Life insurance for people over 55

Rest easy knowing your loved ones are protected if something happens to you.

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Thanks to improvements in technology, Americans are living healthier and longer than ever. But no one is invincible, and a life insurance policy can help support your loved ones if you’re not able to.

Though finding life insurance when you’re over 55 can be more difficult than taking out a policy when you’re younger, it’s possible to find coverage that fits your budget.

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Is it possible to find affordable life insurance if you’re over 55?

Yes. Many providers offer life insurance policies designed for people 55 years and older. If you’re in good health, you should be able to find an affordable life insurance policy that suit your needs.

What factors affect premiums for people over 55?

Many factors can affect the cost of your life insurance policy if you’re 55 years and over, including:

  • Gender. Men often pay more in life insurance premiums than women due to a statistically higher risk for injury and death that they’re exposed to as they get older.
  • Age. As with most insurance policies, your premium rates tend to be higher in the later stages of your life due to higher health risks.
  • Occupation. Somebody with a high-risk job will likely pay more in premiums than someone who goes to work in an office every day.
  • Health condition. You can benefit from lower premiums if you’re generally healthy, But expect to pay more for your premiums if you need life insurance with a pre-existing medical condition.
  • Lifestyle. A 55-year-old smoker can pay nearly twice as much as a nonsmoker. Other lifestyle factors like alcohol consumption and your body mass index (BMI) can affect the amount of premiums you pay.
  • Hobbies. Are you a little bit on the adventurous side? While you can participate in any activities that you’d like, it’s important to note that dangerous sports such skydiving, rock climbing and any other high-risk activity will result in more expensive premiums.
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Premium types

The structure of your life insurance can have a fairly large effect on how much your monthly premium costs. The two main types of premiums are:

  • Level premiums. This type of premium is calculated at the start of the policy and stays consistent through the length of the policy. It often costs more when you’re young and healthy, but is generally the least expensive way to pay for life insurance in the long run.
  • Graded premiums. These premium payments start low, but increase over time based on your policy renewal and risk factors — meaning it can get costly. This is a good for a short-term life insurance policy because the premiums are cheaper in the beginning.

It’s essential to consider your individual situation and whether you’re taking a long-term or a short-term life insurance policy to figure out which type of premium works best for you.

Why would I need life insurance if I’m over 55 years old?

There are plenty of reasons why having coverage in place could not only benefit you, but your family as well. A life insurance policy can help you:

  • Pay for debts such as a mortgage or ongoing bills after you die
  • Leave an inheritance to your loved ones
  • Set up a trust for your children
  • Protect your business in the event that you pass and have outstanding financial obligations

Other insurance options for people over 55

Aside from life insurance, you may also want to consider:

  • Personal accident insurance. This can provide a benefit payout in the event of an illness or injury that leaves you unable to work. You can receive your payout as a lump sum or in an annuity structure depending on the severity of your disability.
  • Accidental death insurance. This can provide a lump sum benefit if you pass away as result of an accident. This is included in most life insurance policies, but you can also buy it individually.

Does funeral or burial insurance make sense for people ages 55 and over?

If you’re finding it hard to be approved for a life insurance policy due to your age and other restrictions — such as occupation and health — you may want to consider final expense insurance as an alternative.

In the event of your death, this type of policy can provide a lump sum payment that can be used to meet your funeral expenses and any other related costs. Applicants can generally apply for a policy of $5,000 up to $20,000. And since you’re typically not required to complete any medical exam, your application will have guaranteed acceptance.

Can I get a no-exam life insurance policy?

Yes. While you may pay a bit more for a policy that doesn’t require a medical exam, this option could be useful if you don’t like doctors or want to avoid all underwriting.

It’s important to note that even though these policies are typically guaranteed as long as the premiums are paid, if the provider finds out that you were untruthful while investigating in the event of a potential claim, they can deny your benefit payment — making the coverage useless.

Companies that offer policies for adults ages 55 or older

Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required State Availability
LadderLife™ Life Insurance
20 - 60 years old
Not available in New York
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
18 - 100 years old
This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.
20 - 85 years old
Depends on policy.
Products and product features may not be available in all states.
This well-established life insurance provider could offer you $250,000 worth of coverage for as low as $14 per month.
21 - 54 years old
Not available in New York
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
25 - 60 years old
Available in all states except NY, CA and MT
Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
18 - 85 years old
Depends on provider and policy
All 50 states
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
18 - 80 years old
Depends on policy
Haven Life
18 - 64 years old
All 50 states
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
18 - 80 years old
Depends on provider and policy
All 50 states and D.C.
Get a quote within minutes from more than a dozen insurers.
Everyday Life
20 - 75 years old
All states & DC
Build a customized laddering strategy to target specific financial responsibilities and save on term life.
JRC Life Insurance
20 - 80 years old
All 50 states
Quickly get a quote for coverage with this marketplace, which compares term & whole life insurance policies from 45+ carriers.
Leap Life
18 - 75 years old
Depends on provider and policy
Currently unavailable in New York
Apply for a simple instant-decision policy free of charge. Compare quotes from multiple A-rated carriers.
Globe Life
18 - 64+ years old
No – simple application
All states except New York
Simple application process with no medical exam and no waiting period. Pay $1 for the first month of coverage.

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Bottom line

It’s not impossible to find life insurance that suits your needs and situation even if you’re over the age of 55. It’s important to compare different life insurance policies that are available on the market to determine the most suitable coverage for you and your family.

When in doubt, seek advice from an insurance adviser that has industry knowledge and expertise to help you find options tailored to your needs.

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