Copyright CBS News
As people live longer and healthier lives, some of the financial decisions that were once thought to be off the table in retirement are being reimagined. Case in point? Seniors today are working longer, traveling more and often helping adult children or grandchildren financially, all of which can make finding the right life insurance policy a priority again. But for older adults who are looking to buy life insurance coverage later in life, there's a catch: Not every insurer works well with senior applicants, and the rules about when you can and can't buy life insurance aren't always clear. Age limits vary, medical exams can complicate things and even a small change in your health can alter what you qualify for. So, when is it too late to get coverage? That answer depends heavily on the kind of policy you want, your health profile and how soon you act. Below, we'll detail what to consider now. Compare quotes from trusted insurers now to see what coverage you qualify for. At what age can you no longer buy life insurance? There's no universal age cutoff for buying life insurance. Ultimately, it depends on the insurer and the policy type. The older you are, though, the fewer options you'll have. Here's what that looks like across the main types of coverage: Term life insurance: Most insurers stop offering term life insurance coverage once you reach 75 or 80, though the available term length shrinks as you age. A 50-year-old might buy a 30-year term, while a 75-year-old may only qualify for a 10-year option. Whole life insurance: This permanent coverage is often available up to age 85, and in some cases, it may be available up to age 90, depending on the company. Premiums are higher, but coverage lasts your entire life. Guaranteed issue or final expense insurance: These policies, designed for seniors and those with health issues, can typically be purchased up to age 80 or 85, with select insurers offering them through age 90 or 95. It's important to note, though, that if you qualify, premiums tend to rise sharply with each passing year. A healthy 60-year-old might expect to pay under $100 a month for modest term coverage, for example, while an 80-year-old might pay several hundred dollars for a much smaller benefit due to their advanced age and the risk that comes with it. That's why experts often say the best time to buy life insurance is as soon as you need it and can afford it. Waiting too long can make it either too expensive or unattainable altogether. Learn more about your life insurance coverage options here. What types of life insurance work best for older adults? For seniors, the goal of life insurance usually shifts from income replacement to financial protection, meaning that they're ensuring loved ones aren't left with debts or final expenses. Depending on your needs and budget, a few policy types stand out: Final expense insurance: Also called burial insurance, these policies are easy to qualify for, usually don't require medical exams, and pay out enough to cover funeral costs and small debts. Guaranteed issue policies: These require no health questions or exams. While coverage amounts are small ($2,000 to $25,000 on average) and the full payout may be delayed for the first two years, they're ideal for seniors who've been declined elsewhere. Simplified issue policies: These fall between traditional and guaranteed coverage. You'll answer a brief health questionnaire but skip the exam, potentially unlocking larger coverage amounts at lower premiums. Short-term term life: Some insurers offer 5- or 10-year term policies for older adults who want temporary coverage. For example, this could be an option for those who want to protect a spouse until Social Security benefits fully kick in. When deciding which is right for you, consider what the money would actually cover: a mortgage balance, lingering credit card debt, end-of-life care or simply peace of mind for loved ones. How to improve your odds of getting covered There are ways to improve your chances and potentially save money on coverage, even if you're in your 70s or 80s. Here's what to do: Shop around early. Some insurers specialize in senior policies or offer higher maximum ages. And, comparing quotes can make a big difference in affordability. Take a medical exam if you can. If you're in reasonably good health, a traditional exam-based policy could unlock better rates than a no-exam plan. Buy only what you need. A smaller benefit — let's say $25,000 instead of $100,000 — can still help your family with funeral costs and debts without straining your budget. Don't wait for perfect timing. Rates go up every year you age, so the sooner you apply, the more options you'll have. It can also help to speak with a licensed life insurance agent who works with multiple companies. They can identify insurers that accept older applicants and find the best mix of coverage and cost. The bottom line There's no fixed age when you can no longer buy life insurance, but your options narrow with every passing year. Most term and whole life policies cap eligibility around age 80 to 85, though guaranteed and final expense plans may extend beyond that. If you're a senior considering coverage, the big takeaway is you should act now. The longer you wait, the fewer choices you'll have and the more you'll pay. But even a small policy can make a meaningful difference for your loved ones, covering final expenses, debts or simply giving them peace of mind.
