2024 Guide on Life Insurance For Seniors Over 60
Written by Daniel Ray, Life Insurance Expert |
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Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
In 2024, the quest for life insurance for seniors overs 60 may seem challenging. But don’t worry—you’re not alone in this!
It’s good to know that there are more choices than ever just for seniors. If you’re searching for the first time or checking out what you already have, this article will help.
Let’s jump in and learn together, making sure you and your family feel safe and sound.
Table of Contents
- Best Life Insurance For Seniors Over 60
- Whole Life Insurance Rates By Age
- The Best Life Insurance For Seniors
- Life Insurance For A 62-Year-Old
- Life Insurance For A 63-Year-Old
- Life Insurance For A 64-Year-Old
- Life Insurance Without Medical
- Is Life Insurance Necessary After 65
- Mortgage Protection Life Insurance Over 60
- Best Life Insurance Carrier for Seniors
- How Can I Get More Affordable Life Insurance
- Compare Life Insurance For Over 60
- FAQs
- Conclusion
Best Life Insurance For Seniors Over 60
Whether you are 61, 62, or 69, life insurance for seniors over 60 is very important to protect the loved ones who depend on you.
Insurance rates by age get more costly as you get older. At this age, your kids are out of the house and usually, the mortgage is almost paid off. So what’s left?
Above all, at this age, your spouse will need a better cushion in the event of your death. Especially if you were the primary breadwinner.
If you took your pension max, then there will be a loss of income. In fact, maybe you have access to credit card debt or loans that would fall into your spouse’s lap at the worse time. Your spouse has been by your side for years and now she has to figure out life without you.
Life insurance for seniors over 60 will do this for them. It will give extra security. For example, cash surrender values especially if you overfund. Maybe a legacy for your kids and grandchildren.
Life insurance can also be a great estate planning tool. So life insurance for the elderly is just as important for getting life insurance in your 40’s.
Buying Life Insurance In Your 60s
Let’s face it, once you are in your 60’s your kids are grown, you are winding down your career and looking forward to retirement.
Well, in most cases that is. This is also the age when your previous life insurance coverage is expiring.
For instance, when you were in your 30’s if you were lucky you got a 30-year term to make sure you got to retirement and got all the kids out of the house.
Now, what do you need to protect? At this age, there are not many family members to protect. In fact, you may have just your spouse or maybe a mortgage to protect.
Maybe a legacy for your grandkids. Life insurance quotes may be still affordable if you do not have any significant health conditions that could cause for a higher premium.
$1 million in Coverage for Males
| Age | 10-Year Term | 15-Year Term | 20-Year Term |
|---|---|---|---|
| 60 | $194.86 | $253.86 | $354.16 |
| 70 | $555.06 | $855.16 | $1,518.74 |
| 80 | $2841.46 | n/a | n/a |
$1 million in Coverage for Females
| Age | 10-Year Term | 15-Year Term | 20-Year Term |
|---|---|---|---|
| 60 | $132.86 | $175.52 | $264.06 |
| 70 | $366.10 | $543.65 | $1,097.47 |
| 80 | $2,039.15 | n/a | n/a |
Affordable Life Insurance For Seniors Over 60
In addition, you want to make sure you have a long term plan together if you are thinking about making sure your final expenses are covered.
Furthermore, permanent life insurance like a burial policy might do the trick.
However, the life insurance premium might be high, or you may need more coverage to make sure your spouse is OK.
Once you are in your 70’s, health problems start to exist, so you do not want to be shopping for life insurance. That is why it’s a good idea maybe shopping life insurance in your 50’s.
Life Insurance For Age 61
Now that you’re in your 60’s, it’s natural to be concerned about the wellbeing of your family if something were to happen to you.
Without life insurance, your family is left to pay for any of your debts. A final expense life insurance for seniors might do the trick. This may be the best life insurance for seniors.
A good life insurance policy can provide you with some much-needed peace of mind.
Unfortunately, once you are over the age of 70, getting approved for life insurance can be a difficult process. Unlike in your 20’s, when they practically give life insurance away!
However, there are always ways to get covered. If you are a 61-year-old in decent health, it’s possible to find cheap life insurance for seniors.
Whole Life Insurance Rates By Age
If you are not in good health, and you are finding it difficult to be approved for life insurance, there is always guaranteed issue life insurance.
Guaranteed issue life insurance may be more expensive than regular term life insurance, but you are guaranteed acceptance, and you will not need to get a medical exam.
This policy will provide death benefit coverage until the age of 90. At this age, this may be the best life insurance for seniors to get.
Therefore, it’s similar to a 30-year term policy for a 61-year-old person.
For a $100,000 guaranteed issue life insurance policy, a 61-year-old should be paying around $100/month.
Of course, the price will vary depending on the insurance company and the individual.
The Best Life Insurance For Seniors
Policies for a 61-years-old
The two most popular policies for a 61-year-old is term life insurance and whole life insurance.
Term life insurance is the more affordable life insurance for seniors of the two. For example, term life insurance will provide you with coverage for 10-30 years, depending on which policy you choose.
Term life insurance is perfect for a 61-year-old on a budget, or a 61-year old that only needs coverage for a few more years.
However, if worried about outliving your term policy, then whole life insurance is a solid alternative.
Whole life insurance provides permanent coverage for a 61-year-old. Although the premiums are more expensive than term life insurance, there are a few added benefits to whole life insurance.
For example, whole life insurance has a cash value build-up component, where it’s possible to accumulate a significant amount of money through your policy.
How Can I Get The Most Affordable Rates On Life Insurance
First of all, we recommend working with a reputable insurance agent.
Finding a decent life insurance policy in your 60’s can be difficult. Having an agent to answer your questions can really ease the process. On top of this, an independent insurance agent will be able to connect you with the top life insurance companies. They’ll compare several quotes, which means it will be easier for you to find an affordable policy.
Think of hiring an independent insurance agent as a lucrative investment. Of course, there are ways to get more affordable life insurance without the help of an independent insurance agent.
A medical exam is part of the application process for most life insurance policies. The more physically fit you are when you apply, the lower your rates will be. Even with optimal health you can still get preferred rates on life insurance over age 75.
More Ways To Help Get An Affordable Rate
Fact-Finding Questions For Life Insurance
Therefore, exercising regularly and maintaining a healthy diet before applying can play a major role in lowering your life insurance rates.
Consistent exercise and eating healthy foods will help you lose excess weight, lower your blood pressure, and improve your mental health.
If you have any unhealthy habits, you should try to break them before you apply for life insurance. For example, cigarette smokers usually pay 2-3 times more on their life insurance than nonsmokers.
If you can manage to quit smoking before applying for life insurance, you can potentially cut your life insurance rates in half.
Our final suggestion for affordable life insurance doesn’t wait any longer.
Whether you are 61 years old, or you are 50 and looking for life insurance, the longer you wait, the more expensive your policy will cost you.
Aside from the higher prices, the longer you wait to get covered, the more of a risk your taking.
If something were to happen to you before you got life insurance coverage, your family would need to pay off your debts and final expenses.
Life Insurance For A 62-Year-Old
The older you get, the more life insurance may start to make sense to you.
By age 62, you probably don’t feel the same amount of invincibility that you had felt in your 20’s or 30’s. A life insurance policy can keep your family financially secure after you pass away. There are a lot of common questions that 62-year-olds have about life insurance.
You may ask whether or not you can get life insurance as a senior with medical conditions. What kind of policy should I get? How much is life insurance at my age?
The good news is that you are making an effort to get covered. If you are a 62-year-old in good health, it’s still possible to find a reasonably priced insurance policy. Below, we’ll go into depth about getting life insurance as a 62-year-old.
What Kinds Of Life Insurance Are Available For A 62-year-Old
There is never a shortage of life insurance options for those that are at or around age 62.
First, you’ll need to choose between term life insurance and permanent life insurance.
Term life insurance provides coverage between 10 to 30 years in length. This is the more affordable option. The majority of 62-year-olds purchase a term life insurance policy. Since you can choose the length of your policy, you won’t be paying for more than you feel you need.
On the other hand, permanent life insurance will cover you for your entire life, so long as you continue to pay the premiums. Furthermore, permanent life insurance policies have a cash value build-up component, which means you can potentially accumulate a large sum of money through your policy.
However, the premiums for permanent life insurance policies are more expensive.
How Much Does Life Insurance Cost At Age 62
What is cost of life insurance at age 62? Life insurance rates for a 62-year-old will be different depending on the company, the person, and the policy.
Although people usually believe life insurance for people over 60 is extremely expensive, term life insurance can still be relatively affordable.
That being said, you’ll want to get covered as soon as possible.
Shopping for life insurance in your 50’s would have been a lot cheaper, but it’s never too late to get life insurance.
To give you an idea of the price, we’ll give you a sample quote. For a $200,000 term life policy, a 62-year-old man in good health can expect to pay around $1250/year.
Meanwhile, the same person might pay around $1650/year for a $50,000 whole life insurance policy.
How Can I Get More Affordable Life Insurance Rates
For most life insurance policies, you’ll need to have a medical exam as part of the application process.
At the exam, they will determine how healthy you are. The results of your exam will greatly affect your life insurance rates. Here are some things you can do to get lower rates on your life insurance policy:
- Improve your overal health before applying: A consistent exercise routine and a healthy diet can help to lower your blood pressure, cut down excess weight, and improve your heart health. All of these things will save you money on your life insurance.
- Quit unhealthy habits: If you can manage to quit smoking cigarettes before applying, your life insurance rates can be cut in half. This is one of the best ways to lower the cost of your policy.
- Compare quotes: You should try to obtain quotes from the top life insurance companies and then compare the rates. Life insurance companies have different medical underwriting. By shopping at life insurance companies, you’ll be able to find the most affordable policy.
Some insurance companies actually specialize in reasonably priced rates to people with certain health issues.
If you’re at the age of 62 and you’re looking for life insurance, you may want to consider hiring an independent insurance agent. An agent can help you with any of your questions and give you useful advice.
Furthermore, since they have experience in the life insurance market, they’ll know where to look to get you an affordable plan.
Life Insurance For A 63-Year-Old
As you approach your mid 60’s, it’s natural to think about your own mortality. More specifically, you may worry about the financial security of your family if you were to pass away.
Without life insurance coverage, your loved ones would need to cover any of your debts and final expenses. However, with life insurance, you can care for your family even after you’re gone.
Although life insurance in your 60’s isn’t extremely common, it’s never too late to get a life insurance policy.
One of the reasons why people in their 60’s don’t apply for life insurance is because they do not think approval is possible, or because they do not think they could afford the monthly premiums due to their age.
The good news is, this is not always true. In many cases, approval is possible for affordable life insurance as a 63-year-old.
If you’re 63 years old without life insurance, it may be because you outlived your term life insurance policy. Or, perhaps this is your first time applying.
Either way, the important thing is that you are now making the effort to be covered.
What Kind Of Life Insurance Is Best For A 63-Year-Old
Contrary to what you may expect, 63-year-olds have several options for life insurance.
The two major categories that you’ll need to choose from is term life insurance and permanent life insurance.
Keep in mind that there is never one universal answer — the best policy for a 63-year-old will vary depending on the individual. Term life insurance provides temporary coverage, usually between 10-30 years in length.
This is the most popular kind of life insurance for a 63-year-old because it is more affordable than permanent life insurance, and people at the age of 63 may only need coverage for a few more years.
Meanwhile, permanent life insurance will cover you for your entire life, so long as you continue to pay the premiums.
Permanent life insurance also features a cash value build-up component, which is one of the main reasons why a person may prefer this option.
How Much Is Life Insurance For A 63-Year-Old
Again, the answer to this question will depend on the individual, the life insurance company, and the kind of policy.
However, we can give you a sample quote of what you may pay for over 60 life insurance. For a 63-year-old in good health, a $250,000 20 year term life insurance policy might cost around $3,900 per year.
For a smaller $50,000 policy, the same person would pay about $1150 per year. If you are a female, your life insurance rates will be lower. This is because on average, women outlive men by about 5 years. Therefore, the rates of life insurance will be lower.
Women are considered less of a risk by the life insurance company.
How Can I Get A More Affordable Life Insurance Policy
If your 63 years old, you may still be in good health.
You should get life insurance while you’re still healthy because if you wait, you’ll need to pay more for your premiums.
The older you are, the more expensive your policy will be. For example, life insurance in your 50’s is quite a bit cheaper than life insurance in your 60’s.
There are also some things you can do before applying for life insurance that will lower your rates. Getting into the habit of exercising and eating healthy may result in lower premiums.
Dieting and exercising can help to lower your blood pressure and improve your heart health, both of which are big factors in determining the cost of your premiums. Anything that improves your overall health will help you get a more affordable life insurance policy.
If you can manage to quit smoking and cut out any other unhealthy habits before applying, you could potentially chop your rates in half.
Finally, we recommend shopping around life insurance companies before choosing a policy. Make sure to receive quotes from top life insurance companies.
This way, you can compare the rates and find the most affordable option.
Life Insurance For A 64-Year-Old
Once you hit the age of 64, you’re officially in your mid-60s.
The dreaded 70s are not far off, and you may have decided that you would like to purchase a life insurance policy in order to protect your family financially if you were to pass away. A lot of seniors in their 60s are hesitant about getting life insurance.
They may not think they would be accepted coverage, or perhaps they do not think they would be able to afford the cost of the premiums.
However, if you are in decent health, it’s still possible to get reasonably priced life insurance as a 64-year-old. That being said, life insurance is definitely cheaper at a younger age.
There is a significant price difference between life insurance for those over 50 and life insurance for those over 60.
What Kind Of Life Insurance Is Best For A 64-Year-Old
Luckily, you have plenty of options when it comes to life insurance policies. The two most popular choices for a 64-year-old are whole life insurance and term life insurance. There are a few major differences between these two kinds of policies.
Term life insurance offers death benefit coverage for a predetermined amount of time — usually, it’s between 10 and 30 years in length. The cost of term life insurance is much cheaper than whole life insurance.
Of the two, term life insurance is usually the preferred option for a 64-year-old. Not only is it cheaper than whole life insurance, but a lot of the time, a person in their mid-60s may only need to be covered for a few more years.
Whole life insurance, on the other hand, offers permanent protection. Although their premiums are more expensive, they have a few things that term life insurance does not
For example, whole life insurance policies have a cash value build-up component. If you have pre-existing medical conditions, it is still possible to find affordable coverage. This is because some life insurance companies specialize in covering high-risk individuals.
How Much Is Life Insurance For 64-Year-Olds
Life insurance rates vary depending on the individual, the life insurance company, and the kind of policy.
To make sure you are getting the best deal, you should compare quotes from the top life insurance companies. Each company has different medical underwriting.
Therefore, by comparing quotes, you’ll be able to choose a more affordable policy. While we can’t tell you how much your life insurance will be without knowing more about you, we can offer you a sample quote.
For a $250,000 10 year term life insurance policy, a 64-year-old male in good health can expect to pay around $95 per month.
Meanwhile, a 64-year-old woman would pay about $62 per month for the same policy.
Life Insurance Without Medical
If you are having difficulty getting covered due to poor health conditions, you should consider getting a no medical exam policy.
Since you are not required to take a medical exam, you are guaranteed coverage.
What Happens When Life Insurance Ends
If you have a term policy, then you may extend it. Most policies stay in force until age 95. Especially if you are still paying the premiums.
You may even want to covert your current policy. Ask your independent agent about all your options. Keep in mind, you also may be overpaying by up to 20% on your current policy.
Ask your agent about a re-evaluation of your policy. PinnacleQuote wants to save you money and put it back in your pocket where it belongs!
Is Life Insurance Necessary After 65
The short answer, yes! You should. Many clients ask us what is the best life insurance for seniors? At this point in your life, your children are grown and most likely married and raising their own families.
Here at PinnacleQuote, we recommend a burial policy or final expense policy.
This ensures that in the event of your death, your family will not be burdened with the expense of your funeral.
Final expense policies are whole life policies. Face amount can vary depending on the amount you are looking for, $5,000- $25,000. Face amounts on final expense usually max out at $25,000 depending on the carrier.
This will cover your burial, and debt left behind and if you want to leave anything to your family.
Mortgage Protection Life Insurance Over 60
If you purchase a home in your 60’s then you may need mortgage insurance.
Mortgage insurance has level premiums and will and usually is a 20 or 30-year term life insurance plan.
Furthermore, mortgage insurance does not have age limits and is a perfect way to protect your home.
It really the best life insurance for senior citizens when purchasing a home because you do not want your spouse to have to take care of things in the event of a death. Most consumers get this type of insurance aged 50 and over.
Best Life Insurance Carrier for Seniors
One of our favorite carriers is Mutual Of Omaha. They offer 2 options:
- Level Benefit Plan: for ages 45-85. Face Amounts $2,000- $40,000. The accelerated death benefit for terminal illness or nursing home confinement. Also if you choose has an accidental death benefit rider.
- Graded Benefit Plan: for ages 45-80. Face Amounts $2,000 – $20,000. During the first 2 years, the beneficiary will receive all premiums plus 10 percent.
How Can I Get More Affordable Life Insurance
For most life insurance policies, a medical exam will be part of the application process.
The healthier you are when you have this exam, the lower your life insurance rates will be. Making an effort to improve your health before applying can go a very long way.
With regular exercise and a healthy diet, you can lose excess weight, lower your blood pressure, and more. If you’re finding it difficult to motivate yourself, knowing that you will save loads on your life insurance policy may do the trick.
If you are a smoker, you will have to pay 2-3 times more for life insurance than nonsmokers. Quitting before you apply is one of the best ways to lower the cost of your premiums.
Lastly, you should consider hiring an independent insurance agent. They can help you find an affordable life insurance plan because they’ll know which companies will offer you the lowest rates.
It also helps to have an expert on your side to give you valuable advice on your life insurance.
Compare Life Insurance For Over 60
When comparing life insurance in your 60’s you might be getting the estate planning in order. In fact, finding the best life insurance will come down to the independent agent you use.
Obviously it is key to have your agent go over all types of life insurance to get the best rate. In some cases, you might want to improve your health if you have anything adverse medical history.
Furthermore, life insurance for seniors, the period of time to get affordable rates is numbered as rates get higher as you age and health issues can arise.
You want to make sure you get a policy that is activated immediately so your family gets a lump sum death benefit.
The sooner the better as if you have a significant issue then your only option may be a guaranteed acceptance policy.
If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.
FAQs
Put simply, it’s like your home’s safety blanket. Say you pass on and still have home payments left. This insurance jumps in, making sure your family doesn’t have to scramble to pay off the house.
Look, age does kinda bump up the price. The older we get, the more bumps and hiccups our health might have. Insurance folks notice this. But hang tight! There are plans out there made especially for the golden age group that won’t break the bank.
Not gonna lie, it’s a tad more challenging. But hey, it’s far from impossible. There are insurance spots that roll out the red carpet for seniors, understanding the special sauce of needs we bring.
You betcha! Refinanced or tweaked your home loan? No sweat. You can shuffle around your insurance or pick a shiny new one to match your current loan scene.
Awesome possum on paying off that house! But life insurance does more. Maybe you’re thinking of the kiddos, grandkiddos, or just covering those end-of-the-road expenses. It’s about keeping things smooth for the fam when you’re jamming in the great beyond.
It could throw a wrench in the works. Some insurance places might side-eye certain health snags. But chin up! Some plans, especially the no-doctor-peeking kind, might be just your ticket.
For sure! Shop around, see who’s offering what. Peek at reviews, maybe chat with folks who’ve been there, done that. And if you can, find a savvy insurance guru to chat with. They’re like personal shoppers for finding your insurance fit.
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Conclusion
There are plenty of reasons to buy life insurance for seniors over 60.
You get the best rates if you purchase it before age 65, and your children may be eligible for reduced premiums on their term policies if they’re listed as a beneficiary.
Plus, there’s no better time than now to make sure that all your loved ones will be taken care of in case something happens to you by getting quotes today!
Give us a call or fill out our online form to see how much coverage we can offer at various levels-whether it is $250k or $5 million dollars worth, we have an option just right for you.
We look forward to hearing from you soon!
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