Best Life Insurance for 61 Year Olds – Approval & Free Quote

Many 61 year old people looking for life insurance have a misconception that life insurance is really expensive. Many are surprised to find it’s much cheaper than they think.

Most people in their 60’s are getting close to retirement if they haven’t already retired.  With that being said, we know that you’re price sensitive and budget minded when it comes to purchasing life insurance at age 61.

Just remember that the longer you wait to purchase life insurance, the more expensive it will be.  Every year that you put life insurance off now becomes very costly, especially when you get to your fixed income years of retirement.

How much is Life Insurance for 61 Year Olds

 

If you came to this page, you’re probably wondering how much your coverage is going to be. Sadly, we can’t tell you without talking to you.
The carrier is going to look at every area of your health. We can’t give you precise numbers, but we can give you ballpark figures.

If you’re a 61 year old man, who is in great health, here is what you might pay every month:

$50,000  $100,000   $250,000   $500,000  $1,000,000
10 year term               $30         $37            $80             $154        $280
15 year term               $39         $53            $113           $224        $418
20 year term               $53         $71            $152           $298        $583

61 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               $40           $55           $132          $246         $484
15 year term               $54           $73           $172          $335         $620
20 year term               $69           $100         $235          $466         $923

Woman are going to get cheaper rates. 61 year old women in excellent health:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term              $21          $26           $56          $105          $199y
15 year term              $30          $34           $75          $138          $261
20 year term              $37          $47           $106        $197          $377

Term life insurance for a 61 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             $29           $35           $79          $152          $289
15 year term             $35           $48           $111         $209          $412
20 year term             $46           $71           $168        $313          $597

How To Save Money on Your Life Insurance

 

As we mentioned, those are generic quotes. As an older applicant, there are hundreds of reasons you might get higher premiums. In most cases, they are best case scenario rates.

Hopefully, you get the best health rating, but if you aren’t in the best shape, you probably won’t. You can’t do anything about your age, but you can make some improvements about your health.

Because of your age, it’s more likely you have a pre-existing health problem. If you do, make sure you do as much as possible to control your health. For example, a lot of our older applicants have been diagnosed with diabetes. The best way for those applicants to save money is to go to their doctors and work to improve their diabetes condition as much as possible. This can be through diet and exercise.

Another way you can get cheaper life insurance is to compare, compare, and then compare a little more.

If you were buying a car, would you trust someone you didn’t know and buy the first car they showed you? More than likely, you wouldn’t. Why would you do that with a life insurance policy?

What if you had an expert who could show you a dozen cars all at once and let you compare them head-to-head? That’s what we do for life insurance. We aren’t under contract by only a single carrier. This is what makes us special, we can deliver a ton of carrier quotes straight to you.

Even if you’ve been declined for life insurance in the past, we can still get you life insurance.

Which Life Insurance Policy is Best at Age 61

When you’re picking a plan, there are a couple of thinks you need to review:

  • Length of coverage
  • Type of policy
  • Size of policy

As far as term length goes – Are you working? If so, maybe you only need the life insurance until you retire. Is this to pay off a mortgage or any debts? Then forecast how long that will take.

At the minimum, your life insurance should give the money to pay off a mortgage. Don’t leave your family worrying about how they are going to make a house payment.

Term vs. Whole for 61-Year-Olds

Whole life insurance for a 61 year old will be expensive, but if you just need burial costs and final expenses to be covered, it can be VERY affordable. Many people will buy a $10,000, $15,000 or even $25,000 whole life plan to pay for any final costs. These plans are much smaller, which equals cheaper monthly premiums.

Term on the other hand can give you extra protection for the same cost, but will expire in the future. As an older applicant, you may not have a huge mortgage payment or people who rely on your income. You can buy a smaller term policy, and it’s going to be much cheaper. The main advantage of these plans is you can buy a short term, and then you won’t always be paying for a plan you don’t need anymore.

A lot of people in their 60’s get a small final expense policy to cover their burial costs and a 10 year term policy to get them passed these critical income earning years where your untimely passing would have a significant impact on your loved one’s, ie your dependent spouse or children.  This is a very efficient way to purchase life insurance in your 60’s while you’re still earning an income.

Bottom Line

While life insurance for people who are 62 will not be that different than those who are 61, the premiums for those over 65 can be significantly higher.

Regardless of the age, we tell all of our clients the same thing – team up with an independent agency. At Rootfin, we want to help you protect your family at the most affordable plan, but even if you decide to work with another company, we want your loved ones to have the insurance coverage in place.

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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2 Comments

sherry armitage

I just bought a house for my son and his family….if something happens to me , bank would get house. I’m in good health but want house to be paid off if I’m gone. Is that possible ?

October 7, 2016 at 3:30 pm
    Jeff Root

    Smart move to buy life insurance and a great selfless way to take care of your family. Any questions, let us know.

    October 16, 2016 at 4:58 pm
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