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

We encourage you to run an instant life insurance quote to see how inexpensive life insurance can really be.

Most people in their 60's are downsizing and working out their 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.

Cheap Term Life Insurance Quotes for 61 Year Olds

Here are some sample quotes. Keep in mind that life insurance rates fluctuate, so use our instant quote tool to view the most updated life insurance rates.

The rates below are for NON-SMOKERS. If you're a smoker, your rates are typically double these rates.

Term life insurance for a 61 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               $30         $37            $80             $154        $280
15 year term               $39         $53            $113           $224        $418
20 year term               $53         $71            $152           $298        $583

Term life insurance for a 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

Term life insurance for a 61 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              $21          $26           $56          $105          $199
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

If you want to secure the cheapest term life insurance possible, make sure you're working with an independent life insurance agency who has access to ALL of the top rated life insurance companies and can compare them side by side for you. If you're healthy, our online quotes will provide updated and accurate rates. Simply choose the least expensive option.

However, if you have any high-risk health conditions, we'll need to qualify your health and research your options. Every life insurance company has different underwriting guidelines and will view your risk differently. It's our job to take YOUR unique risk and reference our underwriters to see who will provide the best rates.

We truly are experts at finding the lowest life insurance rates on the market for our clients. That's what we do all day, every day. 

Even if you've been turned down for coverage or think you're uninsurable because of some health conditions, we have some options - including guaranteed issue life insurance options.

Choosing The Best Life Insurance Policy at Age 61

Ask yourself what the purpose of this coverage is first. Is it to replace your income for your spouse? Pay off any outstanding debts? These questions should lead you to the amount of coverage you need.

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

For most people, it's about not breaking the budget to cover their loved ones. We get that. Just remember that some coverage is better than no coverage at all. Find something within your budget that you can comfortably pay.

Two Other Types of Policies to Consider

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 insurance policy to take care of these. There is no medical exam required and the premiums are guaranteed level for the rest of your life.

"Guaranteed Universal Life" insurance is also a very popular choice for 61 year olds looking for the cheapest amount of life insurance that doesn't expire. Also referred to as "Term for Life", it's a permanent life insurance policy that has level premiums for the rest of your life. These policies go as low as $25,000 of coverage and require a medical exam.

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.  Work with an independent life insurance agency who can explore ALL your options. We know this is a lot of information to take in, so we're here if you have any questions. Also, please utilize our online life insurance comparison service to see how much life insurance would be for you.

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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