Term life insurance for Older Adults – Seniors and Over 50s

Written by Life-Wealth-Win

Term life insurance for older adults and seniors and over 50s is a great way to protect your loved ones. You pay premiums for a set period 10, 15, 20 or 25 years and if you die, your family gets paid a death benefit to cover expenses like mortgage, personal loan, and final expenses. If you outlive the end of the term, you simply stop paying premiums.

Some people think they don’t need life insurance because they still consider themselves young (50 seems young these days!).

Most over 50-year-olds have debt or other financial obligations that must be paid if they die prematurely. You may wonder if a term life insurance policy is appropriate past 50 years old.

You are not too old at 50+ to get a term life insurance policy. For older adults, getting a term life insurance is often necessary to protect loved ones, and business and personal assets.


There are many reasons to purchase term life insurance for older adults and seniors and over 50s

Life insurance is the best way to protect your family from becoming financially burdened with the end of life expenses.

Term life insurance can protect you IF you die too early, and final expense life insurance can cover funeral expenses WHEN you die.

Life insurance can be used for income replacement. Your spouse may be financially dependent on your pension income. If you pass away your survivor may experience the impact of the loss of revenue.

Your life insurance benefits may be used to pay off any existing debts such as medical expenses or credit card loans.

Your policy can also be used as estate tax protection to cover inheritance taxes for your heirs. This way they won’t need to come up with the cash and you can leave a financial legacy to your dependents.

Your loved ones can also make a donation to your favorite charity, and life insurance is the best way to set that up with ease.


Term life insurance is the simplest and cheapest type of life insurance.

It stays in effect for a specified period usually 10 to 30 years (often in five-year increments) or until a certain age of the insured. It pays the full face amount of the policy in case the insured dies within the term (coverage period), but pays nothing if the insured outlives the policy.

One of the key benefits of term life insurance is affordability.

Term life insurance is cheaper compared to whole life policies. Term life insurance is an excellent choice for older adults in good health and looking to buy life insurance with lower rates than a permanent policy or whole life policy.

Flexibility is another benefit of term life insurance.

Many insurance providers offer a choice of term benefit limits (some as low as $10,000). Term lengths can be as short as ten years. Some policy riders may be added to enhance the coverage. This flexibility allows the applicant to select a policy based on the amount and length of coverage they need.

If you’re 50 years old or older, term life insurance may be a good option for you if you’re looking for alternatives to cover final expenses and medical bills while leaving something for your children.

With term life insurance, you pay the same premiums every year.

If you buy a 20-year term policy with a $100,000 death benefit, you pay the same premiums every year for 20 years. Your beneficiaries will receive $100,000 if you pass away during that time.

The death benefit proceeds from term life insurance are not subject to federal income tax, and they are often exempt from state inheritance taxes!


Term life insurance policies have an age cut off period from all life insurance companies, but it varies from company to company. Term life insurance may no longer be available to you after this age cut-off period.

Coverage begins when the application is processed; it typically lasts for 10, 15, 20, 25 or 30 years. Shorter-term period cost less, but when you renew the rates will often increase.

Many life insurance companies offer special rates on term life insurance for people over 60.

The average premiums are higher than if you were in your 40s or 50s, and most of the time the policy value is lower. This is, however, still more beneficial than having no policy at all.

You can typically get a term life insurance policy when you are 60 and beyond usually up to age 80 but your options are limited as you get older.

AGE                  ELIGIBILITY

60 – 65              10, 15, 20, and 25-year term periods

66 – 70              10, 15 and 20-year term periods

71 – 79               10-year term periods

80+                    Best to go with  final expense policy

Longer-term options tend to be more expensive than the shorter ones, but even if a longer-term period is available, it may not be the best financial choice for you.

Health is a significant factor when it comes to finding affordable life insurance.

If you are seniors who have health issues, you may experience difficulty in getting approved for coverage. These health issues could be anything from your weight to cholesterol levels to your blood pressure.

The best way to get your application approved is to discuss your many options with a qualified life insurance professional. Independent life insurance agents at Life Wealth Win help make this process easy.


There are different ways to find an affordable term life insurance for older adults.

  • Manage your health. Do whatever you can to stay as healthy as possible. Eat healthy foods and exercise to keep in shape. By staying healthy, you get a better rating and a reasonable amount of premiums from insurance companies.
  • Buy Sooner. Buy now, don’t put off buying a life insurance policy because life insurance premiums become increasingly expensive with each passing year.
  • Compare quotations.  Click our free quotes button to compare quotes from different insurance companies. We can efficiently find several quotes for you to examine to help you find an affordable match for your needs.
  • Careful shopping. There are many life insurance companies with different ways of rating applicants and determining the rate of premium. We can help you shop around to find the right policy at the most affordable rate.


Term life insurance for older adults is your best option because you’ll get the best insurance coverage at the most reasonable cost. But you have other options if you are not eligible for term life insurance. There are different ways to get insured besides term life insurance if you’re over 50.

Guaranteed Issue Life Insurance generally caters to people who can’t get term life insurance. It provides cash to the beneficiary upon the death of the insured. It is offered to applicants regardless of health condition.

The only requirement is to pay the premium. This insurance policy is the last resort of people who can’t qualify for life insurance because of health problems.

Simplified Issue Life Insurance is a no medical exam policy. It gets you life insurance without the need for a medical exam.

You will only have to answer a health questionnaire, and they will do a quick check with the medical database, and you can be insured in no time compared to the traditional life insurance process.

Final expense insurance is a way to pay for the burial expense and funeral services when the insured dies. This policy helps ease the financial burden on the family when the policyholder dies.


If you’re looking for term life insurance for older adults and seniors over 50s, it is essential that you fully understand what you are buying. We will help you determine what type of policy is best for you.

At Life Wealth Win, we specialize in healthy to high-risk senior life insurance cases. We can help you understand your life insurance options for seniors.

We understand that shopping for a life insurance policy can be stressful. That’s why we are here to help you get insurance protection for you and the people you care about.

We work with clients across the nation to get the best life insurance rates possible. If you are a senior, we can help you get the best life insurance rates!

Click the FREE LIFE INSURANCE QUOTE button or call us at (888) 435-4342 to compare rates from different life insurance companies.

About Life-Wealth-Win
About Life-Wealth-Win

We work with individuals across the nation to secure the best life insurance rates.

This entry was posted in Life Insurance By Age. Bookmark the permalink.

Leave A Reply