Seniors Ask: What Age Is Too Late to Buy Life Insurance?

If you’ve reached your 60s, 70s or beyond and you’re thinking, “Is it too late for me to buy life insurance?” — the short answer is: no, it’s not too late. But the answer isn’t simple either. Age, health, coverage type and budget all matter. Here’s what you need to know.

Why age affects your life insurance options

As you get older, the cost of life insurance goes up. Premiums increase because from the insurer’s viewpoint there’s a higher risk of paying out sooner.
Beyond cost, the type and term of policy are affected by age. Many term-life policies stop being issued at certain age thresholds.
For example, if you’re in your 70s and applying for a 30-year term policy, many carriers may only allow a shorter term or might require a permanent life option instead.

What the data and policy limits say

• Some insurers set a new application cut-off age around 75-80 for term life coverage.
• Whole-life and permanent policies often allow new applicants into their 80s, depending on health and insurer.
• If you’re over age 80, your options narrow and premiums can be steep—but there are still choices like final-expense or guaranteed-issue policies.

When you should still consider buying

Even if you’re older, it can make sense if one of the following applies:

• You have dependents who rely on your income or benefits.
• You have unfinished debts (mortgage, co-signed loan) that would burden your family.
• You want to leave a legacy—gift, estate, or donation.
• You want to cover funeral expenses so your loved ones aren’t left with the cost.

When you should pause and evaluate

On the flip side, it may not make sense if:

• You’re in a strong financial position with no dependents, debts or big obligations.
• The premiums are so high that they drain your budget or reduce your quality of life now.
• You have health conditions that make premiums prohibitively high for the coverage amount you need.

What to ask when you’re ready to explore

• What’s the maximum issue age for this policy?
• What’s the cost per $100,000 of coverage at your age and health level?
• Is there a simplified issue or guaranteed-acceptance option with no medical exam?
• Does the policy match your goal (funeral cost, income replacement, legacy) or is it just something?
• Are the premiums fixed for life, or can they increase?

My take as your trusted life-insurance expert

You’ve earned the right to ask this question. And the answer’s empowering: it’s not too late, but it requires smart decision-making. At your stage, focus on clarity:

• What you’re protecting.
• What you can afford.
• What truly makes sense for your family.

If protection for those you care about matters, then even at age 70 + a thoughtful life insurance strategy can be meaningful. It’s never about forever—it’s about right now and how you want to show up for those you love.