Term Insurance for Seniors Over 65: 2025 Options

Entering your senior years often brings reflection on financial security and legacy planning. If you’re over 65, you might wonder if life insurance, specifically term life insurance, is still a viable option or even necessary. The good news is that securing coverage is often possible, but navigating the market requires understanding the unique considerations for seniors. This guide provides updated information for 2025 on obtaining term insurance for senior citizens over 65, explaining the process, challenges, and how working with an independent agency like Insurance By Heroes can make all the difference.

At Insurance By Heroes, we understand the importance of service and security. Founded by a former first responder and military spouse, our agency is staffed by professionals who share a background in public service. We bring that same dedication to helping families, including seniors, find the right insurance protection. Because we are an independent agency, we aren’t tied to any single insurance company. Instead, we partner with dozens of top-rated carriers, allowing us to shop the market extensively and find coverage tailored specifically to your unique needs and budget.

What Exactly is Term Life Insurance?

Before diving into the specifics for seniors, let’s clarify what term life insurance is. In simple terms, it’s life insurance that provides coverage for a predetermined period, known as the “term.” Common term lengths include 10, 15, 20, or 30 years. If the insured person passes away during this term, the policy pays out a tax-free death benefit to the named beneficiaries.

Key characteristics of term life insurance include:

• Defined Coverage Period: Protection lasts only for the chosen term. Once the term expires, the coverage ends, unless the policy includes specific renewal or conversion options (which often come with much higher premiums).
• Typically Lower Premiums (Initially): Compared to permanent life insurance policies like whole life or universal life, term insurance generally offers significantly lower initial premiums for the same amount of coverage. This is because it provides pure death benefit protection without building cash value.
• Level Premiums and Death Benefit: Most term policies sold today have level premiums (meaning the cost stays the same for the entire term) and a level death benefit (the payout amount doesn’t change).
• No Cash Value Component: Unlike permanent policies, term insurance does not accumulate cash value over time. It’s purely designed for protection during the policy term.

This simplicity and affordability make term life attractive for covering temporary needs, such as replacing income during working years or covering a mortgage. But does it still make sense after age 65?

Challenges of Finding Term Insurance for Seniors Over 65

Securing term life insurance becomes more challenging as we age. Insurers assess risk based largely on age and health, and statistically, older individuals pose a higher risk.

Here are the primary hurdles seniors face:

• Higher Premiums: Age is the most significant factor influencing life insurance costs. Premiums for new policies increase substantially for applicants in their late 60s, 70s, and beyond compared to younger applicants.
• Health Conditions: Seniors are more likely to have pre-existing health conditions such as heart disease, diabetes, high blood pressure, cancer history, or respiratory issues. These conditions can lead to higher premiums (known as “rated” policies) or even application denial from some carriers.
• Shorter Available Term Lengths: While younger applicants might easily find 20 or 30-year terms, insurers often limit the available term lengths for seniors. It’s common to find maximum term lengths of 10 or 15 years offered to applicants over 65. Some companies may cap issue ages altogether for term products (e.g., not issuing a 10-year term policy to someone over age 75 or 80).
• Medical Exams: Many traditional term policies, especially those with higher coverage amounts, require a medical exam. This typically involves a paramedical professional visiting your home to collect blood and urine samples, measure height, weight, and blood pressure, and ask detailed health questions. While not usually strenuous, it can be an inconvenience and may reveal previously unknown health issues.

These challenges highlight why simply applying to one insurance company is often not effective for seniors. Each insurer has its own underwriting guidelines and risk appetite. One company might automatically decline an applicant with well-managed diabetes, while another might offer a standard or slightly rated policy. This is where Insurance By Heroes provides immense value. Our team understands the nuances of different carriers’ underwriting processes. We leverage our access to dozens of companies to identify those most likely to offer favorable terms and competitive rates based on your specific age and health profile. We navigate the complexities so you don’t have to.

Why Might Seniors Over 65 Still Need Term Life Insurance?

Despite the challenges, there are compelling reasons why individuals over 65 seek term life insurance coverage. The need for protection doesn’t necessarily vanish upon retirement.

Covering Final Expenses

Funerals and end-of-life costs can be surprisingly expensive. According to the National Funeral Directors Association (NFDA), the median cost of a funeral with viewing and burial in 2023 was around $8,300, and with cremation, it was about $7,000. These figures don’t always include cemetery costs, markers, or other potential expenses like outstanding medical bills. A term life policy, even a shorter 10-year term, can provide the funds needed to cover these costs, preventing loved ones from facing a financial burden during a difficult time.

Paying Off Debts

Many seniors still carry debt, such as a mortgage balance, home equity line of credit (HELOC), car loans, or credit card debt. A term policy can be structured to cover these obligations, ensuring a surviving spouse or family members aren’t forced to sell assets or dip into retirement savings to pay them off. Matching the term length to the remaining debt payoff period (e.g., a 10-year term for a mortgage with 10 years left) is a common strategy.

Income Replacement for a Surviving Spouse

If a spouse relies on the insured’s pension, social security benefits, or other income that will cease or decrease upon death, a term life policy can help replace that lost income stream for a specific period. This allows the surviving spouse to maintain their standard of living without financial hardship during the adjustment period.

Leaving an Inheritance

Some seniors wish to leave a specific sum of money to children, grandchildren, or other heirs. Term life insurance can be an efficient way to create or supplement an inheritance, ensuring funds are available tax-free upon death, provided the policy is still in force.

Charitable Giving

For those passionate about a particular cause, naming a charity as the beneficiary of a term life insurance policy can be a powerful way to leave a meaningful legacy gift. The death benefit provides a potentially significant donation upon the insured’s passing.

Equalizing Inheritances

In blended families or situations where assets are unevenly distributed (like a family business going to one child), life insurance can be used to provide equivalent value to other heirs, promoting fairness.

Determining the right amount of coverage and the appropriate term length depends entirely on these individual financial goals and circumstances. A generic quote won’t suffice. This underscores the importance of personalized guidance. At Insurance By Heroes, we take the time to understand your specific reasons for seeking coverage and help you find a policy from our wide network of carriers that aligns perfectly with those objectives.

Key Factors Influencing Premiums and Eligibility for Seniors

Understanding what insurance underwriters look at is crucial when applying for term insurance over 65. Several factors come into play:

• Age: As mentioned, this is paramount. Every year older typically means a higher premium for a new policy.
• Health Status: This is arguably the most variable factor. Underwriters assess:
  • Major Conditions: History of heart attack, stroke, cancer, diabetes, kidney disease, COPD, etc. Control and stability of the condition are key. Well-managed conditions may receive better rates than uncontrolled ones.
  • Current Health Metrics: Blood pressure, cholesterol levels, height/weight ratio (BMI).
  • Prescription History: Insurers check databases (like Milliman IntelliScript) to see medications you’ve been prescribed, which indicate treated conditions.
  • Family History: Early onset of certain diseases (like heart disease or cancer) in immediate family members can sometimes impact rates.
• Smoking/Tobacco Use: Smokers pay significantly higher premiums (often 2-4 times more) than non-smokers due to the drastically increased mortality risk. Even occasional cigar use or vaping can trigger smoker rates with many companies. Quitting for at least 12 months (sometimes longer, depending on the carrier) is usually required to qualify for non-smoker rates.
• Coverage Amount (Death Benefit): The larger the death benefit, the higher the premium.
• Term Length: Longer terms cost more than shorter terms because the insurer is on the hook for a longer period. A 15-year term will cost more than a 10-year term, all else being equal.
• Gender: Because women have longer average life expectancies than men, they generally pay slightly lower life insurance premiums.
• Lifestyle: Risky hobbies (like scuba diving, private piloting, rock climbing) or occupations may lead to higher premiums or exclusions. DUI history can also negatively impact rates or eligibility.

Insurance companies evaluate these factors and assign applicants to risk categories, often called “rate classes.” These typically range from Preferred Plus (excellent health, lowest rates) down through Preferred, Standard Plus, Standard, and then Substandard or Rated tables (for higher risks, involving higher premiums). Some applicants may be declined altogether.

The crucial point here is that underwriting guidelines vary significantly between insurance carriers. A health condition that results in a Standard rate at one company might qualify for Preferred rates at another, or lead to a decline at a third. An independent agency like Insurance By Heroes, with access to dozens of carriers, can compare how different companies view your specific health profile and find the one offering the most competitive rate class for your situation. We shop the market based on *your* unique factors.

Exploring Available Term Length Options for Seniors Over 65

While options become more limited with age, term insurance is still accessible for many seniors.

Common term lengths available for applicants aged 65 and older typically include:

• 10-Year Term: This is often the most readily available and affordable option for seniors. It suits needs like covering the final decade of a mortgage or providing income replacement for a specific period. Many carriers offer 10-year terms up to age 75 or even 80.
• 15-Year Term: Also frequently available, though potentially more expensive than a 10-year term. Maximum issue ages might be slightly lower, perhaps capped around age 70 or 75 for some carriers.
• 20-Year Term: This becomes less common and significantly more expensive for applicants over 65. Fewer carriers offer it, and the maximum issue age might be closer to 65 or 70.
• 5-Year Term: Some companies might offer shorter 5-year terms, which could be useful for very specific short-term needs, but they are less common than 10 or 15-year options.
• Terms Tied to Age: Some policies might offer coverage up to a specific age, like age 85 or 90, rather than a fixed number of years.

It’s vital to understand the maximum issue age limitations set by each insurer. For example, a company might offer a 15-year term policy, but only issue it to applicants aged 70 or younger. Someone applying at age 71 would not be eligible for that specific product from that carrier, even if they are healthy.

Choosing the right term length involves balancing the duration of your need with the affordability of the premium. Again, this highlights the benefit of working with Insurance By Heroes. We can quickly compare availability and pricing for different term lengths across our network of carriers, helping you find the optimal balance for your budget and protection goals.

The Application and Underwriting Process

Applying for term life insurance over 65 generally follows these steps:

1. Initial Quote & Consultation: This starts with providing basic information (age, gender, state, desired coverage, general health overview) to get preliminary quotes. This is where Insurance By Heroes begins comparing options for you.
2. Formal Application: Once you choose a carrier and policy, you’ll complete a formal application. This involves detailed questions about your:
   • Personal information (name, address, date of birth, etc.)
   • Medical history (diagnoses, treatments, hospitalizations, medications)
   • Family medical history
   • Lifestyle (smoking, drinking habits, hobbies, occupation, driving record)
   • Financial information (income, net worth – to justify the coverage amount)
   • Beneficiary designations

   It is critical to be truthful and accurate on the application. Misrepresenting information (e.g., hiding a medical condition or smoking habit) can lead to the policy being rescinded or a claim being denied later, often during the policy’s contestability period (usually the first two years).

3. Medical Exam (if required): For many traditional term policies, especially over certain coverage amounts (e.g., $100,000 or $250,000, depending on the carrier and age), a free paramedical exam will be scheduled at your convenience.
4. Underwriting Review: The insurance company’s underwriters review your application, exam results (if applicable), medical records (they may request records from your doctors via an Attending Physician Statement or APS), prescription history (Rx check), and Motor Vehicle Report (MVR). They may also check the MIB (formerly Medical Information Bureau) database, which contains information from previous insurance applications.
5. Decision and Offer: Based on the review, the insurer makes a decision:
   • Approved as Applied: You qualify for the rate class initially quoted.
   • Approved at a Different Rate: Approved, but at a higher premium (different rate class) due to health or lifestyle factors discovered during underwriting. You can accept, reject, or sometimes negotiate this offer.
   • Declined: The insurer deems the risk too high to offer coverage.
6. Policy Issue and Delivery: If approved and you accept the offer, you pay the first premium, and the policy becomes active (in force). You’ll receive the physical policy documents.

No-Medical-Exam Options

Some carriers offer “simplified issue” or “non-med” term life insurance for seniors. These policies typically involve only answering health questions on the application and undergoing database checks (MIB, Rx, MVR), but no physical exam. While convenient, these policies often have:

• Lower maximum coverage amounts (e.g., maybe up to $250,000 or $500,000, sometimes less for older seniors).
• Potentially higher premiums compared to fully underwritten policies with an exam.
• They are not guaranteed acceptance; you can still be declined based on your health answers or database checks.

True “guaranteed issue” policies, which ask no health questions and guarantee acceptance, are typically *not* term life insurance. They are usually whole life policies with very low coverage amounts ($5,000 – $25,000) and significantly higher premiums per dollar of coverage. They also often feature “graded death benefits,” meaning if death occurs from natural causes within the first two or three years of the policy, the beneficiaries only receive a return of the premiums paid plus interest, not the full face amount.

The team at Insurance By Heroes can help you understand whether a traditional underwritten policy or a simplified issue option makes more sense for your situation, guiding you through the application process smoothly and ensuring you understand all requirements and potential outcomes.

Alternatives if Term Insurance Isn’t the Right Fit

Sometimes, traditional term insurance may not be available, affordable, or the best solution for seniors over 65. If you’re declined coverage, find the premiums too high, or need coverage that won’t expire, other options exist:

• Final Expense Insurance (Burial Insurance): As mentioned earlier, these are typically simplified issue or guaranteed issue *whole life* policies with smaller death benefits (often $5,000 to $50,000). Premiums are higher per dollar of coverage than term, but coverage is permanent as long as premiums are paid, and they are designed specifically to cover end-of-life costs. Acceptance is easier, especially for guaranteed issue versions (though these usually have graded benefits).
• Guaranteed Universal Life (GUL): This is a type of permanent life insurance that can function somewhat like long-term term insurance. You can structure a GUL policy to provide a guaranteed death benefit and level premium up to a specific age, such as 90, 95, 100, or even 121. It offers lifetime coverage (up to the chosen age) without the high cash value accumulation (and associated cost) of traditional whole life. GUL can be more expensive than term but often less expensive than whole life, providing a middle ground for permanent coverage needs. Underwriting is typically required.
• Conversion Option (Existing Policies): If you currently have a term life policy that is nearing its expiration date, check if it includes a conversion privilege. This feature allows you to convert some or all of the term coverage into a permanent policy (like whole life or universal life) offered by the same insurer *without* needing a new medical exam or proving insurability. Conversion deadlines and available permanent products vary, so act well before the term policy expires.

Navigating these alternatives requires careful consideration of costs, benefits, and long-term goals. Because Insurance By Heroes is an independent agency representing multiple carriers and product types, we are perfectly positioned to help you explore *all* viable solutions. Our commitment is to find the protection that best serves your needs, whether it’s term insurance, final expense insurance, GUL, or another strategy. We aren’t limited to pushing one product type.

The Insurance By Heroes Advantage: Why Choose an Independent Agency?

When seeking term insurance for senior citizens over 65, the complexities and variations in the market make working with an independent agency absolutely essential. Here’s why Insurance By Heroes is the ideal partner:

• Access to the Entire Market: We work with dozens of highly-rated insurance carriers, not just one. This means we can compare offerings from numerous companies simultaneously to find the best combination of coverage, term length, and price for your specific situation. Captive agents, who work for a single company (like State Farm or Farmers), can only offer their company’s products, which may or may not be competitive or suitable for seniors, especially those with health conditions.
• Unbiased Advice: Our loyalty is to you, our client, not to any single insurance company. We provide objective advice tailored to your needs, drawing from a wide range of potential solutions. Our goal is to find the right fit for you, period.
• Expertise in Senior Underwriting: We understand the nuances of underwriting for applicants over 65. We know which carriers tend to be more lenient with certain health conditions (e.g., well-controlled diabetes, past cancer history after a certain number of years) and which ones offer the most competitive rates for specific age brackets. This inside knowledge saves you time and potentially money.
• We Do the Shopping For You: Getting quotes from multiple insurers individually is time-consuming and confusing. We streamline the process by gathering your information once and then leveraging our technology and relationships to compare rates and options efficiently.
• Personalized Service with a Commitment to Serve: Insurance By Heroes was founded by a former first responder and military spouse, and our team shares a background dedicated to public service. We bring that same commitment to serving our clients with integrity, empathy, and clear communication. We understand the importance of protecting families and planning for the future.
• Support Throughout the Process: From the initial quote comparison through application submission, underwriting, and policy delivery, we are here to answer your questions and advocate on your behalf.

Choosing Insurance By Heroes means partnering with a dedicated team that puts your interests first, leveraging market access and expertise to secure the best possible term insurance options available to seniors over 65.

Tips for Seniors Seeking Term Life Insurance

If you’re over 65 and considering term life insurance, keep these tips in mind:

• Clearly Define Your Needs: Why do you need coverage? How much debt needs paying off? How much income needs replacing? For how long? Answering these questions helps determine the necessary coverage amount and term length. Avoid over-insuring, which increases costs unnecessarily.
• Work with an Independent Agent: We cannot stress this enough. An independent agent like those at Insurance By Heroes can access multiple quotes and find carriers specializing in coverage for seniors. This is the single most effective way to find competitive rates and suitable policies.
• Be Prepared for Health Questions: Gather information about your medical history, medications, and doctors’ contact details beforehand. This will streamline the application process.
• Don’t Delay: While finding coverage is possible, premiums increase with each passing year. If you have a need, start exploring your options sooner rather than later. Waiting will only make coverage more expensive.
• Honesty is Crucial: Always provide truthful and complete information on your application. Non-disclosure can jeopardize your policy.
• Compare Quotes Carefully: Look beyond just the premium. Ensure you’re comparing policies with the same death benefit, term length, and from reputable, financially strong companies. Understand any riders or features included.
• Consider Your Budget Realistically: Determine how much premium you can comfortably afford long-term. Ensure the payments fit sustainably into your retirement budget.

Take the Next Step: Get Your Personalized Quote

Securing term life insurance after age 65 presents unique challenges, but it is often achievable and provides valuable peace of mind for many seniors and their families. The key lies in understanding your needs, being aware of the factors insurers consider, and most importantly, leveraging the expertise and market access of a dedicated independent agency.

Insurance By Heroes stands ready to assist you. Our team, rooted in a culture of service inspired by our first responder and military family backgrounds, is committed to helping you navigate the complexities of finding the right term insurance for senior citizens over 65. We will diligently shop the market across our extensive network of top-rated carriers to find coverage tailored to your specific health profile, financial goals, and budget.

Ready to see your personalized options for 2025? Let the experienced professionals at Insurance By Heroes do the comparison shopping for you. There’s no obligation, and our goal is simply to help you find the best protection available.

Fill out the secure quote form on this page right now to receive your free, no-obligation comparison of term life insurance quotes from leading carriers. Let us put our dedication and market access to work for you today.