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

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

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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. 

Life moves pretty fast. So quick that you may sometimes look back and wonder ‘where the heck did all that time go?’

For most 65-year-olds, life insurance allows them to leave a legacy for their children and grandchildren. Others may get life insurance in order to ensure the financial security of their spouse. Many people also obtain life insurance solely to ensure their loved ones aren’t handed a burial and funeral bill that leaves them in a pinch.

We’ve come across numerous questions from 65-year-old men in our experience, which we have compiled into this article. You can use this page’s quick navigation web links to jump to the appropriate section.

Do I need life insurance at age 65?

The answer to the question “Do I require life insurance at age 65?” depends on a multitude of factors – your obligations, assets, income, and what you wish to leave behind for your loved ones.

Many a time, we hear people coming to us with these concerns:

  • Burial and funeral expenses
  • A reliable source of income for their surviving spouse
  • A means to pay off their outstanding mortgage balance
  • Educational costs for their kids and grandkids

While you’ll no doubt have come across numerous programs that promise to find you exactly how much you’re going to need, here at Life Insurance Help Desk, we use a simple formula – how much can you afford? The insurance policy that you’ll wind up taking will be solely dictated by how much you can afford in premiums. We use the L.I.F.E formula mentioned above to then find you a policy.

What kind of Life Insurance is Best at age 65?

Determining the life insurance policy you should purchase depends on your reasons for wanting the coverage.

In case your intention is to ensure that your dependent family members remain financially secure until you reach the age of retirement, go for a term insurance policy.

But if your desire is to leave a form of financial legacy for your heirs after you pass away, a guaranteed universal life insurance policy will be apt for your needs.

Those looking for a reasonable investment alternative can go for an indexed universal life or whole life insurance policy.

But if all you’re looking for is a policy that will take care of your burial expenses, you can purchase a burial insurance policy.

In this article, we’ll focus on burial and term life insurance since these are the policies that are in greater demand. But if you wish to know more about GUL or whole life insurance, simply reach out to us and we’ll help you!

Term Life Insurance for 65 year old men

So, you’ve decided to get a life insurance policy and have concluded that a term policy serves your needs the best. It’s now time to look into conditions, companies, and pricing.

We’ve provided samples that will give you a better understanding of expected pricing, the best insurance companies, and how your coverage may look like with certain preexisting health issues.

Sample Rates for a 65 year old man

Sample rates for male age 65 Preferred Class no tobacco use

Term

50K

100K

250K

500K

1MM

10 Years

$44.24/mo.

49.09

113.53

220.94

434.88

15 Years 

61.90

78.14

168.25

317.95

605.46

20 Years

71.55

113.93

239.03

455.21

875.12

Sample rates for male age 65 Standard Class no tobacco use

Term

50K

100K

250K

500K

1MM

10 Years

$59.40

80.24

178.62

346.68

678.70

15 Years 

78.30

118.13

256.24

501.41

906.25

20 Years

96.30

163.27

377.77

711.66

1377.21

Note that the samples above were for non smokers. Tobacco use has a significant negative affect on rates. For accurate rates with tobacco use (not just smoking), use the quote tool.   

As people age, some carriers show more leniency for specific conditions in which the applicant is compliant with treatment. These applicants can often be classified  below "preferred" but above "standard".

This classification is known as  "Standard Plus' .

Below are"Standard Plus"examples that are common:

  • Sample rates  for men aged 65 with type 2 diabetes

  • Sample rates  for men aged 65 with  sleep apnea

  • Sample rates  for men aged 65 20 lbs. overweight  

Term

50K

100K

250K

500K

1MM

10 Years

$59.40mo.

51.42

119.44

232.75

458.50

15 Years 

78.30

103.58

169.53

418.38

815.22

20 Years

96.30

140.96

297.99

582.64

1159.26

Are the 65 year old male life insurance Rates accurate?

Yep, the insurance rates we’ve provided are 100% accurate.

We update our quote tool on a regular basis to reflect changing market conditions. But as with every computer program, this quote tool is only as good as the data that it’s fed.

That could pose a problem for most people since they’re often unaware of the seriousness of their health condition. This is why we recommend reaching out to an independent insurance agent. But you can also proceed by using a Standard Class rating in this quote tool. If you get a better rating during the actual underwriting process, that’s just an added bonus.

Do note that these sample reports are only effective for non-smoking applicants. The usage of tobacco products can severely damage your ability to access favorable insurance premiums. You can use our quote tool to generate insurance quotes if you’re a smoker or tobacco user.

With increasing age, certain insurance carriers tend to be lenient for specific health conditions, provided the applicant has taken steps to keep their condition under control. They are often classified as ‘Standard Plus’ which ranks above ‘Standard’ but below ‘Preferred’. 

I have existing health conditions...How Do I Decide On a Life Insurance company?

The questions “How to choose the ‘best’ insurance company” and “How to get life insurance with a preexisting health condition” are more interlinked than you think.

Different insurance companies have different risk appetites for certain health conditions.

For instance, Lincoln Financial tends to offer better terms to applicants with colon cancer, compared to Principal. But applicants with sleep apnea will find a better deal from Principal compared to Lincoln.

To put it simply, the best insurance carrier for your application will change depending on your individual health circumstances.

At Life Insurance Help Desk, we only offer policies from A-rated or better insurance companies. Therefore, your final decision will depend on your preferred policy features and the company that specializes in offering policies to people with your condition.

By policy features, we mean term lengths and riders, which tend to vary between carriers.

Guaranteed Universal Life (GUL) Policy for 65 year old man

Although we did say that this article would be focused on burial life insurance and term life insurance policies, we’ve also decided to provide more information regarding the premiums charged for guaranteed universal life insurance policies.

However, do remember that most of these policies remain in effect until the age of 121. If you want to reduce this age limit for better terms though, simply reach out to us to know more.

GUL Rates For 65 year old Male Preferred Risk, No Tobacco 

Guar. Age

50K

100K

250K

500K

1MM

Age 121

$163.76/mo.

239.54

561.05

1122.10

2161.74

Age100

137.33

195.22

459.20

918.39

1772.44

Age 90

121.06

168.77

396.97

793.93

1532.34

Finally, here’s also something you should know about the underwriting process for GUL and term insurance policies – they may take between 1 – 8 weeks to be delivered, depending on whether you chose a no-exam policy or not. Some carriers may also request an attending physician’s statement. You need to keep this in mind if what you need is a policy with quick approval rates or if you hate the idea of needles. No-exam policies are ideal for people in both conditions.

Burial Insurance for a 65 year old man

Traditional term /guaranteed universal life insurance and burial insurance are completely different ball games.

Here are some important points to be kept in mind:

  • Burial insurance companies may not be available in all states
  • Burial insurance policies come into effect on the very same day they’re purchased.
  • These policies have lenient terms
  • Coverage amounts tend to be much smaller: $5000 - $30,000

Burial insurance is a form of whole life insurance, unlike a term insurance policy (no cash accumulation here though). These policies never expire, benefits are never reduced, and rates remain the same till the end.

Underwriting categories are:

  1. Level – Full benefits are paid out without any waiting period.
  2. Modified/Graded – Graded benefits are paid out over a period of 1 – 3 years
  3. Guaranteed – Benefits are limited to the sum of premiums paid so far + interest, if death takes place within 3 years of purchase

What does burial insurance cost?

A burial insurance policy tends to cost more on a per-dollar basis compared to a term insurance policy due to 2 important reasons:

  • These policies never expire
  • Lenient underwriting terms

Although they’re expensive when considered on a per-dollar basis, there are several cases where they make sense. Such policies are available at low premium costs and allow your loved ones to not have to worry about burial expenses.

Sample Burial life Insurance Rates for a 65 year old man

Policy Type

5K

10K

15K

20K

25k

Level

$29.84/mo.

56.48

83.12

109.75

136.39

Graded

35016

66.91

98.76

130.62

176.97

Guaranteed

43.08

84.15

125.23

184.61

230.27

Is there a "best" burial carrier?

Similar to term insurance policies,  your individual circumstance is considered. However, unlike with term, the state you live in will matter. This is because most "fibal expense" carrier do not operate nationwide. The exception is Mutual of Omaha, who operates in all states.

Unless you have a very severe health condition, an experienced insurance agent will ususally find an offer for  level coverage.

Suicide Exclusion

All burial and term insurance policies come with a suicide exclusion clause, which may range between 1 – 2 years, depending on the state you live in 

Why Use The Life Insurance Help Desk?

You’ll have access to numerous carriers, their policies, and top-notch recommendations that will get you exactly what you need.

Independent insurance agencies offer you an unparalleled array of choices – many of them have access to over 50 carriers, thus giving you greater choice.

‘Captive’ agents work for a single company and will only push for policies issued by that company. As a result, you’ll never have a chance to go through other policies with cheaper premiums and favorable terms.

While big-time national brokers tend to be better, their choice of insurance carriers is limited as well, so as to raise their leverage while negotiating commissions. Additionally, their staff turnover rates are so high, you’ll hardly find an experienced insurance agent in their offices.

However, at Life Insurance Help Desk, we’re firm believers in the concept of full transparency and lifetime service. No matter what happens, we’ll always be there to fulfill your insurance needs.

Reach out to us today via call or by filling out our nifty quote form on this website. Thank you for using our website to look for life insurance for men aged 65. We hope to hear from you soon!

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

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