Can You Get Life Insurance After 65?

Can You Get Life Insurance After 65?

Yes, you can get life insurance after 65, though the options, costs, and eligibility requirements differ from those for younger applicants. While many people assume coverage ends at retirement age, insurers continue to offer products designed for older adults. The key is understanding which types of policies are available and what factors drive approval and pricing.

Types of Life Insurance Available After 65

Simplified Issue and Guaranteed Issue Whole Life

Simplified issue policies skip the full medical exam but ask health-related questions on the application. Guaranteed issue whole life policies typically skip both the exam and the health questions, making them the most accessible option. Premiums are generally higher for the coverage amount, and many policies include a graded death benefit that pays only a portion of the face amount if the insured dies within the first two to three years.

Final Expense Insurance

Final expense insurance is a type of whole life policy designed to cover funeral, burial, and medical costs. It usually offers smaller death benefits, often between $5,000 and $25,000, and is underwritten with a focus on age and simple health history rather than comprehensive medical records.

Term Life Insurance

Some term life policies remain available after 65, but options narrow and premiums rise steeply. For most applicants over 65, term insurance is less practical than whole life or guaranteed issue products because the cost often outweighs the benefit as the term approaches or exceeds typical remaining life expectancies.

Factors That Affect Eligibility and Cost

• Age and issue age limits: Many insurers cap new policy issue ages at 75, 80, or 85, with premiums increasing as you approach the limit.
• Health history: Even without an exam, simplified issue applications ask about serious conditions such as heart disease, cancer, diabetes, and hospitalization in the past few years.
• Coverage amount: Higher death benefits trigger more scrutiny and higher premiums, which is why many older applicants choose smaller, final expense–style policies.
• Gender and smoking status: Non-smokers and women generally receive lower premiums at older ages.

When to Consider Buying After 65

The most common reasons for purchasing life insurance after 65 are to cover final expenses, pay off a mortgage or debt, leave a legacy, or fund a trust. If the goal is simply to avoid burdening family with funeral costs, a guaranteed issue or final expense policy can be a straightforward solution. If you need larger coverage for estate planning or inheritance, a whole life policy may be more appropriate, though you should expect higher premiums and a potentially lengthy application process.

What to Expect During the Application

After 65, expect a more focused underwriting process. Insurers may review prescription history, medical records, and a medical information bureau report. Some policies require only a phone interview, while others request attending physician statements. Approval times vary from a few days for simplified or guaranteed issue products to several weeks for fully underwritten whole life policies.