Life Insurance Over Age 65

Quick Tip:  If you’re looking to see if you can afford life insurance coverage over age 65, complete the form on the side and get INSTANT quotes.  Many of the companies displayed can give you an immediate approval, if not within 48 hours.

Only about 20 percent of all senior citizens are adequately covered by some form of life insurance. In the near future a lot of senior citizens will literally bankrupt themselves trying to deal with their medical issues.
Think about this: In the year 2014 one out of every seven Americans was 65 years old or older. That corresponded to about 15 percent of the population or about 46 million people.

By the year 2060, the elderly population of the United States could theoretically rise to about double of the 2014 number. Almost 30 percent of the American population could consist solely of senior citizens by that time. That potential 30 percent could correspond to close to 100 million people.

Currently, the American health system cannot accommodate every senior citizen who needs help. Well over 70 percent of all senior citizens will need some form of long term health care or become hospitalized at some point within their lifetimes.

And they won’t be able to afford it.

Are you over the age of 65? Do you know someone who is over 65 and want to help them secure adequate life insurance coverage? Well, now is the time to do it.

Don’t leave your or your family’s future to chance! To compare the best life insurance quotes for seniors over 65, input your vital data into the insurance rate search form on this page to get instantaneous and affordable quotes.

Now is the Time to Secure Adequate Life Insurance Coverage

The insurance industry is a business practice. It is a business out to make money and profit. That is a fact pertaining to how the system works. Issues concerning right and wrong when it comes to equating statistics, demographics and age with life insurance eligibility is another matter for discussion.

This is how the system works. And you need to understand and engage the system as it works in reality, not the way you want or think it should work, to get the most out it for your own benefit.
If you are over 65 and in need of life insurance, then you should definitely seek the help of an independent, insurance agent specialist, like one we can refer you to, to help you determine what kind of coverage you need.

Some things to keeps in mind:

  • The insurance industry business model exclusively calls for selling life insurance products to people in their 20’s, 30’s, 40’s and 50’s more than any other age demographic.
  • Healthy, young and middle aged people are more likely to pay out insurance premiums for several years in a row or even decades in a row because they are young and have decades of time ahead of them.
  • As you pay more premiums throughout the lifetime of a policy, the more the overall value you will add to the policy.
  • The financial decisions and investments that an insurance company makes corresponds to the cash value equivalency and growth of your policy.
  • That is why you have the policy option of taking out a loan against the cash equivalency value of the policy. Yet, unless paid out in full at signing, a policy needs years of investment via premium payments and the overall financial growth of the company to accrue enough value for an appreciable loan.
  • The average person will live a life span of about seven or eight decades. If you are 65 years of age or older, then you should know that most insurance companies will calculate that they have over a decade and a half worth of time to obtain regular premium payments from you.
  • However, the older you get the more you will find that there are progressively less and less life insurance options that will be made available to you.

What You Need to Do Next

While life insurance rates will undoubtedly be cheaper for younger individuals, you will still find a lot of options available you.

  • You will most certainly be mandated to undergo a medical exam to determine your eligibility. Be forthcoming and do not try to hide any past or current health issues.
  • Applying for life insurance coverage can be a very complicated and confusing task. Make a list of your needs and wants concerning your estate’s and family’s welfare after your passing.
  • Applying for life insurance over 65, especially if you’ve never done it before, can be overwhelmingly complicated. The best way to find out what you are eligible for and what kinds of life insurance products that would be appropriate and financially maximizing for you is to discuss it with an insurance agent.
  • You are making irrevocable after-death and life decisions that will affect the way you and your family live life until your passing and after your passing. Be as informed as possible, know what you are getting into and, more importantly, what you will get out of it.

Guaranteed Life Insurance

This is coverage with no health questions and you are guaranteed to qualify if you fall within the age range of typically 50-85 and reside in the US.

We are all very familiar with this form of life insurance. It has been heavily commoditized by the insurance industry via pop culture and popular advertising.

It is sold in TV commercials and infomercials featuring celebrity endorsements, cheesy acting and cautionary tales about elderly couples who didn’t have life insurance. Your application for a Guaranteed Life Insurance, which is also known as Guaranteed Acceptance Life Insurance and Guaranteed Issue Life Insurance, is guaranteed to be accepted.

The coverage is guaranteed because it is pragmatic and profitable to offer some kind of semi-restricted blanket insurance package to a continually replenishing and growing 65-and-over age demographic.

The underwriting life insurance companies behind those TV-advertised guaranteed life insurance products may offer bait and switch premiums obliging you to pay more later. They may pay out a miniscule death benefit to your beneficiaries after your passing. Check the fine print.  Coverage isn’t paid out until you pass a 2 year waiting period.  This is where a set percentage of death benefit or premium cash equivalency value is paid out in incrementally higher amounts over a period of time.

If the policyholder is proven posthumously to have committed fraud in purchasing the policy or committed suicide, then all death benefits can be halted. In such a situation, the remainder of the accrued cash equivalent value of the premium, or a percentage of such, could be paid out. Every policy is different and binding.
Depending on the guaranteed life insurance policy and the company you acquire it from, death benefit payments could be denied or forfeited if the policyholder dies within the first 24 months of policy activation. Even death occurs due to natural causes.

You won’t be asked any questions and you won’t be asked to undergo a medical examination to qualify.

No Lapse Universal Life

If you can qualify for a guaranteed “no-lapse” universal life insurance policy – this will be your best bet if you want coverage to last a lifetime at the lowest possible cost.  These do require a medical exam and you have to be in good health to qualify.  And typically you can’t get coverage below $25,000 as that’s the minimum for most companies.

Universal life insurance is a form of whole life insurance, which itself is also known as permanent insurance.  They allow you more policy flexibility options concerning your life insurance.
You have the freedom to determine your own premium and death benefit payments. However, you are really just being offered tier levels of payments for a form of whole life insurance.
Guaranteed tax-deferred death benefit payments.

Term Life Insurance

If you only need coverage for short amount of time, consider a term life insurance policy.  At age 65, you can apply for 1 year, 10 year, 15 year or 20 year term.  The higher the term length, the more expensive it will be.  And remember you can cancel the coverage whenever you need to.

Death benefits are only paid out to beneficiaries if you pass away within the window of term coverage. If you buy exactly 1 year of coverage and pass away on the 366th day, then no death benefits will be paid out.

Term life insurance products usually come with policy conversion options.   For a higher premium payment, you should be able to convert your term life insurance policy into another form of a permanent life insurance product, depending upon the policy stipulations if you ultimately decide you want permanent coverage.  Every life insurance company has different rules concerning policy conversion, so shop around and ask questions.  Depending on the company and policy coverage rules, most life insurance policy conversion options are terminated or discontinued after age 70. Age limits differe company to company and contract to contact.

Concluding Thoughts

Purchase a policy while you are young enough to get the most benefits out of it, even if you are over 65. Most seniors over 65 years of age purchase burial insurance coverage because it’s easy to qualify for, inexpensive because of the low coverage amounts and provides peace of mind that you won’t burden your loved ones with any debts or burial costs.