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At What Age Can You No Longer Buy Life Insurance?

Some types of policies become unavailable as you get older. Generally, you will have difficulty finding 30-year term coverage if you are 55 or older. If you are shopping for permanent life insurance, you will find more options in your 50s, since most insurers offer whole life and universal life policies to people up to age 80 or 85. Some companies also offer policies for applicants over 90.

If you want high-coverage life insurance without a medical exam, your options depend much more on your age and may be limited. If you are over 50, look into PennMutual, which offers up to $7.5 million in coverage for applicants up to age 65, and Nationwide, which offers up to $1 million in coverage if you are between 50 and 60.

But if you have health problems and need only a small policy for which approval is very likely or guaranteed, try Mutual of Omaha. And if you are already a Nationwide policyholder, check its final expense coverage.

At What Age Can You No Longer Buy Life Insurance?

Age 90 is the highest issue age we have seen from any life insurance company. But many companies will not issue policies to people over 85. That said, different policy types have different age limits; if you are looking for term insurance, issue ages are even lower.

Age limits vary somewhat between companies and coverage types.

  • Permanent life insurance: Permanent life insurance refers to universal life and whole life policies. Most companies make them available to applicants up to age 85, but some companies have a maximum issue age of 80 or 90.
  • Term life insurance: Term life insurance comes in different lengths. Thirty years is the maximum term available from most companies, although some offer 35- and 40-year policies. Generally, you cannot obtain a policy with a term of 30 years or more if you are over 55. However, you will remain eligible for shorter-term policies with some companies into your 70s.
  • Final expense insurance: These policies are designed for applicants generally between ages 45 and 85. But some companies exclude anyone younger than 50 or older than 80.

How Do I Get Life Insurance When I Am Over 50?

Depending on how far past 50 you are, you will likely need a medical exam—a paramedical exam—to apply for life insurance coverage. However, more companies are offering policies that do not require a medical exam. These policies use an underwriting process that does not rely on a medical exam to determine how much risk you pose to the insurer. Underwriting is a risk-assessment process in which the company decides whether to approve your coverage application and at what rate.

Accelerated underwriting carefully evaluates your health through medical questions and a review of your prescription history, but without a medical exam. Some companies offer accelerated underwriting to applicants up to age 60 or 65 for $1 million or more in coverage. Others may cap no-exam life insurance at $1 million at age 50. If you need a larger death benefit, you will probably need an exam if you are 50 or older.

How Do I Choose the Best Life Insurance Company?

Choosing the right life insurance company is a balancing act between how well a company's products meet your needs and wants and how strong the company is overall. That said, the latter may outweigh the former, since the policy you own is only as good as the company backing it.