Life Insurance for Seniors Over 65

Most people over the age of 65 are close to the beginning of the pension period or are retired.

Having life insurance for seniors over 65 means that your life is at a different level, unlike other people’s lives.

If you’ve had a life insurance policy before, you have to reevaluate your needs and get the new policy according to these.

Life Insurance Options for Seniors Over 65

life insurance optionsAt the age of 65, there are two basic types of life insurance policies that you can choose.

The first option (term life) is having a phrase with duration for a limited period and inexpensive. This phrase can offer great deals for every elderly more than 65 years old.

It doesn’t matter if you have bad debts, such as bank card balances or automotive or home loans; these phrase plans are still satisfactory, meaning that all of these debts are compensated off at your death.

But it’s essential to keep in mind that this type of life insurance will protect you only for a particular time until you achieve a certain age.

If you’re 65 now, you could get life insurance for the upcoming 15 or a maximum of 20 years because most of the life insurance companies offer protection by the age of 89.

However, few companies offer life insurance after 90 years, read this.

The second option is whole life insurance which lasts for a lifetime. However, compared to the term plan, it is expensive but offers cash value.

Why Seniors Over 65 Need a Plan?

Many people at an elderly age have started opting for life insurance policies.

Various reasons make them do so:

  • To strengthen the financial condition of their dependants (especially spouses) and family even after the demise.

  • To have a life of dignity and be able to contribute to the family funds and savings.

  • Self-sufficient (having earned the whole life)and a deep desire to assemble the money for their last rites independently.

  • To pay off their unfinished debts even after their death so that the family doesn’t have to carry their memories like a debt burden.

These are some of the cited reasons that people have shown a keen interest in taking life insurance policies for themselves over the age of 60-65 too!

While it appears to be a golden opportunity for insurance companies to tap into a whole new segment of customers, there is a risk that comes with this opportunity.

The companies anticipate the life expectancy of such customer segments to be much lesser than anyone who is befitting their medical test eligibility.

To compensate for their risk, they have made some amendments to these policies to customize for the elderly over 65.

However, it is considered a general view that people are living longer in these times. Accounting to these views, people who take term policies (a policy with a limited period) generally enjoy the benefits of the matured policy returns.

Along with the above-said pros, there are some cons as well that are associated with the high age factor for insurance policies. One of them is “the higher amount of premium to be paid!”

Relationship Between Premium and Health Status

Health challenges used to appear as time goes by gradually.

When you get older, you don’t feel the same way you used to feel when you were young or in your middle ages.

Health changes appear in various versions, starting with the mildest ones, such as high blood pressure or high cholesterol, to the most severe forms, like cancer, diabetes, or any other serious health condition.

If your health status is not too bad, you have the chance to get qualified for life insurance. However, life insurance with severe health problems is different and not relatively easy to be eligible for, more here.

For instance, if a person suffered a cardiac event from which he/she has just recovered, it is impossible to be eligible for the life insurance policy right after the event took place.

Insurance companies require the passing of at least 2 to 3 years before getting qualified for the life insurance policy.

Another good example is diabetes – in the case of the diabetic elderly, insurance companies will be especially interested in what medications are used to keep the disease under control.

What to Do First?

If you’re looking for over 65 life insurance, the first thing to do is compare prices for different policies to get the best deal that you can also afford to pay for without any problems.

Prior research can help you understand how much a plan could cost you and what offers you have out there to choose from.

To get multiple prices from top insurance agencies, you can choose to provide your personal information and health status – this is how you make sure that you get the best deal.

How The Monthly Premium Changes?

senior protection

Age plays a vital role in deciding the premium amount. Let us discuss here some of the reasons for higher life insurance premiums for seniors over 65.

Age Vs. Premium

Its term decides the premium for an insurance policy. For example, the policy’s term is 20 years, while the policyholder is 65 years old, the amount of premium to be paid will automatically rise.

Given the reduced life expectancy condition, the company would not take the risk of the medical claims and other benefits of the person unless they have received a good amount of cash from their client in the form of premiums.

Health Problems

In deciding the terms of life insurance for people over 65, either the company removes the medical benefits clause if needed.

They may have to pay a very hefty amount for the medical claims that are much obviously expected to rise at that age.

Reduced Income Source

As the sources of income get reduced at an elderly age, the amount of savings or retirement funds also starts depleting.

Most of the insurance companies understand this. While estimating their premiums, they will ask you to disclose your assets and source of income.

They want to ensure that the maximum amount of premium gets paid at the earliest for the senior citizens. Once they get settled in their routine life, there are chances of the unaccountability of money that will be spent.

The funds in such policies are very much transparent and calculable.

Benefits Vs. Premium

We can correlate it to the term of the policy. Suppose the client expects higher returns at the policy’s maturity or a more considerable lump sum of money after death for a whole life policy.

In that case, they will have to pay a higher amount of premium.

Don’t Delay Any More

You probably had your life insurance at 65. Still, after the age of 70, your financial costs might significantly change – this is the reason why it is ideal for reevaluating your needs and your expenses if you need to have your life insurance policy modified or need a new coverage policy.

Your needs at the age of 70 significantly different from what you needed in your 60’s.

Most of the elderly are looking for is life insurance for over 70, which makes all of the family members secure.

Generally, such life insurance covers all costs that might be involved once the elderly person passes away, like:

  • financial obligations and final expenses;
  • medical expenses;
  • taxes and probate costs;
  • funeral costs.

Having all these aspects in mind, you might need to change your life insurance to a new one over the age of 70.

The best life insurance for you over the age of 70 is the one that best fits your needs and meets your overall goal(s).


If you are looking for life insurance for elderly parents over 65, the first and primary thing to do is to compare the life insurance premiums of different policies.

This comparison will enable you to get the best deal that you can afford financially.

Linda Chavez

I'm a burial & senior life insurance expert, independent agent, Founder & CEO of Seniors Life Insurance Finder. I have been working in this sector since 2004 and established my own company in 2014. I have a team of seven members, and we are trying hard to share the knowledge we've gathered. We know how difficult often it is to find an affordable policy. Hence, we are doing our best to help you.