Getting Life Insurance at Age 65 or Older

By age 65, it is likely that you have already purchased a life insurance policy. life insurance for people over 65 years oldIf this is the case, it is very possible that you are looking to extend that policy (if it is term life insurance). That said, if you are one of the many Americans without life insurance coverage at this age, chances are that you are in need of it. After all, these days many people still have mortgages and debts that need to be taken care of should they die within the next few decades, and some people still have dependent family members.

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!)

We work with 30 of the best term life insurance companies at and we have years of experience helping people ages 60 or 65 and up get the policies they need.

Policy Rates at this Age

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

  • Banner Life: $80 a month

  • Genworth Financial: $81 a month

  • Transamerica: $83 a month

  • Prudential: $92 a month

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

  • North American: $145 a month

  • Banner Life: $149 a month

  • Protective Life: $149 a month

  • Genworth: $149 a month

  • SBLI: $151 a month

The ‘No Medical Exam’ Option

Did you know that it is possible to get an insurance policy without a medical exam? If you apply with Transamerica, for example, you are eligible for a coverage amount that goes up to $50,000 without having to undergo a medical exam (instead, they will just review your doctor’s records). You can get this as long as you are under 70 years of age. This is a great option for those that will not pass the traditional medically underwritten life insurance exam, such as those seeking life insurance coverage with cancer.

Converting to Permanent Coverage

If you are 65 and/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:

  • 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. The policies she is offered 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.

Are you 65 or older and interested in getting a great term life insurance policy? When you’re ready, feel free to contact us at 888-552-6159  for a quote or use our quote form at the top of this page to get instant life insurance quotes.

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Liran Hirschkorn is an independent life insurance agent. His mission is to help individuals across the U.S in finding the best rates on life insurance as well as helping those that have previously been declined get approved for coverage. Liran looks forward to speaking with you about your life insurance needs.

Comments (2)

  1. Carlos Takano says:


    Right now my wife, 69 years old and I, 70 years old just recently, are paying $650.00 and $1,400.00 per month respectively for a $1,000,000.00 life insurance.

    Can we get a cheaper quote? Both of us are non smoker and regularly excise and have check up every 6 month.

    Carlos Takano

    1. Liran says:

      Hi Carlos – I’m sending you an email now with more information.

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