Quick Answer
Pick the term that matches how long your need actually lasts, then check whether your age still qualifies for it. A 20-year term locks in a premium for longer and suits debts or a spouse’s income that run well past 70, but fewer insurers offer it after about 65 and it costs more each month. A 10-year term is cheaper, is still available into your 70s and sometimes to 80, and fits shorter needs like a mortgage with a few years left. If you might want coverage for life, check the conversion option before you choose either one.
Age Limits: Which Terms You Can Still Buy
Age decides which term lengths are even on the table. Fewer insurers offer long terms past 65, and a 70-year-old usually can’t buy a 20-year term at all. Ten-year terms are still available into your 70s and, with some insurers, up to age 80. Most guaranteed level-premium term policies don’t run past about age 85.
| Your age | 10-year term | 20-year term |
|---|---|---|
| 50 to 60 | Widely available | Widely available |
| 61 to 65 | Widely available | Available from fewer insurers |
| 66 to 70 | Usually available | Rare |
| 71 to 80 | Some insurers | Generally not available |
Exact limits vary by insurer and state. Our guide to buying term life insurance after 60 covers the options in more detail.
What Each Option Costs
Prices climb steeply with age, so the age you buy at matters as much as the term length. Sample monthly rates for $250,000 of coverage, nonsmoker in average health:
| Age | Term | Women | Men |
|---|---|---|---|
| 50 | 20-year | $59 | $77 |
| 55 | 20-year | $75 | $100 |
| 60 | 20-year | $157 | $215 |
| 65 | 20-year | $178 | $245 |
| 70 | 10-year | $217 | $321 |
Source: MoneyGeek, updated November 2026. At 70, the sample switches to a 10-year term because 20-year terms weren’t available at that age. At the same age, a 10-year term costs noticeably less than a 20-year term because the insurer covers fewer years at the oldest, most expensive ages.
Matching the Term to Your Need
- A mortgage or loan: choose the term that ends when the balance is paid off. With 8 years left on a mortgage, a 10-year term usually fits.
- A spouse’s income: if your spouse would rely on your income or pension until their own retirement benefits start, cover those years.
- Dependents or a disabled family member: a longer term may be worth the higher price if support is needed for many years.
- Final expenses: term is a poor fit, because you may outlive it. A small whole life or final expense policy covers this for life.
Not sure how much coverage you need in the first place? Try our life insurance needs calculator.
What Happens When the Term Ends
At the end of the term, coverage stops unless you act. Many policies let you renew year by year, but renewal premiums are based on your age then and can jump sharply. Buying a new policy later means new underwriting at an older age and possibly with new health conditions.
If you buy a 10-year term at 62 and still need coverage at 72, expect to pay far more than a 20-year term would have cost, or to find limited options. That risk is the main reason to lean toward the longer term when you’re unsure and your age still allows it.
Check the Conversion Option
Many term policies can be converted to permanent coverage without a new medical exam, with the price based on the health rating from when you first bought the policy. Conversion windows vary: some insurers only allow it within the first 10 years of a 20-year policy, or before a certain age. Ask about the conversion period and which permanent policies you can convert to before you buy.
If you’re still deciding between term and permanent coverage, see our comparison of term vs. whole life insurance for seniors.
How to Choose: A Quick Checklist
- Write down when your need ends: the mortgage payoff date, your spouse’s retirement, or similar.
- Check which term lengths your age still allows.
- Get quotes for both lengths and compare the total cost over the years you need.
- Ask about renewal costs and the conversion window.
- If you’re unsure and can afford it, lean toward the longer term while you still qualify.
FAQs
Can I buy a 20-year term life policy at 65?
Often yes, but from fewer insurers than at 55 or 60, and at a much higher price. By 70, 20-year terms are generally no longer offered.
Is a 10-year term worth it at 70?
It can be if you have a specific need that ends within 10 years, such as a remaining mortgage or a spouse’s income gap. Ten-year terms are still available into your 70s, and with some insurers up to 80.
What happens if I outlive my term policy?
Coverage ends and no benefit is paid. Some policies let you renew year by year at much higher rates, or convert to permanent coverage if you’re still within the conversion window.
Is a 15-year term a good middle ground?
It can be. A 15-year term costs more than a 10-year but less than a 20-year, and some insurers offer it at ages where 20-year terms are no longer available.
Should I choose term or whole life after 60?
Term usually fits needs with an end date, like a mortgage. Whole life fits needs that last for life, like final expenses or an inheritance.
Sources
- MoneyGeek: Term life insurance rates by age (updated November 2026)
- Insure.com: Term life insurance for seniors
Sample rates are illustrations, not quotes. Age limits, renewal terms and conversion windows vary by insurer and state. Last checked November 2026.
Disclaimer
This article is general information, not insurance, legal or financial advice. GuaranteedLifeGuide.com is not affiliated with, endorsed by or sponsored by any insurance company, carrier or product named or implied here. Prices and eligibility vary by insurer and by individual, so confirm details with a licensed agent before you buy.
Next Step
Note the date your biggest financial need ends, then get quotes for both a 10-year and a 20-year term for the same coverage amount. Our guide on how to compare life insurance quotes without getting scammed shows what to check beyond the monthly price.