Costs Of Life Insurance For Men and Women 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.
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 your life insurance policy benefit:
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.
Waiting 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. So don't wait!
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How Do Life Insurance Companies Calculate Rates
When calculating your rates, life insurance companies take into account your lifestyle. So, if you smoke, 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.
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 10/30/2022 - 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 | $65.69 | $79.25 | $137.45 |
| 61 year old male | $40.40 | $69.47 | $96.87 | $165.15 |
| 62 year old man | $43.30 | $74.12 | $104.10 | $162.42 |
| 63 year old male | $49.75 | $77.57 | $109.20 | $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 | $138.24 | $157.22 | $257.45 |
| 67 year old man | $81.38 | $155.05 | $172.38 | $283.30 |
| 68 year old male | $91.75 | $177.72 | $191.55 | $315.75 |
| 69 year old man | $105.38 | $203.84 | $216.50 | $355.45 |
| 70 year old male | $117.89 | $229.75 | $246.48 | $406.25 |
| 71 year old man | $136.55 | $261.95 | $278.53 | $461.50 |
| 72 year old male | $151.80 | $296.28 | $317.32 | $524.78 |
| 73 year old man | $171.35 | $338.25 | $363.96 | $603.55 |
| 74 year old male | $193.58 | $383.75 | $422.92 | $701.85 |
| 75 year old man | $220.33 | $435.22 | $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.
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.
When purchasing life insurance in your sixties, be proactive about shopping around. Competition is out there, so make the most of it!