Fresh MIB data shows demand rising fastest among retirees, plus what that means for cost, policy type and timing.
November 3, 2026
Life insurance has long been pitched as something you buy when you're young, healthy and starting a family. But new application data suggests older Americans aren't waiting for that pitch.
In September 2026, life insurance application activity among people ages 70 and older rose 50.1% from a year earlier, while activity among those ages 60 to 69 increased 31.8%, according to the MIB Life Index, which tracks application activity across the U.S. life insurance industry.
That growth challenges the assumption that the market for older applicants is largely tapped out.
Most people buying in their late 60s and 70s aren't entering the life insurance market for the first time. They may have bought a 30-year term policy during their working years, and that policy has ended or is about to expire. Their needs are different now: Their children are grown, their finances have changed and many have more discretionary income than they did at 40.
Below, we break down what the data shows, what it doesn't, and what anyone shopping for life insurance in their 60s or 70s should know before applying.
MIB Group is a membership organization owned by life insurers. Its Life Index tracks underwriting checks that member insurers run against MIB's database when reviewing life insurance applications.
Since these checks are used in much of the individually underwritten life insurance market, the index is one of the industry's earliest indicators of application activity.
Overall, application activity in September 2026 rose 15.2% from September 2025 and 5.6% from August 2026. Through September, year-to-date activity was 15.6% higher than in 2025 and 20.9% higher than in 2024.
The age breakdown is where the story gets interesting:
Applicant age | Change, September 2026 vs. September 2025 | Change, Q3 2026 vs. Q3 2025 |
|---|---|---|
0 to 29 | -1.3% | Flat |
30 to 39 | +3.4% | +3.6% |
40 to 49 | +12.3% | +12.1% |
50 to 59 | +21.5% | +21.7% |
60 to 69 | +31.8% | +32.9% |
70 and older | +50.1% | +52.5% |
Source: MIB Life Index, September 2026, as reported by InsuranceNewsNet. MIB revised its age and face-amount categories in 2026 and restated earlier 2026 data under the new method.
Every age group 40 and older posted double-digit growth, with application activity increasing progressively across older age groups.
September's results build on a trend that has been developing for more than a year. MIB reported that application activity grew 6.8% in 2025, the highest annual growth rate on record at the time. In August 2026, applications rose 18% year over year, with activity among people 70 and older up 53.9% and among those 60 to 69 up 34.4%.
Older applicants aren't gravitating toward just one type of life insurance. In September, term life applications rose 23.2% year over year and whole life applications rose 22.2%, while universal life applications rose 1.1%. Through September, term applications were up 26.2% and whole life applications were up 23%.
MIB also found growth across policy sizes for older applicants in the third quarter:
Applicants ages 60 to 69 applied for more coverage at every face amount, with triple-digit growth for policies between $1 million and $2.5 million.
Applicants 70 and older also showed growth in every face-amount category, with double-digit growth for policies under $500,000.
In other words, the increase spans small policies of the kind often used to cover funeral costs and final bills as well as large policies of the kind often used in estate planning.
Application data offers an early look at demand, but sales figures provide a separate measure of market activity. LIMRA, an industry research association, reported that the number of individual life insurance policies sold rose 8% year over year in the second quarter of 2026, while new premiums rose 3% to $4.75 billion, according to its Q2 2026 sales survey.
Two details in LIMRA's report fit the age pattern in MIB's data. Whole life policy sales rose 10%, the strongest policy growth of any product, and LIMRA said that growth remains concentrated in the final-expense market. For fixed universal life insurance, meanwhile, the only area of growth was combination products that pair life insurance with long-term care coverage. Both final-expense and life/long-term care combination policies are built largely around later-life needs.
MIB's data shows that applications are rising, but it doesn't explain why. Several factors may help explain the trend, although the data doesn't establish a direct cause:
A 65-year-old in 2024 could expect to live another 19.7 years on average, according to the CDC's National Center for Health Statistics. A longer retirement can mean more years of living expenses and financial obligations, along with more time to plan for how assets will be passed on.
LIMRA attributes growth in the final-expense market to newer products, digital sales platforms and wider distribution networks. Simpler application processes, including options that don't require a medical exam, may make coverage more accessible to some older consumers.
What was previously a 30-, 45- or 60-day process can be executed in minutes or days, which allows insurers to offer a better experience to applicants of all ages, including older individuals.
“We hear from our life insurance customers that they want to extend an accelerated life insurance process to more age ranges and higher face amounts. They are using available data within the underwriting process to do that. They can digitally confirm income or assets and pull medical information, such as EHRs from health portals, with the consumer’s consent. This provides a better underwriting experience and results in more coverage for families,” says McElhaney.
The growth in large face amounts among people in their 60s could reflect interest in using life insurance to transfer wealth or provide funds for estate-related expenses. However, MIB's data doesn't identify applicants' specific motivations.
“People are living longer, and they want to protect what they spent decades building and pass some of it on to the next generation. A death benefit generally goes to beneficiaries income-tax-free, providing loved ones with a safety net during what can be a financially uncertain time,” explains McElhaney.
Higher interest rates can improve the performance of whole and universal life policies, which can potentially make them more appealing as replacements for existing coverage.
“Inflation has also been impactful because people have more to cover, including larger home values, more debt, higher incomes, and higher expected medical or long-term care costs,” says McElhaney.
The trend has also surprised parts of the industry. Early in 2026, LIMRA's head of research suggested the over-60 market might be largely saturated, saying the industry had "tapped out that market to a certain degree." So far, the 2026 application data has pointed in the other direction.
Rising application activity doesn't mean a new policy makes sense for every older adult. Coverage at this stage can be more expensive and involve different trade-offs than it does at 35. Here's how to approach it.
Before comparing policies, identify the financial need you want the coverage to address.
Life insurance later in life makes sense when it solves a specific financial need. That could be protecting a spouse, leaving a legacy for children or grandchildren, helping address estate-planning needs, or preparing for chronic or long-term care expenses.
If you're unsure whether you need coverage at all, our guide on whether you need life insurance in retirement walks through the main scenarios, and our guide to how much life insurance you need can help you determine the amount of coverage you need.
Term life covers you for a set period and is usually the cheaper option per dollar of coverage, making it worth considering for needs with a defined end date, such as a mortgage you'll pay off in 10 years.
Permanent coverage, such as whole life, lasts for life as long as you pay premiums, so it's more suitable for lifelong needs, such as final expenses or leaving an inheritance.
Term options also narrow with age, since many insurers limit how old you can be when a policy starts. Our breakdown of term vs. whole life insurance covers the differences in more detail.
Insurers price coverage based on your expected lifespan, so age and health weigh more heavily the older you are. A fully underwritten policy, which may include a medical exam and a review of your health records, usually offers the best rates if you're in good health.
If you have health conditions, simplified-issue and no-exam policies ask fewer questions but generally cost more for the same coverage. See our guides to life insurance underwriting and getting coverage with pre-existing conditions.
Guaranteed-issue policies accept applicants without health questions, which may make them an option for people who have difficulty qualifying for other coverage. The trade-off is a high price for a small amount of coverage, and many of these policies pay only a limited benefit if you die within the first few years.
Review the policy's waiting period, death benefit and exclusions before applying. Read our explainer on guaranteed-issue life insurance to see how these policies work.
If your main goal is covering funeral costs and final bills, a small final-expense policy may be enough. Sales of these policies have grown quickly, as we covered in our final-expense life insurance data study.
If you're also worried about the cost of long-term care, policies with living benefits or long-term care riders are another option to compare. Our guide to the pros and cons of living-benefits life insurance explains how they work.
Premiums at older ages vary widely between insurers, and each birthday can raise your price. Get quotes from several insurers using the same coverage amount and policy type so you can make an apples-to-apples comparison. You can compare insurers that serve older buyers on our life insurance for seniors page.
If you decide life insurance makes sense as an older adult, purchase it as soon as possible. Otherwise, your options may be limited.
“Term options decrease with age, and at a certain point, you may only be able to buy permanent coverage at a higher premium,” says McElhaney.
Also, think carefully about how long the policy will last.
“If the goal is to leave money to your beneficiaries, coverage that falls a few years short may not provide you with the financial protection they need,” explains McElhaney.
Finally, if you’re buying to meet estate-planning needs, seek professional assistance.
“Working with a financial planner helps make sure the policy fits your estate and retirement goals and can help avoid costly oversight,” adds McElhaney.
The data shows a different pattern among younger applicants. Applications from people under 30 fell in September, and growth among people in their 30s stayed in the low single digits. That fits what we found in our study on why younger adults are skipping life insurance. Coverage is cheapest when you're young and healthy, so waiting until your 60s to buy usually means paying more for the same protection.
Yes. Many insurers sell permanent and final-expense policies to applicants in their 70s, and some sell to applicants older than that. Options and prices depend on your age, health and the amount of coverage you want, and term policies become harder to find as you age.
Yes. Premiums are based largely on your age and health, so the same amount of coverage costs more at 70 than at 40. Our guide to how much life insurance costs explains the main pricing factors.
Not necessarily. MIB counts applications that go through underwriting checks, and some applications are declined, withdrawn or never finalized. LIMRA's sales data, which shows policy sales rising 8% in the second quarter of 2026, suggests that more applications are turning into policies, but the two numbers measure different things.
Not always. Simplified-issue, no-exam and guaranteed-issue policies don't require an exam, though they typically cost more or offer less coverage. Read more in our guide to no-exam life insurance.
Be cautious. A new policy will be priced at your current age and health, and it may restart waiting periods. Compare the cost and terms of your existing policy carefully, and consider talking with a fee-only financial planner before you cancel anything.
Life insurance applications from Americans 60 and older are growing faster than for any other age group, and the trend has held for more than a year.
“Don’t assume you’re too old for life insurance. Retirement can last decades, and financial needs can change along the way. The right policy can help protect what you’ve built and provide flexibility as those needs evolve,” says Tarnow.
If you're considering coverage later in life, start by defining what the money is for. Then, compare term, permanent and final-expense options from several insurers. Buying in your 60s or 70s is possible, but it costs more, so the right policy is the one that covers a specific need at a price you can keep paying.
Anna Baluch is an insurance and finance expert at BestMoney.com. With over a decade of writing experience, she specializes in insurance, banking, mortgages, personal loans, and retirement planning. Her work has been featured in publications like Forbes, Newsweek, Fox Business, Credit Karma, Insurify, and Realtor.com. Anna holds a bachelor’s in marketing from Northwood University and an MBA from Roosevelt University. Her goal is to empower consumers to make smart financial decisions.
