Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure. Life insurance needs often shrink as you get older, but they don't always disappear.
You might have business obligations, people who rely on you financially, or a mortgage you're paying off. Still, not every older adult needs a policy. If you're debt-free, no one relies on your income, and you've already saved enough for funeral costs, buying life insurance could create another monthly bill you don't really need.
Here's what to know when shopping for policies. Age is one of the biggest factors insurers use to set life insurance rates. The older you are, the more likely the company is to pay out a claim — so your premium will reflect that risk.
Prices tend to get especially steep once you're in your late 60s or 70s. Your policy options can also start to dwindle. Older applicants can also face lower coverage limits, stricter underwriting, and fewer no-exam options.
Pacific Life's accelerated underwriting program, for example, is limited to qualifying applicants ages 18 to 60, even though its term policy is available to some applicants through age 80. Term life insurance covers you for a set period, such as 10, 20, or 30 years. If you die while the policy is active, the insurer pays the death benefit to your beneficiaries.
If you outlive the term, the coverage ends without a payout unless you renew or convert the policy. Most term policies have a level premium during the initial term, so once you buy your policy, your bill won't increase each year. Some policies also let you convert your term coverage into permanent insurance without taking another medical exam.
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