Since term life insurance policies are only for a specific number of years— usually 10, 15, 20, 25, or 30 years— and most people purchase them between age 30 and 60, it would seem like coverage to age 100 would not only be uncommon, but near impossible to get.
So, how do you get this type of policy?
Is it possible to get term life insurance to age 100?
First things first.
This article is not about how to get life insurance coverage when you’re 80, 90 or 100 years old.
This article covers life insurance options for ages between 30 – 60 who want coverage to age 100.
Coverage up to this age is important for some people, and it is practical because it helps cover funeral and burial arrangements and any debt that may be left behind.
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Universal Life Insurance with No Lapse Guarantee Rider
Although just about every term policy will not go until age 100, you do have the option of a Universal Life Policy with a No Lapse Guarantee Rider. This policy is also known as Guaranteed Universal Life or GUL.
Guaranteed Universal Life insurance is essentially a form of permanent life insurance that works similarly to term life insurance in that your premiums are locked in for a certain period of time.
Although with Universal Life this period of time is much longer than a basic 10-30 year term life insurance policy. In fact, Universal Life Insurance policies with No Lapse Guarantee Rider can be locked in to last until age 100 or even all the way up to age 121.
That said, although this is a type of permanent life insurance, it is not made to build up a really significant cash value over time. While this may deter some, the benefit here is that it provides you with lifetime coverage for cheaper than most other permanent lifetime policies, such as Whole Life. (yes, while it is more expensive than term life, it is still not unreachable and much less than Whole Life).
The Best Companies for Guaranteed Universal Life
We work with over 40 of the top life insurance providers, and we have narrowed it down to the best ones for Guaranteed Universal Life policies that can lock in your premiums to age 100 and even beyond.
The following life insurance providers offer some of the most competitive rates for this kind of policy:
- 5Star Life Insurance Company
Get Immediate Approval with 5Star Life Term to Age 100
Make sure to read our review of 5 Star Life Insurance Company.
They offer a unique term life insurance policy that covers you to the Age of 100. Their policy is not a Guaranteed Universal Life policy. It is a very unique term life product. They have a maximum death benefit of $150,000.
5Star does not require a medical exam or lengthy underwriting process.
Their application is conducted online or over the phone with your agent in a few minutes. If you pass their basic health qualification questions, you are approved. You will have immediate life insurance coverage.
Life Insurance Rates
So, what does it cost to get term life insurance to age 100? Like all life insurance polices, the rates vary from person to person and depend on a number of factors (like age, gender, health condition, tobacco use, etc.)
It is also important to note that guaranteed universal life policies are more expensive than term policies, so that is something to consider if pricing is an important factor to you.
To give you a better idea of the difference in rates, let’s say a 50-year-old man is interested in a $250,000 policy. He is in great health and qualifies for Preferred Plus Non Tobacco rates, so depending on how long he wants his policy to last; he is likely to get offered the following rates:
For 20 years: $43.28 a month with SBLI
For 30 years: $69.17 a month with SBLI
To age 100 (Guaranteed Universal Life): $158.86 a month with Protective Life
Term Life Insurance to Age 100
As you can see, a policy to age 100 is typically more expensive.
However, it still may be the right choice for some people and it might be less expensive than a traditional term policy that is fully underwritten. It all depends on each individual, their health, and their lifestyle.
Life Insurance Blog
Our goal at Life Insurance Blog is to help you find the right life insurance company.
To help you get the right insurance company, we will first try to understand your past and present medical history as well as your lifestyle.
Our recommendations are based on your specific information, and nothing more.
We don’t push any particular life insurance carrier like some agents.
We have access to over 40 companies in order to give you the best chance at securing life insurance.
This gives our clients the best chance possible of getting coverage at the best rate.
Thank you for reading our post, Term life insurance to Age 100, please give us a call at 888-411-1329 if you have any questions or need assistance.
We’ll help you compare quotes and provide you with more information about your policy options.