Life insurance over 50 | Protective Life

What is the oldest age to buy life insurance

Video What is the oldest age to buy life insurance

available insurance options

You probably already know that the younger and healthier you are, the less expensive life insurance generally will be. however, there may be many reasons to purchase new or additional life insurance coverage later in life, such as after age 50. for many, that reason may be to cover burial and other end-of-life expenses, or perhaps to leave behind a specific charity or a child/grandchild with special needs.

If you’re considering life insurance and you’re over 50, you may be wondering if there’s a maximum age at which a life insurance company will write you a policy. Generally, the maximum age at which life insurance policies are issued depends on the individual life insurance company, so there really isn’t a universal set limit. however, you may not find many companies willing to issue you a policy if you are 85 or older. In general, many insurers tend to set their maximum age for issuing a policy at 75 or 80, but again, that’s up to the insurer.

life insurance for the elderly

Fortunately, there are several types of life insurance that may be suitable for people over 50 and for seniors who have not reached an insurer’s maximum age.

term life insurance for seniors

For example, depending on the amount of coverage and the length of the term, a term life policy can be an affordable way to cover things like final expenses. Permanent policies (such as whole or universal life) can also be good options because as long as you pay the premium, the policy will stay in effect until you die.

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whole life insurance for seniors

If you’re over 50, having permanent life insurance (as long as you make your premium payments on time) means you won’t have to worry about the policy expiring (like the term does) and then look for a replacement the closer you get to the maximum age limit.

guaranteed universal life insurance for seniors

Another option might be guaranteed issue life insurance. With guaranteed life, a medical exam or health questionnaire is generally not required and you will not be denied coverage. however, because there are essentially no requirements to receive this type of policy, premiums tend to be substantially higher, benefit limits are lower, and there is generally a limited benefit for the first two years in effect of the policy. these policies may be an option if you are older and have developed health problems. Keep in mind that life insurance companies may also put a maximum age limit on their guaranteed issue life policies.

Don’t let being over 50 keep you from getting life insurance. the key is to buy it as soon as you think you need it and check with a reputable life insurance company. A good agent or company representative can help you compare several different types of policies to find the one that best suits your individual needs and budget.

Learn more about senior life insurance.


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