Life insurance remains available for individuals over 65, though options, coverage amounts, and costs differ from what younger applicants experience. The primary products available to seniors include final expense insurance, simplified issue whole life, guaranteed issue whole life, and sometimes traditional term or whole life with full underwriting for healthier individuals. The right choice depends on your health, financial goals, and budget.
For healthy seniors over 65, fully underwritten term or whole life policies may still be available with competitive rates. Some carriers offer term policies with terms of 10 or 15 years for applicants up to age 70 or 75, and whole life policies are available to even older applicants. The medical exam process is the same as for younger applicants, and health classifications still apply. Seniors in excellent health may be pleasantly surprised by their options.
Final expense insurance is the most popular product for seniors, offering $5,000 to $50,000 in coverage with simplified or guaranteed issue underwriting. Simplified issue final expense requires health questions but no exam, while guaranteed issue accepts all applicants with a graded death benefit during the first two to three years. These policies provide funds specifically for funeral costs, outstanding medical bills, and other end-of-life expenses.
Seniors with existing permanent life insurance should also evaluate whether their current coverage is adequate or whether adjustments are needed. Policy loans, reduced paid-up options, and extended term options are features within existing policies that may be worth exploring. A licensed agent in our network can review both new coverage options and existing policies to help determine the most appropriate strategy. All coverage is subject to underwriting approval by the issuing carrier. Guarantees are backed by the financial strength and claims-paying ability of the issuing carrier.