Life Insurance Over 60

 

sixties couple

Term life insurance is often your best choice when you reach the age of sixty and over. Obtaing whole life insurance can be difficult and very expensive.

Most life insurance companies will offer you term life insurance over 60 if you are in good health, not obese, don't smoke, and do not engage in any risky behaviors or unhealthy lifestyle choices.

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.

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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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. 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:

  $100K $200K $300K $500K
65 Year Old Woman $38.26 $66.75 $90.23 $148.85
66 Year Old Woman $42.50 $73.50 $96.30 $163.36
67 Year Old Woman $48.67 $82.15 $105.54 $177.68
68 Year Old Woman $43.72 $86.77 $117.72 $195..35
69 Year Old Woman $53.26 $96.57 $135.85 $222.85
70 Year Old Woman $57.53 $106.24 $156.73 $246.85
71 Year Old Woman $63.85 $119.85 $183.74 $274.73
72 Year Old Woman $69.36 $132..35 $212.59 $305.85
73 Year Old Woman $79.77 $152.26 $247.72 $352.30
74 Year Old Woman $89..35 $172.69 $288..35 $398.50
75 Year Old Woman $102.00 $193.60 $340.75 $453.90

Prices shown were obtained on 04/17/2021 - 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:

  $100,000 $200,000 $300,000 $500,000
65 year old man $63.85 $122.32 $141.75 $235.25
66 year old man $71.23 $138.24 $157.22 $257.45
67 year old man $81.38 $155.05 $172.38 $283.80
68 year old man $91.75 $177.72 $191.85 $315.75
69 year old man $105.38 $203.84 $216.50 $355.45
70 year old man $117.89 $229.75 $246.48 $406.22
71 year old man $136.55 $261.85 $278.53 $461.55
72 year old man $151.85 $296.28 $317.22 $524.78
73 year old man $171.25 $338.25 $363.96 $603.55
74 year old man $193.58 $383.35 $422.32 $701.45
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.

 

When purchasing life insurance in your sixties, be proactive about shopping around. Competition is out there, so make the most of it!


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