Life Insurance for Seniors Over 60

Several aspects of financial planning can change as you approach retirement. One of the biggest is the need to get a life insurance policy to ensure your loved ones have financial protection after you’re gone. Life insurance can offer a safety net, help build and preserve wealth, and cover final expenses. Aflac offers affordable life insurance policies for seniors over 60 that could be available without a medical exam to support your long-term goals.

3.5 Min Read

Table of Contents

Key Takeaways

Life insurance is a useful financial planning tool that can give your loved ones’ added protection after you’re gone.
You can get life insurance for seniors over 60 with no medical exam for a shorter application process and higher approval chances.
Aflac offers affordable whole life, term life, and final expense insurance policies for seniors that could be available without a medical exam.

How does life insurance for seniors work?

Life insurance for seniors operates like life insurance for other age groups. It can provide substantial financial coverage to your loved ones through a death benefit paid out if you pass away during the policy term. Loved ones can use this payout to help cover expenses and help pay off debts in your absence.

Types of life insurance for seniors over 60 

Seniors over 60 have many options for getting life insurance coverage:¹

Term life insurance

Term life insurance lasts for a fixed term of 10 to 30 years, depending on your chosen policy term. It can expire if you outlive the policy, meaning you may have to get a new policy to continue coverage. However, term life insurance can come with lower premiums than other types of whole life insurance policies. This can make it easier for seniors to get coverage since life insurance rates tend to rise with age.

Whole life insurance

Whole life insurance is a permanent policy type that provides lifelong coverage and a cash value growth component. Every time you pay a premium, a portion goes into the cash value and grows tax-deferred at a fixed, guaranteed rate. As the cash value grows, you can tap into it via:

Policy loans: You can borrow the cash value at low rates with no repayment date. The policy doesn’t lapse as long as the cash value remains larger than the loan balance.
Withdrawing: This may reduce your death benefit and lead to tax consequences.

You can receive your cash value minus surrender charges if you surrender the policy. Premiums can be higher than other policy types, but shopping around can help you find the best rates on coverage. Overall, whole life insurance can work well for seniors who want added peace of mind and a safe wealth-building vehicle.

Final expense insurance

Final expense insurance is a small whole life policy to help your loved ones cover your end-of-life expenses, such as medical bills and funeral costs. Final expense insurance for seniors has a small death benefit, competitive premiums, and a cash value growth component that operates like a whole life insurance policy’s cash value. These policies often don’t require a medical exam.

Simplified issue life insurance

Simplified issue life insurance is a small whole life policy that doesn’t require a medical exam. This shortens the application process while offering additional convenience and preserving your privacy. Death benefits are small, but premiums are usually reasonable, and you can build wealth through a cash value growth component. Whether you find medical exams inconvenient or invasive or simply prefer to get coverage faster, simplified issue life insurance may be a good option.

Can seniors over 60 get life insurance with no medical exam?

Most seniors may be able to get a life insurance policy without a medical exam. However, insurers and available policies vary with their restrictions, so it’s important to do your research to see what plans might be available to you without a medical exam. Factors that may influence whether you can qualify for no-exam insurance include certain health criteria and your age.⁴

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Benefits of getting life insurance for seniors

Here are some ways life insurance can help seniors:

Provide financial security for your loved ones

The life insurance death benefit offers financial security to help your loved ones in case you pass away. They can use the death benefit to supplement their income and their assets, which can help them pay down outstanding debts.

Enjoy reasonable premiums

Although premiums rise with age, the life insurance market has grown more competitive.² This has caused insurers to review costs to help attract new policyholders — even for more traditional policies. On top of that, there are plenty of policy types with reasonable premiums for seniors. For instance, smaller policies like final expense and simplified issue life insurance also offer competitive premiums, given their lower coverage. Furthermore, shopping around can help you find and compare quotes to find rates that may be within your budget.

Enhance your estate planning

Life insurance may allow you to pass more assets down while avoiding estate taxes if you place the policy in an irrevocable life insurance trust (ILIT) managed by a trustee of your choice. The ILIT owns the policy instead of you, so the death benefit may not be counted as part of your estate. When you pass away, the trustee you selected pays the death benefit to your chosen beneficiaries.

Keep in mind that you must avoid any incident ownership in the policy to gain the tax benefit.³ Also, you can’t undo the trust after you create it. Therefore, you must be certain that you want to use the policy for this purpose. 

Reasons seniors over 60 should get life insurance with no medical exam

Life insurance with no medical exam is a good option for seniors over 60 to consider. This is especially true if you have concerns about your health status or find the exam inconvenient or invasive. Here are some benefits of getting a no-exam policy:

Shorter application process: Medical exams draw out the traditional life insurance process through scheduling and taking the exam, as well as waiting for results. With no exam, getting coverage can take as little as a day.

Less stress: Taking medical exams can be stressful for some. Waiting for results can add to the stress, especially if you’re worried about approval. Avoiding an exam can make the process less stressful.

Higher approval chances: You may not have to worry about specific health matters interfering with your approval chances.

Seniors who want immediate coverage without worrying about health issues or don’t like medical exams may consider a no-exam policy. Keep in mind that premiums are higher given the coverage level since the insurer can’t fully assess your health status.

Aflac offers life insurance for seniors over 60

Seniors over 60 have plenty of life insurance options, whether they only need coverage for final expenses or a lifelong policy with wealth-building potential. Premiums may be higher than for younger policyholders, but a competitive market and range of policy types make it easier to find reasonable rates on coverage to best meet your needs, even if you want to avoid a medical exam.

Seniors over 60 may be able to get life insurance with no medical exam. Ready to explore your options? Chat with an Aflac agent today to learn more about our term life, whole life, and final expense life insurance policies and get a quote.

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