Let’s face it—turning 65 is a milestone. But with age comes new responsibilities, especially when it comes to securing your family’s future. If you’re over 65, life insurance may not be something you thought you’d still need, but the reality is: it’s more important than ever.
Whether you’re looking to cover funeral costs, leave a legacy, or simply give your loved ones peace of mind, this guide will walk you through the best plans and rates for life insurance over 65, without any fluff.
Why Seniors Need Life Insurance
So, why should you even bother with life insurance in your senior years?
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Final Expenses: Funeral costs alone can go upwards of $10,000. Life insurance ensures your loved ones aren’t left scrambling.
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Debt Payments: Still paying off a mortgage or personal loans? Life insurance can cover those.
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Supporting Loved Ones: If you have a spouse, special needs child, or grandchildren who rely on you—your policy can be a financial lifeline.
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Legacy Planning: Want to leave a little something behind? A life insurance payout can do just that.
Types of Life Insurance for Seniors Over 65
Let’s break down your options:
Term Life Insurance
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Good For: Short-term needs (10–20 years)
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Pros: Low cost, simple to understand
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Cons: Expires after the term ends, no cash value
Whole Life Insurance
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Good For: Lifelong coverage
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Pros: Never expires, builds cash value
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Cons: Higher premiums
Guaranteed Universal Life Insurance (GUL)
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Good For: Seniors who want lifelong coverage at lower premiums
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Pros: Cheaper than whole life, lifetime protection
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Cons: No cash value
Final Expense Insurance
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Good For: Covering funeral costs
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Pros: Easy approval, affordable, no exam
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Cons: Small coverage amounts ($5,000–$25,000)
Simplified Issue vs Guaranteed Issue
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Simplified Issue: No medical exam, but you’ll answer a health questionnaire
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Guaranteed Issue: No exam, no questions—just higher premiums and lower coverage
Factors Affecting Life Insurance Rates for Seniors
Rates vary from person to person. Here’s what plays a role:
Age and Gender
Older you are, the higher the premium. Women generally pay less than men.
Health Conditions
Got diabetes, high BP, or heart issues? Expect higher premiums—but not rejection.
Smoking Status
Smokers pay 50% or more than non-smokers. It’s a major red flag for insurers.
Coverage Amount
More coverage = more cost. Keep it practical based on your goals.
Policy Type
Whole life is pricier than term. Guaranteed issue costs more due to risk.
Best Life Insurance Companies for Seniors Over 65
Here are a few top-rated picks:
AARP (Backed by New York Life)
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Great for members aged 50–80
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Offers both term and permanent policies
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No medical exam required for some plans
Mutual of Omaha
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Known for excellent customer service
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Offers simplified issue policies
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Competitive rates
Transamerica
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Flexible term and whole life options
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Great for final expense plans
AIG
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Offers guaranteed issue plans up to age 85
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No health questions
Colonial Penn
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Popular for its guaranteed acceptance plans
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Low coverage but easy approval
Best Life Insurance Plans for Seniors
Best for Affordability: Mutual of Omaha Term Life
Best for No Medical Exam: AIG Guaranteed Issue
Best for Guaranteed Acceptance: Colonial Penn
Best for Final Expense: Transamerica Final Expense Plan
Sample Life Insurance Rates for Seniors Over 65
| Age | Gender | Non-Smoker (Monthly) | Smoker (Monthly) |
|---|---|---|---|
| 65 | Male | $70 – $120 | $130 – $200 |
| 65 | Female | $55 – $100 | $110 – $180 |
| 70 | Male | $110 – $170 | $190 – $270 |
| 70 | Female | $90 – $150 | $160 – $240 |
| 75 | Male | $180 – $250 | $250 – $340 |
| 75 | Female | $140 – $210 | $220 – $300 |
Based on $25,000 – $50,000 coverage. Rates vary by company and health status.
How to Choose the Right Life Insurance Policy
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Step 1: Decide what you want the policy to cover (funeral, debt, legacy?)
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Step 2: Choose a policy type that fits your needs
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Step 3: Compare rates from at least 3 companies
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Step 4: Review terms carefully. Watch for waiting periods or exclusions.
Tips to Get the Best Rates
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Shop around – Don’t settle for the first offer.
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Improve your health – Even small changes can reduce your premiums.
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Go with term if you’re healthy and budget-conscious.
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Consider a smaller policy – You can always add later.
Common Myths About Life Insurance for Seniors
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“I’m too old to get approved.” Nope—guaranteed issue exists for this reason.
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“It’s too expensive.” Not always. Final expense policies are super affordable.
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“I don’t need it since my kids are grown.” Life insurance isn’t just for dependents—it’s for peace of mind.
Benefits of Having Life Insurance at 65 and Beyond
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Peace of Mind: You won’t leave a financial mess behind.
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Legacy Planning: Leave behind a gift or donation.
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Debt-Free Exit: Ensure mortgages or medical bills aren’t passed on.
Alternatives to Traditional Life Insurance
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Self-Insurance: Save a dedicated fund instead.
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Prepaid Funeral Plans: Pay now, lock in today’s prices.
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Annuities: Provide a stream of income, and some include death benefits.
Conclusion
Getting life insurance after 65 isn’t just smart—it’s responsible. Whether you’re looking to protect your loved ones, pay off debts, or leave behind a legacy, there’s a policy out there for you.
Yes, you may face higher premiums or stricter conditions—but with the right plan, you can still lock in solid coverage at a fair rate. Start comparing today, and give yourself and your family the peace of mind they deserve.
FAQs
1. Can I get life insurance if I’m over 70?
Yes! Many companies offer plans for people up to age 85.
2. How long does it take to get approved?
Some plans offer instant approval, while others may take a few weeks if underwriting is involved.
3. Do I need to take a medical exam?
Not always. Many policies for seniors are no-exam or simplified issue.
4. What’s the cheapest type of life insurance for seniors?
Final expense or term life tends to be the most affordable.
5. Can I leave my life insurance payout to a charity?
Absolutely. You can name a charity as a beneficiary in your policy.