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Life Insurance for Seniors at Age 65 Or Older

couple with life insurance for people over 65

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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By age 65, it is likely that you have already purchased a life insurance policy, and it’s possible that you are looking to extend that policy (if it is term life insurance).

If you are one of the many Americans without life insurance coverage at this age, there’s still a good chance that you need it.

After all, many people still have mortgages, debts, or dependent family members that need to be taken care of, should a death occur within the next few decades.

Seniors Can Get Life Insurance at Age 65 or Older

senior couple with life insurance for people over 65

Fortunately, you have more options for life insurance than you think at age 65 (hint: your choices are not at all limited to the AARP or Colonial Penn and it’s guaranteed acceptance policy!)

We work with over 30 of the best life insurance companies have over 30 years of experience helping people get the policies they need.

When you’re getting married, and you have your first kid, the need for life insurance is obvious. When you’re retired or getting close to it, it’s not as obvious anymore.

Why Do Seniors Need Life Insurance?

At 65, do you still need coverage? How much should you buy?

First of all, yes, you probably need life insurance. Your policy may not be as large, but you still need some protection.

If you don’t know how much life insurance to buy, figuring it out is easy. You just have to add a few numbers together.

How Much Coverage Does a Senior Over 65 Need?

First, how much will a funeral/burial cost? Regardless of any other expenses, these are ones you’re GOING to have. The average funeral can cost $10,000, but most people spend less than that.

After you’ve added up those costs, what about other debts? You may not have a mortgage loan, but you might have other bills sitting around. Your family needs the money to pay off whatever bills you have.

One additional factor you may want to consider in all of this adding is charitable donations. A lot of the applicants we talk to want to leave behind money to one of their favorite organizations.

Life insurance is an excellent tool for anyone wanting to give back to their community after they pass away.

Once you’ve added up these three categories, you should have a pretty good idea of how much life insurance you should buy.

Regardless of how much the total comes out to be, there are options for you.

Policy Rates for 65-Year-Olds

The cost of a term life insurance policy at age 65 may not be as much as you think. Here are a couple of examples:

A 65-year-old woman in good health looking for a 20-year term worth $100,000 is likely to be offered:

  • Protective Life: $79/month
  • Banner Life: $80/month
  • Genworth Financial: $81/month
  • Transamerica: $83/month
  • Prudential: $92/month

A 65-year-old man applying for a 15-year term worth $250,000 is likely to be offered:

  • North American: $145/month
  • Protective Life: $149/month
  • Banner Life: $149/month
  • Genworth: $149/month
  • SBLI: $151/month

Converting To Permanent Coverage

If you are 65 or older, you may have already considered permanent life insurance. After all, you don’t know exactly when your time will come, and for all you know, you could live on for a long time!

Permanent life insurance coverage ensures that no matter when you pass, your loved ones will get a payout to help them cope with any expenses left behind or even just to help your dependents maintain their lifestyle.

The great news is that if you choose the right kind of permanent life insurance coverage, you’ll end up paying a lot less than other kinds of policies, like Whole Life (an expensive permanent coverage option).

We, therefore, recommend Guaranteed No-Lapse Universal life insurance. Essentially, what this kind of policy does is guarantee that you will have coverage for the rest of your life. As a bonus, it also costs far less than other permanent life insurance options, and the death benefits remain level.

Guaranteed No-Lapse Rate Examples

To give you a better idea of what kind of rates you can expect with this kind of policy, we’ve come up with a few examples based on real-life scenarios:

  • George is a 65-year-old man looking to get $125,000 in coverage. He is in great health, so he qualifies for Preferred Plus rates. He is therefore offered policies with monthly rates between $221 and $260.
  • Mary is a 65-year-old woman with some outstanding bills who would like at least $150,000 in coverage to make sure they are taken care of so the burden is not on her family when she dies. She is also in excellent health and does not smoke, so she qualifies for Preferred Plus rates. She is offered policies that range between $217 and $271 a month in payments.
  • Jen is 66-years-old and would like just $100,000 in coverage. Her health is very good, though not excellent, so she qualifies for Preferred rates instead of Preferred Plus. For a $100,000 policy, the rates she is offered range between $149 a month and $189 a month.

What About AARP Life Insurance?

As you probably already know, the AARP exists solely to serve senior citizens.

Now, this organization even offers term life insurance coverage to those who qualify. These are no medical exam senior life insurance policies, which may be beneficial to many. While this all may look great at a glance, the truth is that the AARP is a wonderful organization in many aspects, but it falls a bit short as far as term life insurance goes.

Here are just a few of the reasons why:

  • Policyholders are limited to only $50,000 or $100,000 in coverage, no more.
  • Rates are not level and actually, go up every five years.
  • Healthy people will end up paying more than they would elsewhere.

Every year, we talk to a lot of seniors who have bought or are considering buying an insurance plan from AARP. There is one simple reason AARP is so popular for insurance – marketing dollars.

If you’re 65-years-old or you’re getting close to retirement, then you’ve probably received TONS of pieces of mail. You might be getting phone calls and probably some e-mails. You’ve seen the commercials.

AARP spends a lot of money getting their name out there. They’ve done a good job of it.

Find Affordable Life Insurance For Seniors

As a 65-year-old life insurance applicant, you’re going to pay more for life insurance coverage versus what a younger person is going to pay, but there are several ways that you can get more affordable insurance premiums.

Making some changes could drastically increase your chances of getting approved for an affordable life insurance policy.

Are you a senior interested in getting a term life insurance policy? When you’re ready,  use our quote form on this page to get instant life insurance quotes.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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