Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

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...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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Facts You Should Know

  • While some may be skeptical, baby boomers can still get life insurance
  • Some policies even offer estate planning options to avoid taxes
  • Burial and Final Expense insurance is a more affordable option

Baby boomers’ life insurance rates would cover any individual born between 1946 and 1964. While many will know the best life insurance companies by this time, some may find new estate or funeral planning options ideal. There are many policies to fit these needs that are still available for seniors.

While some may consider senior life insurance a lost cause, the truth is that the baby boomers still qualify for a number of plans on the market. While they won’t be able to be as picky as some of the younger generations, there are still options available.

This article will cover the costs by comparing life insurance rates by age charts and using a life insurance cost calculator to determine the best way for baby boomers to save on their monthly premiums. With the right strategy, seniors might be surprised by how low their rates will be.

Curious about what you could pay for baby boomer life insurance rates? Enter your ZIP code to get a free estimate of your quote.

Why Baby Boomers Could Use Life Insurance

A baby boomer life insurance policy could help parents and grandparents ensure that their descendants are taken care of, whether it’s expenses or finally paying off the house. The policy can also be used as a vehicle for one to plan their estate and acts as a legal agreement that has a set end date.

Life insurance can work as a safety net for the uncertainty in a senior’s life. Since no one can be sure what the next day has in store, it’s just a safe practice for baby boomers to make sure that one has their end-of-life expenses covered to help the next generation move on.

The coverage can often be as limited or extensive as the policyholder wants it to be. So a baby boomer currently looking for life insurance may able to get something that sets up an inheritance or just something more modest for funeral expenses.

Senior Life Insurance with Estate Planning

There are a number of benefits to planning out a life insurance policy with an estate or will attachment. For instance, life insurance death benefits are often untaxed, which can keep an individual from being priced into an unrealistic tax bracket. Low-income families benefit from this the most.

There is also the option to put the benefit in an irrevocable trust, and have it payout in pre-determined increments. This is a great plan for the breadwinner of a family, whose loved ones would likely need a consistent monthly income while they try to sort out their lives after such a hard loss.

A trust can also be used in keeping business interests, allowing beneficiaries to take out loans on it, and determining ahead of time what the money can be used on. Paying the premiums on a trust is also customizable, with delayed payment options available for some.

Types of Life Insurance for Baby Boomers

There is a variety of types of life insurance that a senior can take advantage of, although some companies will offer more affordable rates for baby boomers. Thankfully, some of the longer policies don’t apply to seniors.

  • Term Life Insurance – Term life rates are usually more expensive and the best term lengths cover a certain period of life, such as 10 years.
  • Whole Life Insurance – Whole life is exactly what it sounds like, it covers the rest of the policyholder’s life as long as they pay premiums.
  • Burial/Final Expense Insurance – Burial insurance and final expense insurance are typically cheaper because they usually only cover EOL expenses.

There are other types that likely fall in these categories, but most life insurance companies that baby boomers work with will at least have these basic types for the policyholder to work forward from.

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How Much Baby Boomer Life Insurance Costs

It should come as no surprise that the older a person gets, the more they are likely to pay for life insurance. This is further affected by underlying conditions. Even for the healthiest of baby boomers, who will all be over 65 by 2030, the rates are going to be a little higher than younger crowds.

That’s not to say it’s impossible, as there are still companies willing to offer policies to the older folks. Plus with the leaps made in medical science every year, it’s likely that life insurance companies will need to re-evaluate their age cutoffs in the near future anyway.

While seniors will currently have to pay more for life insurance, it’s a small price to ensure that their loved ones are taken care of long after their passing.

Baby Boomer Life Insurance Rates by Age Chart

Baby boomer life insurance rates can vary wildly based on the type of policy, age, and pre-existing medical conditions. Below are is a whole life insurance rates by age chart for a 10-year term policy with a death benefit of $100,000. Baby boomer males with no pre-existing conditions can expect:

  • For age 55, $19.34 per month
  • For age 60, $28.62 per month
  • For age 65, $42.36 per month
  • For age 70, $102.81 per month
  • For age 75, $159.43 per month

It’s plain to see that as the adult gets older, the insurance rates can quickly price out of an affordable policy. However, as long as the policyholder is in good shape, there are some companies willing to decrease the price.

Life Insurance for Baby Boomers: The Bottom Line

While some might think it a lost cause, the truth is that there are baby boomer life insurance rates available for older adults. Some older generations, like the baby boomers, may have to pay more for that coverage, but there are still affordable options available.

Want to see what you could pay for baby boomer life insurance rates? Enter your ZIP code for free to get an idea of what you could pay.