Life Insurance For Seniors
It is no surprise that to get the best life insurance coverage and lowest premiums, a policy must be purchased while you are still young.
The good news is that many insurance companies still offer affordable rates in your senior years - over 65 years of age.
Get a quote on typical life insurance amounts for seniors:
According to New York Life, most term life insurance policies after the age of 60 are often renewed every five or ten years. Rarely will seniors find policies that last more than ten years.
Companies simply do not want to offer long-term rates to someone who statistically is less likely to live past 80.
Purchasing life insurance for seniors is still very possible, but you must expect higher costs and lower benefit amounts, for example, as in a no medical exam policy.
Don't wait any longer and see what you can qualify for.
Insurance companies will guarantee that your life insurance benefits can not decrease to the age of 80. After this, the companies may look into lowering your benefit amount.
When shopping for life insurance, you should look into policies that can be accessed early. Some insurance policies allow people over a certain age to access a portion of the money in advance if their doctor says they are terminally ill.
The money can be used to pay medical bills or other expenses. Then after you've died, the money you accessed is deducted from the insurance benefit amount.
In addition, some insurers offer a policy that you do not have to pay your monthly premiums if you are admitted into a nursing home. For as long as you are in the nursing home, your life insurance premiums are waived. For someone suddenly faced with the expense of a nursing home, this can be a godsend.
No Medical Exam Policy
Some life insurance policies do not require a medical exam. You are required to answer a few questions about your health and your family's health history, and that's it.
Rarely are applicants into these programs denied, and you gain the peace of mind that your family will not be stuck with exorbitant funeral costs when you die.
Learn more about no medical exam life insurance
It's Easier To Shop For Life Insurance These Days
With the advent of the Internet, shopping for life insurance has become a whole lot easier - for example if your are shopping for coverage for your parents or grandparents.
The days that you needed to have an insurance agent come over your home are over.
There are dozens of sites that will research the best term life insurance rates for you and give you a long list of companies and their average rates based on your age, height, weight, gender and answers to a few medical questions. You can either call the companies or go to their web sites, complete an online form, and see if they have even lower rates available.
Using the Internet, you are more likely to find cheap rates and coverage that fits your needs without having to go over your budget. Remember that you do not need to commit to anything. Shopping around and saying no is your right!
CLICK HERE for average costs on term life insurance!
Convertible Term Life Insurance Policy
A convertible term life insurance policy works just like a regular term life policy - it provides a fixed death benefit for a set period of time, such as 10 or 20 years. The key difference is that a convertible policy has a conversion option that allows you to switch to a permanent life insurance policy later on, without undergoing new underwriting.
If you don't convert the policy, it will simply continue as term insurance until the end of the term period. Many people don't even realize their term policy has a conversion option unless they need it.
Converting a term policy rather than applying for a new permanent policy allows you to lock in the health rating you qualified for when the term policy began. With a new policy application, the insurance company will re-evaluate your age, lifestyle, and health to determine your premium cost. But converting lets you bypass new underwriting, so you avoid potential premium increases due to acquired health conditions.
CLICK HERE for average costs on term life insurance!
Term Life Insurance vs Permanent Life Insurance
Term life insurance and permanent life insurance offer different types of coverage and costs.
Term life insurance provides temporary coverage that expires after a set period of time, usually 10 to 30 years. You can renew term policies when they expire, but premiums typically increase with each renewal as you age. While term premiums start lower, they are not guaranteed to stay level.
Permanent life insurance provides lifelong coverage as long as you continue paying the premiums. Types of permanent life insurance include whole life and universal life. Permanent policies typically have higher initial premiums than term, but the premiums remain fixed over time. Permanent policies also build cash value that you can borrow or withdraw tax-free.
The main tradeoff is that term life offers temporary coverage at a lower initial cost, while permanent life provides lifelong coverage with predictable premiums and cash value. Understanding the differences can help you decide which type of policy aligns better with your budget and needs.
CLICK HERE for average costs on term life insurance!
Can I still Get Coverage Being a Senior
Many seniors are under the impression that a life insurance policy is no longer possible because of their age. The good news is, even if you are over 60, over 65, over 70, over 75, or even over 80, in some cases, it's still very possible to get a policy issued.
Of course it will be more difficult, and not as cheap, than if you were in your fifties. The main thing is, you have to be in good health, not have any bad habits like smoking or drinking too much, not be overweight, not having or had have serious health issues, etc.
Click Here to get a senior quote!
Average monthly cost of a 10 year term life insurance policy for a healthy senior female, non-tobacco user:
| AGE | $100,000 | $200,000 | $300,000 | $500,000 |
|---|---|---|---|---|
| 65 Year Old Woman | $38.26 | $66.85 | $90.23 | $148.65 |
| 66 Year Old Female | $42.50 | $73.52 | $96.35 | $163.30 |
| 67 Year Old Woman | $48.47 | $82.15 | $105.54 | $177.48 |
| 68 Year Old Female | $43.82 | $86.84 | $117.73 | $195.25 |
| 69 Year Old Woman | $53.26 | $96.57 | $135.65 | $222.60 |
| 70 Year Old Woman | $57.53 | $106.24 | $156.83 | $246.60 |
| 71 Year Old Female | $63.65 | $119.45 | $183.84 | $274.75 |
| 72 Year Old Woman | $69.36 | $132.25 | $212.62 | $305.45 |
| 73 Year Old Female | $79.87 | $152.26 | $247.72 | $352.35 |
| 74 Year Old Woman | $89.25 | $172.69 | $288.25 | $398.55 |
| 75 Year Old Female | $102.10 | $193.60 | $340.75 | $453.95 |
Premiums shown were obtained on 03/30/2025 - your insurance rates will most likely be different. Rates will depend on your specific situation, the company quoting the rates, etc. These rates are merely a rough guide.
Average monthly premiums for a 10-year life insurance term policy for a senior man, non-smoker in good health:
| AGE | $100,000 | $200,000 | $300,000 | $500,000 |
|---|---|---|---|---|
| 65 year old man | $63.65 | $122.62 | $141.75 | $235.15 |
| 66 year old male | $71.13 | $138.24 | $157.13 | $257.45 |
| 67 year old man | $81.48 | $155.15 | $172.38 | $283.75 |
| 68 year old male | $91.75 | $177.92 | $191.45 | $315.25 |
| 69 year old man | $105.58 | $203.84 | $216.30 | $355.45 |
| 70 year old male | $117.69 | $229.75 | $246.18 | $406.15 |
| 71 year old man | $136.25 | $261.65 | $278.33 | $461.25 |
| 72 year old male | $151.85 | $296.19 | $317.42 | $524.68 |
| 73 year old man | $171.15 | $338.25 | $363.96 | $603.25 |
| 74 year old male | $193.28 | $383.55 | $422.53 | $701.55 |
| 75 year old man | $220.53 | $435.42 | $494.35 | $820.52 |
Quotes from 03/30/2025 - your rates will most likely be different. This table gives just a rough idea of life insurance costs.
Although we only show rates up to age 75 in the tables above, in certain cases, a senior can still get coverage if they are aged 76, 77, 78, 79. Or even in their eighties: 80, 81, 82, 83, 84, 84, 85. Of course, it will not be easy, but it's possible.