Life Insurance for Seniors Over 55

Life insurance for seniors over 55 plan protection for people over 50 could be a agonizing endeavor. Most Individuals in america from age 50 to 64 spend 10% or extra of their after-tax revenue on life insurance coverage plan.

Best Life Insurance for Seniors

Within the latter a long time of center age, medical threats and insurance coverage expenses usually enhance.

Sadly, assist is at the moment diminishing for this market. This variation in wellness targets is resulting in a direct improvement of the value of life-style insurance coverage.

Health Insurance For Seniors Over 80

Life Insurance for Seniors Over 55
Life Insurance for Seniors Over 55

The California State Lengthy-Time period Care insurance coverage Program is allowed by the Older Individuals Act and its State companion, the Older Californians Act. 

  • Growing Price Of Life Insurance coverage
  • Instance Charges For Life Insurance coverage plan Over 50
  • Life Insurance coverage plan Corporations Lowering Their Risk Threshold?
  • How Many Years Do You Want The Life Insurance coverage?

There are a lot of causes that you could be end up buying round for brand new life insurance coverage protection at an older age, nonetheless. You could possibly lose your employer-sponsored protection on account of job change or retirement, attain the top of a time period coverage bought years earlier, or just uncover that you just want extra protection.

Irrespective of the why, there’s a really actual likelihood that you can end up buying round for an insurance coverage coverage later in life than anticipated. We’ve compiled this information outlining the very best life insurance coverage for these over 50 primarily based on value, protection, and extra.

Best Burial Insurance

The 6 Finest Life Insurance coverage Providers for People Over 50

  • Good for Overall: Mutual of Omaha
  • Best Final Expense Insurance coverage: AIG
  • Best Term Life Insurance coverage: Haven Life Insurance Company
  • Best for Property Planning: Principal Life Insurance coverage
  • Best Listed Life Insurance coverage: Transamerica
  • Best for a Fast Choice: Fidelity Life

Mutual of Omaha

Whether or not you’re in search of a typical term coverage or something unique like most cancers or coronary heart attack insurance coverage, all with prolonged age ranges for approval, Mutual of Omaha’s services make them the perfect total supplier for these over 50.

When it comes to life insurance coverage, Mutual of Omaha gives a spread of merchandise together with time period life, entire life, common life, and unintentional demise insurance policies. Mutual of Omaha is out there in all 50 states and the District of Columbia, although not all merchandise and coverage choices can be found in all states. 

Term life insurance coverage insurance policies can be found to prospects from ages 18 to 80. As soon as the preliminary time period expires, renewals may be made in one-year increments. This gives peace of thoughts nicely into one’s older years. Phrases are 10, 15, 20, or 30 years in size with protection beginning at $100,000.

Underwriting tips for Mutual of Omaha life insurance coverage insurance policies can fluctuate. As with most different corporations, you may anticipate greater premiums and even denial for sure critical well being circumstances. If you’re buying a complete life or common life coverage, although, there isn’t any medical examination or well being questionnaire required.


  • Complete life insurance policies can be found to these ages 45 to 85
  • Time period insurance policies could be issued between ages 18 and 80


  • Complete life insurance policies have a two-year graded demise profit
  • Complete life insurance policies have low minimal demise advantages ($2,000)
  • Bigger insurance policies will have to be bought instantly by means of an agent


With assured acceptance provided to prospects all the best way as much as age 80, AIG’s ultimate expense life insurance coverage can provide as much as $25,000 in protection for quite a lot of ultimate bills. With no health questions or medical exams to fret about, that is our evaluation’s best choice for ultimate expense insurance policies with no-fuss buy at age 50 and nicely past.

Top 10 Best Senior Life Insurance

Final expense insurance coverage protection is offered by AIG’s Assured Subject Entire Life Insurance coverage policy. Because the title suggests, this coverage is out there with assured acceptance to prospects ages 50 to 80, with protection starting from $5,000 as much as $25,000. There aren’t any well being inquiries to reply nor will you be topic to a medical examination as a way to buy this protection.

AIG’s assured issue entire life insurance policies are underwritten by American General Life Insurance coverage (AGL). It’s essential to notice that AIG’s guaranteed issue insurance policies include a two-year graded demise profit. Which means that if demise happens throughout the first two years of the coverage, beneficiaries will obtain 110% of paid premiums.


  • Assured subject complete life insurance coverage is obtainable with no ready interval or the necessity to communicate with an agent
  • No medical examination required
  • Protection is obtainable from $5,000 to $25,000


  • Two-year graded demise profit
  • Haven Life Insurance coverage Company


Transamerica is our greatest alternative for index life insurance coverage protection as a result of it gives new insurance policies all the best way as much as age 85, together with the choice for a terminal sickness rider.

You should purchase a Transamerica Index Life Insurance coverage coverage, referred to as a Transamerica Monetary Basis  as much as age 85, or by means of age 75 if you happen to’re in Florida. Protection is out there from $25,000 to $500,000 and past, relying in your age band.

Life Insurance For Seniors Over 55

Private elements thought of through the underwriting course of embody BMI, ldl cholesterol, blood stress, tobacco use, well being historical past, household well being historical past, and dangerous hobbies or actions. These elements might be used to find out eligibility in addition to premiums for protection. 


  • Obtainable in all 50 states and DC
  • Gives listed life insurance coverage protection as much as age 85
  • Protection provided from as little as $25,000


  • Sure elements similar to a historical past of coronary heart illness, most cancers, or diabetes weigh closely in major courses and can preclude you from protection
  • If you wish to make beneficiaries modifications in your coverage, you’ll must submit a paper.

Haven Life Insurance coverage Company

For purchasers of their 50s and early 60s, Haven Life Insurance coverage Company, issued by mass mutual, makes making use of for time period life insurance coverage simple. Limits are as excessive as $three million and with instant term, prospects as much as age 59 can get a real-time determination for as much as $1 million in protection.

Open Care Seniors Plan

For those who’re hoping to purchase time period life insurance coverage at age 50 or beyond, Haven Life could also be price a glance. The corporate offers time period insurance policies starting from $100,000 to $three million for purchasers as much as age 59 and as much as $1 million in protection for patrons age 60-64. Phrases vary from 10 to 30 years, although, if you happen to’re 55 or youthful and qualify.


  • Insurance policies issued by MassMutual, a trusted title.
  • Qualifying candidates as outdated as 55 can buy as much as $500,000 of protection with instant-approval.
  • Accessible in all 50 states and the District of Columbia


  • Time period life protection can’t be bought past age 64
  • Not accessible for active-duty navy or these presently enlisting
  • Insurance policies can’t be used for enterprise functions or as a substitute for present protection

Principal Life Insurance coverage

Principal gives a number of the highest protection limits, whereas additionally permitting prospects to buy insurance policies by means of age 80. The corporate has been chosen as greatest for property planning in our evaluation because of its excessive protection restrict.


  • Time period insurance policies over $1 million can be found
  • 10-, 15-, 20-, and 30-year time period choices
  • Time period protection may be issued between the ages of 20 and 80
  • Insurance policies are renewable yearly as much as age 95
  • Supplied in all 50 states


  • Buying a coverage includes calling or assembly with an agent
  • Low protection choices not obtainable

Fidelity Life

Some life insurance coverage companies start limiting merchandise and protection choices as soon as prospects hit 50 and above, typically taking weeks or months to underwrite. Life insurance coverage merchandise provided by Constancy Life include term life, entire life, accidental loss of life, and everlasting life, every with a spread of non-compulsory riders to select from.

With time period life, ultimate expense, and everlasting life insurance policies, Constancy Life gives the rapidecision function. This function offers candidates with quick protection in days, as an alternative of weeks or months. Apart from providing so many various merchandise to the 50-and-up crowd, Fidelity Life can also be competitively priced.

Best term life insurance coverage for seniors

Foresters Financial

Foresters gives a number of the greatest time period life insurance coverage charges available in the market for seniors, and even gives protection if you happen to’re over 70. As well as, they provide the flexibility to speed up your demise profit if you happen to contract a continual, important or terminal sickness. This will help cowl the prices of medical care when you have a coronary heart assault or stroke.

You may solely buy a Banner time period life insurance coverage coverage by means of age 75, however the insurer has a number of the greatest charges obtainable, even when you have some medical circumstances. For instance, Banner Life will settle for widespread points like gentle bronchial asthma or sleep apnea. They may even give a reduction if you happen to commonly carry out health-maintenance actions.

Senior Life Insurance coverage Sample Charges

Over 60

Looking for life insurance coverage for seniors over 60 is a a lot totally different course of than for these of their 50s. When you attain age 60, issues in your life start to vary, and that may have an effect on the way you have a look at life insurance coverage. if you happen to presently have time period life insurance coverage, which is sweet for under a specified interval, you could determine to modify to a common life insurance coverage coverage.

With this kind of coverage, you may decrease your demise profit because the coverage ages and your circumstances change. For those who’re a person over 60, you may anticipate to pay about $626 for a common life insurance coverage coverage with a death advantage of $250,000. And if you happen to’re a lady over 60, you’ll pay about $545 for a similar coverage.

Over 65

When deciding which sort of insurance coverage is healthier at this age, you have to have a look at your life state of affairs and your objectives. If in case you have a strict funds, however your objective is to verify your family members aren’t saddled together with your money owed while you die, time period life insurance coverage could also be best for you. 

However, if you happen to don’t have debt however wish to go away some money on your family members, everlasting or entire life insurance coverage could also be a greater possibility. For instance, a wholesome 65-year-old man can pay about $110 for a ten-year $250,000 time period coverage, whereas a complete life insurance coverage coverage with the identical demise profit would price roughly $1,122.82 a month.

And a lady’s coverage for a similar demise profit runs about $934.80 a month. As a result of ultimate expense plans have such a low face quantity the month-to-month premiums are far more reasonably priced, sometimes within the $50 a month vary.

Over 70

when you attain 70, you may anticipate to pay far more for time period life insurance coverage. For a ten-year time period life insurance coverage coverage with a $250,000 demise profit, a wholesome man with no well being circumstances or drugs can pay about $194 a month. And a lady can pay $147 month-to-month for a similar coverage. However, ultimate expense insurance coverage with a $10,000 demise profit will price roughly $80 a month, and a lady can buy the identical coverage for simply $62.

Life Insurance for Seniors Over 70

As a senior over 70, there are only a few limitations on the sorts of life insurance coverage insurance policies accessible to you. The one restriction is that you just sometimes gained’t be capable of discover a time period life insurance coverage coverage that lasts greater than 20 years.

Subsequently, your determination about which coverage to buy needs to be primarily dependent in your monetary aims and the price of protection.

If you need protection for a set time period, similar to 10 or 15 years, time period life insurance coverage might be your least costly choice, and you should purchase lots of of 1000’s of dollars in protection.

Time period life insurance coverage is usually the only option in order for you protection for a mortgage or to exchange your revenue till retirement, as these monetary obligations might be lowered or eradicated with time.

Life Insurance for Seniors Over 80

Aged seniors over 80 sometimes gained’t qualify for time period life insurance coverage insurance policies over 10 years in size, nonetheless, you possibly can nonetheless qualify for everlasting protection. A everlasting coverage can be seemingly a better option, as it may be extremely troublesome to buy protection after age 90 in the event you nonetheless have monetary obligations.

Life Insurance Living Benefits for Seniors

Relying on the insurer, some life insurance coverage insurance policies both embody “residing advantages” or provide the choice so as to add these by means of riders. Residing advantages is how coverage options are described that may provide monetary help when you’re nonetheless alive. A number of the mostly supplied residing advantages are:

  • Accelerated demise profit
  • Unintended demise and dismemberment
  • Waiver of premium

Best Term Life Insurance for Seniors

Every insurer has its personal age cutoffs for time period life insurance coverage, which means you will have to guage a number of firms to find out in the event you qualify. As well as, you will have hassle getting authorized relying on the quantity of protection you need and your well being.

We reviewed time period life insurance coverage quotes from dozens of insurers to seek out probably the most inexpensive protection for seniors.

Rising Cost Of Life Insurance

There are two main elements which have led to an increase within the value of life insurance coverage. The financial downturn of the financial system. The enhance within the value of life insurance coverage for seniors over 55 to 60 plan.

The 2 are considerably related, however they affiliate on to the growing value of life insurance coverage.  Over 50 Insurance plan protection premiums if you find yourself over 50 years of age can differ extensively.

Rates For Life Insurance plan Over 50

You must actually search recommendation from a dealer. Nevertheless, right here some approximated premiums for the life insurance coverage over 50 you might be on the lookout for.

  1. Your Age When Coverage Is Issued:   50   $100,000   $28.00
  2. Life Insurance coverage plan Coverage Payout:   50   $200,000   $47.00
  3. Anticipated Month-to-month Premium:   55   $100,000   $39.00

The reason for the financial slowdown stays a topic of argument, however what’s related is its impression on the trade. Insurance coverage plan, from the point of view of the senior life insurance coverage over 50 quotes supplier, is all about threat.

The economical uncertainty of a financial downturn makes threat a way more harmful for decrease probability of return. It locations the life insurance coverage supplier in a poor funds to start with.

Best Health Insurance For 55 And Older Senior Citizens
Best Health Insurance For 55 And Older Senior Citizens

Then locations people who would buy medical health insurance in a worse funds. Get quote life insurance coverage for senior Age 40, 45, 50, 55 & 65 years previous.

Health Insurance Over 50 to 80 Age

In Pennsylvania (and all different states), in case you attain the age of 65 or meet the rules for particular obstacles.

You’ll be eligible for Medicare advantages. The scope consists of the half A (hospital outpatient hospitalization bills), half B (further medical service), half C (benefit plans to substitute components A and B), and half D (prescription). If you’re underneath the age of 55,you’ll be able to nonetheless qualify.

You’ll not required by any regulation (together with reasonably priced care strategies) to enroll in supplemental life insurance coverage for seniors over 55 plans.

Best Health Insurance For 55 And Older Senior Citizens

You could have lowered the price of out-of-pocket and have a sure opening interval, however you’ll be able to select solely Medicare’s unique advantage. The Benefit Settlement gives a pretty different to the unique Medicare and may also embrace prescription insurance coverage.

Additionally, plans E, H, I, and J are not supplied for the Medicare Modernization Act. Nonetheless, whether it is presently lively, you’ll be able to preserve present plans.

Senior Health Insurance Quotes

Many corporations license to supply Senior Pennsylvania SUPPLIENCE PLAN, however contracts standardized. However the charges are completely different. Under are among the main carriers enterprise protection at PA. Not all corporations supply high 7 medical health insurance for 55 and older senior residents plans accessible.

What is the cut off age for life insurance?

In general, very few companies will issue a policy after age 85, and some set their maximum age in question at 80 or 75. There are several different types of life insurance available to seniors who have not reached that maximum age, some of which will remain in effect until death.

Should a 70 year old buy life insurance?

If you are 70 or older, it is not too late to secure life insurance coverage that will last your golden years. Life insurance for those over 70 can be affordable and relatively easy to buy, especially if you have an experienced independent agent to guide you and your family through the process.

Should I buy life insurance at age 50?

If you buy life insurance in your 50s, it costs a lot more – there’s no getting around it. If you no longer have financial dependents and have enough savings to cover debt or final expenses, a term life insurance policy can be an unnecessary expense.

* Life insurance for seniors over 55 free quotes in compare price here.