Term Life Insurance at 65: Your 2025 Guide to Coverage

Turning 65 is a significant milestone, often marking the start of retirement, Medicare eligibility, and new life chapters. It’s also a time when many reassess their financial security and legacy planning. A common question arises: Is it too late to get term life insurance at 65? The straightforward answer is no, but securing coverage at this age comes with unique considerations. This guide, updated for 2025, will explore the ins and outs of obtaining term life insurance at 65, why it might still be essential, the challenges involved, 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 security and service. Founded by a former first responder and military spouse, our agency is staffed by professionals who often come from backgrounds in public service. We know what it means to protect others, and we bring that dedication to helping you protect your family’s financial future. Unlike captive agents who represent only one company, we are independent. This means we partner with dozens of top-rated insurance carriers across the country. Our loyalty is to you, our client, not to any single insurance company. This allows us to shop the market extensively, comparing policies and premiums to find coverage tailored specifically to your needs and budget, especially when navigating the complexities of applying for term life insurance at 65.

What Exactly is Term Life Insurance?

Before diving into the specifics for 65-year-olds, let’s clarify what term life insurance is. It’s one of the simplest and often most affordable types of life insurance. You purchase coverage for a specific period, known as the “term,” which could be 10, 15, 20, or sometimes even 30 years (though longer terms become less available with age).

Here’s how it works:

• You pay regular premiums (usually monthly or annually) to keep the policy active.
• If you pass away during the term, the insurance company pays a tax-free lump sum, called the death benefit, to your designated beneficiaries.
• If you outlive the term, the coverage expires, and no death benefit is paid. Some policies offer the option to renew (often at much higher rates) or convert to a permanent policy before expiration.

Term life insurance contrasts with permanent life insurance policies like whole life or universal life. Permanent policies provide coverage for your entire life (as long as premiums are paid) and include a cash value component that grows over time on a tax-deferred basis. While valuable for lifelong needs or estate planning, permanent insurance comes with significantly higher premiums compared to term life insurance, especially when purchased later in life.

For many people seeking coverage at 65, term life insurance offers a practical solution to cover temporary needs without the higher cost of permanent insurance. The key is determining if you have needs that will persist for a specific future period.

Why Would You Need Term Life Insurance at 65?

Many assume life insurance is primarily for younger families replacing lost income during working years. While that’s a crucial purpose, several compelling reasons exist for considering term life insurance at age 65:

• Covering Remaining Debts: You might still be paying off a mortgage, have outstanding car loans, credit card balances, or private student loans you cosigned for. A term life policy can ensure these debts aren’t passed on to your spouse or family. A 10- or 15-year term might perfectly match the remaining timeline for these obligations.
• Income Replacement for a Spouse: Even in retirement, your spouse might rely on your pension, Social Security benefits, or retirement account distributions. If you pass away, some of these income streams may be reduced or eliminated. Term life insurance can provide a financial cushion to help your surviving spouse maintain their standard of living during the adjustment period or for a set number of years.
• Paying for Final Expenses: Funeral and burial costs can be substantial, often ranging from $8,000 to $12,000 or more. Add potential final medical bills, and the total can quickly escalate. A smaller term life policy can specifically cover these end-of-life expenses, preventing your loved ones from facing financial stress during a difficult time.
• Leaving a Financial Legacy or Inheritance: You might want to ensure your children or grandchildren receive a specific sum of money, perhaps for education, a down payment on a home, or simply as a gift. Term life insurance can be an effective way to create or supplement an inheritance, especially if other assets are tied up or designated for your spouse.
• Charitable Giving: If you have philanthropic goals, you can name a charity as the beneficiary of your term life insurance policy, leaving a meaningful final gift.
• Business Succession Planning: If you own a small business, term life insurance might be needed to fund a buy-sell agreement, allowing partners or key employees to purchase your share of the business from your estate.
• Covering Potential Estate Taxes: While federal estate tax exemptions are currently very high ($13.61 million per person in 2024), some individuals with significant assets or those subject to state inheritance or estate taxes might use life insurance to provide liquidity for tax payments.

The specific reasons vary greatly from person to person. That’s why a personalized approach is essential. At Insurance By Heroes, we take the time to understand your unique financial situation and goals. Because we work with numerous carriers, we can find policies that align precisely with *your* reasons for needing coverage, rather than trying to fit you into a one-size-fits-all product from a single company.

Challenges of Getting Term Life Insurance at 65

While term life insurance is available at 65, it’s important to be aware of the potential hurdles compared to applying at a younger age:

• Higher Premiums: Age is one of the most significant factors in life insurance pricing. Statistically, mortality risk increases with age, meaning the likelihood of the insurer having to pay out a claim during the policy term is higher. Consequently, premiums for new policies taken out at 65 will be considerably higher than for the same coverage amount and term length purchased at 35 or 45.
• Pre-Existing Health Conditions: By age 65, many individuals have developed one or more chronic health conditions, such as hypertension (high blood pressure), high cholesterol, type 2 diabetes, arthritis, or may have a history of more serious issues like heart disease or cancer. These conditions directly impact insurability and premiums. Underwriters will closely examine your health history and current status.
• Limited Term Lengths: Insurers are hesitant to offer very long terms to older applicants. While a 30-year term is common for younger buyers, at 65, you’ll typically find available term lengths limited to 10 or 15 years. Some carriers might offer a 20-year term, but often only to applicants in excellent health. Insurers need the term to end before life expectancy makes a payout highly probable.
• Medical Exam Requirement: While some “simplified issue” policies exist for younger applicants, most traditional term life insurance policies for 65-year-olds require a medical exam. This involves a paramedical professional visiting your home or office to collect blood and urine samples, measure height, weight, and blood pressure, and ask detailed health questions.
• Stricter Underwriting Scrutiny: Insurers will conduct a thorough review of your application, medical exam results, prescription drug history, driving record, and potentially request records from your doctors (Attending Physician Statement or APS). Any inconsistencies or undisclosed conditions can lead to higher rates or denial.

Navigating these challenges requires knowledge and experience. This is where the value of an independent agency like Insurance By Heroes truly shines. Our team understands the underwriting guidelines of dozens of different carriers. We know which companies tend to be more favorable for specific health conditions or age groups. If one carrier offers unfavorable terms or denies coverage, we don’t give up; we leverage our access to other markets to find alternatives. Our commitment, rooted in our service background, is to advocate for you and find the best possible solution among our extensive network of providers.

Key Factors Influencing Your Premium for Term Life Insurance at 65

When an insurance company determines your premium for term life insurance at 65, they assess various risk factors. Understanding these can help you anticipate potential costs:

• Age: As established, being 65 automatically places you in a higher risk category than younger applicants. Every year you wait, the potential cost increases.
• Health Status: This is paramount. Underwriters assign you a health classification (e.g., Preferred Plus, Preferred, Standard Plus, Standard, Substandard/Rated).
  

  Common Health Considerations:

  • Blood Pressure: Controlled hypertension is often acceptable, but uncontrolled high blood pressure can lead to higher rates or denial.
  • Cholesterol Levels: Similar to blood pressure, managed cholesterol is viewed more favorably than high levels left untreated.
  • Weight: Being significantly overweight or obese based on BMI (Body Mass Index) increases risk for various health issues and will impact rates.
  • Diabetes: Well-controlled Type 2 diabetes (good A1c levels, no complications) might qualify for Standard rates with some carriers, while others may rate it higher. Type 1 diabetes or diabetes with complications is more challenging.
  • Heart History: Past heart attacks, bypass surgery, stents, or conditions like atrial fibrillation require careful underwriting. Approval depends on the severity, time elapsed, stability, and follow-up care.
  • Cancer History: Survivability depends heavily on the type of cancer, stage, treatment, and time since remission. Many cancers require a waiting period (e.g., 2-5 years or more post-treatment) before standard rates are possible.
  • Smoking Status: Using tobacco or nicotine products (cigarettes, cigars, vaping, patches) within the last 1-5 years (depending on the carrier) results in significantly higher smoker rates, often 2-4 times the cost of non-smoker rates. Quitting can lead to substantial savings after a period of cessation.
  • Other Conditions: Respiratory diseases (COPD, sleep apnea), neurological disorders (stroke history), kidney disease, etc., are all evaluated based on severity and control.
• Gender: Women generally have longer life expectancies than men, which typically translates into lower life insurance premiums.
• Coverage Amount (Death Benefit): The larger the death benefit you request (e.g., $500,000 vs. $100,000), the higher your premium will be.
• Term Length: A 15-year term will cost more than a 10-year term for the same coverage amount because the insurer is covering you for a longer period, increasing the cumulative risk.
• Lifestyle: While perhaps less common at 65, high-risk hobbies (like scuba diving or private piloting) or hazardous occupations could still influence rates, though retirement often mitigates occupational risk.
• Family Health History: Early deaths (before age 60-65) of parents or siblings due to hereditary conditions like heart disease or certain cancers can sometimes impact your rates, even if you are healthy.
• Policy Riders: Adding optional benefits, known as riders, can enhance your coverage but also increase the premium. Common riders include:
  • Accelerated Death Benefit Rider: Allows access to a portion of the death benefit if diagnosed with a qualifying terminal illness. Often included at no extra cost.
  • Waiver of Premium Rider: Waives premium payments if you become totally disabled. Can add significant cost and may have age restrictions.
  • Conversion Rider: Guarantees the right to convert the term policy to a permanent policy before the term expires, without proving insurability again. Usually included.

It’s clear that premiums are highly individualized. An online quote engine might give a ballpark figure, but it rarely accounts for the nuances of your specific health profile. This is why consulting with Insurance By Heroes is so beneficial. We gather your detailed information and then shop your specific profile across our network of carriers to find the company offering the best health classification and premium for *you*. Remember, one carrier might rate your controlled high blood pressure as Standard, while another might offer Standard Plus, saving you money.

Available Term Lengths for Term Life Insurance at 65

As mentioned earlier, your options for term duration become more limited as you age.

• 10-Year Term: This is the most commonly available and often the most affordable option for term life insurance at 65. It provides coverage until age 75. This duration is suitable for covering final expenses, shorter-term debts, or providing an income bridge for a spouse for a decade.
• 15-Year Term: Also widely available, a 15-year term provides coverage until age 80. This might align well with a remaining mortgage balance or providing income support for a longer period. Premiums will be higher than for a 10-year term.
• 20-Year Term: This option is less common and harder to qualify for at age 65. Coverage extends to age 85. Insurers typically require very good or excellent health to approve a 20-year term at this age due to the increased long-term risk. Premiums will be substantially higher than for 10- or 15-year terms.
• Longer Terms (25 or 30 Years): These are generally not available when applying for term life insurance at 65. The coverage period would extend well into advanced ages (90 or 95), making the risk prohibitive for most insurers offering level term products.

Choosing the right term length is crucial. You don’t want to pay for coverage longer than you need it, but you also don’t want coverage to expire while the need still exists. For instance, if your primary goal is to cover a mortgage with 12 years remaining, a 15-year term might be appropriate. If the goal is simply final expense coverage, a 10-year term could suffice. The team at Insurance By Heroes can help you analyze your needs and match them to the most suitable and attainable term length, comparing options from various carriers who specialize in coverage for seniors.

The Application and Underwriting Process Explained

Applying for term life insurance at 65 involves several steps, collectively known as underwriting, where the insurance company assesses your risk profile. Here’s a typical overview:

1. Application Submission: You’ll complete a detailed application form, either online, over the phone, or on paper. This includes personal information, financial details (income, net worth), desired coverage amount and term, beneficiary designations, and extensive health and lifestyle questions. Honesty and accuracy are vital.
2. Medical Exam Scheduling (if required): If a medical exam is necessary (which is common at 65), the insurance company or a third-party service will contact you to schedule a convenient time for a paramedical examiner to visit you.
3. Medical Exam Completion: The exam typically takes 30-60 minutes. The examiner will measure your height, weight, blood pressure, and pulse. They will collect blood and urine samples and may ask clarifying questions about your health history provided on the application. Ensure you follow any pre-exam instructions (like fasting).
4. Information Gathering by Insurer: Behind the scenes, the underwriter will:
   • Review your application and exam results (lab tests on blood/urine).
   • Check the MIB (Medical Information Bureau) database for records of previous insurance applications.
   • Verify your prescription drug history through pharmacy databases.
   • Potentially check your motor vehicle report (driving record).
   • Request an Attending Physician Statement (APS) from your doctor(s) to get detailed medical records, especially if you have reported health conditions. This step can add time to the process.
5. Underwriting Decision: Based on all the gathered information, the underwriter assigns your risk classification and determines the final premium. They will approve the policy as applied for, approve it with a different health rating (higher premium), request additional information, postpone the decision (e.g., if recent medical tests are pending), or decline coverage.
6. Policy Offer and Acceptance: If approved, the insurance company issues the policy offer. You review the final terms and premium. If acceptable, you sign the delivery requirements and make the initial premium payment to put the policy in force (activate coverage).

The entire process, from application to policy activation, can take anywhere from a few days (for accelerated underwriting programs, less common at 65) to several weeks or even a couple of months, especially if obtaining medical records (APS) causes delays.

Having Insurance By Heroes on your side during this process can be invaluable. We help ensure your application is complete and accurate, set realistic expectations about timelines, coordinate with the examiner and insurer, and proactively follow up on outstanding requirements like the APS. Our experience helps streamline the process and address potential issues quickly.

What if I Have Health Issues? Can I Still Get Term Life Insurance at 65?

This is a common concern, and the answer is often yes, but it depends on the specific condition, its severity, and how well it’s managed. Insurability at 65 with health issues varies significantly between insurance carriers.

• Controlled Conditions: Issues like well-managed high blood pressure, high cholesterol, or Type 2 diabetes (with good A1c and no complications) may still allow you to qualify for Standard or possibly even Standard Plus rates with certain carriers.
• Moderate Conditions: Conditions like sleep apnea treated with CPAP, well-controlled atrial fibrillation, or a history of certain less aggressive cancers after a significant remission period might result in “rated” policies. This means you get coverage, but at a higher premium than Standard rates (e.g., Standard + 25%, +50%, +100%).
• Serious Conditions: Recent heart attacks or strokes, ongoing cancer treatment, uncontrolled diabetes with complications, severe COPD, kidney failure, or cognitive impairment may make it difficult or impossible to qualify for traditional term life insurance.

This is precisely why working with an independent agency like Insurance By Heroes is critical if you have health concerns. We know the niches of different insurance companies. Some carriers are more lenient towards applicants with diabetes, while others might be better for individuals with a history of heart issues or specific types of cancer survivor rates. We can anonymously pre-screen your health profile with multiple carriers to gauge potential offers before you formally apply, saving you time and potential declinations on your record.

If traditional term life insurance isn’t an option due to severe health problems, there are alternatives:

• Simplified Issue Term Life: Some carriers offer term policies with no medical exam and fewer health questions. However, coverage amounts are usually lower, and premiums are higher than fully underwritten policies. Availability at 65 might be limited.
• Guaranteed Issue (GI) Life Insurance: These are typically whole life policies (not term) with very small death benefits (e.g., $5,000 to $25,000, sometimes up to $50,000). Acceptance is guaranteed regardless of health (usually between certain ages, like 50-80). However, they are very expensive for the amount of coverage and often have a “graded death benefit,” meaning if you die from natural causes within the first 2-3 years, the payout is limited to a return of premiums plus interest. GI policies are generally a last resort for covering final expenses when other options are unavailable. Insurance By Heroes can help you explore these if necessary, ensuring you understand the limitations.

Comparing Carriers: The Power of Independence

We cannot stress this enough: when seeking term life insurance at 65, especially with any health considerations, comparing offers from multiple insurance carriers is absolutely essential. A captive agent, representing only one company (like State Farm, Allstate, etc.), can only offer you the products and underwriting guidelines of that single insurer. If that company’s guidelines are strict for your age or health condition, you might get an expensive offer or a denial, and the captive agent has no other options to present.

Insurance By Heroes operates differently. As an independent agency founded with a spirit of service akin to our first responder and military family roots, we partner with dozens of highly-rated life insurance companies nationwide. This broad market access allows us to:

• Shop Your Specific Profile: We submit your information (often anonymously at first for pre-qualification) to multiple carriers simultaneously.
• Identify Niche Strengths: We leverage our knowledge of which carriers are more competitive for 65-year-olds, specific health conditions, or desired term lengths.
• Compare Apples-to-Apples: We present you with multiple quotes for comparable coverage, highlighting differences in premiums, health classifications, and policy features.
• Advocate for You: If an underwriting decision seems overly conservative, we can sometimes negotiate with the underwriter or pivot to another carrier who views your risk profile more favorably.
• Offer Unbiased Advice: Our goal isn’t to sell one specific product but to find the policy from our wide range of options that best fits your needs and budget. If term life isn’t the right fit, we can discuss alternatives like Guaranteed Universal Life or Final Expense policies.

Imagine Carrier X offers a Standard rate, Carrier Y offers a Table 2 rating (higher premium), and Carrier Z declines coverage altogether for the same applicant. An independent agent can show you all these outcomes and guide you to the best available option. A captive agent for Carrier Z could only report the declination.

Illustrative Cost Examples for Term Life Insurance at 65

Providing exact quotes without individual underwriting is impossible. However, to give you a general idea, here are some *estimated* monthly premium ranges for a non-smoking individual in good health (Standard rating) applying for term life insurance at 65. Remember, **your actual costs will vary based on your specific health, gender, coverage amount, term length, and the carrier selected.**

Estimated Monthly Premiums for a Healthy Non-Smoker at 65:**

• $100,000 Coverage / 10-Year Term:
  • Male: $70 – $120
  • Female: $55 – $95
• $250,000 Coverage / 10-Year Term:
  • Male: $150 – $270
  • Female: $115 – $210
• $100,000 Coverage / 15-Year Term:
  • Male: $100 – $180
  • Female: $80 – $140
• $250,000 Coverage / 15-Year Term:
  • Male: $230 – $400
  • Female: $170 – $320

Important Notes on These Estimates:

• These are for illustrative purposes ONLY.
• Assumes Standard health class; Preferred rates would be lower, Substandard/Rated rates would be higher.
• Smoker rates would be significantly higher (potentially 2-4 times these amounts).
• Premiums for a 20-year term (if available and approved) would be notably higher than the 15-year term rates shown.

The wide ranges even within these estimates highlight why comparison shopping is vital. One carrier might be at the low end of the range, while another is at the high end for the exact same person. **The only way to determine your precise cost for term life insurance at 65 is to obtain personalized quotes based on your individual profile.** That’s exactly what Insurance By Heroes does for you.

Alternatives to Consider Besides Term Life Insurance at 65

While term life insurance is a viable option for many 65-year-olds needing temporary coverage, it’s wise to be aware of other potential solutions, especially if term life proves too costly, unavailable due to health, or doesn’t meet long-term needs:

• Permanent Life Insurance (Whole Life / Universal Life): If you need coverage guaranteed to last your entire life (e.g., for estate planning, lifelong support for a dependent with special needs, or leaving a definite inheritance) and can afford the higher premiums, permanent insurance might be considered. These policies also build cash value you could potentially borrow against.
• Guaranteed Universal Life (GUL): Often seen as a hybrid, GUL policies offer guaranteed lifelong coverage (or coverage to a specific advanced age like 90, 95, 100, or 121) like whole life, but usually with much lower premiums because they focus less on cash value accumulation. They provide a guaranteed death benefit with predictable costs, making them a potentially more affordable permanent option than traditional whole life at age 65.
• Final Expense / Burial Insurance: As mentioned earlier, these are small whole life policies ($5,000 – $50,000) designed specifically to cover funeral costs and minor final debts. Underwriting is typically simplified (few health questions, no exam) or guaranteed issue. Premiums are lower than larger policies due to the small benefit amount, but cost-per-thousand-dollars of coverage is usually high. They offer permanent coverage but limited benefit amounts.
• Using Existing Assets / Self-Insuring: If you have substantial savings, investments, or other assets that can readily cover potential debts, final expenses, and any desired legacy goals without causing hardship for your survivors, you might decide you are “self-insured” and don’t need a specific life insurance policy. Assess this carefully to ensure assets are truly sufficient and liquid.

Insurance By Heroes can help you evaluate these alternatives alongside term life insurance. Our focus is on finding the *right* solution for you, drawing from the diverse portfolios of the dozens of carriers we represent. We’ll explain the pros and cons of each option in relation to your specific circumstances.

Tips for Successfully Applying for Term Life Insurance at 65

If you decide term life insurance is the right choice, follow these tips for a smoother application process:

• Be Completely Honest: Disclose all health conditions, medications, and lifestyle factors accurately on your application. Attempting to hide information can lead to denial of a future claim (contestability period usually lasts two years), which defeats the purpose of having insurance.
• Prepare for the Medical Exam: Schedule it for a time you feel rested. Avoid caffeine, nicotine, alcohol, salty foods, and strenuous exercise for at least 24 hours beforehand. Drink plenty of water. Have a list of your medications and doctors’ contact information handy.
• Clarify Your Needs First: Before seeking quotes, have a clear idea of *why* you need the insurance, *how much* coverage is required to meet that need, and *how long* the need is expected to last (this determines the term length). Discussing this with an agent can help refine these figures.
• Work With an Independent Agent: Leverage the expertise and market access of an agency like Insurance By Heroes. We simplify the process, shop multiple carriers for the best rates, and provide guidance tailored to seniors. Our service-driven approach ensures your interests come first.
• Don’t Delay Unnecessarily: While it’s important to make an informed decision, remember that premiums increase with age. Locking in coverage sooner rather than later secures a lower rate for the duration of the term.

Take Control of Your Financial Security Today

Securing term life insurance at 65 is achievable and can provide invaluable peace of mind for you and your loved ones. While premiums are higher and underwriting is more thorough than at younger ages, the right policy can still be found to cover important financial needs like debts, final expenses, or leaving a legacy.

The key lies in navigating the market effectively. Understanding your needs, being realistic about health factors, and comparing options across multiple carriers are crucial steps. This is where Insurance By Heroes stands ready to assist.

As an independent agency founded by individuals with backgrounds in public service, we bring a unique commitment to serving our clients with integrity and dedication. We understand the importance of protection because it’s in our background. We work with dozens of top insurance carriers, allowing us to meticulously search the market and tailor a term life insurance solution specifically for your situation at age 65.

Don’t guess about your options or settle for the first quote you see. Let our experienced team provide the personalized guidance and comprehensive market comparison you deserve.

Ready to find the right term life insurance coverage at 65? Take the next step towards securing your family’s future. Fill out our simple online quote form now to receive free, no-obligation quotes from multiple top-rated carriers. The dedicated professionals at Insurance By Heroes are here to answer your questions and help you find the peace of mind you deserve. Contact us today!