Whole Life insurance Age Limit

Key Takeaway

Because there is generally no age limit for taking out a whole life insurance policy, it’s usually not too late to purchase one. That said, many policies expire when the policyholder reaches an advanced age, such as 100 or 105 or beyond.

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4/21/2024



When investigating options, insurance terms may sound dizzyingly complicated at first. However, with a little life insurance education, it’s easier to understand the nuances of the different policy types and choose the one that works best for you.

Whole Life Explained


Whole life insurance is a policy that usually stays in effect until the policyholder is one hundred years old or until they pass away–whichever comes first, as long as all premiums are paid. Part of the premium is kept as account value, which typically allows the insured to build wealth, borrow against the balance to pay unexpected bills, and withdraw the value if needed. The account value usually accrues interest, albeit at a low rate. That said, if the policy is taken out when the insured is young, the account value can often quietly grow to be significant.

When an insured person lives to be one hundred or older, the insurer may pay out the coverage amount and close the account or give an extension until the policyholder’s death if they keep paying the premiums. In some cases, the life insurance company may keep the policy in effect and waive the premiums until the insured passes away.

Applying for a whole life insurance as a senior is a different process from applying as a young adults because of issue ages, health requirements, and underwriting criteria. As people age and start to experience more health issues, they may not qualify for all forms of life insurance. However, many whole life policies only require that an applicant complete a questionnaire about their health rather than have a medical exam.

Cost Considerations


As attractive and popular as whole life insurance policies may seem to be, be aware that they can be more expensive than other forms of life insurance and premiums also need to be paid for life (unless an insurance company offers a single premium variation or other payment options). The amount of the premiums for whole life insurance can vary considerably depending on the age and health of the insured when the policy is issued, the amount of the coverage, the credit history of the payor, the risks involved in the insured’s career and lifestyle choices, and more.

Final Thoughts


If you are interested in the financial solutions that may be offered by a whole life insurance policy, don’t let your age get in the way.

Because there are usually no age limits for whole life insurance policies and they typically stay in effect for life, as long as premiums are paid, they can be a popular way for a person to help protect their family and loved ones. The death benefit is paid to the beneficiaries when the policyholder dies and is typically not considered taxable income (although the interest on the account value may be taxable).

Which Is Right for You?


Navigating the world of life insurance can be daunting, with policies that offer several features that may sound appealing, but may not align with your unique goals. Both guaranteed issue and non-guaranteed life insurance policies come equipped with their own set of benefits and challenges, but they aren’t the only options.


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The information above is for educational use only and does not represent insurance, tax or legal advice. It is not a recommendation or solicitation to buy insurance. Please talk to your licensed insurance agent for more information about life insurance and your needs. Please consult with the appropriate professional for tax or legal advice. Guarantees are backed by the claims-paying ability of the issuing insurance company.


Article Author: Meredith Bell
Author Bio: Meredith joined Everly in 2022 and has 20+ years of experience in the life insurance industry. She has held various roles in advertising, marketing, communications, sales and distribution support, and product development. Outside of the office, Meredith lives with her daughter Kennedy and their dog Mavis. Meredith enjoys cooking, camping, gardening, hiking, and bourbon (though not always at the same time). She is a live music enthusiast and an avid reader. Her favorite quote is by Thomas Jefferson: "I cannot live without books." Meredith agrees, but would add cheese, movies, and dogs to that list.

Policies are issued by Everly Life Insurance Company (“Everly Life”), Topeka, KS. Everly Life is not licensed in the state of New York and does not solicit or transact business in New York.

A.M. Best's 15 ratings are a measure of claims-paying ability and range from A++ (Superior) to F (in Liquidation). Ratings are current as of January 25, 2024 and subject to change at any time. While ratings can be objective indicators of an insurance company's financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company and do not apply to any underlying variable portfolios. The insurance agency from which a policy is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities, nor are these entities involved in any rating agency's analysis of the insurance companies.

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