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Life Insurance at age 65

Life insurance at 65.

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

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You may be wondering, “Should I buy life insurance at 65?” 

Well, the answer is yes. If you are considering life insurance coverage and have arrived at our website, you are in the right place!

You are obviously ready to get his done and we can get you started in just a few minutes. Or maybe you’re wondering, “What kind of life insurance should I buy?”

No matter what, we can help answer your questions.

If the size of your premiums gives you concern, know that you can get life insurance at 65 without breaking your budget!

Shorter term policies are available with or with health exams for 65 year old consumers searching for life insurance.

This is just a primer on some basics, followed by some sample life insurance quotes for a 65-year-old man and women. After we get done here you will be ready to talk to one of our independent agents. You can rely on the agent expertise, industry knowledge and personal service of Ogletree Financial Services.

We’ll take a quick look at four basic life insurance questions:

What is term versus permanent life insurance?
Why do I need life insurance at 65?
How much life insurance do I need?
How much does life insurance at 65 cost?

Life insurance at 65

You may have a more specific question we don’t answer here. We can answer any questions you have right now! 1-800-712-8519

What is Term versus Permanent Life Insurance?

The two main types of insurance. Both have the basic element of all life insurance, the death benefit. This is the amount paid to your beneficiaries if you pass away.

Term life insurance policies are straightforward and easy to understand, have lower premiums than permanent policies, and insure your life for a specific period of time, the term.

Any permanent life insurance policy (whole life, variable life, and universal life are three main varieties) will never expire as long as you pay your premiums. Also, permanent policies combine the standard death benefit with an interest-earning cash account.

Living benefits are an important benefit of permanent policies that result from these cash accounts. You have relatively open access to your funds (which grow tax-free) through withdrawals and policy loans. The cash values of

permanent policies can help you plan your retirement, pay medical or college expenses, or buy a new car. You may use the money for whatever you want.

Depending on your family’s personal life insurance needs, a term or permanent policy may be the best fit. Some financial obligations you would cover with a life insurance policy, such as to our children until they are on their own or a large debt, will pass. Others, such as leaving an inheritance or taking care of final expenses and taxes, require us to have a policy in place until we die.

Life insurance at 65.

We are indexed universal life (IUL) experts at Ogletree Financial Services. IUL policies earn interest based on stock market indexes chosen by the client, but will never suffer a loss if the index associated with your cash account loses value.

The sample quotes at the end of this article are for term life insurance, but we have included several links to great articles we have about IUL policies and how they can be an important part of your family’s financial planning.

Life insurance at 65



Why do I Need Life Insurance at 65?

You need life insurance because there are people who rely on you, important people who will probably suffer financially if you die without a life insurance policy in place. At 65, the kids have probably long been on their own, but your income is important to your household even if it just you and your spouse.

The two of you have worked hard for a lot of years to get where you are. If you died unexpectedly, would your spouse be able to maintain the lifestyle the two of you live today? Would they be forced to change their lifestyle to accommodate a new lowered financial status?

What about your retirement? If you are still saving, then a life insurance policy can ensure that your spouse will get there even if the worst were to happen to you.

Six Reasons to use IUL in Retirement Planning
IUL used for Retirement?

Are you still paying off a large debt or loan? A life insurance policy can make sure a large financial burden will not fall into the laps of your loved ones if you pass away.

You may be earning well at 65. High-earners sometimes look to permanent life insurance such as indexed universal life when their other retirement accounts are maxed out. You get a lifelong death benefit and you can make unlimited deposits into a cash account that earns interest tax-free and features relatively free access to your funds compared to other investment accounts.

If you are a partner in a small business, you may want to consider a life insurance policy to protect the interest you have built in that business over the years. The unexpected death of a partner in this situation can lead to bankruptcy for the business and difficulty for your loved ones trying recover the valuable interest you have earned with your hard work.

Funding buy sell agreements with indexed universal life insurance

There are more reasons to purchase life insurance at 65, but we must keep moving. Once you are talking to an independent agent from Ogletree Financial Services, any questions you have about your life insurance needs can be answered.

How Much Life Insurance do I Need?


I know I just mentioned it, but it’s important. Your independent agent will have to be involved to come up with a number you feel good about. Life insurance is a very personal investment for a family, your needs are not same as your neighbors.

What we’ll do is some quick math with your yearly income. Essentially, we want to replace this cash flow to your family. This doesn’t necessarily mean your full income, but an amount that will support your loved ones in the standard of living you provide for them now and intend for them to live in the future. Life insurance at 65.

If you decide this number is $15,000, then you may decide on a benefit that will earn that $15,000 a year in interest. If you assume the money you leave your loved ones will earn a conservative rate of 4%, the required benefit would be $375,000. This strategy also has the advantage of leaving the original payment intact, to be used for other important family expenses.

The Dave Ramsey life insurance strategy uses 10 times your income to calculate your life insurance death benefit.

Other life insurance concerns, such as funds for retirement and outstanding debt, depend on your personal finances. What is the amount of your debt? How close are you to your retirement goals?

Let’s take a look at some sample quotes! Hopefully, you’ll begin to see how the life insurance coverage you need can fit into your budget.

How Much Does Life Insurance at 65 Cost?

Life insurance at 65

Especially for those in good health, your rates can be quite reasonable.

If you are in excellent health, you might qualify for the lowest rates insurance companies offer. Insurers use terms such as preferred plus,” “preferred,” and standard to name the different health categories. Some clients will be rated in a category between the preferred-plus and standard sample quotes we show here.

Some clients have health concerns. Check out our page on impaired risk to find out how medical issues are considered by life insurance companies. Occasionally, clients do not qualify for a standard or above rating. These clients receive what is called a table rating, and will pay higher premiums.

Whatever your health category may be, you can be certain that Ogletree Financial Services can get you and your family the life insurance coverage you need at the lowest available premium.

Following are four tables with sample monthly premiums for a 65-year-old male and female.

The sample quotes shown here are for term life insurance.

  • These quotes are for non-smokers.
  • There is a table for a preferred plus health category and one for a standard health category.
  • Term lengths of 10, 15, 20, and 25 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown.
  • These are only sample monthly premiums; your premium will be based on how your unique risk is assessed.
  • These sample quotes were gathered in August of 2016.

65-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


65-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


65-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


65-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


Life Insurance at 65

Your next step is to get in touch with Ogletree Financial Services. You’ll be teamed with a qualified independent agent who will act as your guide to secure the financial future of your family. We can take care of all your life insurance needs.

Unlike a traditional insurance agent, our independent agents work with dozens and dozens of highly rated companies across the nation, which means that we can bring all of the best insurance plans directly to you. Every insurance company is different, which means that you’ll get drastically varying rates depending on which company that you contact. Finding the perfect insurance policy could be the difference in getting an affordable life insurance plan or paying a fortune every month.

If you have any questions about getting like insurance at 65 or which plan is going to be best for you, please contact one of our agents today. We would be happy to answer those questions and connect you with the best possible plan available to you. You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves.

It’s our mission to ensure that your family will have the life insurance coverage that they need. We know that nobody wants to think about his or her death, but it’s important that you plan for the worst.

Frequently Asked Questions

Why do I need life insurance at age 65?

You may still be employed and day-to-day expenses depend on that income, there may be debt that you would want covered for your family should you die, if your a small business owner life insurance would ensure that your partners could continue the business, or you may just want to leave something to your family members.

How much does life insurance cost at age 65?

A sample monthly premium for a $500,000 20-year term policy, with a standard non-tobacco rate class, is $508.33 for a female and $774.52 for a male. These are sample premiums; your premium would be based on your personal underwriting with the insurance company.

What is the best type of life insurance for seniors?

Term life insurance would likely be best to obtain the most coverage with lower premiums than permanent life insurance. You also can tailor a term life insurance policy to the number of years you and your life insurance agent determine would be best for your personal scenario.

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