Age can impact the availability of life insurance policies, but the age limit depends on the insurance company and the type of policy. While some companies restrict coverage for older adults, others offer policies with higher age limits. For instance, whole life insurance policies usually have higher age limits than term life policies.
|Type of Policy||Age Limit|
|Term life insurance||10-30 years, may not be available after age 55|
|Whole life insurance||Up to age 80, varies by insurer|
|Universal life insurance||Up to age 100 for many policies|
|Guaranteed universal life insurance||Up to age 121 for some policies|
|Final expense insurance||Up to age 85|
Whole life insurance policies tend to be a better option for older adults, as they offer lifelong coverage and have a permanent death benefit for beneficiaries. These policies may also be a favourable choice if you have pre-existing health conditions since they are less likely to require a medical exam. However, the fewer years the insurer expects you to pay premiums, the more expensive the policy is likely to be. Universal life insurance policies are similar to whole life policies, but with flexible premiums and death benefits. Guaranteed universal life insurance policies have fixed premiums, but also offer flexibility with death benefits.
Choosing the right policy depends on factors such as the level of coverage you need, how much you can afford, and your health status. Consult with a financial advisor to determine which policy is best for you, and consider the length of time you expect to live before making a final decision.
- Investopedia. Is There An Age Limit For Life Insurance?
- National Association of Insurance Commissioners (NAIC). When Should You Get Life Insurance?
- Investopedia. How Whole Life Insurance Works
- government body. How Age Affects Life Insurance Rates
- Progressive. What Is Whole Life Insurance And How Does It Work? - Money