Yes, People Over 65 Can Find Affordable Life Insurance!

As you head into a new chapter in your life, and look forward to retirement, you’ll have a lot to think about. For example, you’ll need to switch from private health insurance to Medicare, and figure out how to live on a fixed income; with all of this going on, you might overlook the importance of having life insurance at this stage in your life. Life insurance for people 65 and older is important, because it provides you additional coverage for those “what ifs” in life – but you might be thinking that it’s not possible to find an affordable life insurance policy at your age, or that you might not be able to buy one at all. Rest assured that is not the case: there are options available to you! 

How Much Life Insurance Do You Need?

older caucasian woman holding a red question mark
Before purchasing life insurance, you need to figure out how much coverage you will need.

As we said, having a life insurance policy is important for older adults, but how much coverage do you actually need at this stage in your life? The amount of life insurance that you need will depend on what you want covered in the event of your passing: for example, if you still have mortgage payments or other debts that need to be paid off, you need to take those into consideration when choosing your coverage. 

To work out exactly how much coverage you’ll need, think about your current income, as well as what your final expenses are likely to be, as well as possible nursing home costs that will not be covered by Medicare, and any other unpaid medical or hospital bills. Keep in mind when doing these calculations that the average funeral costs around $10,000 to $15,000 depending on where you live.

Your Life Insurance Options

Life insurance rates are based on your age, health, and the amount of coverage you need. The older you are, the more expensive life insurance premiums generally are; however, that doesn’t mean that there are not affordable options out there for people over 65.

Term Life Insurance

Term life insurance policies are a great option because you get to choose how many years you would like to be insured for: you can generally choose a policy that covers you for anywhere from 5-30 years. These policies are also very affordable, and provide higher benefit amounts for older adults than no medical exam policies do. These policies are best for people who are in relatively good health, and want to cover big expenses for a few years.

Permanent Life Insurance

This type of insurance is best for people who are in good health and want lifelong protection for big expenses. The only downside to permanent life insurance policies is that they are more expensive than any other types of life insurance. Just like with term life insurance policies, you will have to undergo a medical exam to qualify for coverage, and if you are not in great health, you could be denied or charged more in premiums. 

Final Expense Life Insurancepeople carrying a white casket with white flowers on it

If you just want enough money to cover your funeral expenses (which can be $10,000 or more), a final expense policy, or burial insurance, is your best option.  This type of policy covers the expenses associated with your death, including funeral and burial costs, as well as any medical bills and other debts. You have the option to choose policy coverage anywhere from $5,000 to $50,000, depending on your needs, and you will not need to undergo a medical exam to be approved for a policy.

No Medical Exam Insurance

If you are not in great health or have some serious medical conditions, you have the option of choosing a no medical exam policy. You will not have to undergo a medical exam to be approved; some companies will still require you  to complete a short medical questionnaire, while others will have a no-questions-asked policy. The only downside to no medical exam policies is that they are generally more expensive, because your life insurance company will be taking you on as a risk without knowing your health status.

How To Find An Affordable Policy

magnifying glass with an eye in the middle and a yellow background
The best way to find an affordable life insurance policy is to research and compare life insurance policies.

As previously mentioned, your rates will be determined based on your health and your age, which means a life insurance policy will be more expensive for you now as an older adult than it would be if you were younger and healthier. However, you can lower your rates by living a healthy lifestyle, including keeping any medical conditions under control with medication or exercise and changes to your diet. The same goes for if you are overweight: if you lose the extra pounds before you apply for your policy, you could save almost 50% on your premiums.

If you’re looking for the lowest rates possible, the best way to find them is by comparing life insurance policies from different life insurance companies. Each life insurance company has different criteria for their applicants, and one may consider a health condition more serious than another. To make comparison shopping much easier, and to find the right life insurance policy for you and your specific needs, work with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.

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