Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Sep 7, 2021

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The Lowdown

  • Buying baby boomer life insurance can help to protect your family from dealing with too many expenses after your death
  • Even if you don’t have anyone dependent on you for care or financial support, life insurance for baby boomers is still important to consider
  • Term life insurance may be the best option for baby boomers

Life insurance gets more expensive as you age, so if you’re looking for life insurance for baby boomers, it may be hard to find affordable options.

But why do baby boomers need life insurance? And when it comes to term vs. whole life insurance, which type of insurance is better for baby boomers?

Read through our comprehensive guide to find out everything you need to know before you buy life insurance for baby boomers.

Looking for affordable life insurance for baby boomers? Enter your ZIP code to get free quotes from the best life insurance companies for baby boomers in your area.

Why do baby boomers need life insurance?

If you’re a baby boomer (born between 1946 and 1964), you may be wondering why you need life insurance. There are a variety of reasons why having life insurance at an older age is important, and the value of life insurance for baby boomers is often overlooked.

One of the main reasons why baby boomers should consider getting life insurance is to help support your spouse, your children, or any other dependents you have at the time of your death.

If you have people that rely on you for care or financial support, getting life insurance and naming them as beneficiaries would help them to be able to support themselves after you die.

Even if you don’t have anyone dependent on you, having life insurance as a baby boomer can help your family to pay for your funeral and any other related expenses.

When you pass away, it falls on your family to cover the costs for your funeral. If you purchase life insurance, you can set aside money for them to cover these costs.

Buying baby boomer life insurance may also be worth considering if you have unpaid mortgages, medical bills, or debts that would fall on your family to settle after your death.

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What is the best type of life insurance for baby boomers?

When buying baby boomer life insurance, you might find yourself trying to choose between term life insurance and whole life insurance.

Term life insurance offers you temporary coverage for a set period of time, usually 10, 20, or 30 years.

Whole life insurance is a form of permanent coverage that can last you your whole lifetime, but it is often considerably more expensive to buy than term life insurance.

Although whole life insurance offers a wider variety of benefits, like a cash value and fixed rates, term life insurance is usually the best option for baby boomers.

Since your coverage period as a baby boomer will likely be shorter, buying term life insurance is generally more practical. However, if you ever do decide to extend your coverage in the future, many term life insurance policies are convertible to whole policies.

Term life insurance is also considerably more affordable, making it a good option for baby boomers since life insurance rates get more expensive as you age.

How much are baby boomer life insurance rates and are there any discounts available?

Because life insurance gets more expensive as you age, life insurance rates for baby boomers tend to be on the higher side.

However, your rates will also be impacted by other factors such as your sex, health status, lifestyle, and coverage amount.

Let’s take a look at a whole life insurance and term life insurance ratings chart to see how factors like your age and sex will affect what you pay for life insurance as a baby boomer.

Whole Life Insurance and Term Life Insurance Rates for a $100,000 Policy
SexAgeWhole Life Insurance Rates Per Month10-Year Term Life Insurance Rates Per Month
Male65$359$54
Female65$305$37
Male75$643$151
Female75$572$119
Male85$1,478N/A
Female85$1,259N/A
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On average, older males tend to pay the most for baby boomer life insurance.

Discounts for baby boomers aren’t widely available, but there are ways you can find more affordable life insurance for baby boomers.

One way is through purchasing a term life insurance policy, since term life insurance is generally cheaper than whole life insurance.

Another way you can save money when shopping for baby boomer life insurance is to compare the life insurance rates from different companies and choose the company that suits both your budget and coverage needs.

What are some of the best life insurance companies for baby boomers?

Some of the best life insurance companies for baby boomers include Banner Life, Pacific Life, Protective, and Lincoln.

These life insurance companies offer some of the cheapest term life insurance rates for baby boomers. However, your rates will vary depending on a number of factors specific to you and your policy.

Trying to find baby boomer life insurance near you? Enter your ZIP code below to get free life insurance quotes for baby boomers.