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Once people reach their 60s, they often start thinking that life insurance is just too expensive of an option for them.

In actuality though, most of these people are surprised to discover that life insurance is a lot cheaper than they think, I bet we could even find you an affordable million dollar life insurance policy! Hey, why not try!life insurance for people who are 65 and over

We always encourage anyone who asks us, to use our free online quote tool to figure out just how much life insurance should cost them.

Also, check out or list of top 10 life insurance companies to help you make a better decision on your life insurance needs!

Cheapest Term Life Insurance Quotes for 65 Year Olds

To help you get started we have put together a list of some sample quotes for you to use. Keep in mind though, that these quotes are just samples. Life insurance rates can fluctuate by the day, so use these as a guideline and use the free tool to look up your actual up-to-date quotes.

Also, the rates below are for NON-SMOKERS. If you do smoke while looking for life insurance, expect the rates to be double.

Term life insurance for a 65 year old male "Preferred" health class (minor or no health issues), monthly rates:

                              $50,000  $100,000   $250,000   $500,000  $1,000,000
10 year term               $42          $56           $130          $247          $481
15 year term               $62          $84           $177          $349          $665
20 year term               $82          $114         $267          $519          $1021

Term life insurance for a 65 year old male "Standard" health class (controlled health issues), monthly rates:

                               $50,000  $100,000  $250,000  $500,000   $1,000,000
10 year term                $56          $80          $192          $339         $671
15 year term                $73          $119        $277          $538         $966
20 year term                $98          $163        $411          $805         $1493

Term life insurance for a 65 year old female "Preferred" health class (minor or no health issues), monthly rates:

                              $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term               $28           $36          $81           $148        $278
15 year term               $41           $50          $112         $209        $400
20 year term               $57           $76          $170         $331        $575

Term life insurance for a 65 year old female "Standard" health class (controlled health issues), monthly rates:

                               $50,000  $100,000  $250,000   $500,000  $1,000,000
10 year term                $40          $49          $113          $203          $400
15 year term                $54          $73          $173          $277          $548
20 year term                $67          $105        $255          $498          $973

Why Do Seniors Age 65 and Older Need Life Insurance Coverage?

Once a person reaches age 65, there are some schools of thought that feel that life insurance is not longer necessary. This is because many individuals and couples at this stage in their lives no longer have young children who are depending on their income.

While this may be true, there are still some other financial obligations that those who are in their 60s - and older - have that can justify having a good solid life insurance policy to help them defer these expenses. Just some of these can include:

Mortgage and Other Debts

Many years ago, seniors who were 65 and older would typically have their mortgage, and other debts paid off. Those in this age bracket were also usually retired. Today, however, many things have changed, due in large part to our longer life expectancies.

As a 65-year-old, you may still be very active - and actively at work. You may also still have a mortgage balance, as well as car loans, credit card balance, and other types of debt. Because of this, should the unexpected occur, your spouse, significant other, or other loved ones would be saddled with these financial responsibilities.

By purchasing a life insurance policy, you could provide the funds that are necessary to instantly pay off these obligations, and keeping the ones that you love out of long-term financial hardship - especially at an already difficult time for them.

Replacement of Retirement/Pension Income

While you may have carried life insurance in the past to replace your wages as a young breadwinner, there are many seniors who own life insurance to replace lost retirement income for a spouse or significant other.

In many cases, when an individual passes away, either some or all of his or her pension or other retirement income will also stop. If his or her spouse or significant other counts on that income to pay their living expenses, this could put the partner at risk of great financial hardship.

Therefore, purchasing a life insurance policy could help to replace the finds that are needed for this lost income. For example, a lump sum could easily be turned into an income annuity so that the spouse or significant other can receive funds on a monthly or annual basis.

Instant Estate

In some cases, life insurance can even create an "instant estate." For those who want to ensure that loves ones inherit something, but do not have many assets to provide, life insurance can provide a set amount of money in return for only a premium payment.

Those who inherit life insurance proceeds can do so income tax-free. Therefore, in many instances, 100% of the funds that are inherited from a life insurance policy can be obtained and used for whatever the recipient chooses.

Final Expenses

Regardless of how much other debt you may or may not have, one thing that most people will end up with is final expenses. These are the costs that are associated with one's funeral and burial - and today, on average, these can be in the range of $10,000 when you factor in a headstone, burial plot, flowers, and the memorial service itself.

Also, there could also be uninsured medical costs that you incur and / or hospice expenses that are also not covered by Medicare or your regular insurance policy. By having a life insurance plan that provides funds to your loved ones, they can quickly and easily pay off these debts.

Estate Tax

In some instances, an individual's estate may be subject to estate taxation. These taxes can eat away more than half of the total value of the estate - thus, providing Uncle Sam with more of your assets than your loved ones get.

But, by setting up a life insurance policy so that the funds from this plan go towards paying the taxes that are due, you can ensure your loved ones that they will inherit what is coming to them from the estate.

Charity/Donations

If you have a favorite charity, then life insurance can allow you to donate a great deal of money to this organization, literally for pennies on the dollar. The funds that come from life insurance proceeds can go to the charity tax-free.

How to Go About Finding Affordable Life Insurance

The only way to find the cheapest life insurance, is to get in contact with a independent life insurance agency.  While you will not get as cheap of a policy as if you were looking at life insurance at age 62, your independent agent has access to all of the top rated life insurance companies. Then they contact the companies and can bring back the best rates and help you compare the quotes side-by-side. If you’re healthy, then our online quote tool will be completely accurate and have up-to-date results. Simply choose the cheapest option available. If you already have life insurance at the standard rate and what to know why you didn't get the preferred life insurance rates, we can help you with any questions you may have.

If you have any type of atypical medical conditions though, then we will first need to qualify your health before performing any research. Since each insurance company has a different way of viewing risk, we will need to contact them all individually to find out the best rates. This can easily take several days if you were to do it yourself, so having an agent do it helps immensely.

Selecting the Best Life Insurance Policy at Age 65

The first step is to ask yourself why you need a life insurance policy in the first place. Is it because you need to supplement your own income for your spouse's benefit? Or do you simply want to cover some debts that you may still have after you pass?

The next thing to think about is the term lengths. Will you need this policy to last only until you retire? Or do you need it to last until you think your debt will be paid off? Some people, want their life insurance to extend right up until the time that they pass away.

Another common thing with life insurance is that people do not want to pay too much for something that they won’t ever get to see the results of. We understand this although we always stress that it is much better to have some coverage rather than no coverage at all. Your best option is to choose a cheap, affordable plan that will also help your family.

Two Other Types of Policies Worth Considering

For 65 year olds, whole life insurance can be quite expensive depending in the plan you choose. Some people though, are only looking to have their funeral and other final expenses covered, in which case life insurance can be very affordable. People like this usually take out a $10,000-$25,000 policy and the benefit is that there is no medical exam required and your premiums are guaranteed for life.

“Guaranteed Universal Life” insurance can be another good choice for 65-year-olds who are simply looking for cheap life insurance that will not expire. We do recommend getting one of these policies before turning 67 as the premiums begin to get burdensome.

This is also referred to as “Term for Life" insurance because it is a permanent life insurance policy that has level premiums for the rest of your life. You can even get a policy as low as $25,000 worth of coverage although it will require a medical exam.

What Type of Life Insurance is Available If You Have Health Issues?

If you do happen to have certain adverse health issues, there are options for coverage available that do not require you to take a medical examination as a part of the overall underwriting process. By applying for a guaranteed acceptance life insurance policy, you will be better able to qualify for the coverage that you need.

In many instances, guaranteed issue life insurance will only have just a few questions to answer on the application for coverage - and, because there are no medical underwriting requirements to contend with on the policy, these plans can typically be issued within just a few days. Therefore, you can have your coverage very quickly.

Why Do Seniors Age 65 and Older Need Life Insurance Coverage?

Once a person reaches age 65, there are some schools of thought that feel that life insurance is not longer necessary. This is because many individuals and couples at this stage in their lives no longer have young children who are depending on their income.

While this may be true, there are still some other financial obligations that those who are in their 60s - and older - have that can justify having a good solid life insurance policy to help them defer these expenses. Just some of these can include:

Mortgage and Other Debts

Many years ago, seniors who were 65 and older would typically have their mortgage, and other debts paid off. Those in this age bracket were also usually retired. Today, however, many things have changed, due in large part to our longer life expectancies.

As a 65-year-old, you may still be very active - and actively at work. You may also still have a mortgage balance, as well as car loans, credit card balance, and other types of debt. Because of this, should the unexpected occur, your spouse, significant other, or other loved ones would be saddled with these financial responsibilities.

By purchasing a life insurance policy, you could provide the funds that are necessary to instantly pay off these obligations, and keeping the ones that you love out of long-term financial hardship - especially at an already difficult time for them.

Replacement of Retirement/Pension Income

While you may have carried life insurance in the past to replace your wages as a young breadwinner, there are many seniors who own life insurance to replace lost retirement income for a spouse or significant other. If you want to learn more about term life insurance for seniors, we can answer your questions and help you in this process.

In many cases, when an individual passes away, either some or all of his or her pension or other retirement income will also stop. If his or her spouse or significant other counts on that income to pay their living expenses, this could put the partner at risk of great financial hardship.

Therefore, purchasing a life insurance policy could help to replace the finds that are needed for this lost income. For example, a lump sum could easily be turned into an income annuity so that the spouse or significant other can receive funds on a monthly or annual basis.

Instant Estate

In some cases, life insurance can even create an "instant estate." For those who want to ensure that loves ones inherit something, but do not have many assets to provide, life insurance can provide a set amount of money in return for only a premium payment.

Those who inherit life insurance proceeds can do so income tax-free. Therefore, in many instances, 100% of the funds that are inherited from a life insurance policy can be obtained and used for whatever the recipient chooses.

Final Expenses

Regardless of how much other debt you may or may not have, one thing that most people will end up with is final expenses. These are the costs that are associated with one's funeral and burial - and today, on average, these can be in the range of $10,000 when you factor in a headstone, burial plot, flowers, and the memorial service itself.

Also, there could also be uninsured medical costs that you incur and / or hospice expenses that are also not covered by Medicare or your regular insurance policy. By having a life insurance plan that provides funds to your loved ones, they can quickly and easily pay off these debts.

Estate Tax

In some instances, an individual's estate may be subject to estate taxation. These taxes can eat away more than half of the total value of the estate - thus, providing Uncle Sam with more of your assets than your loved ones get.

But, by setting up a life insurance policy so that the funds from this plan go towards paying the taxes that are due, you can ensure your loved ones that they will inherit what is coming to them from the estate.

Charity / Donations

If you have a favorite charity, then life insurance can allow you to donate a great deal of money to this organization, literally for pennies on the dollar. The funds that come from life insurance proceeds can go to the charity tax-free.

Bottom Line

As you make your way through life, your financial needs will typically change - but that does not mean that your need for life insurance disappears. In fact, in many ways, you may require this important financial tool even more.

Because life insurance for seniors over 65 may be most costly regarding premium, it will be a good idea to work with an independent agency or company that can assist you throughout the application process.

Then, you will be more assured that you have all of the required paperwork in place. You will also be able to compare multiple companies, policies, benefits, and premium quotes - and from there, you will be able to determine which of these will best fit your specific coverage requirements.

The best advice that we can give to anyone who is seeking life insurance and is over 60, is to only work with a reputable independent life insurance agency who can contact all of the top rated insurance companies for you.

We understand that purchasing life insurance can be somewhat overwhelming - especially for those who may feel that coverage is out of reach due to age restrictions. But, the truth is that you do still have many options that are available to you today. You may just need an expert who can walk you through the process and assist you with locating the coverage and the insurer that will be the best for you. So, contact us today - we're here to help.

About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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2 Comments

William R Meyers

I’m in excellent Health 65 years old non smoker taking no medications exercising everyday looking forward to your quote

April 12, 2017 at 6:26 pm
    Jeff Root

    It was great helping you secure coverage. All the best William.

    June 21, 2017 at 10:54 pm
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