Is Life Insurance Still Necessary After 65?

For many seniors, turning 65 comes with important questions about health, retirement, and financial security. One of the most common questions we hear at BroadZero is: “Do I still need life insurance after 65?” The answer depends on your personal goals, financial obligations, and legacy planning. While it may not be as essential for everyone as it was earlier in life, life insurance can still play a valuable role in your overall financial strategy — especially for seniors in or near retirement.

Here’s what you need to consider when evaluating whether life insurance is still necessary after age 65.

1. Do You Have Dependents or Financial Obligations?

Even if your children are grown and financially independent, life insurance can help protect other loved ones. For example:

• Do you have a spouse who depends on your retirement income or Social Security?
• Are you helping to support grandchildren or other family members?
• Do you still have a mortgage, personal loan, or other debt?

Life insurance can help ensure those financial burdens don’t fall on your family when you’re gone. Many seniors use smaller policies to leave behind a safety net for surviving spouses.

2. Do You Want to Cover Final Expenses?

One of the most common reasons seniors over 65 keep or buy life insurance is to cover funeral and burial costs. These expenses can range from $8,000 to $15,000 or more. A final expense life insurance policy, also known as burial insurance, is often a small whole life policy (e.g., $10,000–$25,000) designed to cover these specific costs.

This gives your family peace of mind and prevents them from needing to dip into savings or use credit to cover these unexpected bills.

3. Are You Interested in Leaving a Legacy or Charitable Gift?

Some seniors use life insurance as a way to leave a legacy for children, grandchildren, or even charitable organizations. It can be a tax-efficient way to pass on money to heirs or make a lasting impact through a nonprofit or religious institution. Unlike other assets, life insurance benefits are typically tax-free and paid quickly to beneficiaries.

4. Do You Have Enough Savings and Assets?

If you’ve saved well for retirement and have no dependents or debts, you may not need life insurance anymore. However, even in this case, a small policy could still be useful for covering final expenses or settling your estate.

Many seniors drop large term policies after 65 and consider converting them into permanent insurance or purchasing a smaller policy that fits their current financial situation.

5. You May Qualify for Affordable Coverage

Even if you’ve had health issues, there are guaranteed issue life insurance options available with no medical exam — though they may have lower coverage limits. BroadZero can help you compare options that fit your health, age, and budget.

Conclusion

Life insurance after 65 isn’t one-size-fits-all, but it can still provide meaningful protection and peace of mind. Whether you’re looking to cover final expenses, support a spouse, or leave a legacy, there are smart ways to structure coverage that supports your financial goals. At BroadZero, we help seniors in Philadelphia find life insurance solutions that fit their needs and budget. Contact us today for a free consultation and policy review.