What Is The Maximum Age For Life Insurance?

When looking for the best life insurance for seniors, it’s important to ask the following questions:

Type of Policy Age Range Cost (for healthy individuals)
Term life insurance Up to age 70 $195/month (men) and $148/month (women) for a 10-year $250,000 policy
Final expense insurance Up to age 85 $81/month (men) and $61/month (women) for a $10,000 policy
Whole life insurance Up to age 90 $2,000/month (men) and $1,800/month (women) for a policy over 75
Guaranteed universal life insurance Up to age 121 $300-400/month (men) and $250-325/month (women) for a policy over 75

Determining how much coverage you need depends on a variety of personal factors, including your marital status, the size of your family, your debts, assets, and your end-of-life goals. As a rule of thumb, the Wall Street Journal recommends purchasing coverage equal to 8 to 10 times your annual income. If you have life insurance through your employer, the coverage may not be enough and may terminate when you retire.

Don’t forget to factor in other costs as well: funeral expenses, debt repayment (such as your mortgage, car loans, and credit card debt), and any medical bills associated with your passing. You may also want to leave a financial gift for your spouse, children, or to charity. Your needs will change as time goes by, so periodically review your policy and check that it meets your financial needs.

When thinking about whether you should buy term vs whole life insurance, you need to keep two things in mind: your age and your budget. Keep in mind that as you age, renewing a term life insurance policy will become more difficult which is why whole life insurance may be a smarter choice for seniors.

Although you can still find insurance for people over 75, your options are fewer — and more expensive. But it’s always a good idea to have life insurance, no matter your age. It will enable you to leave something behind to your loved ones and make sure they aren’t stuck with your outstanding medical bills, income taxes, utility payments, and burial expenses.

Once you reach 90, most insurance companies won’t issue you a life insurance policy. You may be able to find a life insurance company who will insure you, but be prepared to pay a very high premium.

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