Your life insurance needs change along with the phases of your life. At 65 years old, you probably don’t need as much life insurance as you did when you were 30. This is assuming that your children are grown and have made it through college and your home is paid off. Age 65 is when most people make the decision to retire so it’s the perfect time to reevaluate your life insurance coverage. Whether your group coverage is ending because of retirement, your term policy is expiring, or you just want to downgrade your life insurance because you don’t need as much coverage, there are still plenty of options for life insurance at 65 years old.
Term Life Insurance at 65 Years Old
At this age, most carriers will allow up to a 20 year term, which will give you insurance coverage until you are 85 years old. Here are some examples of what a $150,000 20 year term policy might cost you. This is based on a preferred health rating.
65 year old non-smoking male: $1890.00 per year
65 year old non-smoking female: $1265.00 per year
These rates are assuming that you are in great health. If you have some health issues, as most seniors do, you can expect to pay a little bit more. High blood pressure and cholesterol and common issues for seniors and, when adequately controlled, do not pose as much of a problem as more serious health problems such as cancer, heart disease, or a history or stroke or diabetes. If you have some of these health issues, then be sure to get a free quote from an experienced agent. In most situations, you can still find life insurance coverage but you’ll need to find the right carrier to cover you. An experienced agent will be able to guide you in the right direction to the carrier who has the best rates for you.
Whole Life Insurance at 65 Years Old
If you want permanent coverage that will last you for the rest of your life, then whole life insurance is a great option at 65 years old. You can get a smaller policy for final expenses and be comfortable knowing that your family will be able to take care of funeral and other expense if / when something happens to you. Whole life insurance costs more than term life, but your premiums will be level for the rest of your life and the coverage is there whether you live to be 66 or 106. Here are some rate examples for a $35,000 whole life insurance policy. These rates assume good health.
65 year old non-smoking male: $260.44 per month
65 year old non-smoking female: $201.12 per month
These are just some examples to give you an idea of the cost. Because life insurance premiums are based on many other factors such as height, weight, driving history, occupation, and family health history, it is best to get a quote from an experienced agent to find out what your rate would be.