If you’re over 65 and looking for life insurance, you have more options than you might think. Many people assume they’re too old to get coverage or that it would be too expensive. Neither is true.
I’m Michael Cubell with Triangle Life & Health. I specialize in helping seniors find the right coverage. Here are your best options.
Option 1: Final Expense Insurance (Most Popular)
This is what most of my clients over 65 choose. Final expense is a small whole life policy designed specifically to cover funeral costs and end-of-life expenses.
- Coverage: $5,000-$50,000
- Ages: 50-85
- No medical exam
- Premiums never increase
- Coverage never expires
- Most people qualify for day-one full coverage
Monthly cost at age 65-70 for $15,000: approximately $52-$90/month
Option 2: Guaranteed Issue Life Insurance
If you have serious health conditions and can’t qualify for simplified issue, guaranteed issue accepts everyone ages 50-85. No health questions. The trade-off is a 2-year graded benefit period and higher premiums.
Option 3: Senior Term Life Insurance
Some carriers offer term life policies for seniors up to age 80. These are less common but can provide larger coverage amounts ($50,000-$250,000) for a set period.
What You DON’T Need
Be wary of:
- Expensive whole life policies with cash value — At 65+, the cash value component isn’t beneficial. Final expense gives you what you need at a fraction of the cost.
- Annuities disguised as life insurance — Some agents push annuities when all you need is a simple final expense policy.
- Mail-order policies — Companies like Globe Life and Colonial Penn advertise heavily but typically charge 30-50% more than what an independent agent can find.
Get Your Senior Life Insurance Quote
Tell me your age and general health, and I’ll show you exactly what you qualify for and what you’ll pay. Call (919) 944-8443 or schedule a free consultation.