaper.

Reality: Because insurers assume more risk, no‑exam premiums are generally higher per dollar of coverage. If you’re in good health and comfortable taking a medical exam, a fully underwritten policy may offer substantial savings.

Myth 3: Seniors can’t get large amounts of coverage without an exam.

Reality: While many carriers cap no‑exam coverage at $150,000 or $250,000 for seniors, some guaranteed universal life policies allow up to $500,000 for ages 46–60. Eligibility depends on your health and the insurer’s guidelines.

Myth 4: Guaranteed issue policies pay the full benefit immediately.

Reality: Policies without health questions always impose a waiting period for natural causes; your beneficiary generally receives a refund of premiums plus interest if you die within the first two years.

Working with Liberty Financial Group

📞 Call Liberty Financial Group at 888.414.3873

📩 Or click here to request a free quote

Choosing life insurance after 60 can feel overwhelming. Policy types, underwriting rules and cost factors can vary dramatically, and the wrong choice could leave your family under‑insured or overpaying. The licensed agents at Liberty Financial Group specialize in helping seniors navigate these complexities. They can evaluate your health history, recommend appropriate policies (including term, universal, final expense or guaranteed issue) and shop the marketplace to secure competitive rates. Whether you need a small policy to cover funeral expenses or a larger plan to protect your spouse and heirs, Liberty Financial Group will tailor coverage to your needs and budget. Contact them today to discuss your options and secure the peace of mind that comes with knowing your loved ones are protected.