Home Life insurance Life insurance questions Are you too old to buy affordable life insurance? Are you too old to buy affordable life insurance? Written by Desiree Ghazi Reviewed by Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. Updated on: July 13, 2023 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Getting life insurance protects your family’s financial health if the unthinkable happens. But rates and eligibility change with age. The older you are, the more you pay. Depending on your age, you may also be ineligible for traditional life insurance. Matt Rowles, former director of advanced marketing for individual life insurance at Prudential Financial, who is now retired, said there is a point in life when life insurance is probably too expensive. “Old age and poor health will certainly drive up the cost of insurance. If it drives it to a point where it makes little financial sense, that is probably the point where life insurance is not appropriate,” says Rowles. But, if you need coverage, there are options. Read on to learn more. How to get life insurance First things first, you should shop around and compare quotes from multiple insurers. While one insurer may reject you or charge you high premiums, another may offer an affordable policy. Comparing quotes is the best way to find a policy that works for you. If rates are too high or you’re ineligible for traditional life insurance due to your age, there is an alternative option so you can get the coverage you need: final expense insurance. Final expense insurance offers coverage to people who are ineligible for traditional life insurance due to their health or age, but it is a lot more expensive. Is life insurance worth it? Life insurance provides an income replacement to your family if yu die. But if you are unable to get affordable coverage due to your age, the investment won’t pay off the way you had intended. Life insurance might not be for you if: The rates are too high and will cost more than the death benefit in the long-run Your children are self-sufficient and aren’t relying on you to care for them Your mortgage is fully paid off and you don’t have any outstanding debt that your spouse will need to pay off when you die If those situations sound like you, there might be better ways to provide for loved ones after you die. This can include your savings or home equity. However, many people maintain a life insurance policy as more of a bequest than a necessity. If you want to leave a legacy, “life insurance is an excellent way to do that,” says Rowles. Creating a legacy for a charity or a loved one is a common reason why seniors continue to pay into a life insurance policy when they no longer have dependents. “Since life insurance death benefits are income-tax free, it is a great way to leverage your dollar and leave money to someone you care about,” says Gail Linn, financial advisor at Fortis Lux Financial Services. “Since life insurance death benefits are income-tax free, it is a great way to leverage your dollar and leave money to someone you care about.” Regardless of what option you choose, make sure you shop around, get quotes from multiple companies, and research the company’s reputation. If you’re shopping for life insurance, a good place to start is to review Insure’s Best Life Insurance Companies. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes QuickTake What is demutualization and what does it mean for policyholders? How life insurance works during a divorce Can you change the coverage of your term life insurance? Can you cash in a paid up life insurance policy? Can I withdraw money from my life insurance policy? How can I get life insurance if I'm in poor health? Do life insurance policies pay out if you die of old age? Can relatives steal your life insurance money? Can someone take out a secret life insurance policy on you? Protect yourself from insurance revenge during divorce Can I take out a life insurance policy on my spouse? What to do if your life insurance policy lapses How to find lost life insurance policies Can I withdraw money from my term life insurance? How to forfeit life insurance proceeds? How do wills work with life insurance? Frequently asked life insurance questions Life Insurance: Waiver of premium is it worth paying how to find a lost life insurance policy of my relative? how to find a lost life insurance policy of my father? Would an accidental death policy pay for a cocaine overdose? Is the life insurance payout I received taxable? will life insurance pay if drunk driving can you cash in a life insurance policy Burial Insurance for Funerals Expenses Basics of term life insurance policy Can I find life insurance policies of deceased mother Can I find life insurance policies of deceased dad Would an AD&D claim be denied due to accidental overdose Can an ex-spouse collect life insurance money? What is API financial rating of life insurance companies Can a beneficiary take out a loan on a life insurance policy? Questions to ask when found the lost life insurance How long must I wait to get nonsmoker life insurance rates? Can a life insurance beneficiary change on deathbed? how to find a lost life insurance policy what happens to cash value in whole life policy at death How long do you have to be a non smoker for life insurance? See more > Related Articles Life insurance riders: What they are and how they work By Laine Adley Who’s who on a life insurance policy By Huma Naeem Life insurance calculator: How much life insurance do you need? By Huma Naeem The different types of term life insurance policies explained By Nupur Gambhir How to find out if someone has life insurance By Nupur Gambhir What is final expense insurance and how does it work? By Desiree Ghazi Get instant quotes now ! Please enter valid zip Get Quotes