Getting life insurance after 60 is more expensive but still available and often necessary. Whether you need coverage for final expenses, to protect a surviving spouse, or for estate planning purposes, there are options designed for older adults.
The key is understanding what’s available and choosing the right type for your specific situation.
Term Life for Seniors
Term life insurance is available to seniors, typically with terms of 10, 15, or 20 years. Premiums are significantly higher than for younger applicants, but if you’re in good health, traditional underwriting may still offer reasonable rates.
A 10-year term policy can be useful for covering a specific obligation like a mortgage that will be paid off within that timeframe.
Guaranteed Issue Whole Life
Guaranteed issue policies accept everyone ages 50 to 85 regardless of health — no medical exam and no health questions. Coverage amounts are typically limited to $5,000 to $25,000. These policies usually have a two-year waiting period before the full death benefit applies.
Premiums are higher per dollar of coverage, but the guaranteed acceptance makes them valuable for people who can’t qualify for traditional coverage.
Simplified Issue Options
Simplified issue policies require answering a few health questions but no medical exam. They offer higher coverage amounts than guaranteed issue (up to $50,000 or more) and may have no waiting period. If you’re in decent health, this middle ground often provides the best value for seniors.
Compare guaranteed issue and simplified issue options carefully — the right choice depends on your health status and coverage needs.