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Once people reach their 60s, they often feel like life insurance is not a reasonable option for them anymore because it is too expensive or they can't qualify.

The reality is, most people this age are quite surprised when they learn just how cheap it can be for them to take out a life insurance policy.

We always recommend that before people assume they won’t be able to afford life insurance if they are over 60, they use a free insurance quoting tool like the one located on our website.

You can also look below for sample life insurance reates for 63 year old males and females.

Cheap Term Life Insurance Quotes for 63 Year Olds

To get you going, we have provided you some quotes to use as a guideline for your age group. Please remember though, these are just sample quotes and actual rates do fluctuate. To get the most accurate quotes possible, please use our free tool, which will give you up to date results.

Also, the rates below are for NON-SMOKERS.  If you do smoke, expect the rates to be double.

Term life insurance for a 63 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             $36           $47            $102         $197          $364
15 year term             $49           $68            $139         $273          $534
20 year term             $72           $91            $200         $389          $766

Term life insurance for a 63 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              $47          $67           $165         $309           $611
15 year term              $63          $91           $220         $430           $769
20 year term              $83          $127         $302         $599           $1177

Term life insurance for a 63 year old female "Preferred" health class (minor or no health issues), monthly rates:

                              $50,000  $100,000  $250,000   $500,000  $1,000,000
10 year term              $24          $31           $69            $126          $236
15 year term              $35          $41           $91            $169          $321
20 year term              $46          $59           $134          $253          $469

Term life insurance for a 63 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              $35          $42           $96           $177            $348
15 year term              $44          $59           $138         $240            $474
20 year term              $55          $86           $207         $392            $767

Obtaining Affordable Life Insurance

If the cheapest life insurance is what you’re after, then the cheapest way to obtain it is to get in contact with an independent life insurance agency that has access to ALL of the top rated life insurance companies.

With access to all these 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.

If you have any type of health problems though, we will first need to qualify your condition and then do some research on your behalf. Since every life insurance company has a different way in which they assess risk, rates will vary between the companies. We spend the time contacting each company individually, something that would take you several days to do on your own. 

Selecting the Best Life Insurance Policy at Age 63

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? Or do you need it to cover any debts you may leave behind? The way in which you answer those questions should determine what type of plan is right for you.

For the length term, do you need it only until you stop working when retirement kicks in or do you need it until your debts will be paid off? Or, do you need it all the way up until you pass?

While most people can’t stand the thought of spending lots of money on life insurance, it is much 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 for someone over 65.Just find something within your budget that will help your family out.

Additional Types of Policies to Consider

At 63, whole life insurance can start to get pricey. If all you need is your funeral and other final expenses taken care of though, 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.

Bottom Line

Whether you are looking for a policy for someone 62 or for a 63 year old, you are always working with an independent life insurance agency that has access to all the top rated companies. That is the only way to get the best rates, even cheaper than you may be able to obtain on your own.

There is a lot of information here, so if you have any questions at all, please don’t hesitate to contact us. Also, before you do anything, have a look at our free online quote tool for up to date quotes and rates.

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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6 Comments

mark mozley

i need an affordable lif ins.male,non smoker,3-5-1952. maybe group universal life for 50k,75k or 100k. 15 or 20yr term

September 29, 2015 at 3:27 pm
    Jeff Root

    Hi Mark: Run some rates on our site or give us a call at 888-430-7668

    November 16, 2015 at 1:39 pm

52 female looking for 20,000 whole life insurance policy

September 17, 2016 at 7:34 pm
    Jeff Root

    Hi Nancy,

    Happy to help compare rates for you. We offer all the top rated final expense carriers.

    October 16, 2016 at 5:04 pm
Peggy Cundiff

Guaranteed Universal Life Insurance quotes please on a $25,000 policy. I am 63, female, non smoker. No major health issues.

November 14, 2016 at 9:13 am
    Jeff Root

    Hi Peggy,

    We replied by email. There’s a great no-exam option available for you since you’re so healthy.

    December 18, 2016 at 2:36 pm
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