If I’m Over 65, Can I Still Get Life Insurance?

Life insurance options are available for individuals over 65, although choices may be more limited for seniors. Depending on the life insurance company, both permanent and term life insurance options may be accessible. Some companies may impose age limits on certain term policies, necessitating the exploration of other options like annuities or permanent life insurance policies.
When considering term policies for seniors, the term length available may vary based on your current age. For instance, individuals aged 75 and older might qualify for a 10-year term policy but not a longer one. If a term policy is not feasible or if alternative options are preferred, universal and whole life insurance are typically viable choices for individuals of any age.

Is Life Insurance Necessary for Seniors?

Life insurance is valuable for individuals of all ages, including seniors. It serves various purposes such as providing income replacement to support families in the event of a death. Even in retirement, life insurance can help supplement retirement savings and cover expenses like funeral costs and outstanding loans. Additionally, if you have dependents or business responsibilities, life insurance can contribute to estate planning and financial security.

Do Senior Citizens Require a Medical Examination for Life Insurance?

Some life insurance policies for seniors do not  ask a medical examination, especially for term life insurance up to $250K. The length of the term may be age-dependent, typically up to 75 years old. For instance, a 65-year-old might qualify for a 10-year policy, while a 55-year-old may be eligible for up to 20 years. The necessity for a medical examination can vary among insurance companies, and smaller benefits may be available for individuals aged 60 to 70.

How Can Seniors Save on Life Insurance?

Reducing life insurance costs is possible by following these tips:

• Maintain good health to lower insurance premiums.
• Purchase a policy at an earlier age to secure better rates.
• Research and compare rates and policies from various insurance companies.
• Obtain quotes from multiple insurers or consult an independent agent for competitive rates.