Is Life Insurance Still Possible for 64 Year Olds?

When people enter their 60s, they often begin to think that life insurance is an overly expensive option for them. This is a common misconception though and life insurance for people in their 60s can still be very affordable.

We always urge people to use free quote tools like the one located on our website before making any sort of assumptions on the price of life insurance.  Click here to run a free quote.

Cheapest Term Life Insurance Quotes for 64 Year Olds

To get you started, we have provided some sample quotes below for you to see how much life insurance may cost you. Remember though, these are just samples and since rates fluctuate, they may not be up to date. Use them as a reference and then use our free quote tool or contact one of our agents for an up to date quote.

Also, the rates below are for NON-SMOKERS. If you do smoke, expect the rates to be double.

Term life insurance for a 64 year old male "Preferred" health class (minor or no health issues), monthly rates:

                               $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term                $39          $52          $113         $219          $427
15 year term                $55          $75          $156         $307          $595
20 year term                $77          $103        $229         $454          $858

Term life insurance for a 64 year old male "Standard" health class (controlled health issues), monthly rates:

                              $50,000  $100,000  $250,000   $500,000  $1,000,000
10 year term              $51          $74           $172          $316          $608
15 year term              $67          $104         $247          $480          $861
20 year term              $90          $146         $355          $709          $1318

Term life insurance for a 64 year old female "Preferred" health class (minor or no health issues), monthly rates:

                              $50,000  $100,000  $250,000  $500,000   $1,000,000
10 year term              $26           $33          $76          $135           $255
15 year term              $38           $45          $101        $187           $357
20 year term              $51           $66          $152        $286           $521

Term life insurance for a 64 year old female "Standard" health class (controlled health issues), monthly rates:

                               $50,000   $100,000  $250,000  $500,000  $1,000,000
10 year term               $37            $45          $104         $188         $370
15 year term               $49            $65          $152         $258         $510
20 year term               $61            $95          $232         $440         $859

How to Find Affordable Life Insurance

Most people are after a good deal and if you are looking for cheap life insurance, the only way to get it is by working with an independent life insurance agency with access to ALL the top rated life insurance companies. They can collect the cheapest quotes and help you to compare them all, side by side. If you are in good health, you can also rely on the accurate results from our online quote tool, which is free.

If you have any atypical health conditions though, we will first need to qualify your condition before performing research on your behalf. Since each life insurance company assesses risk differently, we will need to contact them all individually to get you the best rates. This is a process that can easily take you several days to do on your own.

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Choosing the Best Life Insurance Policy at Age 64

The first thing you need to do is ask yourself why you are looking to take out a life insurance policy. Do you need to replace your income for your spouse, or do you need to cover any debts that you may have? Your answer will help you figure out what kind of policy will suit you best.

As for term length, how long will you actually need it? Just until you retire or until your debts should be paid off? Some people choose to keep a life insurance policy all the way up until they pass.

Some people have a problem with paying an expensive life insurance policy every month, and end up not getting a policy at all. It is much better to have some coverage than no coverage though, so just get policy you can afford to take care of your family.

Life Insurance Quotes for 64 Year Old

Two Other Types of Policies to Consider

Once you hit 64 years old, whole life insurance can start to get expensive. If all you need life insurance for is to cover your funeral and other final expenses, you can actually get a policy very cheaply. Lots of people take out policies between $10,000 and $25,000 and there is no medical exam required and your premiums are guaranteed for life.

“Guaranteed Universal Life” insurance can be another popular choice for 64 year olds looking for cheap life insurance that won’t expire. Also known as “Term for Life”, this is a permanent life insurance policy that has level premiums for the rest of your life. These policies can even go as low as $25,000 but they do require a medical exam.

Bottom Line

Always remember that when shopping for life insurance, the cheapest way is through an independent life insurance agency that has access to all the top rated life insurance companies.

We know this is a lot of information, so if you have any questions at all, please don’t hesitate to contact us. Also, don’t forget to use our free quote tool to get up to date quotes for your own situation.

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About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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