Although it is more difficult to purchase life insurance as you get older, it is possible. Because of certain health conditions, life insurance can be more expensive as you age. Insurers are less likely to approve your request if you have a medical condition. There are still options for you if you’re older than 50 and require additional coverage or a new policy in life insurance. For the best customer service, it is best to not wait. To get a policy for a family member, they must be included in the buying process.
We compared the top life insurance companies to find the right one for you. They all have excellent reputations and high financial strength ratings. Plus, they offer valuable perks for the over-50 crowd.
Most Frequently Asked Questions
At what age can you stop buying life insurance?
We have never seen any life insurance company issue policies to anyone older than 90 years. Many companies won’t offer policies to anyone over 85. However, policies have different age requirements. If you are looking for term insurance, the issue ages will be lower.
Age limits can vary between companies and coverage types.
- Permanent insurance: This is a policy that covers whole and universal life. These policies are generally available to applicants until age 85. However, some companies limit the age at which they can be issued to 80 or 90-year-olds.
- Term insurance: Term insurance can be purchased in different lengths. Most companies offer a maximum term of thirty years, but some companies offer policies with terms that last for 35 or 40 years. If you are over 55, you will not be eligible for a policy with a term longer than 30 years. However, some companies will still allow you to get shorter-term policies until you are in your 70s.
- Final expense insurance These policies are designed for applicants between the ages of 45 and 85. Some companies restrict eligibility to those below 50 or over 80 years of age.
What are the best ways to get life insurance for people over 50?
You will need to have a medical screening (or take a paramedical exam) in order to be eligible for life insurance coverage. There are now more policies available that do not require a medical examination. These policies use an underwriting process that does not require a medical exam to determine your risk to the insurance company. Underwriting is a process that assesses your risk and determines whether or not to approve your request for coverage.
Accelerated Underwriting conducts a comprehensive examination of your health through medical-related questions, and checks your prescription history. However, it does not require a medical exam. Some companies offer accelerated coverage to applicants over 65, up to $1 million in coverage. Others may limit no-medical exam life insurance to $1 million for those over 50. If you are in your 50s and older, an exam may be required if you require a higher death benefit.
How can I find the best life insurance company for me?
The balance between the quality of a company’s products and overall company performance is key to choosing the right life insurance company. The latter might be better than the first because the policy you have is only as good or as bad as the company’s backing.
You don’t need to compromise. It’s enough to first determine what you want and then apply filters to the life insurers you are considering. This can be helpful if you take a step-by-step approach.
Assess your needs first.
- Decide why you need life insurance coverage. Is it to pay for funeral expenses, leave an inheritance to your loved ones, or do you have something else in mind?
- Check your health. Are you in good general condition for your age? Your eligibility and premium will be affected by your health.
- Determine what you can afford. This number could determine the amount of coverage you are eligible for.
- Decide how much coverage you want. It is important to be realistic in this step. As you get older, life insurance will cost more and you may have to pay more if your health is compromised.
- Decide how long you will need coverage. Do you want permanent or temporary coverage?
Get life insurance quotes from reputable companies.
- Select companies with an A rating or higher by AM Best: AMBest gives A ratings to companies that it believes have an “excellent” or “superior” ability to fulfill their ongoing insurance obligations. 3
- Take into consideration customer complaints. You can use the NAIC’s Consumer Insurance Search to see how many complaints a company has received.
- Compare the products of each company. Once you have found a few insurance companies that meet these criteria, you can check their life insurance products to ensure they have something for you.
- Review policy additions: Some companies include value-added benefits like accelerated death riders for chronic, critical, and terminal illnesses.
- Compare and get life insurance quotes. Many companies offer online quotes for term policies and final expense policies. If you are looking for standard permanent coverage, you will need to contact an agent.
- Apply to Coverage: After you have chosen the quotes that you like, you can apply.
We developed a comprehensive life insurance methodology to compile our list. We began by researching the needs of consumers regarding life insurance companies. For that purpose, we used third-party consumer studies such as J.D. Power’s 2021 U.S. Life Insurance New Business Study. We also looked at J.D.
We analyzed more than 50 data points about 91 life insurance companies to find out how they rate financial strength, customer satisfaction, and complaints. Also, information about years in business and online tools, no exam options, dividends, and maximum issue ages.
We favored companies that had high financial stability, high customer satisfaction and robust products for applicants over 50. We valued online quoting, application tools, transparent pricing, no-exam policy options, and online quoting. Companies were given ratings boosts for including living benefit riders automatically in their policies. Each company was ranked according to the following weights and categories.
- Customer satisfaction ratings: 17%
- Easy application: 16%
- Financial Stability: 15%
- Online resources: 15%
- Types and features of policies: 15%
- Available riders: 8%
- Cost: 8%
- Maximum issue age: 6 months
By comparing individual offerings between companies, we delved deeper into product details, such as maximum coverage amounts, maximum age of issue, included riders, and product-specific application procedures. This research was used to identify the top life insurance companies for applicants older than 50.