Last Updated: November 2020
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Unfortunately, many people assume they won’t be able to afford life insurance if they are over 60. This is because they only get quotes from one or two companies and stop.
If you know what you’re doing, you can find affordable life insurance at age 63. The reality is, most 63-year-olds are quite surprised when they learn just how cheap it can be.
Below, we’ll show you how to do just that, and you’ll see sample life insurance rates for 63-year-old males and females.
- Sample Rates: The Cost of Life Insurance for 63-Year-Olds
- The Best Life Insurance Companies for 63-Year-Olds
- The 5 Best Burial Insurance Companies for Seniors Over 60
- Selecting the Right Type of Life Insurance Policy at Age 63
- Tips to Find Affordable Life Insurance at 63 Years Old
Sample Rates: The Cost of Life Insurance for 63-Year-Olds
To get you going, we have provided you some quotes to use as a guideline for age 63.
Please remember though, these are just sample quotes and actual rates do fluctuate based on a number of factors. To get the most accurate quotes possible, please use our free tool, which will give you up to date results.
Rates for Men
Monthly premiums for a term life insurance for a 63 year old male “Preferred” rate class:
Same applicant (63 year old male) but “Standard” health class (controlled health issues), monthly rates:
Rates for Women
Now let’s look at the premiums for a term life insurance for a 63 year old female “Preferred” health class (minor or no health issues), monthly rates:
Term life insurance for a 63 year old female “Standard” health class (controlled health issues), monthly rates:
The Best Life Insurance Companies for 63-Year-Olds
The best life insurance carrier for you is probably not the same as what’s best for your neighbor or your partner. In general, we most often recommend these 3 companies to people at age 63.
- Protective Life– the best company for term life insurance. They offer low rates for people in their mid-60’s.
- Mutual of Omaha – the best whole life insurance company for age 63. They offer the best rates for whole life insurance and offer smaller coverage amounts for burial insurance.
- Banner Life Insurance– the best company for high-risk life insurance. If you have a medical condition or other health problems, definitely look at Banner. The way they price their substandard health class makes them a low-cost choice for high-risk individuals. They also approve applicants with many risks that other companies decline.
We recommend comparing quotes from these companies and other top carriers.
The 5 Best Burial Insurance Companies for Seniors Over 60
For most seniors, burial insurance is the best type of coverage because of its affordability and value. The 5 companies below are the best burial insurance companies for anyone over age 60.
- Mutual of Omaha – Great for low rates, and reputation with strong financial ratings.
- Family Benefit Life Insurance – Great for low rates, especially for high-risk applicants. Only available in 28 states.
- Prosperity Life – Good rates for non-cigarette smokers (marijuana, chew, dip, or cigar smokers) & diabetics.
- Guarantee Trust Life – Great for high-risk applicants who can’t qualify for level coverage with other companies. Only 5 health questions on the application. Graded death benefit life insurance policy, but cheaper and better than other guaranteed acceptance policies.
- Royal Neighbors of America – Great for extra benefits with your coverage. They also accept a lot of risks that other companies won’t.
Selecting the Right Type of Life Insurance Policy at Age 63
To make sure you get the right type of policy, you need to ask a few questions.
Why Do You Need Life Insurance?
Start by asking yourself why you are taking out a life insurance policy.
- Do you need it to replace your own income for your spouse’s benefit?
- Do you need it to cover any debts you may leave behind?
- How much money would your loved ones need if you passed?
The way in which you answer those questions should determine what type of plan is right for you and how much coverage you need.
How Long Do You Need Coverage?
Next, you need to know how long you need to be covered. For the length of the term:
- Do you need it only until you stop working when retirement kicks in?
- Do you need it until your debts will be paid off?
- Do you need it all the way up until you pass?
You can usually find policies at age 63 in 10-year, 15-year, or 20-year terms.
It is often better than they have some coverage compared to no coverage at all. And it is much better to get a policy at age 63 instead of looking at life insurance at 65, for example. That’s why we recommend getting covered with a policy you can afford now, then you can add more coverage later.
Additional Types of Policies to Consider
At 63, whole life insurance can start to get pricey. If all you need is funeral and other final expenses paid for, you will be surprised at just how affordable a policy like that could be.
Most people take out $10,000, $15,000 or even $25,000 worth of coverage. There is no medical exam required and your rates are guaranteed for life.
Guaranteed Universal Life insurance can also be a popular choice for 63-year-olds because you can get a cheap policy that doesn’t expire. These policies can go as low as $25,000 but do require a medical exam.
Whether you are looking for a policy for someone age 62, 63, or even older, it’s always best to work with an independent life insurance agent who has access to all the top-rated carriers.
Use our free online quote tool for up to date quotes and rates on life insurance at 63 years old.
Tips to Find Affordable Life Insurance at 63 Years Old
There are several things you can do to make sure you find the lowest life insurance rates possible for your age and situation.
Compare All the Best Life Insurance Companies
You can do this yourself by researching and reaching out to each company. Alternatively, you can save time by using an independent life insurance agent that has access to all of best companies. They can help you find the best quotes and then prepare them so you can compare them all side by side.
If you are of good health, then our online quote tool will give you accurate quotes, so all you need to do is choose the cheapest option.
Stay as Healthy as Possible
If you can get healthy and stay healthy, you might be able to get a more favorable rate class which will give you lower rates. Being healthy means you’re a lower risk for the life insurance company so this is one of the easiest ways to lower your rates.
If You Have a Medical Condition, Find the Right Company
If you have any type of health problems though, you will first need to qualify your condition and then do some research. Since every life insurance company has a different way in which they assess risk, rates will vary between the companies.
A good life insurance agent will spend the time contacting each company individually, something that would take you several days to do on your own. They should also know which companies view your condition most favorably. For example, some companies view cancer more favorably while others might have better life insurance rates for diabetes.