Cost Of Life Insurance Over 60
Not surprisingly, the best time to get life insurance is when you are young. But, if you are over 60 years of age and never got around to getting it, there's still time.
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Depending on your health and previous medical history, your life insurance costs may still be reasonable.
The best thing to do, is to get a few quotes from different companies so you can compare coverage and premiums.
Choose a life insurance policy amount for a quote:
The reasons to get life insurance coverage can be varied, maybe you want to have your debts paid when you pass, maybe you want your funeral expenses paid, maybe you simply want to leave some money behing for your kids and grandkids. No matter the reason, the way to get the best rates is to compare rates from a few companies, and to start as soon as possible.
Procrastinating Costs Money
The longer you wait, the better the chances that some health issue will arise that will prevent you from getting coverage, or will prevent you from getting the amount of coverage you want at cheap prices. So don't wait!
Of course, you'll also get older, and your rates won't be as cheap.
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How Do Life Insurance Companies Calculate Rates
When calculating your rates, life insurance companies take into account your age, lifestyle, and health status. So, for example, if you smoke or vape, your rates will be around 3 to 4 times more than if you did not smoke or use tobacco products - this applies to both men and women.
If you stop smoking for a while before applying for coverage, your life insurance costs will go down quiet a lot. In addition to being good for your health, quiting will also save you some money - it's a win win.
Of course, some health issues like heart disease, cancer, autoimmune disease, high blood pressure, obesity, diabetes, will affect your premium prices and the chances of being accepted for coverage. If this is the case, you can always go with a guaranteed or no medical exam policy.
Monthly costs for 10 year term life insurance policy for a healthy woman, non-smoker:
| AGE | $100,000 | $200,000 | $300,000 | $500,000 |
|---|---|---|---|---|
| 60 year old female | $25.56 | $45.57 | $54.46 | $86.86 |
| 61 year old woman | $27.22 | $48.93 | $60.35 | $96.25 |
| 62 year old female | $28.78 | $52.36 | $66.42 | $106.58 |
| 63 year old woman | $31.34 | $57.23 | $72.90 | $117.13 |
| 64 year old female | $33.42 | $63.10 | $80.35 | $128.22 |
| 65 Year old woman | $38.26 | $66.75 | $90.33 | $148.85 |
| 66 Year old female | $42.50 | $73.55 | $96.34 | $163.35 |
| 67 Year old woman | $48.67 | $82.15 | $105.54 | $177.68 |
| 68 Year old female | $43.62 | $86.77 | $117.72 | $195.55 |
| 69 Year old woman | $53.46 | $96.57 | $135.85 | $222.85 |
| 70 Year old woman | $57.73 | $106.24 | $156.75 | $246.85 |
| 71 Year old female | $63.85 | $119.85 | $183.74 | $274.73 |
| 72 Year old woman | $69.36 | $132.65 | $212.59 | $305.75 |
| 73 Year old female | $79.77 | $152.26 | $247.62 | $352.40 |
| 74 Year old woman | $89.35 | $172.59 | $288.35 | $398.60 |
| 75 Year old female | $102.00 | $193.60 | $340.85 | $453.85 |
Prices shown were obtained on 03/20/2024 - your insurance costs will be different. Rates will depend on your specific situation and company quoting the rates.
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Monthly costs for a 10-year term life insurance policy for a man, non-smoker in good health:
| AGE | $100,000 | $200,000 | $300,000 | $500,000 |
|---|---|---|---|---|
| 60 year old man | $33.11 | $65.79 | $79.25 | $137.45 |
| 61 year old male | $40.40 | $69.47 | $96.87 | $165.15 |
| 62 year old man | $43.30 | $74.15 | $104.10 | $162.42 |
| 63 year old male | $49.75 | $77.57 | $109.30 | $184.35 |
| 64 year old man | $55.25 | $103.85 | $127.36 | $203.82 |
| 65 year old man | $63.85 | $122.32 | $141.85 | $235.25 |
| 66 year old male | $71.23 | $138.14 | $157.22 | $257.45 |
| 67 year old man | $81.38 | $155.05 | $172.38 | $283.35 |
| 68 year old male | $91.75 | $177.73 | $191.55 | $315.75 |
| 69 year old man | $105.38 | $203.84 | $216.50 | $355.45 |
| 70 year old male | $117.91 | $229.75 | $246.45 | $406.25 |
| 71 year old man | $136.55 | $261.93 | $278.55 | $461.50 |
| 72 year old male | $151.80 | $296.28 | $317.33 | $524.78 |
| 73 year old man | $171.37 | $338.20 | $363.96 | $603.55 |
| 74 year old male | $193.58 | $383.74 | $422.92 | $701.85 |
| 75 year old man | $220.33 | $435.25 | $494.30 | $820.42 |
Premiums shown were quoted on - your rates will most likely be different. This table gives just a estimated idea of life insurance costs.
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Term Life Insurance
Term life insurance offers fixed premiums for the duration of the policy term, providing budget predictability that appeals to many seniors. Policies are sold in 10- to 30-year terms, though options narrow after age 60. While term life is affordable, it carries the risk of outliving your coverage. If you surpass the term length, your policy terminates without payout.
To secure a death benefit, you must reapply and face potentially higher rates tied to your advanced age. While term life fits many budgets, it demands vigilance to avoid lapsing without protection. Periodic renewal is essential, albeit at gradually increasing prices. Still, term life's predictable premiums suit the limited incomes of many retirees. Its temporary nature, however, requires diligent monitoring as policy expiration approaches.
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Convertible Term Life Insurance
Convertible term life insurance policies provide flexibility as you age. These policies allow you to convert from term life insurance to permanent life insurance coverage later in life, often without additional medical exams.
When the initial term period ends, usually around age 60 or 65, policyholders have the option to convert some or all of the term policy to a permanent, whole life policy. Premiums will be higher than during the term period, but likely lower than purchasing a new permanent policy after age 60.
Converting to permanent coverage makes sense for many seniors looking to lock in lifetime protection. Since no new medical exam is required, those with health conditions can convert their policies without being denied coverage or facing sky-high premiums.
Seniors with convertible term life policies should review their options as they approach the end of the term. Converting to permanent insurance can provide lifelong protection and avoid the hassle of reapplying later in life. Discuss your specific policy details and conversion options with your insurance agent or provider.
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Final Expense Life Insurance For Seniors Over 60
Final expense life insurance, also known as burial or funeral insurance, can help seniors over 60 cover funeral and end-of-life costs. This type of permanent life insurance usually pays out between $5,000 and $15,000 to help pay for final expenses.
The application process for final expense insurance is simple - you only have to answer a few health questions and don't need to take a medical exam. This makes it easy for seniors over 60 to qualify.
The rates are very affordable, often starting at just $15 per month. This makes final expense insurance the most budget-friendly life insurance option for people over 50.
While the payouts are smaller than with other types of life insurance, when paired with a traditional whole or term life policy, final expense insurance can ensure seniors have money set aside to cover funeral costs without putting a financial burden on loved ones. The low monthly rates also make this type of insurance easy for seniors on fixed incomes to fit into their budgets.
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Whole Life Insurance
Whole life insurance, also known as permanent life insurance, provides coverage for your entire life as long as you continue paying the premiums. Premium costs are higher for older applicants, so locking in an affordable rate early is important. Most whole life policies require a medical exam, but some final expense plans can be issued without one, using only health questions on the application.
Whole life policies build cash value and have higher monthly premiums than other types, so they may not suit every senior's budget or life expectancy. However, whole life can benefit some healthy applicants in their early 60s. For example, some policies allow you to borrow against the cash value, though loans must be repaid while living. If not repaid, the loan balance is deducted from the death benefit.
While more costly than other policies, affordable whole life plans are available for those over 60 who qualify. The key is applying early while still in good health to lock in a low premium rate.
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Life Insurance With No medical Exam
Some guaranteed life insurance policies do not require a medical exam or tests. You simply have to answer a few questions about your family's health history and your own health. That's about it.
These are very simple policies to get approved for, the drawback is that you can't get a large amount of coverage - typically up to $50,000.
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Guaranteed Issue Life Insurance
Many people in their 60's stay away from shopping for life insurance out of worry that they won't be eligible due to health issues or living choices. That's where guaranteed issue life insurance comes in handy. Typical types of policies like term and whole involve a medical exam and lengthy health questionnaires, whereas this kind gives coverage uncaring of your medical state or lifestyle practices. It's a great option if you have been rejected for other types of coverages as a result of pre-existing issues such as diabetes, heart issues, cholesterol levels, etc.
When purchasing life insurance in your sixties, be proactive about shopping around. Competition is out there, so make the most of it!