Making Final Expense coverage make sense.

People who buy life insurance are generally looking to cover the years when their families depend on them for financial support. That often means shopping for life insurance when you get married or have children, milestones that typically occur in your 20s, 30s and 40s.

But sometimes, certain types of life insurance make sense for seniors in their 60s, 70s and even older, typically when they have younger dependents.

For most people, term life is the best option. You select the term length and the policy pays a death benefit to your beneficiary if you die during the term. For example, you would buy term life to cover income replacement during your working years or for the years spanning mortgage payments.

Some people are simply too old to get term life insurance quotes, but the age limit for senior life insurance might be higher than you think.

Age cutoffs vary by company, term length and policy type, but common cutoffs are:

  • Age 80 for a 10-year term
  • Age 75 for a 15-year term
  • Age 70 for a 20-year term
  • Age 55 for a 25-year term
  • Age 55 for a 30-year term

A typical age cutoff for permanent life insurance, a more expensive form of insurance that covers you for the rest of your life, is 75 or 80. Some companies offer “final expense” insurance to consumers as old as 85, but the benefit is generally limited to $40,000 or less and may not pay off at all if the insured dies in the first two years.

To get honest answers on your specific situation, complete our “Contact Me” form and I will personally touch base soon.