Is there a cut off age for life insurance?

UPDATED: Feb 10, 2016

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UPDATED: Feb 10, 2016Fact Checked

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Asked February 10, 2016

1 Answer

It depends on what type of insurance you are looking for. Some life insurance policies are considered to be lifetime policies. So long as you continue to pay your insurance premium, lifetime policies will continue to cover you no matter how long you live. There is no age limit for these policies, but they do cost less if you buy them when you are younger. Many people buy lifetime policies for their children at birth so that they have continued coverage at an affordable rate.

Term life insurance policies are also available, and these provide you with life insurance for a specified time period, such as 10 or 20 years. Term insurance may not be available to you after you reach a certain age, but the specific age cut-off varies from one insurance company to the next. A person who is 75, for example, may be able to purchase a term policy for 10 years while their age prevents them from purchasing coverage fr 15 or 20 years. A different insurance company, however,may be willing to provide 15-year coverage.

In short, seniors looking for a term life insurance policy may need to shop around in order to find a company that will insure them, but those interested in a lifetime policy should be able to secure coverage at any age. They will, however, pay more for the policy than a younger person would.

Answered February 10, 2016 by bystander318

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