Best Life Insurance Options for Seniors over 60 Years Old

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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 have the misconception that 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

To help you get started, 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 for the most up to date information.

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

Term life insurance for a 60 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              $28           $33          $72            $137          $259
15 year term              $34           $47          $102          $199          $365
20 year term              $45           $63          $132          $259          $505

Term life insurance for a 60 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              $37          $50           $120         $223         $398
15 year term              $49          $67           $154         $295         $559
20 year term              $64          $84           $201         $397         $818

Term life insurance for a 60 year old female "Preferred" health class (no or minor health issues), monthly rates:

                              $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

Term life insurance for a 60 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              $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

The absolute best way to get the cheapest rate on your life insurance, is to make sure you are working with an independent life insurance agency who has access to ALL of the top rated life insurance companies. This agency will be able to help you compare all of the quotes side by side. If you are in good health, then all you need to do is choose the least expensive option, simple as that. All of our quotes are up to date and accurate.

On the other hand, 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 will be able to give you the best rates. 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 you are taking out a life insurance policy in the first place. 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.

The next thing to think about is 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, whole life insurance can be quite expensive depending on the plan. If all you are looking for is your burial and other final expenses to be covered, then you will be surprised at just how affordable is. Lots of people take out a $10,000, $15,000 or even $25,000 policy to take care of those expenses. 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 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

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. Of course, all of this is a lot of information to take in, so please feel free to contact us if you have any questions at all. 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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