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Get free quotes and compare life insurance policies without your contact information.
Compare QuotesSome may wonder whether life insurance is necessary for seniors since their family home is likely paid off and their children are likely no longer financially dependent on them.
However, some seniors may still have mortgages or other debt. They may also worry about the financial security of their spouses and dependents after their death or the burden of their final expenses.
While life insurance can increase in price as you age, it’s still possible to get affordable coverage. Here’s what you need to know about how (and whether) to buy life insurance in your golden years.
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Company | AM Best Rating | Max Issue Age | Types of Policies Available | Learn More | |
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#1 | MassMutual » | A++ | 90 Years Old | Term, Whole, Universal | Compare Quotes » |
#2 | Protective » | A+ | 85 Years Old | Term, Whole, Universal | Compare Quotes » |
#3 | Pacific Life » | A+ | 90 Years Old | Term, Universal | Compare Quotes » |
#4 | Fidelity Life » | A- | 85 Years Old | Term, Whole | Compare Quotes » |
#5 (tie) | New York Life » | A++ | N/A | Term, Whole, Universal | Compare Quotes » |
Pros:
14 different policies to choose from
Whole Life 100 policy available for applicants up to the age of 90
Cons:
Term life policies aren’t available for applicants over the age of 75
Applicants will need to work with an agent
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Pros:
Online quote tool available for term policies
Policies are available to applicants up to 80 years old
Cons:
Most policies will require a medical exam
Not all policies are available for online quotes
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Pros:
16 life insurance policies available
Some policies are available to applicants up to age 90
Cons:
No online quote or application tool
Most policies will require a medical exam
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Pros:
Some no exam policies available
Online quotes available for some policies
Cons:
Online quotes not available for all policies
Only six policies available
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Pros:
Term, whole, universal, and variable universal life policies available
Custom coverage amounts available
Cons:
Medical exam likely needed for some policies
No online application available
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Pros:
No-medical-exam life insurance policies available
Whole, universal, and term policies available
Cons:
Policies only available by working with an agent
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Pros:
Term, whole, and universal policies available
Possible term policy renewal up to age 94
Cons:
Online application and quoting tool not available for all policies
Website not as informative as those of other companies in our rating
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Pros:
Policies with either flexible or guaranteed level premium payments available
Medical exam not required for its final expense policy
Cons:
Limited availability of online applications and quotes
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Pros:
Ability to choose from flexible or guaranteed level premium depending on the policy
Multiple riders available to customize policies
Cons:
Online applications only available for term life
Some policies not available in New York
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Pros:
Some policies available for applicants up to 90 years old
Variety of riders available
Cons:
Premium increases possible for some term life insurance after the first year or policy period
Some policies not available in New York
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When it comes to deciding whether seniors need life insurance, it’s important to consider the reasons for purchasing a policy.
If you have a family or partner that depends on your income or retirement to cover living expenses, then a life insurance policy may help provide some financial protection for them after you die.
Also, if you rely on your Social Security payments for a portion of your lifestyle needs in retirement, it could make sense to take out a policy.
“The surviving spouse will lose the smaller of two Social Security payments and expenses don’t necessarily drop by half when a spouse dies,” says Howard Pressman, a certified financial planner in Virginia. “If the loss of income is greater than the decline in expenses and investments can’t make up the difference, life insurance may be needed.”
With a life insurance policy, you can establish an inheritance outside of your estate’s assets. Funds can also help beneficiaries pay possible inheritance tax, or the death benefit can help your successor purchase your business if you have one.
A final expense type plan, which generally has a lower death benefit of between $2,000 and $50,000, might also be useful to help your loved ones cover funeral and other expenses after you die. According to the National Funeral Directors Association’s (NFDA) 2021 Member General Study Price List, the median price of a funeral was $7,848 and cremation costs were $6,970.
Obtaining a life insurance policy can also help your family pay any debts you leave behind, ensuring they’re not financially burdened after your passing.
Use the funds to make a lump sum donation to your favorite non-profit organization. This ensures a lasting impact, replacing your past financial contributions with a substantial one-time gift.
Start by clearly identifying the purpose of the insurance policy. For example, if it’s to ensure your survivors can pay off a mortgage, then a term policy could be the right fit. Before you buy permanent life insurance, make sure to do the math.
Jeff Rose, a certified financial planner in Nashville, indicated he has had retired clients who wanted to leave a nice inheritance for the kids and grandkids, “but when they learned the cost of the insurance and realized how it would affect how they lived during their retirement, they decided against it,” Rose says.
Understand that insurance for seniors costs more. “How many months of premium payments would it take to reach the death benefit amount? It may be better to save the amount you would have paid towards the life insurance premium,” says Niv Persaud, a certified financial planner with Transition Planning & Guidance in Atlanta. She suggests looking into a long-term care rider, since Medicare doesn’t cover that kind of care: “It’s the expense that depletes one’s savings.”
Policies will vary in price, even for people in the same demographic and risk class. For a 65-year-old female in the Standard Plus Risk category with a $1 million, 20-year term policy, premiums from Transamerica were $259 per month, while premiums from Pacific Life were $215 per month for the same person and policy.
The reality is insurers consider multiple factors when calculating your premium. Some of the factors that can affect life insurance premiums include, but are not limited to:
Life insurance policies increase in cost as you get older and could be expensive when you’re in your 60s. The price for a 20-year term policy with a $1 million death benefit from Pacific Life for a female in the Standard Plus risk class jumps from $240 per month at age 55 to $755 per month at age 65. Keep in mind that many companies may not issue or offer a 20-year term policy to someone who is 65 years old.
Any health conditions you have may increase your premium or exclude you from certain policies. Also, the number of policies available as you age decreases. For example, State Farm’s Return of Premium Term Life policy isn’t available to applicants over the age of 60.
So consider your options before making your decision. You may want to seek the advice of a certified financial planner or other financial professional to best plan for your specific needs.
Most life insurance plans involve a medical exam that can influence your eligibility and premiums. However, no-exam policies are available, which, while pricier than traditional options, offer a greater chance you’ll be accepted, even with health issues.
Guaranteed issue life insurance offers a degree of security without the need for a health screening. As the name indicates, this policy guarantees your acceptance, provided you meet the age and death benefit requirements set by the insurer. This policy may be a good option for seniors looking to cover final expenses or leave a small inheritance to their beneficiaries.
Often called “final expense” insurance, burial insurance provides seniors with a way to cover their funeral expenses, potentially easing the financial responsibility for their loved ones. It's generally a small whole life policy, with coverage amounts typically ranging from $5,000 to $25,000. This type of insurance can be a variant of guaranteed issue life insurance, which may involve some health questions but usually doesn't require a medical exam.
MassMutual is our top choice for life insurance insurance for seniors due to its strong financial strength, wide variety of policy options, and customizable coverage limits. Since it doesn’t offer online purchase options, MassMutual’s agents will be able to walk you through the available coverage and help you choose the best option for your needs.
A 70-year-old person may benefit from a no-exam life insurance policy or certain types of whole and permanent life insurance. It can be harder to get term life insurance at an advanced age and premiums will be higher. Talk to an insurance agent or financial advisor to determine which insurance investments best suit you.
Life insurance can be worth it for seniors if you purchased the policy as an investment in your younger years and it now has a lucrative cash value. It can also be worth it if you have many recurring living expenses that your loved ones would have to account for immediately after passing. However, it may not be worth it if you already have substantial savings or minimal expenses.
Medicare, the federal medical insurance program, covers things like doctor visits, hospitals, nursing homes, and hospice care, as well as vision, dental, and drug prescriptions. Medicare does not offer life insurance or pay benefits to family members if and when the policyholder dies the way a traditional life insurance plan would.
If you’re ready to start looking for life insurance quotes, you have a few options. You can visit the website of the insurer you’re considering or contact an agent directly. Be prepared to provide some personal information, including your name, location, age, gender, and contact information. Keep in mind that quotes will vary across providers depending on the policy type, as well as personal factors such as your age, health status, and lifestyle.
When you use our links to buy products, we may earn a fee but that in no way affects our editorial independence.
