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Is There a Maximum Age for Getting Life Insurance?

As the years go by, having a life insurance policy can become more of a necessity for some to ensure that loved ones are financially taken care of when they’re gone. Whether you want to provide for your children or help your spouse pay off your debts in the event of your passing, life insurance can create a financial cushion for your family. If you’re looking for life insurance quotes over 50, you may wonder if there’s a maximum age for getting a policy. Keep reading to find out.

What is the maximum age to get life insurance?

The maximum age for getting life insurance can depend on the type of policy you want, how much coverage you need, and what life insurance company you’re insured with. There is no one-size-fits-all age limit on when you can get life insurance. However, you’ll find that very few life insurance companies will issue a new policy to applicants around age 85 and older.

Life insurance policies are typically less expensive when you’re younger and in good health. When you start to age, your health can begin to decline, leading to a higher risk to your insurer and higher monthly premiums. So, as you get older, there may be fewer options available to you.

Life insurance policies for people over 50

Getting life insurance over 50 may seem complicated, but not to worry. It can still be easy to get insured so you can leave your family with the funds they need to cover expenses. Here are a few life insurance policies for people over 50:

Term life insurance

Term life insurance is a temporary life policy that offers 10 to 30 years of coverage. As an older adult, this can be valuable because you can choose how long you want your coverage to last. You may also have the option to also extend your term once it expires. Term life insurance is typically a more affordable option than other life insurance types, and is straightforward. It simply provides your beneficiaries with the death benefit if you pass away during the term.

Whole life insurance

Whole life insurance is a permanent policy that lasts for the duration of your life and offers both a death benefit and cash value. The cash value is the part of your policy that allows you to earn interest over time, and you can borrow from it when needed. Premiums for whole life insurance are often higher, but you’ll pay a fixed rate that doesn’t change during the policy. A whole life policy will pay out the death benefit to beneficiaries regardless of when you pass away, as long as you continue to pay your monthly premiums.

Final expense life insurance

Final expense life insurance is a form of permanent life insurance that offers a smaller death benefit. This type of policy is designed for older adults in good health, and comes with affordable premiums. The death benefit can be ideal for covering final expenses like cremation, burial, embalming, casket, or a memorial service. Final expense insurance generally has a simple application and approval process, so it may be easy to get the coverage you need.

The bottom line

There is no age limit set in stone for getting life insurance, but many life insurance companies limit new policies for older adults around 85. If you’re over 50 years old, many options are available, including term life insurance, whole life insurance, and final expense life insurance. Do some research comparing life insurance policies and consider working with a licensed insurance agent to get assistance finding an option suited for you and your loved ones.

Contact Information:

Name: Michael Bertini
Email: michael.bertini@iquanti.com
Job Title: Consultant