Best Life Insurance Options for Seniors over 60 Years Old

Life Insurance Quotes for 60 Year Old cropOne of the things that tends to be a constant source of amazement to most 60 year olds, is just how cheap life insurance can be for them. Most people in their 60’s believe life insurance is too expensive and that they can’t afford it. In reality, this couldn’t be further from the truth.

We always recommend people to run through a quick and free life insurance quote tool, so they can see just how cheap life insurance actually is.

Cheap Term Life Insurance Quotes for 60 Year Olds

We have provided some sample quotes for people in your age bracket. Remember, these are just references since rates do fluctuate, so make sure to use the free quote tool on our website.

All of these generic quotes are non-smokers rates. If you use tobacco, your quotes are going to go up.

These set of quotes are for a 60 year old man who is in excellent health (meaning he was put in the Preferred health class): 

$50,000  $100,000  $250,000   $500,000  $1,000,000
10 year term              $28           $33          $72            $137          $259
15 year term              $34           $47          $102          $199          $365
20 year term              $45           $63          $132          $259          $505

Here are term insurance quotes for the same man, but put in the Standard health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term              $37          $50           $120         $223         $398
15 year term              $49          $67           $154         $295         $559
20 year term              $64          $84           $201         $397         $818

Women can get cheaper life insurance. Here are premium quotes for a 55-year-old female in excellent health (Preferred health class):

$50,000  $100,000  $250,000  $500,000   $1,000,000
10 year term              $19          $24           $52           $94            $179
15 year term              $28          $31           $68           $125          $237
20 year term              $34          $42           $93           $174          $333

Same 60 year old female in the “Standard” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term              $27         $32           $73            $138           $263
15 year term              $32         $47           $108          $195           $384
20 year term              $42         $63           $147          $265           $524

Saving Money on Your Life Insurance

Whenever we talk to a client, we tell them all the same thing, COMPARE! Why should you compare companies, it’s simple, each company has different ways of issue quotes. Some companies put more importance on age than other carriers. Depending on their algorithm, your quotes are going to vary wildly.

Don’t spend days comparing companies. Use our quote tool, it will do the comparing for you. Enter your information, and you get access to your quotes.

If you have any sort of high risk health conditions, then you shouldn’t rely on the tool alone. In that case, we will have to qualify your health and do a bit of research on your behalf. Every life insurance company has a different way of assessing risk and will price different conditions in different ways. What the agency’s job to do, is to take your unique health condition and shop it around to the providers who can save you money. These agents do this every day and are total experts at getting the best rates for their clients, each and every time.

How to Choose the Best Life Insurance Policy For People Over 60

In order to choose the best coverage, you first need to ask yourself “why am I buying life insurance?”. Do you need to replace your income for your spouse’s benefit? Or do you need to take care of any outstanding debts? The answers to these questions will lead you to the right type of policy for you.

Next, think about how long of a term you will need. If you are still working then you may only need life insurance until your retirement kicks in. If your life insurance is to cover any outstanding debts, then you may only need it until your debts are paid off.

Most people don’t want to spend their life savings while they are still alive to protect their family after they pass. We can definitely understand that kind of attitude. At the same time, having some coverage is better than having no coverage, so find something that’s within your budget and will also give your family some protection.

Because we work so frequently getting policies for people who are over 60 we have put together a more specific series of articles for the ages:

Other Types of Policies Worth Considering

For anyone over 60 years old, permanent coverage can get pricey, especially if you want a large plan. Instead of buying a huge whole life policy, lots of people take out a $10,000, $15,000 or even $25,000 policy to take care of those expenses through a funeral insurance policy. There is no medical check required and the premiums will be guaranteed to you for life.
“Guaranteed Universal Life” insurance is also a very common choice for 60 year olds looking to obtain the cheapest amount of life insurance which won’t expire. These policies are also known as “term for life” policies, as they are a permanent life insurance policy that has level premiums. These policies can even go as low as $25,000 but they do require a medical exam.

Bottom Line

No matter what age you are when getting life insurance, always make sure to work with an independent life insurance agency with access to ALL of the top companies. Remember to use our free life insurance quote tool too, It’s the best way to get an instant, accurate quote.

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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