What happens to my life insurance when I turn 65?
Asked by: Jewell Kuhn | Last update: December 24, 2025Score: 4.1/5 (3 votes)
What happens to my whole life policy when I turn 65?
Your life insurance benefit is permanent.
Getting a new policy becomes more expensive (or even impossible) as you age. Permanent life insurance policies — like a whole life policy — often stay in force through age 100 or even higher, at which point the full death benefit is paid out.
Do I get my money back if I outlive my life insurance?
If you outlive your policy, you won't get any money back. Your death benefit will only be available for the duration of the policy.
Does life insurance make sense after 65?
The bottom line. Life insurance is a smart idea for most seniors. That's especially the case if you have a spouse, lack plans to cover end-of-life costs or don't have a long-term care insurance policy.
What happens to my insurance when I turn 65?
It depends on how you are receiving your current insurance. If you are receiving employer-sponsored health insurance through either your or your spouse's job when you turn 65, you may be able to keep your insurance until you (or your spouse) retire(s).
Getting Life Insurance After You Turn 65
Is turning 65 a life changing event for insurance?
So, life events like marriage, divorce, having children, turning 65, and more allow you to change coverage outside the normal open enrollment period so you can get coverage that suits your unique situation.
Can I get life insurance on my 65 year old mother?
Yes, you can typically buy life insurance on your parents if you meet certain requirements, but it's not something you can do without their knowledge or consent. In some cases, your parents may need to undergo a medical exam.
At what age should you stop paying for life insurance?
Many people in their 60s and 70s may no longer need life insurance. They may have already paid off the house, stopped working, sent the kids off to care for themselves or accumulated enough assets to offset the need for life insurance. But sometimes buying or maintaining a life insurance policy over age 60 makes sense.
Does insurance go up after 65?
So overall, barring no other changes, your car insurance rate may continue decreasing throughout your 50s and 60s, and it may increase starting around age 75.
Does term life insurance expire at age 65?
You might be paying more, but you can have coverage for the rest of your life. Most term life insurance policies have a maximum conversion age of 65, regardless of the policy's expiration date.
What happens to life insurance if you never use it?
If you outlive your term (let's hope this is the case), then typically one of two things happens: The policy will simply end, and you'll no longer owe payments or be covered, or. The insurer might allow you to keep your coverage by converting all or a portion of the policy into permanent life insurance.
Which is better, term or whole life insurance?
Term life is more affordable but lasts only for a set period of time. On the other hand, whole life insurance tends to have higher premiums but never expires. Knowing the differences between term and whole life insurance will help you choose a policy that works best for you and your lifestyle.
Can you ever cash out a life insurance policy?
You can cash out a life insurance policy. How much money you get for it will depend on the amount of cash value held in it. If you have, say $10,000 of accumulated cash value, you would be entitled to withdraw up to all of that amount (less any surrender fees). At that point, however, your policy would be terminated.
When should you cash out a whole life insurance policy?
Many advisors generally recommend waiting at least 10 to 15 years to cash out your whole life insurance policy.
Is 67 too old for life insurance?
Yes, you can get life insurance if you're over 60. Finding an affordable policy will be key, so make sure you explore all of your options.
Is it worth having life insurance after 65?
A 65-year-old should buy life insurance if they want a death benefit to cover their final expenses, create an inheritance, and pay off remaining debt. While qualifying for life insurance is more challenging as people get older, it is still possible at age 65.
What happens when you turn 65 with insurance?
You do not have to enroll in Medicare right away, and you can keep your current group health insurance. An individual will not receive a late penalty if they have coverage under a group health plan with 20 or more employees. You do have to enroll in Medicare Part A and Part B.
At what point should you stop buying life insurance?
A life insurance policy should last at least as many years as you plan to spend paying off your mortgage or credit card debt. This can protect your loved ones from being responsible for your debts if something happens to you.
What is the best life insurance for seniors?
The best life insurance companies for seniors at a glance
Guardian Life: Best for payment flexibility. MassMutual: Best for elderly applicants. Northwestern Mutual: Best for the potential to earn dividends. New York Life: Best coverage range.
What happens if I outlive my term life insurance?
No, with a standard term life insurance policy, you won't be receive anything back if you outlive your life insurance. So, what happens at the end of your term life insurance? Your life insurance will simply expire and you can either take out a new policy or look into other types of financial protection.
At what age can you no longer get life insurance?
Typically, the maximum age at which life insurance policies are issued depends on the individual life insurance company, so there really isn't a universal set limit. However, you may not find a lot of companies willing to issue you a policy if you're age 85 or older.
How much is $100,000 in life insurance a month?
A $100,000 term life insurance policy can cater to diverse financial goals, including debt coverage, family support, and estate planning. One of the most significant advantages of this coverage amount is its affordability. The average monthly cost of a $100,000 life insurance policy can range from $11-18 monthly.
What does $9.95 a month get you with Colonial Penn?
What does Colonial Penn provide for $9.95 a month? Colonial Penn provides burial insurance coverage for $9.95 a month. This policy guarantees coverage for funeral expenses as long as premiums are paid.