Best Life Insurance Options for 62 Year Old [Insider Guide]

Quick tip:  Instant life insurance quotes will be displayed immediately on the next screen by filling out the form on the right.  

You’re close to retirement! Congratulations! It’s going to mean a lot of different changes.

One of those is your life insurance needs. Most people think they don’t need life insurance when they retire, which simply isn’t true. If you assume your rates are affordable, think again.

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 might not be simple, but it’s possible, and that’s why we are here. It’s our goal to take the stress off of you.

Here’s what we’ll cover:

Most people in their 60s think they are too old to be able to buy 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.

Life Insurance Quotes for 62 Year Olds

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 is in between $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 – then we can decide which policy is best.

Cheap Term Life Insurance Quotes for 62 Year Olds

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 a quote.

WARNING: before you start browsing these quotes, they are non-smokers rates. If you smoke, skip to the next section.

Term life insurance for a 62 year old male “Preferred” health class (minor or no health issues), monthly rates:

Term Length $50,000 $100,000 $250,000 $500,000 $1,000,000
10 Year $32 $42 $88 $171 $313
15 Year $44 $60 $125 $244 $485
20 Year $59 $80 $175 $337 $661

Term life insurance for a 62 year old male “Standard” health class (controlled health issues), monthly rates:

Term Length $50,000 $100,000 $250,000 $500,000 $1,000,000
10 Year $44 $61 $147 $274 $540
15 Year $58 $81 $192 $386 $689
20 Year $76 $111 $263 $521 $1033

Term life insurance for a 62 year old female “Preferred” health class (minor or no health issues), monthly rates:

Term Length $50,000 $100,000 $250,000 $500,000 $1,000,000
10 Year $22 $28 $64 $116 $217
15 Year $32 $38 $82 $154 $291
20 Year $41 $53 $119 $223 $434

Term life insurance for a 62 year old female “Standard” health class (controlled health issues), monthly rates:

Term Length $50,000 $100,000 $250,000 $500,000 $1,000,000
10 Year $32 $38 $87 $167 $317
15 Year $39 $53 $124 $224 $442
20 Year $51 $78 $187 $348 $668

How to Obtain Affordable Life Insurance

These quotes are random samples of the rates you could receive. Unless you’re in identical health than the applicant we used above, your rates are going to be different. Additionally, unless you use the same company, you’re rates will be higher as well.

As long as you’re in good health, you can use our quote tool. You’ll get a handful of rates all at once.

If you aren’t in such great health though, we will first need to assess your situation and research your options for you. 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

Before you can buy a plan, you have to outline why you’re buying a policy. If you don’t know why you’re buying a plan, you won’t know the kind you need or how much. Do you want to give your family extra cash if you die? 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.

If you don’t want to pay for a full sized plan, you can buy a smaller policy to save money. Having some coverage is better than none.

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 to stay the same.

“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. 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:

Final Expenses

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.

Income Replacement

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.

Debt Payoff

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.

Estate Taxes

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.

Charitable Donations

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.

Bottom Line

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.


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 want to protect your family with the life insurance protection they need. We can connect you with the best plan to meet your needs.

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.

Instant Quote
About Jeff Root

is the owner of He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

This entry was posted in Life Insurance In Your 60s. Bookmark the permalink.


going to be 62 in june i have a little medical trouble would like life insurance to take care of me when i pass. And maybe a little left to my son not sure what way to go.

January 16, 2015 at 10:25 am
    Jeff Root

    Hi Roger – Give us a call, we’ll shop the market for you and answer any questions you may have.

    January 16, 2015 at 10:47 pm

Hi my name is autumn. My grandmother is very ill and I’m looking for a cheap life insurance just to help pay for funeral expense’s. Is that possible?

June 25, 2015 at 5:11 pm

Hello, I am a 62 yr. old man who has a couple medical issues and am looking for help to get the best term insurance for the best price. I’m a disabled veteran and really need to take the time to do this as it would really give me some peace of mind! Ty for your time and help in this matter.

May 25, 2016 at 2:06 am
    Jeff Root

    We have options Jerry. We’ll send you an email, but you can call us at 888-430-7668 as well.

    And thanks for your service.

    May 25, 2016 at 9:52 am

I am 62 yrs old. I am 5’8″ tall and weigh 225 lbs. I am in perfect health. The only medications I take are for depression which is successfully controlled with antidepressants since I was 26 years old. Is there a life insurance company that will not rate me as substandard due to my weight?

June 6, 2016 at 4:20 pm
    Jeff Root

    Gloria, you should qualify for Standard rates with many carriers. Give us a call at 888-430-7668 and we’ll share the companies and rates.

    July 1, 2016 at 11:34 am

I am 62, female, non-smoker, 5’1″, 145 lbs., good health except for high blood pressure, financial health not so good just now so I’m looking for the very cheapest term life I can get. I am divorced, lost two of my siblings in the past couple of years, just want to have my funeral expenses covered and everything taken care of so it will not be a burden on my nieces when I pass on. Is there somewhere I can make comparisons online and make a decision that way, online form and everything? I am working, have a hearing problem, wear hearing aids, just easier if I can do it all online instead of via phone.

January 23, 2018 at 10:54 am
    Jeff Root

    Hi Brenda,

    We’ve been in touch. Thanks for reaching out – we can absolutely help you and do this all online and over email.

    February 4, 2018 at 8:16 am
Sandra Porter

Hello looking for the best possible insurance for my age 62

January 27, 2018 at 8:32 pm
    Jeff Root

    Hi Sandra,

    We’ve sent you an email. Thanks for reaching out.

    February 4, 2018 at 8:17 am

I’m interested in 50,000 or 100,000 life insurance. I’m a healthy 61 yr. old male.

February 9, 2018 at 9:50 pm
    Jeff Root

    Hi Clayton, We’ll be in touch shortly. Feel free to call us at 888-430-7668 for immediate assistance.

    February 10, 2018 at 8:13 am
Leave A Reply