Is it possible to get life insurance to age 90? You may already be very familiar with how term life insurance works— rather than guaranteeing to insure you for as long as you live, this kind of life insurance is for specific time periods (typically between 10 and 30 years).
This is a very practical approach to life insurance; since it may be long enough to cover any dependents a person may have or cover an individual until usual retirement age. At the end of the term many no longer feel they have the need for life insurance. Term life insurance is also a lot cheaper than your average permanent life insurance, so there’s that.
But what happens if you do want your life insurance coverage to last until you’re well into old age— say, 90 years old? Fortunately, you do have an option, and we are here to help.
Universal Life Policy with No Lapse Guarantee Rider
Your main option here is a Universal Life Policy with a No Lapse Guarantee Rider. This is a form of permanent life insurance, but it is very similar to term insurance in that your premium rates are locked in for a certain period of time— albeit a longer period of time than most term life policies. See, the Universal Life Policy with the No Lapse rider allows you to have premiums that never increase, locking in the rate to age 90 or even higher.
Now, although it is permanent life insurance, it differs from other forms of permanent life insurance by not building up a really significant cash value over time. After all, it is not designed to do this— it is designed to provide you with cheap but permanent life insurance coverage for as long as you live. You may not build up its worth, but you will save a lot of money while still making sure your loved ones have something to live on after you pass.
The Best Insurance Companies for Guaranteed Universal Life
We work with over 30 different insurance providers, and we have narrowed it down to the top companies for Guaranteed Universal Life policies that lock in rates to age 90 and beyond. The following life insurance providers offer some of the most competitive rates for this kind of coverage:
Mutual of Omaha
North American Company for Life & Health
The Cost of Life Insurance to Age 90
Guaranteed Universal Life policies are more expensive than term policies, but depending on your current age and coverage needs, they could still be the best option. For an example of pricing, let’s take a look at a scenario based on real-life figures:
Let’s say John is a 50-year-old man applying for a $250,000 policy. For Guaranteed Universal Life coverage, Protective Life offers him a rate of $139 a month, and that’s at Preferred Plus rates.
Meanwhile, if John applies for a 30-year term $250,000 policy, Protective Life will likely offer him a monthly rate of $74— almost half the price of the Guaranteed Life policy. If he applies for a 20-year term for this amount, Protective will likewise offer an even lower rate of $43. Of course, neither of these policies would last John until age 90.
If you are interested in getting life insurance coverage until age 90, please contact us at 888-411-1329 to learn more about your options and start getting free, customized quotes. You can also start comparing rates today using our online quote tool.