Life Insurance Policy For 65 And Older

Companies like Sagicor Life will still offer you a no exam policy at age 65 but that is pretty much the limit where all the companies go. If you are over the age of 65 and want a no exam policy then the only option left is really going to be a final expense whole life policy. As you recall these policies are capped at $50,000 of coverage so if you need more you need to go with a medical exam plan. Term Life Insurance For 65 Year Olds Many people age 65 and older think obtaining life insurance coverage is not possible or is too expensive. That is not the case.. A no-lapse guarantee universal life policy may be the best option for many seniors over the age of 65. The policy is similar to a term life policy in that the payments and coverage amounts are fixed; however, it doesn’t expire like a term policy does.. Term Life Insurance. Generally, term life insurance is the best option. It provides more coverage at a lower rate, since it’s purely insurance. Even if you’re approaching 65 (the upper limit to apply for term insurance at many companies), you can get a policy for less than $100 per month if you’re in good health..

Keep in mind what your goal for having a life insurance policy is when making comparisons of available life insurance policies for seniors. We did some research and came up with these five life insurance policies as some of the best choices available to seniors.. Once you make it to 65, the data suggest that you can live another 19.3 years, on average, according to the Centers for Disease Control and Prevention (CDC). For many of you, this will likely be the last life insurance policy you’ll buy..

1 Premium based on a healthy 25-year-old female for a 20-year, $100,000 Term Life policy with monthly premium payment by automatic deduction from a checking or savings account. 2 A medical exam may be necessary for those age 51 and over and who apply for more than $100,000 in coverage. Coverage is dependent.... While term life insurance is the most common life insurance on the market today, it is not the best option for seniors over the age of 70. When you obtain the term life insurance policy at 70 years old, you will inevitably pay a premium that will increase dramatically over the next 10 years..