When Is It Too Late to Buy Life Insurance?

One of the most common things we hear from older clients is:

"I figured I was too old to get life insurance."

Usually, they aren't.

There's a good reason for that.

A significant part of the life insurance industry is specifically designed for seniors.

Many people don't seriously think about permanent life insurance until later in life.

The children are grown.

Retirement has arrived.

Perhaps an old term policy has expired or become too expensive.

Someone has recently lost a spouse, sibling, or friend and seen firsthand what a funeral costs.

Or they've simply reached the point where they're thinking:

"I don't want my children to have to deal with this when I'm gone."

Life insurance companies know that.

That's one reason final expense insurance exists.

Learn more: What Is Final Expense Insurance and How Does It Work?

In Short

• 65 is definitely not too late to begin a life insurance policy.
• 70 is not too late.
• 75 is not too late.
• Many final expense companies will begin a new policy for someone up to age 80.
• Some companies will begin new policies up to approximately age 85.
• A smaller number of options may exist at even older ages.
• Your age affects what a new policy will cost and which companies can begin a policy for you.
• Health problems don't automatically prevent you from getting coverage.
• Final expense whole life is specifically designed for smaller permanent needs later in life.
• Once traditional whole life coverage begins, it doesn't expire simply because you reach 80, 90, or 100. As long as you maintain the policy according to its terms, it is designed to remain with you for life.

The age limit tells you how old you can be when the policy begins. It does not tell you when the policy ends.

Why Do People Think They're Too Old for Life Insurance?

Part of the confusion comes from term life insurance.

Term insurance is usually purchased for a specific number of years.

Someone might buy a 20-year policy at age 45.

At 65, the level term ends.

If they try to continue that coverage, the price may increase dramatically.

That can leave someone thinking:

"Life insurance just doesn't work at my age."

But that's not necessarily true.

The problem may simply be that the kind of insurance they bought at 45 was designed for the needs they had at 45.

At that age, perhaps they needed $500,000 to protect their income, children, and mortgage.

At 70, they may need something completely different.

Maybe the goal now is $15,000, $25,000, or $40,000 that will always be there for funeral expenses, final bills, and something extra for the children.

That's a different problem.

And there's a different kind of life insurance designed to solve it.

Learn more: Should I Pick Whole Life or Term?

What Kind of Life Insurance Is Designed for Seniors?

Final expense insurance is one of the most common choices.

Final expense insurance is generally a smaller whole life insurance policy designed to provide permanent coverage.

It's also sometimes called:

• Burial insurance
• Funeral insurance
• Cremation insurance

Those names can make the product sound more complicated than it really is.

It's generally whole life insurance being used for a particular purpose.

The policy might provide $10,000, $20,000, $30,000, $40,000, or another amount appropriate for the person's needs.

When the insured passes away, the death benefit is paid to the beneficiary according to the policy.

The family can then use that money for funeral expenses, debts, medical bills, household expenses, or other needs.

Most importantly for this discussion, final expense whole life is permanent.

If you begin the policy at 70, the intention isn't to insure you only until 80.

If you begin it at 79, it doesn't disappear when you turn 81.

Once the permanent policy begins, it is designed to remain with you for life as long as you maintain it.

Learn more: What Is Final Expense Insurance and How Does It Work?

Can I Get Life Insurance After Age 65?

Absolutely.

Age 65 isn't particularly unusual for final expense insurance.

In fact, this is often around the time people begin thinking more seriously about permanent coverage.

Someone may be retiring.

Their employer-provided life insurance may be ending or changing.

An old term policy may be approaching the end of its guaranteed period.

Or they may simply realize that they had plenty of insurance protecting their working years but nothing specifically designed to be there at the end of their life.

At 65, there are commonly many final expense companies that can begin a new policy for you.

Your health will help determine which companies offer the best combination of price and coverage.

Can I Get Life Insurance After Age 70?

Yes.

Beginning life insurance in your 70s is common in the final expense market.

The price will generally be higher than it would have been if you purchased the same coverage when you were younger.

That's simply because age is one of the factors used to determine the price of a new life insurance policy.

But turning 70 doesn't suddenly make you uninsurable.

For many people, the more important question is:

Which insurance company fits my health best?

A person with diabetes may fit one group of companies.

Someone with COPD may fit another.

Someone who survived a heart attack several years ago may fit another.

That's why comparing companies becomes increasingly valuable as health histories become more complicated.

Learn more: Can I Get Life Insurance If I Have Health Problems?

Can I Get Life Insurance After Age 75?

Yes.

Many companies will still begin new final expense policies for people after age 75.

At this point, however, comparing your options becomes even more important.

A new policy will generally cost more at 75 than the same policy would have cost if it had begun at 65.

Health can also have a larger effect on which company makes the most sense.

But don't automatically assume that being 75 means you need Guaranteed Issue insurance.

Many people in their late 70s can still qualify for policies with health questions and immediate coverage.

We would rather investigate those possibilities before automatically placing someone into a policy with a waiting period.

Learn more: When Does Life Insurance Coverage Begin?

Can I Start Life Insurance at Age 80?

Often, yes.

Many final expense companies will begin a new policy for someone up to age 80.

This is where the distinction between starting age and ending age becomes extremely important.

Suppose an insurance company will begin a particular whole life policy for someone up to age 80.

That means you have to start the policy by the company's age cutoff.

It does not mean:

"We'll insure you until you're 80."

If you begin a permanent whole life policy at age 79 or 80, the policy doesn't suddenly disappear when you turn 81.

The age limit tells you how old you can be when the policy begins. It does not tell you when the policy ends.

Once the permanent whole life policy is properly in force, it is designed to continue for the rest of your life as long as you maintain it.

Can I Start Life Insurance After Age 80?

Possibly.

This is where the number of companies willing to begin a new policy starts shrinking considerably.

Some final expense companies will begin new policies for people older than 80.

Some will begin them up to approximately age 85.

At these ages, it becomes particularly important to compare:

• Which companies will begin a new policy at your age
• Available coverage amounts
• Health requirements
• Immediate versus waiting-period coverage
• Monthly premiums

There simply aren't as many choices as there are at 65 or 70.

But fewer choices doesn't mean no choices.

And once you start a permanent whole life policy, passing the company's maximum starting age later doesn't affect the policy you already have.

Can I Start Life Insurance at Age 85?

There may still be options.

The number of companies becomes much smaller, but some companies and products will begin new policies for people in their mid-80s.

This is where shopping among companies becomes especially important.

A company that stops beginning policies at 80 obviously can't help a new 84-year-old applicant.

Another company may still be able to begin a policy.

Again, that maximum age is about when you can start.

It isn't an expiration date for the policy.

If a company allows you to begin permanent whole life insurance at 84 or 85 and the policy is properly issued and maintained, turning 86 does not mean you lose it.

Can I Start Life Insurance at Age 90?

This is where new-policy options become quite rare.

Only a small number of companies or specialized products may begin new life insurance policies at very advanced ages.

We don't know of traditional final expense companies routinely beginning new policies beyond age 90, although products and company rules can change.

We would never tell someone at an advanced age that insurance is impossible without first checking what is currently available.

But we also wouldn't pretend that the choices at 90 are anything like the choices someone has at 70.

That's one of the reasons beginning permanent coverage earlier can be valuable.

If a Company Stops Beginning Policies at Age 80, What Happens When I Turn 80?

Nothing happens to an existing permanent whole life policy simply because you reach the company's maximum age for beginning a new one.

This is worth repeating because the terminology can be confusing.

Suppose Company A will begin a particular whole life policy for people up to age 80.

You begin that policy at 72.

Eight years later, you turn 80.

Your policy doesn't end.

You turn 81.

Your policy doesn't end.

You turn 90.

Your age alone doesn't cause the policy to end.

The company's age limit applied when you started the policy.

Traditional whole life is permanent insurance.

That's one of the primary reasons it works so well for final expenses.

You don't want to solve your funeral-expense problem at 70 and then discover that you have to solve it all over again at 85.

Learn more: What Is Final Expense Insurance and How Does It Work?

Will My Price Increase as I Get Older?

With traditional whole life final expense insurance, your scheduled premium doesn't increase simply because you get older.

Your age matters when you begin the policy.

That's when the company determines the price.

If you wait until you're older to purchase a new policy, the new policy will generally cost more.

But once traditional whole life coverage begins with its fixed scheduled premium, you don't receive a birthday increase every year.

You don't turn 75 and receive a higher bill simply because you're 75.

You don't turn 80 and receive another increase simply because you're 80.

And you don't turn 85 and suddenly have to start shopping for another policy.

That predictability is particularly valuable for someone living on a fixed retirement income.

Learn more: Can My Life Insurance Rates Go Up?

What If My Health Gets Worse After I Buy the Policy?

That's another reason beginning permanent coverage earlier can be valuable.

Suppose you begin whole life insurance at 68.

At 74, you have a heart attack.

At 78, you're diagnosed with cancer.

Those health events might make buying new insurance more difficult.

But they don't ordinarily cause an existing properly maintained whole life policy to disappear or become more expensive.

The insurance company evaluated your eligibility when the policy began.

You already have the coverage.

Learn more: Can a Life Insurance Company Cancel My Policy If My Health Gets Worse?

What If I Already Have Health Problems?

Don't decide for the insurance companies that they won't insure you.

This is one of the biggest mistakes older applicants make.

Someone says:

"I'm 76 and diabetic. Nobody is going to insure me."

Maybe they'll have fewer options than someone who is younger and perfectly healthy.

But that doesn't mean there are no options.

Final expense insurance companies routinely work with applicants who have significant health histories.

The important factors can include:

• What conditions you have
• How long you've had them
• What medications you take
• Whether your condition is controlled
• Whether there have been complications
• How recently major medical events occurred

Different companies evaluate those things differently.

Sometimes the question isn't whether someone can begin a policy.

It's which company they should begin it with.

Learn more: Can I Get Life Insurance With Diabetes?

Learn more: Can I Get Life Insurance With COPD?

Learn more: Can I Get Life Insurance After a Heart Attack or Stroke?

Learn more: Can I Get Life Insurance If I Have Cancer?

What If My Health Is Too Serious for Regular Coverage?

That's where Guaranteed Issue life insurance can become extremely valuable.

Guaranteed Issue policies don't use health questions to determine whether you qualify.

There is no medical exam.

These policies exist specifically so people with serious medical problems can still begin permanent life insurance.

They commonly have a waiting period for natural death, often two years. Full coverage for qualifying accidental death is commonly available immediately, while natural death during the waiting period generally results in a return of premiums plus an additional amount according to the policy.

After the waiting period, the full death benefit becomes available for covered natural death.

We prefer to look for immediate coverage first.

But Guaranteed Issue isn't something to be embarrassed about or afraid of.

It solves a real problem.

It allows someone whose health might otherwise prevent them from qualifying for medically underwritten coverage to put permanent protection in place.

Learn more: When Does Life Insurance Coverage Begin?

Should I Wait Until I'm Older to Buy Life Insurance?

Usually, there's very little advantage to waiting if you already know you want permanent coverage.

A new life insurance policy generally becomes more expensive as you get older.

Your health can also change.

The policy you can begin today might not be the policy you'll qualify to begin five years from now.

That's not meant to scare anyone into buying insurance.

It's simply how life insurance works.

You know your age today.

You know your health today.

You don't know what your health will look like five or ten years from now.

If you know you eventually want permanent coverage, putting something comfortable in place while you have more choices can make sense.

But What If I Already Waited?

Then don't spend time regretting it.

This is important.

We regularly talk with people who say:

"I should have done this ten years ago."

Maybe.

The same policy probably would have been cheaper.

But you can't begin a life insurance policy ten years ago.

You can only decide what makes sense today.

If you're 72, let's look at what you can begin at 72.

If you're 78, let's look at what you can begin at 78.

If you're 82, let's find out which companies will still begin a policy at 82.

The question isn't:

"When should I have bought life insurance?"

The useful question is:

"What can I do now?"

So When Is It Actually Too Late to Buy Life Insurance?

Eventually, age does become a barrier to beginning a new policy.

Every insurance product has a maximum age at which the company will start that particular policy.

Many final expense companies will begin new policies for people up to age 80.

Some will begin policies into the mid-80s.

Only a smaller number go to very advanced ages.

But there's a huge difference between:

"Eventually there is an age when I may not be able to begin a new policy."

and:

"I'm a senior, so I'm probably too old for life insurance."

If you're in your 60s or 70s, you very likely haven't simply aged out of the final expense market.

Even in your 80s, there may still be companies willing to begin a permanent policy for you.

The important thing is to find out what's actually available rather than deciding you're too old before anyone checks.

The Bottom Line

It is usually later than ideal before it is actually too late to buy life insurance.

Someone beginning a policy at 70 probably would have paid less if they had begun the same coverage at 60.

Someone beginning at 80 probably would have had more companies to choose from at 70.

But neither fact means they should give up today.

Final expense life insurance is specifically designed around the needs of older adults.

Many companies will begin new policies up to age 80.

Some will begin them into the mid-80s.

A smaller number may go higher.

And this is the distinction we want every senior shopping for life insurance to understand:

The age limit tells you how old you can be when the policy begins. It does not tell you when the policy ends.

Once traditional whole life coverage is properly in force, it is designed to remain with you for the rest of your life as long as you maintain the policy.

You don't have to replace it because you had another birthday.

You don't have to replace it because your health changed.

And you don't have to start the entire process over again every few years.

You put permanent coverage in place while it's available to you.

You choose an amount that comfortably fits your budget.

You keep the policy in force.

And when your family eventually needs it, the policy is there to do the job you bought it to do.

Find Out What You Can Begin at Your Age

You don't need to know which companies will begin a policy at your age or which company is most favorable toward your health history.

That's what comparison is for.

We'll look at your age, health, budget, and the amount of coverage you're trying to provide and compare the companies that fit your situation.

Continue Learning

What Is Final Expense Insurance and How Does It Work?

Can I Get Life Insurance If I Have Health Problems?

Should I Pick Whole Life or Term?

How Much Coverage Do You Need?

When Does Life Insurance Coverage Begin?

Can My Life Insurance Rates Go Up?

Can a Life Insurance Company Cancel My Policy If My Health Gets Worse?

Life Insurance Dictionary: Terms Explained in Plain English