Life Insurance for Retirees (Discounts & Rates)

Life insurance for retirees is not a necessity for many individuals. Unless you have debts that you want to cover, want to leave money to your family, or want to fund your funeral expenses, you may not need to purchase life insurance. For retirees purchasing life insurance, term life insurance is the most affordable option with final expense insurance being a close second.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Oct 28, 2021

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The Highlights

  • Life insurance is not a must-have for all retirees, only those wishing to cover debts or leave money for their family
  • Term life insurance ensures that retirees’ debts will be paid should they pass before paying them off
  • Final expense insurance allows you to fund and prepay for your funeral

If you are nearing retirement age, now is the perfect time to evaluate what expenses you can cut and which you can keep. Retirement insurance is likely something on your mind.

Life insurance for retirees is one such expense, and depending on your situation, it may be one you can go without.

Keep reading to learn more about what life insurance options are available to retirees and how to decide if you even need a policy anymore.

Do you want to find affordable life insurance for retirees? Enter your ZIP code above, and we will help you find life insurance quotes for retirees near you. Not yet ready to buy life insurance for retirees? Read on to learn more.

Do you need life insurance after you retire?

The fact of the matter is, most life insurance policies become more expensive as you age.

According to the National Association of Social Insurance, the U.S. retirement age is 66 years and two months. This is an age where many life insurance policy rates experience another age-based rise.

The main exception to this will be if you have a permanent life insurance policy purchased when you were younger and locked in a lower monthly premium.

So why would you want to continue to pay for a life insurance policy if your rates are going up?

There are three main reasons:

  • There are outstanding debts you want to be covered if you should pass
  • You want to leave money to your surviving family
  • You expect to accrue more debt as you age

If you are not in debt, have money saved back to cover any additional debt you may incur, retired insurance may not be necessary for you.

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Which policy is best for retirees?

There are several viable life insurance policy options for those who need life insurance after they retire.

Term life insurance is the most popular option for those over the age of 50. It is the most affordable and can be highly customizable.

You can select a coverage amount that works for your outstanding debt and choose the term that works for you. Popular terms start from 10, 15, up to 30 years, depending on your age at the time of purchase.

Final expense insurance is a type of term life insurance that is very popular for those in their later years.

This type of policy is designed to allow the policyholder to pay and sometimes even pre-plan their funeral or other final resting plans.

Permanent life insurance is a less popular option for those in their retirement age. The main reason for this is that they are considerably more expensive.

The policies are also more likely to have medical exams.

How can retirees afford life insurance?

The best way to afford life insurance after you retire is to compare life insurance quotes from several companies.

Look into companies like AARP, which offer life insurance for senior citizens, or companies like Security National, focusing on final expense insurance.

Are you ready to search for life insurance rates for retirees? Enter your ZIP code below, and we will help you find local providers today.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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