Cost Of Life Insurance For Males and Females 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.
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!
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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 08/30/2023 - 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.
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.
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!