Learn about Life Insurance and Age Limits
Are You Considering the Purchase of a Life Insurance Policy and Wondering If Life Insurance Has Any Maximum Age Limit?
If so, you’re not alone. It’s only natural to wonder if you may outlive your life insurance policy.
And, whether there is a limit to how long you will be provided protection buy your life insurance plan. Or, if you’re too old to qualify to purchase a life insurance plan.
And, you wouldn’t want to outlive your life insurance without being prepared on what options may be available next, should you still need life insurance, later on.
Life Insurance and Age Limitations
The age limit for senior life insurance depends on the insurance company with whom you are applying for coverage.
Usually, insurance carriers set the age limit as a matter of
company policy. Some insurers will not issue a policy to anyone beyond age 75
Term life insurance policies stay in force until the term of the policy ends, whereas permanent policies cover the insured person until death, regardless of your age.
However, the maximum age at which a life insurance policy is issued depends on the issuing insurance carrier.
In general, few insurance companies will issue a new policy to someone older than 85 years of age, while some insurers set their maximum age at issue to age 75 or 80.
There are several different types of life insurance plans available for seniors who have not yet reached the maximum age limit for issuance of a policy, some of these plans remain in force until death.
Age Limits for Term Life Insurance
Term life insurance is a type of policy that provides a death benefit for a specific number of years. The insurer for a term policy accepts premium payments in return for a death benefit. The death benefit is guaranteed for the life (duration) of the policy. When the term policy expires, you may renew it up to a certain age limit.
State Limitations for Maximum Age on Term Life Insurance
States may limit the number of times you may renew your term life insurance policy. Your state’s age limit may be different from that of other states.
It is common for states to cap the maximum age for term life at age 80 or 85, but again, this depends on your state. After this maximum age, you can no longer purchase term life coverage.
What is the Oldest Age to Buy Life Insurance?
Depending on the insurance carrier, it’s likely that you may be able to get life insurance up to age 90, but the maximum age is usually around 85 years old with most insurers.
The maximum age will also depend on the type of life insurance you are looking to buy.
For instance, a 10-year-term life insurance policy can be purchased by people under age 80. However, if you are over 80, you will likely have to purchase a permanent life insurance policy if you need coverage.
Also, keep in mind, insurers consider your age and health as the main factors when determining the rate per $1,000 of coverage you pay for a policy.
The older you are, the costlier your life insurance plan. If you are in good health it will be easier to get insured, but if you have health issues, expect to pay more for your coverage.
Is There an Age Limit on Buying Burial Insurance Policies?
Yes, there are age limits for purchasing a burial policy. Usually the age limitations are 40 to 85, but it may vary by insurance company.
There are maximum age limits for burial policies because once you get older the chances are you will die sooner rather than later.
Simplified Issue Life Insurance Policies
These are quick issue term life insurance policies that offer the applicant the ability to apply for coverage online and start their life insurance protection the very same day, if qualified based on the questions asked on the application. Usually, there is no health examination required, just some health questions asked.
The maximum age limit for simplified issue policies will vary by carrier, but are usually age 60 or 65. Some carriers offer up to $500,000 or more of simplified issue coverage for qualified applicants.
Simplified issue plans offer full coverage (not graded benefits) from the first day you are insured.
Guaranteed Issue Life Insurance Policies
Guaranteed life insurance plans are usually best suited for seniors and those who are unable to get insured by any other type of policy due to age or health.
Even if you have been turned down for other life insurance plans, you can still get guaranteed approval life insurance if you meet the age requirements.
Guaranteed issue policies do not require you to take any health exam, and you won’t have to answer any questions about your health.
As long as you meet the age requirements, you cannot be turned down for coverage. Some carriers offer guaranteed approval for people age 45 to 85.
However, with guaranteed issue plans there are limited (graded) death benefits the first two years you are insured. That’s how the insurance company can guarantee your acceptance for coverage.
Life Insurance Quotes
Term Life Insurance
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote
Simplified Issue Term Life Insurance
Top Pick – Haven Life
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam
Guaranteed Issue Life Insurance
Top Pick – United of Omaha
United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.