What are The Best Life Insurance Options For  A 65 Year Old woman?

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65 

Years of Age

Best Life Insurance For 65-Year-Old Woman
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Expert Review Of The Best Life Insurance Options For  A 65 Year Old Woman

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Reviewed by

Jim Tobin, CFP®

Why you can Have confidence in this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

How A 65-Year-Old Woman Can Get An Affordable Life Insurance Policy

65-year-olds tend to have a completely different approach to life compared to their younger counterparts. At that age, your primary concerns are paying off your bills, getting your financial affairs in order, and establishing some sort of legacy to ensure your family is not burdened by funeral costs when you pass away. Yes, while there are many other reasons, these are the 3 most frequent reasons we’ve heard from our clients when they approach us for life insurance:

  • To cover burial and funeral expenses, and hospital bills, if any
  • Ensuring some sort of financial protection that will take care of their spouse
  • Setting up financial aid for their kids and grandkids.

Is Life Insurance Necessary For A Woman At 65 Years Old?

You may be wondering whether it’s necessary for a 65-year-old woman to obtain life insurance at her age.

Yes, we’d say, though it comes down to several different factors.

Those of you who wish to provide for your own funeral and burial expenses, or clear off your debts, or ensure financial protection for your spouse, or lend a helping hand to your kid’s or grandkid’s educational expenses should definitely go for life insurance.

As a matter of fact, there are numerous programs that can help you obtain life insurance at great rates and amazing terms. At Life Insurance Help Desk, our L.I.F.E. formula has helped thousands of concerned applicants find the right insurance policy for their needs.

What Type Of Life Insurance Is Necessary For Females At 65 Years Old?

Selecting the right insurance policy ultimately boils down to 2 things – the coverage you’re looking for and the reason why you’re purchasing a plan.

  • If you’re looking to cover your burial and funeral costs and save your loved ones from having to mess up their finances over these expenses, go for burial insurance
  • If you’re looking to protect your dependent family members from financial troubles in the event of your premature death, go for term life insurance.
  • If you’re looking to purchase life insurance as a savings vehilcle, go for an indexed universal life or whole life insurance.

How Accurate Are The Life Insurance Rates For A 65-Year-Old Female?

Life Insurance Help Desk provides 100% accurate premium quotes. Our tool is also updated regularly to reflect emerging market conditions. But it’s important to feed the right information to our tool – most people mess up when it comes to determining their health rating and get quotes that are unrealistic for their actual condition.

As a general rule of thumb, we assume that you’ll be assigned a Standard Class rating by the underwriters. If you score a rating better than that, that’s just icing on the cake.

Tobacco users and smokers will have to shell out more in life insurance premiums since they’re at a higher risk of premature death. Don’t ever lie about this information though – it could result in your policy getting revoked, which completely defeats the purpose.

Insurance carriers generally offer more lenient terms to older applicants with health conditions that are normal for their age. The only caveat here is that you need to prove you’ve been taking appropriate measures to improve your condition. Such individuals generally fall into the Standard Plus category – lower than ‘preferred’ but higher than ‘standard’. 

Can A 65-Year-Old Female With Pre-Existing Health Conditions Get Life Insurance?

If you have a pre-existing health condition, choosing the right company may not be such an easy task. Companies tend to have different risk appetites for the same condition, which may result in different premium quotes.

For instance, colon cancer survivors are advised to apply for a policy from Lincoln since they’re likely to get more favorable terms compared to, say, Principal. But Principal may be more lenient towards sleep apnea applicants compared to Lincoln Financial.

While even 65-year-old females can obtain life insurance despite pre-existing health conditions, you’ll need an independent agent like us to figure out which carriers will be sympathetic to your case.

We only offer policies from A-rated insurance firms out of which we’ll make our recommendations after evaluating your condition and the policy you want. Riders and term lengths also play a crucial role in determining our recommendations since they vary between different insurance companies.

Sample Term Rates for a 65 year old Woman

Once you’ve set your mind to buy life insurance, you’ll have to determine your policy’s term length as well. Then you can look at different companies, their prices, and policy terms.

Sample rates for Female age 65 Preferred Class no tobacco use

Term

50K

100K

250K

500K

Header

10 Years

$31.82/mo.

$36.23

$76.17

$143.46

$274.91

15 Years 

42.90

52.59

109.01

203.35

390.74

20 Years

52.96

75.78

163.40

316.00

591.91

Sample rates for Female age 65 Standard Class no tobacco use

Term

50K

100K

250K

500K

1MM

10 Years

$46.18

59.40

114.81

215.24

392.85

15 Years 

54.72

77.94

166.75

321.89

605.80

20 Years

69.30

112.29

242.88

466.70

900.29

Do remember that the sample prices we offered above are only applicable to non-smokers. Smokers will pay more in premiums – you can find out more by using our quote tool.

If people with pre-existing conditions can prove that they’ve been regularly undergoing treatment for their condition, they may be eligible for better terms from their carrier. Such applicants tend to be classified as above ‘Standard’ but below ‘Preferred’ – a category called ‘Standard Plus’.

Below are"Standard Plus"examples that are common:

  • Sample rates  for women aged 65 with controled depression

  • Sample rates  for women aged 65 with  controlled hyper-thyroid 

  • Sample rates  for women aged 65 20 lbs. overweight  

Sample rates for Female age 65 Standard Plus Class 

Term

50K

100K

250K

500K

1MM

10 Years

$42.30/mo.

$36.40

$81.81

$157.50

$307.13

15 Years 

54.72

79.63

146.20

280.98

538.29

20 Years

69.30

98.26

212.37

400.75

759.91

Burial Insurance for a 65 year old woman

A burial insurance policy is usually more expensive due to 2 reasons – their policies don’t expire and the terms are relatively more lenient.

Though these insurance policies tend to be more expensive, they’re still worth it for certain people. Burial insurance policies have smaller coverage amounts and premiums are lower as well. Such policies are great if you’re looking to prevent your loved ones from having to face financial issues in arranging your burial or funeral expenses.

Like term policies, carrier will take your health into consideration. However, unlike term policies unless your condition  severe, you’ll have no trouble finding a company willing to underwrite your burial insurance policy.

 

Sample Burial Insurance Rtaes age 65 Standard Class - No tobacco 

Term

5K

10K

15K

20K

25K 

Level

22.11/mo.

41.01

59.91

78.82

97.72

Graded

28.91

54.62

80.33

108.92

135.30

Guaranteed

31.78

61.57

91.35

135.37

155.15

25K

Sample Burial Insurance Rtaes age 65 Standard Class - tobacco user

Term

5K

10K

15K

20K

25K

Level

28.91/mo.

54.62

83.38

110.11

136.84

Graded

28.91

54.62

80.33

106.03

186.21

Guaranteed

31.78

61.57

91.35

135.37

155.15

Suicide Exclusion

Regardless of whether you have term life or burial insurance policy, all of them have a suicide clause in place that doesn’t allow payment of benefits if the applicant commits suicide within 2 years, or 1 year in some states.

Why Should You Consider LIHD

Healthy, young people can go anywhere to purchase life insurance and they’ll get a sweet deal regardless. But as a 65-year-old woman looking for insurance, your best bet is to engage the services of an independent insurance agent who represents multiple carriers.

Captive insurance agents only represent a single insurance company. As we’ve mentioned above in this article, different companies have different risk appetites for certain conditions and you need to shop around to get the best deals. A captive insurance agent can’t do that – they’ll only sell you policies offered by their company, which won’t always be the best deal on the table.

However, at LIHD, we have inside access to 50+ insurance carriers, thus allowing us to pick out the best policy for your needs. You can always be assured of an objective analysis of your application when you’re with us.

Don’t be worried about not finding affordable life insurance as a 65-year-old woman. We’ve handled numerous applications of people who were in the same position and helped them obtain life insurance at amazing rates – we’ll do the same for you too!

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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