At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
The table below shows estimated monthly premiums for a $100,000 term life policy at age 65 for both men and women in good health (Preferred rating). Rates are based on 2026 market averages. Always verify an insurer’s financial strength through AM Best before purchasing.
| Term Length | Female (Monthly) | Male (Monthly) | Coverage Amount | Health Class |
|---|---|---|---|---|
| 10-Year Term | $42 – $58 | $58 – $78 | $100,000 | Preferred (Good Health) |
| 15-Year Term | $58 – $78 | $78 – $105 | $100,000 | Preferred (Good Health) |
| 20-Year Term | $78 – $105 | $105 – $142 | $100,000 | Preferred (Good Health) |
| 10-Year Term | $68 – $92 | $92 – $125 | $100,000 | Standard (Average Health) |
| 15-Year Term | $92 – $125 | $125 – $168 | $100,000 | Standard (Average Health) |
| 20-Year Term | $125 – $168 | $168 – $225 | $100,000 | Standard (Average Health) |
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Whole life insurance is permanent coverage that lasts your entire life, as long as premiums are paid. It also builds cash value over time, which you can borrow against if needed. At 65, whole life premiums are higher than term premiums for the same death benefit, but the policy never expires and the death benefit is guaranteed. For seniors who want certainty — knowing their beneficiaries will receive a payout no matter when they pass — whole life is often the preferred choice.
Sample Term Life Insurance Rates at Age 65
The table below shows estimated monthly premiums for a $100,000 term life policy at age 65 for both men and women in good health (Preferred rating). Rates are based on 2026 market averages. Always verify an insurer’s financial strength through AM Best before purchasing.
| Term Length | Female (Monthly) | Male (Monthly) | Coverage Amount | Health Class |
|---|---|---|---|---|
| 10-Year Term | $42 – $58 | $58 – $78 | $100,000 | Preferred (Good Health) |
| 15-Year Term | $58 – $78 | $78 – $105 | $100,000 | Preferred (Good Health) |
| 20-Year Term | $78 – $105 | $105 – $142 | $100,000 | Preferred (Good Health) |
| 10-Year Term | $68 – $92 | $92 – $125 | $100,000 | Standard (Average Health) |
| 15-Year Term | $92 – $125 | $125 – $168 | $100,000 | Standard (Average Health) |
| 20-Year Term | $125 – $168 | $168 – $225 | $100,000 | Standard (Average Health) |
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Term life insurance provides coverage for a specific period — typically 10, 15, or 20 years. At age 65, a 20-year term policy would cover you until age 85. Term policies offer the most coverage per dollar of premium, making them attractive if you need a larger death benefit on a budget. However, term policies expire, and if you outlive the term, there’s no payout and no return of premiums. Additionally, qualifying for term life at 65 requires medical underwriting, and rates increase significantly compared to younger ages.
Whole Life Insurance at 65
Whole life insurance is permanent coverage that lasts your entire life, as long as premiums are paid. It also builds cash value over time, which you can borrow against if needed. At 65, whole life premiums are higher than term premiums for the same death benefit, but the policy never expires and the death benefit is guaranteed. For seniors who want certainty — knowing their beneficiaries will receive a payout no matter when they pass — whole life is often the preferred choice.
Sample Term Life Insurance Rates at Age 65
The table below shows estimated monthly premiums for a $100,000 term life policy at age 65 for both men and women in good health (Preferred rating). Rates are based on 2026 market averages. Always verify an insurer’s financial strength through AM Best before purchasing.
| Term Length | Female (Monthly) | Male (Monthly) | Coverage Amount | Health Class |
|---|---|---|---|---|
| 10-Year Term | $42 – $58 | $58 – $78 | $100,000 | Preferred (Good Health) |
| 15-Year Term | $58 – $78 | $78 – $105 | $100,000 | Preferred (Good Health) |
| 20-Year Term | $78 – $105 | $105 – $142 | $100,000 | Preferred (Good Health) |
| 10-Year Term | $68 – $92 | $92 – $125 | $100,000 | Standard (Average Health) |
| 15-Year Term | $92 – $125 | $125 – $168 | $100,000 | Standard (Average Health) |
| 20-Year Term | $125 – $168 | $168 – $225 | $100,000 | Standard (Average Health) |
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
One of the biggest decisions you’ll face is choosing between term life and whole life insurance. Each has distinct advantages and trade-offs at age 65:
Term Life Insurance at 65
Term life insurance provides coverage for a specific period — typically 10, 15, or 20 years. At age 65, a 20-year term policy would cover you until age 85. Term policies offer the most coverage per dollar of premium, making them attractive if you need a larger death benefit on a budget. However, term policies expire, and if you outlive the term, there’s no payout and no return of premiums. Additionally, qualifying for term life at 65 requires medical underwriting, and rates increase significantly compared to younger ages.
Whole Life Insurance at 65
Whole life insurance is permanent coverage that lasts your entire life, as long as premiums are paid. It also builds cash value over time, which you can borrow against if needed. At 65, whole life premiums are higher than term premiums for the same death benefit, but the policy never expires and the death benefit is guaranteed. For seniors who want certainty — knowing their beneficiaries will receive a payout no matter when they pass — whole life is often the preferred choice.
Sample Term Life Insurance Rates at Age 65
The table below shows estimated monthly premiums for a $100,000 term life policy at age 65 for both men and women in good health (Preferred rating). Rates are based on 2026 market averages. Always verify an insurer’s financial strength through AM Best before purchasing.
| Term Length | Female (Monthly) | Male (Monthly) | Coverage Amount | Health Class |
|---|---|---|---|---|
| 10-Year Term | $42 – $58 | $58 – $78 | $100,000 | Preferred (Good Health) |
| 15-Year Term | $58 – $78 | $78 – $105 | $100,000 | Preferred (Good Health) |
| 20-Year Term | $78 – $105 | $105 – $142 | $100,000 | Preferred (Good Health) |
| 10-Year Term | $68 – $92 | $92 – $125 | $100,000 | Standard (Average Health) |
| 15-Year Term | $92 – $125 | $125 – $168 | $100,000 | Standard (Average Health) |
| 20-Year Term | $125 – $168 | $168 – $225 | $100,000 | Standard (Average Health) |
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
At 65, several life changes converge that make life insurance especially relevant. You may be retiring, which means employer-provided group life insurance coverage often ends. Your children may be financially independent, but you might still carry a mortgage or want to leave an inheritance. And while Medicare provides health coverage, it does not cover funeral expenses or provide a death benefit to your survivors. According to the NAIC, understanding how life insurance fits into your retirement plan is essential for comprehensive financial planning.
Here are the most common reasons 65-year-olds purchase or maintain life insurance:
- Income replacement for a spouse: If your spouse depends on your pension or Social Security income, life insurance can replace that income stream if you pass away first.
- Mortgage protection: Many 65-year-olds still carry a mortgage. A life insurance policy ensures your spouse or heirs won’t face foreclosure.
- Final expense coverage: Funeral costs average $7,000–$12,000. A dedicated burial insurance policy can cover these expenses without burdening your family.
- Estate planning and inheritance: Life insurance proceeds are generally income-tax-free to beneficiaries, making them an efficient way to transfer wealth.
- Business succession: If you own a business, life insurance can fund buy-sell agreements or provide liquidity for your business partners.
- Charitable giving: Naming a charity as a beneficiary allows you to leave a meaningful legacy.
Term Life vs. Whole Life Insurance at Age 65
One of the biggest decisions you’ll face is choosing between term life and whole life insurance. Each has distinct advantages and trade-offs at age 65:
Term Life Insurance at 65
Term life insurance provides coverage for a specific period — typically 10, 15, or 20 years. At age 65, a 20-year term policy would cover you until age 85. Term policies offer the most coverage per dollar of premium, making them attractive if you need a larger death benefit on a budget. However, term policies expire, and if you outlive the term, there’s no payout and no return of premiums. Additionally, qualifying for term life at 65 requires medical underwriting, and rates increase significantly compared to younger ages.
Whole Life Insurance at 65
Whole life insurance is permanent coverage that lasts your entire life, as long as premiums are paid. It also builds cash value over time, which you can borrow against if needed. At 65, whole life premiums are higher than term premiums for the same death benefit, but the policy never expires and the death benefit is guaranteed. For seniors who want certainty — knowing their beneficiaries will receive a payout no matter when they pass — whole life is often the preferred choice.
Sample Term Life Insurance Rates at Age 65
The table below shows estimated monthly premiums for a $100,000 term life policy at age 65 for both men and women in good health (Preferred rating). Rates are based on 2026 market averages. Always verify an insurer’s financial strength through AM Best before purchasing.
| Term Length | Female (Monthly) | Male (Monthly) | Coverage Amount | Health Class |
|---|---|---|---|---|
| 10-Year Term | $42 – $58 | $58 – $78 | $100,000 | Preferred (Good Health) |
| 15-Year Term | $58 – $78 | $78 – $105 | $100,000 | Preferred (Good Health) |
| 20-Year Term | $78 – $105 | $105 – $142 | $100,000 | Preferred (Good Health) |
| 10-Year Term | $68 – $92 | $92 – $125 | $100,000 | Standard (Average Health) |
| 15-Year Term | $92 – $125 | $125 – $168 | $100,000 | Standard (Average Health) |
| 20-Year Term | $125 – $168 | $168 – $225 | $100,000 | Standard (Average Health) |
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
At 65, several life changes converge that make life insurance especially relevant. You may be retiring, which means employer-provided group life insurance coverage often ends. Your children may be financially independent, but you might still carry a mortgage or want to leave an inheritance. And while Medicare provides health coverage, it does not cover funeral expenses or provide a death benefit to your survivors. According to the NAIC, understanding how life insurance fits into your retirement plan is essential for comprehensive financial planning.
Here are the most common reasons 65-year-olds purchase or maintain life insurance:
- Income replacement for a spouse: If your spouse depends on your pension or Social Security income, life insurance can replace that income stream if you pass away first.
- Mortgage protection: Many 65-year-olds still carry a mortgage. A life insurance policy ensures your spouse or heirs won’t face foreclosure.
- Final expense coverage: Funeral costs average $7,000–$12,000. A dedicated burial insurance policy can cover these expenses without burdening your family.
- Estate planning and inheritance: Life insurance proceeds are generally income-tax-free to beneficiaries, making them an efficient way to transfer wealth.
- Business succession: If you own a business, life insurance can fund buy-sell agreements or provide liquidity for your business partners.
- Charitable giving: Naming a charity as a beneficiary allows you to leave a meaningful legacy.
Term Life vs. Whole Life Insurance at Age 65
One of the biggest decisions you’ll face is choosing between term life and whole life insurance. Each has distinct advantages and trade-offs at age 65:
Term Life Insurance at 65
Term life insurance provides coverage for a specific period — typically 10, 15, or 20 years. At age 65, a 20-year term policy would cover you until age 85. Term policies offer the most coverage per dollar of premium, making them attractive if you need a larger death benefit on a budget. However, term policies expire, and if you outlive the term, there’s no payout and no return of premiums. Additionally, qualifying for term life at 65 requires medical underwriting, and rates increase significantly compared to younger ages.
Whole Life Insurance at 65
Whole life insurance is permanent coverage that lasts your entire life, as long as premiums are paid. It also builds cash value over time, which you can borrow against if needed. At 65, whole life premiums are higher than term premiums for the same death benefit, but the policy never expires and the death benefit is guaranteed. For seniors who want certainty — knowing their beneficiaries will receive a payout no matter when they pass — whole life is often the preferred choice.
Sample Term Life Insurance Rates at Age 65
The table below shows estimated monthly premiums for a $100,000 term life policy at age 65 for both men and women in good health (Preferred rating). Rates are based on 2026 market averages. Always verify an insurer’s financial strength through AM Best before purchasing.
| Term Length | Female (Monthly) | Male (Monthly) | Coverage Amount | Health Class |
|---|---|---|---|---|
| 10-Year Term | $42 – $58 | $58 – $78 | $100,000 | Preferred (Good Health) |
| 15-Year Term | $58 – $78 | $78 – $105 | $100,000 | Preferred (Good Health) |
| 20-Year Term | $78 – $105 | $105 – $142 | $100,000 | Preferred (Good Health) |
| 10-Year Term | $68 – $92 | $92 – $125 | $100,000 | Standard (Average Health) |
| 15-Year Term | $92 – $125 | $125 – $168 | $100,000 | Standard (Average Health) |
| 20-Year Term | $125 – $168 | $168 – $225 | $100,000 | Standard (Average Health) |
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
Life Insurance at Age 65: Affordable Options & Best Rates for 2026
Turning 65 is a major milestone — it’s when Medicare kicks in, retirement becomes a reality for many, and financial priorities shift dramatically. It’s also a critical time to evaluate your life insurance at age 65. Whether you’re buying a policy for the first time, replacing an expiring term policy, or simply reassessing your coverage needs, understanding your options at this age can save you thousands of dollars and ensure your loved ones are protected. This guide covers everything from the best rates and companies to how Medicare interacts with life insurance, so you can make a confident decision in 2026.
Why Age 65 Is a Pivotal Time for Life Insurance
At 65, several life changes converge that make life insurance especially relevant. You may be retiring, which means employer-provided group life insurance coverage often ends. Your children may be financially independent, but you might still carry a mortgage or want to leave an inheritance. And while Medicare provides health coverage, it does not cover funeral expenses or provide a death benefit to your survivors. According to the NAIC, understanding how life insurance fits into your retirement plan is essential for comprehensive financial planning.
Here are the most common reasons 65-year-olds purchase or maintain life insurance:
- Income replacement for a spouse: If your spouse depends on your pension or Social Security income, life insurance can replace that income stream if you pass away first.
- Mortgage protection: Many 65-year-olds still carry a mortgage. A life insurance policy ensures your spouse or heirs won’t face foreclosure.
- Final expense coverage: Funeral costs average $7,000–$12,000. A dedicated burial insurance policy can cover these expenses without burdening your family.
- Estate planning and inheritance: Life insurance proceeds are generally income-tax-free to beneficiaries, making them an efficient way to transfer wealth.
- Business succession: If you own a business, life insurance can fund buy-sell agreements or provide liquidity for your business partners.
- Charitable giving: Naming a charity as a beneficiary allows you to leave a meaningful legacy.
Term Life vs. Whole Life Insurance at Age 65
One of the biggest decisions you’ll face is choosing between term life and whole life insurance. Each has distinct advantages and trade-offs at age 65:
Term Life Insurance at 65
Term life insurance provides coverage for a specific period — typically 10, 15, or 20 years. At age 65, a 20-year term policy would cover you until age 85. Term policies offer the most coverage per dollar of premium, making them attractive if you need a larger death benefit on a budget. However, term policies expire, and if you outlive the term, there’s no payout and no return of premiums. Additionally, qualifying for term life at 65 requires medical underwriting, and rates increase significantly compared to younger ages.
Whole Life Insurance at 65
Whole life insurance is permanent coverage that lasts your entire life, as long as premiums are paid. It also builds cash value over time, which you can borrow against if needed. At 65, whole life premiums are higher than term premiums for the same death benefit, but the policy never expires and the death benefit is guaranteed. For seniors who want certainty — knowing their beneficiaries will receive a payout no matter when they pass — whole life is often the preferred choice.
Sample Term Life Insurance Rates at Age 65
The table below shows estimated monthly premiums for a $100,000 term life policy at age 65 for both men and women in good health (Preferred rating). Rates are based on 2026 market averages. Always verify an insurer’s financial strength through AM Best before purchasing.
| Term Length | Female (Monthly) | Male (Monthly) | Coverage Amount | Health Class |
|---|---|---|---|---|
| 10-Year Term | $42 – $58 | $58 – $78 | $100,000 | Preferred (Good Health) |
| 15-Year Term | $58 – $78 | $78 – $105 | $100,000 | Preferred (Good Health) |
| 20-Year Term | $78 – $105 | $105 – $142 | $100,000 | Preferred (Good Health) |
| 10-Year Term | $68 – $92 | $92 – $125 | $100,000 | Standard (Average Health) |
| 15-Year Term | $92 – $125 | $125 – $168 | $100,000 | Standard (Average Health) |
| 20-Year Term | $125 – $168 | $168 – $225 | $100,000 | Standard (Average Health) |
Note: These are estimated ranges. Actual rates depend on your specific health profile, tobacco use, state of residence, and the insurance carrier. Applicants with pre-existing conditions may be rated Standard or below, increasing premiums.
Sample Whole Life Insurance Rates at Age 65
| Coverage Amount | Female (Monthly) | Male (Monthly) | Policy Type | Cash Value Growth |
|---|---|---|---|---|
| $25,000 | $95 – $125 | $120 – $158 | Simplified Issue Whole Life | Yes (modest) |
| $50,000 | $175 – $230 | $225 – $295 | Simplified Issue Whole Life | Yes (moderate) |
| $100,000 | $330 – $440 | $425 – $560 | Traditional Whole Life | Yes (substantial) |
| $10,000 | $38 – $52 | $48 – $65 | Final Expense Whole Life | Minimal |
| $15,000 | $55 – $75 | $70 – $95 | Final Expense Whole Life | Minimal |
Note: Whole life premiums are level for life. The cash value component grows tax-deferred and can be accessed via policy loans. Final expense policies are designed specifically for burial and funeral costs.
How Medicare Affects Life Insurance at 65
One of the most common questions from 65-year-olds is how Medicare interacts with life insurance. Here’s what you need to know:
- Medicare does NOT provide life insurance: Medicare Parts A and B cover hospital and medical expenses. They do not pay a death benefit, cover funeral costs, or provide any financial payout to your survivors. This is a critical distinction that many new Medicare enrollees misunderstand.
- Medicare and Medicaid are different: Medicaid is a needs-based program that may cover long-term care costs. Life insurance with cash value can affect Medicaid eligibility because it’s considered a countable asset. If you anticipate needing Medicaid, consult an elder law attorney about structuring your life insurance appropriately.
- Life insurance doesn’t affect Medicare premiums: Owning a life insurance policy does not impact your Medicare Part B or Part D premiums. These are based on your income (as reported to the IRS), not your assets.
- Employer life insurance after 65: If you continue working past 65 and have employer-provided group life insurance, you can keep it alongside Medicare. However, group life coverage typically ends when you leave the job, so having an individual policy as a backup is wise.
Best Life Insurance Companies for 65-Year-Olds in 2026
Based on financial strength, product offerings, and competitive pricing for the 65+ market, here are top carriers to consider. All ratings can be verified through AM Best:
- Banner Life / William Penn: Consistently offers some of the most competitive term life rates for healthy 65-year-olds. Strong financial ratings and a streamlined underwriting process.
- Pacific Life: Excellent for both term and permanent life insurance. Known for competitive pricing on longer-duration term policies (15–20 years) for seniors.
- Mutual of Omaha: Strong whole life and final expense options for 65-year-olds, including simplified issue policies that don’t require a medical exam.
- New York Life: A mutual company with strong dividend-paying whole life policies. Ideal for 65-year-olds seeking permanent coverage with cash value growth.
- Prudential: Offers competitive term and universal life products with flexible underwriting for seniors with mild to moderate health conditions.
- AIG: Known for guaranteed issue whole life and final expense products, making them a solid choice for 65-year-olds with health challenges.
Factors That Determine Your Rates at 65
Insurance companies evaluate several factors when determining your premiums. Understanding these can help you position yourself for the best possible rate:
- Age: At 65, you’re at a pricing threshold. Rates increase noticeably each year, so applying sooner rather than later saves money.
- Health history: Conditions like high blood pressure, high cholesterol, diabetes, and heart disease affect your health classification. Well-managed conditions may still qualify for Standard or better rates.
- Tobacco use: Smokers pay significantly more — often 2–3 times the non-smoker rate. If you’ve quit, most carriers require at least 12 months of being tobacco-free for non-smoker rates.
- Family health history: Some carriers consider whether your parents or siblings had cancer, heart disease, or other serious conditions before age 60.
- Lifestyle and hobbies: Risky activities like skydiving, scuba diving, or piloting small aircraft can increase premiums or lead to exclusions.
- Prescription history: Insurers review your prescription drug history through databases like Milliman IntelliScript. Consistent medication adherence for chronic conditions is viewed favorably.
- Driving record: Multiple DUIs or serious moving violations can affect your insurability and rates.
Strategies to Get the Best Rates at 65
Even at 65, there are concrete steps you can take to secure more affordable life insurance:
- Apply before your birthday: Rates are based on your age at application. Applying at 64 and 11 months is cheaper than applying at 65. Even at 65, applying now is cheaper than waiting until 66.
- Get a medical exam if you’re healthy: While no-exam policies are convenient, fully underwritten policies with a medical exam typically offer lower rates for healthy applicants. The exam is free and often done at your home or workplace.
- Work with an independent broker: Independent agents can shop multiple carriers simultaneously, finding the company that views your specific health profile most favorably.
- Consider a shorter term: If you need coverage primarily for the next 10–15 years (e.g., until a mortgage is paid off), a 10-year or 15-year term will be significantly cheaper than a 20-year term.
- Improve your health before applying: Lowering your blood pressure, improving cholesterol levels, and losing weight can move you into a better health classification. Even 3–6 months of improvement can make a difference.
- Bundle with other policies: Some carriers offer discounts if you also hold an auto, home, or umbrella policy with them.
Life Insurance as Part of Your Retirement Plan
At 65, life insurance should be viewed as one component of a broader retirement strategy. Here’s how it fits into the bigger picture:
- Pension maximization: If you have a pension, choosing the “single life” option (higher monthly payments that end at your death) and using life insurance to provide for your spouse can sometimes yield more total value than the “joint and survivor” option.
- Tax-free inheritance: Life insurance death benefits pass to beneficiaries income-tax-free, unlike many retirement accounts (traditional IRAs, 401(k)s) that are taxed as ordinary income when withdrawn by heirs.
- Long-term care riders: Some permanent life insurance policies offer accelerated death benefit riders for long-term care, allowing you to access a portion of the death benefit while living if you need nursing home or in-home care.
- Estate tax planning: For high-net-worth individuals, life insurance held in an irrevocable life insurance trust (ILIT) can provide liquidity to pay estate taxes without the proceeds being included in the taxable estate.
Frequently Asked Questions
Is it worth getting life insurance at age 65?
Yes, for many people it is absolutely worth it. If you have a spouse who depends on your income, a mortgage, outstanding debts, or simply want to cover final expenses and leave a legacy, life insurance at 65 provides valuable protection. The key is matching the right type and amount of coverage to your specific needs and budget.
How much does life insurance cost at age 65?
Costs vary widely based on the type of policy, coverage amount, and your health. A healthy 65-year-old woman might pay $42–$58/month for a $100,000 10-year term policy, while a $25,000 whole life policy might cost $95–$125/month. Smokers and those with health conditions will pay more. Getting quotes from multiple carriers is the best way to find your actual rate.
Can I get life insurance at 65 without a medical exam?
Yes. Simplified issue and guaranteed issue policies are available at 65 without a medical exam. Simplified issue policies ask health questions but skip the exam. Guaranteed issue policies ask no health questions at all. However, no-exam policies typically cost more per dollar of coverage than fully underwritten policies.
Does Medicare cover funeral expenses?
No. Medicare does not cover funeral, burial, or cremation expenses. It also does not provide a death benefit to survivors. This is why many 65-year-olds purchase final expense or burial insurance — to ensure these costs are covered without burdening their families.
Should I get term or whole life insurance at 65?
It depends on your goals. Term life is better if you need coverage for a specific period (e.g., until a mortgage is paid off) and want the most coverage per dollar. Whole life is better if you want permanent coverage that never expires, builds cash value, and guarantees a death benefit regardless of when you pass away. Many 65-year-olds choose a combination: a smaller whole life policy for final expenses and a term policy for income replacement.
What happens to my employer life insurance when I retire at 65?
Most employer-provided group life insurance ends when you leave the job, though some plans offer a conversion option to an individual policy. Conversion policies are often more expensive than policies you’d buy on the open market, so it’s wise to compare options before retiring. Don’t wait until after you retire — apply for individual coverage while you’re still employed and healthy.
Can I get life insurance if I have pre-existing conditions at 65?
Yes, but your options and rates depend on the condition and how well it’s managed. Common conditions like high blood pressure, type 2 diabetes, and high cholesterol often still qualify for Standard rates if well-controlled. More serious conditions may require simplified issue or guaranteed issue policies. Working with an independent agent who knows which carriers are most lenient for your specific condition is crucial.
Get Your Personalized Life Insurance Quotes Today
At 65, you have more life insurance options than you might think — and the right policy can provide invaluable peace of mind for both you and your loved ones. Whether you’re interested in affordable term life insurance, permanent whole life coverage, or a simple burial insurance policy, the first step is comparing quotes from top-rated carriers.
Don’t wait — rates increase with every birthday. Click below to compare free, no-obligation quotes from insurers rated A (Excellent) or better by AM Best. It takes just minutes, and there’s no medical exam required to see your estimated rates.
