Life Insurance That Fits Your Stage of Life

Term vs. permanent life insurance

Term life insurance is the simplest and generally most affordable form of coverage. You choose a term — often 10, 20, or 30 years — and pay a level premium for a death benefit that pays out if you pass away during that period. If the term ends and you're still living, the coverage typically ends unless you renew or convert it, usually at a higher premium based on your age at that time.

Permanent life insurance, which includes whole life and other cash-value products, is designed to last your entire lifetime as long as premiums are paid. In addition to a death benefit, many permanent policies build cash value over time that you may be able to borrow against or use during your lifetime. Permanent coverage generally costs more than term coverage for the same death benefit, but it doesn't expire the way a term policy does.

Why life insurance still matters at Medicare age

It's a common misconception that life insurance is only useful while raising a family or paying off a mortgage. In reality, many people in their 60s, 70s, and beyond still have good reasons to carry coverage: covering funeral and final expenses so they don't fall to a spouse or children, replacing income a surviving spouse depends on, paying off remaining debt, equalizing an inheritance among children, or covering estate taxes and settlement costs. Because health can change with age, it's often easier — and more affordable — to secure coverage sooner rather than waiting.

Final expense life insurance explained

Final expense life insurance (sometimes called burial or funeral insurance) is a type of permanent policy with a smaller death benefit, usually enough to cover funeral costs, medical bills, and other end-of-life expenses. These policies are typically easier to qualify for than larger permanent policies, with simplified or guaranteed-issue underwriting in many cases, making them a popular option for people who want peace of mind without a lengthy application process.

How to evaluate your options

The right life insurance decision depends on your goals, health, budget, and what you want the coverage to accomplish. A licensed insurance agent can walk through term versus permanent options, help you estimate an appropriate coverage amount, and compare policies across carriers so you're not limited to a single company's products.

How much coverage do you actually need?

There's no single "right" number when it comes to coverage — it depends on what you want the death benefit to accomplish. If the goal is purely covering final expenses, a smaller policy in the range of a typical funeral and related costs may be enough. If the goal is replacing income for a surviving spouse, covering a remaining mortgage, or leaving a larger legacy, the appropriate coverage amount is usually higher. Rather than guessing, it helps to add up specific obligations — funeral costs, outstanding debt, income replacement needs, and any inheritance goals — and work backward from that total.

Underwriting and health questions

Life insurance applications typically involve some level of health underwriting, ranging from a full medical exam for larger permanent policies to simplified or even guaranteed-issue underwriting for smaller final expense policies. Because health can change with age, and because underwriting classifications directly affect your premium, applying sooner rather than later — while you're in better health — often results in more options and lower costs. Waiting to "see if I need it later" can mean paying significantly more, or in some cases no longer qualifying for certain policy types at all.

Life insurance and your broader retirement plan

Life insurance doesn't exist in a vacuum — it works alongside the rest of your retirement plan. For example, permanent life insurance with a long-term care rider (a type of hybrid policy) can double as a way to plan for the cost of care later in life, addressed in more detail on our Long-Term Care Planning page. And for some clients, a portion of savings earmarked for legacy purposes may be better suited to a fixed indexed annuity with a death benefit feature rather than, or alongside, a life insurance policy — something a licensed agent can help you compare based on your specific goals and health.