The short answer
Personal life insurance isn't a separate product. It's a term life policy, and for you the difference is mainly how carriers review the application and set the rate. Rules vary by carrier, so comparing several through an independent agent is the simplest way to find a good fit.
This guide answers the most common questions about personal life insurance over 60.
Conversion is one of the most useful features in a term policy, and one of the least understood.
Here is how to convert term life insurance to whole life, step by step.
Part of our complete guide: Term Life Insurance: The Complete Guide.
Quick answer
Conversion skips new health questions within the policy's window. You can often convert part of the amount. The new premium is based on your age at conversion.
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On this page
- Personal life insurance quotes for seniors: how age changes personal life insurance
- Choosing the type
- Personal life insurance over 50: what affects the cost of personal life insurance for you?
- Term conversion: can you change term into whole life?
- Converting term to permanent: when converting makes sense
- When the term ends
- Do you need a medical exam?
- What happens after you apply: underwriting
- Matching the term to the need
- Is term life right for you?
- Frequently asked questions
Personal life insurance quotes for seniors: how age changes personal life insurance
Age is one of the biggest factors in what coverage costs and which policies are available. Some products stop accepting applications at certain ages, and the choices narrow as you get older.
- Rates are based on your age when you apply, so applying sooner usually helps.
- Some products stop accepting applications at a certain age.
- Later in life, smaller permanent policies like final expense are a common choice.
We cover this in detail in Medical vs. Non Medical Life Insurance.
Choosing the type
Term coverage costs less for a set number of years; permanent coverage lasts for life and builds cash value. Many people combine them.
Compare rates from several carriers in about two minutes. Free, no obligation.
Personal life insurance over 50: what affects the cost of personal life insurance for you?
Rates are set by each carrier after it reviews your application, so this page doesn't list prices. These are the main factors:
- Age: rates are lower the younger you are when you apply.
- Amount and type: more coverage, or coverage that lasts longer, costs more.
- Health and tobacco use: these set your rate class with most carriers.
- The carrier: companies price the same person differently.
Because carriers price the same person differently, comparing several quotes is the most reliable way to see your options.
Term conversion: can you change term into whole life?
Conversion is a quiet but powerful feature. Your health could change in ways that make new coverage hard to get. A conversion option lets you keep coverage for life anyway.
When you shop for term, compare conversion rules, not only the price.
Converting term to permanent: when converting makes sense
- Your health has changed and new coverage would be hard to get or expensive.
- The conversion cutoff is near and you still need coverage for life.
- Your needs have become permanent, such as a dependent who will need support for life or estate planning goals.
- The term is ending and renewal rates would climb every year.
You don't have to convert everything. Converting part of the amount keeps permanent coverage affordable while the rest runs out with the term.
How to get covered in 3 steps
- Check your rate. Pick your state and answer a few quick questions about the coverage you want.
- Compare carriers. A licensed agent compares term life insurance options from several insurers and explains the trade-offs.
- Apply and get covered. Many applications take one phone call. Coverage starts once the policy is issued and the first premium is paid.
When the term ends
When the term ends, the coverage stops. You will not get your premiums back unless you bought a return of premium policy. Most policies give you options before then.
- Convert to permanent coverage, if the policy allows.
- Renew year to year, usually at a much higher price that rises each year.
- Buy a new policy, if your health and needs justify it.
- Let it end, if the need is gone.
Do you need a medical exam?
Skipping the exam is possible on many policies, but it is not automatic. Insurers decide case by case using the records they can check quickly.
If you are in good health, a fully underwritten policy with an exam can still be the lower-cost option. If speed or convenience matters more, or you dislike needles, a no-exam option may be worth a slightly higher price. Compare both before you decide.
What happens after you apply: underwriting
Every life insurance application goes through underwriting. That is the insurer's review of who you are, how healthy you are and how much risk the policy carries. The result is your rate class, which sets your price.
- Your answers. Health history, medications, tobacco or nicotine use, family history, travel and hobbies.
- Records. Prescription history, a shared database of prior insurance applications, and often your driving record.
- Sometimes an exam. A short visit from a paramedical examiner to check height, weight, blood pressure and lab samples.
- Sometimes medical records. For larger amounts or certain conditions, the insurer may ask your doctor's office for notes.
Insurers do not all weigh these things the same way. One carrier may treat a managed condition, like controlled blood pressure, more favorably than another. That is a big reason to compare several carriers rather than accept the first offer.
Be complete and honest on the application. Policies have a contestability period, usually the first two years, when the insurer can review a claim against what you said when you applied.
Matching the term to the need
The right term ends when the need ends. This table shows common pairings.
| Term | Often used for | Things to weigh |
|---|---|---|
| 10 years | A short loan or a gap until savings catch up | Renewal later costs more |
| 20 years | Raising older children, a shorter mortgage | A popular middle ground |
| 30 years | A new 30-year mortgage, young children | Higher price, longest protection |
| Two policies | Needs that end at different times | Laddering can lower total cost |
Is term life right for you?
Often a good fit
- Parents with children at home. Homeowners with a mortgage. Anyone whose income supports others. People who want a lot of coverage at a lower price.
Maybe not the right fit
- People who need coverage for life, such as for final costs or estate planning. People who want cash value they can use later. In those cases, permanent coverage may fit better.