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Life insurance is one of the best purchases that you’ll ever make for the future security of your loved ones. When you’re shopping for life insurance, the company is going to look at dozens of different factors when determining how much to charge you for your life insurance coverage. One of the most important factors that they are going to look at is your age. If you’re in your 60s, you may think that it’s impossible to find an affordable plan, but you couldn’t be further from the truth.
I think you’ll agree with me when I say that finding affordable life insurance is tough when you’re 62 years old.
It turns out, it’s tough for many families out there, but it doesn’t have to be. We’ll show you exactly how to get the best life insurance rates.
Here’s what we’ll cover:
- How to save on life insurance in your 60s
- Sample life insurance rates
- Choosing the best type of insurance – burial life insurance? term life insurance? whole life insurance?
- Reasons why many 62 year olds buy life insurance.
When people reach their 60s, they often think they are too old to be able to afford life insurance. It is unfortunate that people think this way, because this is definitely not the case. There are certainly affordable life insurance policies for 62 years olds, and it is just a matter of finding them.
We always recommend that people use a free life insurance quote tool like the one we offer on our site, to see just how cheap life insurance can be.
Is Life Insurance Affordable In Your 60s?
Life insurance coverage at age 62 can be affordable – depending on the type and the amount of coverage that you purchase. Certainly, one of the key components that goes into pricing life insurance is an individual’s age.
There are some things that you can do to help in keeping your premium rate down. One way to do so is to only purchase the amount of coverage that you need. For example, if you are buying a policy to cover your final expenses, then a death benefit that is in the range of $10,000 or $12,000 should suffice.
Just like shopping for any other important item, you should also be a smart shopper and compare before you buy. This is because the policy premiums can differ – even for the same type and amount of coverage. Working with a company or an agency that can provide you with quotes from multiple insurers is typically the best way to go when shopping for life insurance for 62-year-olds.
In doing so, you will be able to directly compare the insurance policies, benefits, and premium prices from numerous carriers – and from there you will be able to determine the plan that will be the best for you and your coverage needs.
Cheap Term Life Insurance Quotes for 62 Year Olds
To get you started, we have compiled a list of sample life insurance quotes to give you an idea of how much things should cost. Remember though, rates do fluctuate so use these quotes as a guideline and use our free tool to give you an up to date quote.
Also, the rates below are for NON-SMOKERS. If you do smoke while seeking life insurance expect the rates to be double.
Term life insurance for a 62 year old male “Preferred” health class (minor or no health issues), monthly rates:
Term life insurance for a 62 year old male “Standard” health class (controlled health issues), monthly rates:
Term life insurance for a 62 year old female “Preferred” health class (minor or no health issues), monthly rates:
Term life insurance for a 62 year old female “Standard” health class (controlled health issues), monthly rates:
How to Obtain Affordable Life Insurance
The only way to ensure you are getting the best rates available, is to use the services of an independent life insurance agency who has access to ALL the top rated life insurance companies. Your agent can help you to compare them and their quotes side by side. Also, if you are in good health, then our free quote tool will prove to be very accurate, simply choose the lowest price.
If you aren’t in such great health though, we will first need to assess your situation and research your options for you. Since every life insurance company assesses risk differently, we will need to contact them all individually to find you the best deal.
Since we do this each and every day though, we have become experts at finding you the best deal. Much simpler than you contacting those companies on your own.
Choosing the Best Life Insurance Policy at Age 62
The first thing you need to do is ask yourself why you are taking out a life insurance policy in the first place. Are you looking to supplement your current income to take care of your spouse? Or looking to resolve any current debts that may still be there when you pass? Your answers will help you to determine what kind of life insurance policy is best for you.
Then there is the term length to think about. If you are still working then you may only want life insurance that lasts until your retirement kicks in. If the policy is to resolve current debts, you may only need a policy that lasts until you project the debt will be paid off.
Some people don’t want to break the bank just to take out a life insurance policy. That is understandable, but remember that some coverage is better than no coverage. It’s much better to get a policy you can afford than no policy at all.
Some Other Types of Policies to Consider
Once you hit 62, whole life insurance can start to get expensive depending on the plan. Some people only need their funeral and other final expenses taken care of for them, and in that case, things can be very cheap. In fact, many people take out a $10,000, $15,000 or sometimes even $25,000 burial insurance policy to take care of these things. There is no medical exam required and the premiums will be guaranteed for the rest of your life.
“Guaranteed Universal Life” insurance is another option for 62 year olds looking for a cheap policy that doesn’t expire. Also known as “Term for Life”, this type of policy is permanent and keeps your premiums level for the rest of your life. You can even go as low as a $25,000 policy but it will require a medical exam.
Can You Still Get Coverage If You Have Certain Health Conditions?
If you do have an adverse health condition and you may not qualify for a “medically underwritten” life insurance policy, there are still options that are available to you. Many people who are in their 60s can qualify for guaranteed issue life insurance.
These plans do not require a medical exam to be taken as a part of the underwriting process – and because of this, many applicants who have certain health issues are still able to qualify for the coverage that they need.
Reasons You Need Life Insurance When You Are 62 Years Old?
When you are in your 60s, many people feel that life insurance is no longer needed. This is because, in many instances, there are no longer dependents who are counting on your income. However, the need for life insurance in your 60s is still very real. There are numerous reasons for this, including:
Regardless of whether or not you have any dependents, most people will have at least some amount of final expenses. Today, the average cost of a funeral and related expenses can be around $10,000. This is especially the case when you factor in the price of a headstone and burial plot, a casket, transportation, flowers, and a memorial service.
There is also a chance that a person could have uninsured medical and / or hospice costs at the end of life. These expenses could be paid off by loved ones using the proceeds of a life insurance policy. Without such funds, loved ones could be liable for these debts, in turn, putting them into financial hardship.
While you may no longer have young children who are depending on your employment wages when you are in your 60s, there is a good chance that you could have a spouse or partner who may be relying on some or all of your pension or other retirement income for his or her living expenses. And, if those income streams were to cease or decrease at your passing, the funds from a life insurance policy could provide a way for your significant other to replace that income stream. Otherwise, they could be left without a way to continue paying the bills.
People both young and old can have debts to pay off. While many years ago it was common for someone in their 60s to have their home mortgage and other debts paid off, today’s financial climate is a different story.
This means that there are many 62-year-olds who will still have a large mortgage balance, as well as other debts such as auto loans and credit card balances, that loved ones could be stuck with if the unexpected were to occur.
Having life insurance could be an ideal way for a spouse or other loved ones to be able to pay off such debts quickly and easily, without having to go into financial hardship for many additional years with these obligations.
Life insurance could also be a way for those who own a small business – and thus have related business debts – to pay these debts off. In this case, the business owner could name a business partner or other individual as the beneficiary.
Depending on your financial situation, you could be in a position of owing estate taxes at your death. Although not everyone is subject to this liability, if you are, estate tax can take a significant portion of your assets – in some cases more than half.
This can end up depleting what your loved ones get from the estate. By obtaining life insurance to pay this tax liability, you can ensure that your heirs receive the fruits of your labor – not Uncle Sam.
If you have any charities that are close to your heart, life insurance can provide you with the opportunity to make a large tax free donation to the organization for pennies on the dollar. By electing to make the charity of your choice the beneficiary of a life insurance policy, you can provide the entity with this tax-free gift – which can essentially end up being much more than can be given during one’s lifetime.
Just because someone is getting older, does not mean that their need for life insurance has gone away. In fact, in many instances, the need for coverage is not only still present – but there are also new reasons to have this important protection.
Because over 60 life insurance can tend to be more expensive – and the underwriters will typically be looking a bit more closely at your health on the application – it will be important to work with an agency or company that can help you through the process. This way, you can be sure that you have all of the proper paperwork in place, and you are able to compare several different options that could be right for you and your coverage needs. Typically, this means working with an independent agency or brokerage that has access to numerous insurance carriers.
When working with an independent agency, you will be working with someone who is on your side, not the insurance companies. This means that they will be trying their best to help you get the coverage – not the other way around.
We know that finding the perfect life insurance policy can be a long and frustrating process, but it doesn’t have to be. Our agents are here to make it as quick and simple as possible. Because we are independent brokers, we can bring all of the best insurance rates directly to you, without the hassle of calling the companies yourself. Your time is valuable, don’t waste it on the phone with dozens of agents. Let us do all of the work for you.
Also, something that many people are not aware of is that not all life insurance companies are alike when it comes to underwriting their applicants. This is especially the case when it comes to applicants who are in their 60s and may be more prone to various health issues.
For instance, as a 62-year-old, a life insurance underwriter will be much more likely to take a close look at your overall health and health history. But, the result that is concluded at one insurer may be completely different than the result that is concluded at another – even for the very same applicant. You may, for example, be rated as a Standard policyholder at one insurer but as a Substandard at another – which could have a significant difference in your premium cost.
This is why it is so important to work with an independent agency that has access to more than just one insurer – and to compare your options before moving forward. It could save you a great deal of premium over time.
We know this is a lot of info to digest, so if you have any questions at all, please feel free to contact us. Also, don’t forget to use our free tool for up to date life insurance quotes.
It’s our mission to ensure that your family has the life insurance protection that they need. We can connect you with the best plan to meet your needs. Our agents can save you both time and money on your life insurance policy.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance process started. Most applicants at the age of 62 assume that they no longer need life insurance protection, but that could be one of the worst things that you ever do for your loved ones. Contact us today and we can help calculate your life insurance needs and ensure that you get the most affordable plan to meet those needs.