Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

Full Bio →

Written by

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

Full Bio →

Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Apr 29, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.

The Brief

  • Life insurance for senior citizens is usually more expensive due to a higher risk of death.
  • In some cases, you may not need a life insurance policy as a retiree.
  • Maintaining good health is one of the best ways to save on life insurance.

After a long and exhausting career, you’re probably looking forward to enjoying your twilight years in retirement. Perhaps you’re planning on traveling to white sandy beaches or hiking through country hills and valleys.

But what if the unspeakable happens? In order to enjoy your retirement to the fullest, you’ll need life insurance so you can rest easy knowing your family will be provided for after you’re gone.

Choosing a life insurance plan can be difficult. You’re probably wondering which life insurance policy is right for you. Whole life or term life? What are the pros and cons of term life insurance?

Fortunately, life insurance for retirees is often affordable and easy to get. Keep reading below to find out whether you need a life insurance policy, how to find a policy, and how to save.

But before you do, enter your ZIP code into our free comparison tool above to find affordable life insurance for retirees from providers in your area.

Do I need retirement insurance?

Life insurance is usually put in place to prevent a loss of income from sudden and unexpected death. But when you retire, you’ll probably start living off your savings and social security payments.

If you’re debt-free and able to live on your savings and social security, then you may not need a life insurance policy.

However, if you have outstanding debts or still have dependents that rely on your income, a life insurance policy isn’t a bad idea. For example, if you still have student loan debt once you retire, the government could garnish your social security.

Take account of your finances once you retire to see if a life insurance policy is necessary. If you’re in good financial shape when you retire, it’s probably okay to skip a life insurance policy.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption

How do I find life insurance for retirees?

Many people begin taking out life insurance policies during their working years. Since job stress is a significant factor in recurring health issues, many working-class folks take out a life insurance policy to make sure their loved ones are provided for in case they pass on.

If you already have a life insurance policy in place when you retire, you can hang onto that, but you’ll likely see your premiums increase as you age. This is because as you get older, your life insurance risk class changes and you become riskier to insure.

But if you’re looking into taking a policy out after you retire, many providers will cover you if you’re in decent health. However, retired insurance will likely be more expensive simply on account of your age.

How can I save on life insurance for retirees?

Unfortunately, life insurance for senior citizens will always be more expensive than it is for younger folks. The older you get, the more risk you present to the life insurance company.

However, as long as you take good care of your health, you should be able to find affordable premiums. Refraining from tobacco use, heavy drinking, and other dangerous activities can lower your premiums and score you life insurance discounts along the way.

Of course, the best way to save on life insurance for retirees is to compare multiple life insurance quotes to find the policy that works best for you. Enter your ZIP code into our free comparison tool before you buy life insurance for retirees.