We don't list prices, because premiums depend on your age, health, state, and coverage. Compare quotes from at least two or three carriers, or ask an independent agent, before you buy. Picks are based on product fit, application process, and the insurer's disclosures, not on partnerships.
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Guaranteed whole life, ages 45–85, $2,000–$25,000 (preliminary; see card)
Key takeaways
Updated 2026-10-28.
Life insurance should match a real need: replacing income for a spouse, paying off debts, covering final expenses, or supporting an estate plan.
Term coverage usually costs less for a set period; permanent (cash value) policies cost more and are more complex. Ask how fees and cash value work before buying.
Check the insurer’s financial strength ratings and confirm the company and agent are licensed with your state insurance department.
Don’t cancel an existing policy until a new one is in force. Age and health changes can make replacement costly or unavailable.
Our reviews
Pick #1
Ethos
Best for fast online term coverage
Our rating: Not star-rated. Qualitative award; see Methodology.
Key data (checked 2026-10-28)
Coverage for ages 18–85
Term and permanent options up to $3 million
Many applicants skip the medical exam and answer health questions online
Policies are issued by partner carriers listed on Ethos's site (Ethos is a licensed agency)
Why we chose it
Ethos makes it fast to see whether you qualify for term coverage, often without an exam.
Pros
Online application, often no exam
Wide age range (18–85)
Term and permanent options
Cons
You're buying a policy from a partner carrier, so check which insurer issues it and its rating
No-exam pricing may be higher for some healthy applicants
Who should skip it
People with complex health histories who may do better with full underwriting through an agent.
Our rating: Not star-rated. Qualitative award; see Methodology.
Key data (checked 2026-10-28)
Term life with no medical exam for coverage up to $3 million (over $3M may need a free at-home health check)
Policies issued by partner insurers
Why we chose it
Term needs often shrink as a mortgage is paid off and children grow up. Ladder is designed to let you reduce coverage over time instead of keeping one fixed amount.
Our rating: Preliminary. Not star-rated; see Methodology.
Key data (checked 2026-10-28)
Ages 45–85 (50–75 in New York)
Coverage $2,000–$25,000; no medical exam or health questions; fixed premiums
Two-year graded benefit: if death from natural causes occurs in years 1–2, it pays premiums paid plus 10%; full benefit after two years (accidental death pays full benefit from day one)
Why we chose it
For older adults who can't qualify elsewhere, guaranteed acceptance covers funeral and final bills, but the graded benefit matters.
Pros
Acceptance guaranteed within age limits
Fixed premiums
Cons
Small benefit amounts
Two-year graded benefit
Costs more per dollar of coverage than underwritten policies
Who should skip it
Anyone healthy enough to qualify for underwritten coverage, which is usually cheaper.
Figures change often. Each row shows the date we checked it; confirm on the provider's site before you decide.
Carrier
Type
Coverage range noted
Medical exam
How you buy
Checked
Ethos
Term + permanent
Up to $3M; ages 18–85
Often not required
Online
2026-10-28
Ladder
Term
Up to $3M without exam
Not required up to $3M
Online
2026-10-28
Northwestern Mutual
Whole/universal/term
Varies
Usually required
Advisor
2026-10-28
New York Life
Whole/universal/term
Varies
Usually required
Agent
2026-10-28
State Farm
Term + permanent
Varies
Varies
Local agent
2026-10-28
Mutual of Omaha (Guaranteed Whole Life)
Final expense
$2,000–$25,000; ages 45–85
No exam or health questions
Online/phone
2026-10-28
How to choose
Life insurance pays a death benefit to the people you name. In retirement planning it’s usually about one of a few jobs: replacing income a surviving spouse relies on, paying off a mortgage or other debts, covering funeral and final costs, or helping with an estate plan.
Start with the need, not the product. The NAIC’s Life Insurance Buyer’s Guide suggests asking who depends on you financially, how final expenses and debts would be paid, and whether you want to leave money to family or charity. Some retirees with grown children and enough savings may need little or no coverage.
Term vs. permanent. Term insurance covers a set period and is usually the lower-cost way to buy a death benefit. Permanent policies (whole or universal life) can last for life and build cash value, but they cost more and have fees and features that are harder to compare. Ask for illustrations and have someone you trust review them.
Coverage for older buyers. Premiums rise with age and health. Simplified-issue and guaranteed-issue policies skip or limit the medical exam, but they usually cost more for less coverage, and some pay a limited benefit in the first years. Read the waiting-period terms carefully.
Check the company. Look at independent financial strength ratings and confirm the insurer and agent are licensed in your state.
Use your review period. Many states require a “free look” period after delivery during which you can cancel for a refund. The length varies by state.
Keep beneficiaries current. After a marriage, divorce, or death, update beneficiary forms. They usually override what a will says.
Frequently asked questions
Do retirees need life insurance?
Not always. It depends on whether someone relies on your income, your debts, and your estate goals.
Term or whole life?
Term is usually cheaper coverage for a set period. Whole life lasts longer and builds cash value but costs more.
Can I get life insurance in my 70s?
Often yes, though options narrow and premiums rise with age. Guaranteed-issue policies may have waiting periods.
What is final expense insurance?
A smaller permanent policy meant to cover funeral and end-of-life costs.
How do I check an insurer?
Look at independent financial strength ratings and your state insurance department’s licensing lookup.
Should I replace my old policy?
Compare carefully, and don’t cancel the old one until the new one is in force.
Does a beneficiary designation override my will?
Generally, yes. Keep it up to date and talk to an estate attorney about your plan.
Methodology
We reviewed 6 providers' public pricing, rate, and disclosure pages on 2026-10-28. We don't assign star scores. Each pick gets a qualitative "Best for…" award based on the criteria below, and "Preliminary" marks picks where our research is still thin. Partner or affiliate status plays no role in which providers we pick or how we rank them.
YouRetire Editorial writes for families planning retirement and care. We use regulator and government sources, show when we last checked data, and don’t let partners buy ratings. Read how we review and our editorial standards.
This guide is educational and not individual financial, tax, insurance, or legal advice.
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