Life Insurance for people Over 65. Do they Exist?

Published On - June 21, 2021

David Brown Insurance
Life insurance for people over 65

Life Insurance for people over 65. Do they Exist?

If you’re worried that it might be a lost cause to buy life insurance after the age of 65; you’re absolutely wrong! Although the younger people pay cheaper premiums but after the age of 65 years’ healthy people have various options available to them.

If the elderly suffer from any fatal illness or a serious disease, they can buy burial insurance which does not require any medical exam. They can buy a simplified issue which has no waiting period, anyone aged 45 or above is eligible for it. You have to answer health questions and you get insured after approval. You will be covered with immediate coverage from day one.

If someone has a fatal disease; they can apply for a guaranteed issue, it can offer $10,000-$35,000 coverage and will pay off the final expenses. It has a 2 year waiting period and is generally expensive.

  1. What’s the best life insurance for people over 65? 
  2. How much does life insurance for seniors above 65 cost?
  3. Which are the top US Insurers for 2023 Senior Life Insurance?
  4. What is the Cheapest Life Insurance for Seniors by age?
  5. What are the tips for getting the best senior life insurance?

The senior citizen expenses include medical bills, old age care expenses, burial and funeral charges, and pending car payments, and credit card loans. For any senior citizen, usually 5 following types of life insurance are most popularly bought in the US:

What’s the best life insurance for people over 65? 

1.Term Life

Term life is best suited for the healthy adults aged 65 years or more who still have huge expenses.

Also Read: Finding Affordable Life Insurance for Parents Over 60

2.Permanent Whole Life

Seniors in great health who need a long lasting protection against big expenses.

3.Burial Insurance

This is one of the cheapest life insurance types and is compulsory for people of all ages. The elderly have to buy a small coverage of $10,000-$25,000 Burial Insurance policy to cover their funeral costs, medical bills and credit card debts.

4.Simplified Issue

Seniors with some health issues who are looking for funeral costs and paying the medical bills.

5.Guaranteed Issue

For the elderly over 45 years’ old who have some fatal health condition who need to pay for their funeral costs and final expenses.

How much does Life Insurance for seniors above 65 cost?

  • According to an estimate by Progressive and Fidelity Association, an average 60-year-old man pays $174 and a woman pays $135 for a $35,000 whole life policy.
  • For a 70-year-old man the premium will become $263 and for a woman $209 for the same $35,000 whole life policy, every month.

Which are the top US Insurers for 2023 Senior Life Insurance?

1.Penn Mutual

  • Established in 1847, and located at Horsham, Pennsylvania; it is one of the top-notch life insurance providers for the seniors at age 65 or above.
  • It made it to the top spot due to the least number of complaints filed by the customers according to NAIC.
  • It has been one of the most financially sturdy firms in the market for 2 centuries.
  • The customer satisfaction and good experience are also ensured with Penn Mutual.
  • It shows accurate policy illustrations, least exaggeration.
  • It is cost effective based on track record.
  • The death benefit payout you get is more for lesser costs than any other senior life insurance firm.

2.Protective

  • Protective was established in 1907 and the headquarters are located in Birmingham, Alabama.
  • Protective secured the second spot due to its Classic Choice Term Policy for Seniors.
  • It is cheap, let’s you; renew your term till the age of 95 years.
  • Most of your monthly premium money goes to your death benefit, very least goes for the company’s costs.
  • Same formula applies to its other permanent life policies, premium goes to cash value and death benefit, for the most part.
  • Due to its exceptional performance it has managed to keep the costs and fees low.

3.Equitable

  • It goes way back to 1859 when it was founded, and it is located in New York, New York.
  • It is the best for accurate policy illustrations.
  • No false projections or promises.
  • It offers many different senior life insurance policies for people of very old age.
  • It caters for seniors with chronic illnesses too.
  • It offers a very affordable term life policy for seniors.
  • It has the best illustrations for the permanent/ cash value policies.
  • It is awfully pocket-friendly too since a major portion of your premium goes to cash value and death benefit.

4.Pacific Life

  • Founded in 1868, it has its headquarters at NewPort Beach, California.
  • Its unique selling point USP is its PL Promise Term Life Insurance Policy for the seniors aged 70 years or so.
  • This PL Promise offers lowest premiums in the market and it allows the policyholder to renew till the age of 95 years.
  • The permanent policies of Pacific Life are also fabulous since the policy illustrations are 100% truthful, and the premium major portion goes to cash value, and death benefit.
  • Very small amount is transferred to the company fees.

5.Transamerica

  • Founded in 1928, its head office is at Cedar Rapids, Iowa.
  • It offers both term life insurance and permanent life insurance policies.
  • Its USP is the Trendsetter Super Term Life Insurance Policy.
  • You can buy it at any age after 65, you can convert this term to permanent life policy till the age of 75 years.
  • You can renew your term life till the age of a whopping 100 years.
  • The term life policies of Transamerica are very cheap and its cash value policies offer 100% truthful policy illustrations and very low costs.

What is the Cheapest Life Insurance for Seniors by age?

For seniors at age 65: Thrivent Financial offers 10-years term rates for females at 65 at $1342, annually.

For seniors at age 70: Lincoln National, Penn Mutual, Principal offers 70 years’ females $2393, annually for 10 year’s term life.

For seniors at age 75: Illinois Mutual offers 10 years’ term for females at age 75, $4530, annually.

For seniors at age 80: Foresters Financial offers a 10 years’ term for females at age 80, $11,592, annually.

What are the tips for getting the best senior life insurance?

  1.     Avoid Graded Death Benefit Life Insurance
  2.     Never rush while choosing a senior life insurance policy
  3.     Research the policy illustrations with reality check
  4.     Always get professional insurance broker consultation
  5.     Never make a decision based solely on the cost-effectiveness