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Finding inexpensive life insurance when you're 64 years old is hard.  I get it.

It turns out, it's tough for many families out there to secure affordable coverage, but it doesn't have to be.

We'll show you exactly how to get the best life insurance rates in this article.

Here's what we'll cover:

  • Sample life insurance rates for 64 year old male and females.
  • Should you buy burial life insurance? term life insurance? whole life insurance?
  • Reasons why many 64 year olds buy life insurance.
  • What if you have health issues?

When people enter their 60s, they often begin to think that life insurance is an overly expensive option for them. This is a common misconception though and life insurance for people in their 60s can still be very affordable.

We always urge people to use free quote tools like the one located on our website before making any sort of assumptions on the price of life insurance.  Click here to run a free quote. Also, check out our list of best life insurance carriers to help you make your decision on your life insurance purchase.

Cheapest Term Life Insurance Quotes for 64 Year Olds

To get you started, we have provided some sample quotes below for you to see how much life insurance may cost you, even the million dollar life insurance policy is not too bad once you think of the benefits that amount of coverage would help your family in the time of your death. Remember though, these are just samples and since rates fluctuate, they may not be up to date. Use them as a reference and then use our free quote tool or contact one of our agents for an up to date quote.

Also, the rates below are for NON-SMOKERS.  Expect the rates to be higher if you are needing life insurance for smokers.

Term life insurance for a 64 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                $39          $52          $113         $219          $427
15 year term                $55          $75          $156         $307          $595
20 year term                $77          $103        $229         $454          $858

Term life insurance for a 64 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              $51          $74           $172          $316          $608
15 year term              $67          $104         $247          $480          $861
20 year term              $90          $146         $355          $709          $1318

Term life insurance for a 64 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              $26           $33          $76          $135           $255
15 year term              $38           $45          $101        $187           $357
20 year term              $51           $66          $152        $286           $521

Term life insurance for a 64 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               $37            $45          $104         $188         $370
15 year term               $49            $65          $152         $258         $510
20 year term               $61            $95          $232         $440         $859

Is Life Insurance Coverage Necessary At Age 64?

There are many who feel that once a person reaches their 60s, life insurance protection is not necessary. One argument for this reasoning is that most who are in this age bracket no longer have young children who are depending upon their income for support.

Even so, there are numerous reasons why 64-year-olds - and even those who are older - should strongly consider getting and / or keeping good solid life insurance coverage for seniors in their overall financial portfolio. Just some of the reasons for this include the following:

Final Expenses/Funeral Costs

Although everyone's financial situation will be different, most people will have one thing in common at the time of their passing - and that is final expenses. These are the costs that will be incurred for a person's funeral and burial. Today, these expenses - on average - can run in the range of $10,000, especially when factoring in items such as a casket, headstone, burial plot, flowers, transportation, and the memorial service itself.

Also, many people may also have additional medical expenses at the end of their lives that are not covered by their regular health insurance. Unfortunately, without a way to pay for these, your family or other loved ones could be stuck with these unpaid debts. A life insurance policy, however, can be a good way to ensure that there are funds available for quickly and easily taking care of your final expenses - for pennies on the dollar.

Replacement of Pension/Retirement Income

In many instances, the income that you receive from your pension or other retirement income sources may be greatly reduced - or may even cease altogether - at your death. So, if you have a spouse or significant other who depends on that income for his or her living expenses, how would they be able to go on if that income suddenly stopped?

A life insurance policy can provide a way for your spouse or significant other to replace that lost income, without them having to drastically change their lifestyle or go into a substantial financial hardship - especially at an already difficult time for them.

Payoff of Debt

Although many people had most of their large debts paid off by the time they reached their 60s in the past, things are quite different today. Given today's much longer life expectancies - coupled with a much different financial economy - many people are taking on debt such as mortgages, car loans, and personal obligations at later times in their lives.

What this means is that those who are in their 60s could still have a significant amount of financial obligation - and this is debt that your loved ones could be on the hook for if the unexpected were to happen to you.

With that in mind, having life insurance coverage is a way to ensure that those you love will be able to pay off these obligations without having to be in financial hardship for many years to come.

Estate Tax Obligations

If you are in a position to owe estate taxes, then life insurance can also provide you with a great way of paying these obligations, without having to reduce the assets from your estate. This means that your loved ones can keep more of the estate - and less of it will go to Uncle Sam in the form of tax dollars.

Depending on the amount of your estate, your tax liability could eat up more than half of its total amount. Therefore, a life insurance policy could be a key planning tool for creating a tax payment mechanism for you.

Donation to Charity

For those who have charities that they wish to donate to, life insurance can offer you the ability to offer a tax-free gift - and to provide a great deal more, in many cases, than could be given during life.

This is because, for pennies on the dollar, the amount of a life insurance policy's face value is so much more than just the premium payment. There are many ways that you can structure your gift to the charity - including making them the beneficiary, and assigning the charity the dividends of a whole life insurance policy.

What Type of Coverage Can You Get in Your 60s?

While it may seem that there are limited options for life insurance for 64-year-olds, the truth is that there are a variety of different choices. These include both term and permanent coverage.

Term Life Insurance

Those who are in their 60s can choose to purchase term life insurance. Term life insurance is considered to be the most basic type of coverage. This is because term offers just pure death benefit protection only, without any cash value or investment build up.

As its name implies, term life insurance can be purchased for a certain amount of time, such as ten years, fifteen years, or twenty years. For those who are 64 and over, the amount of the term may be limited. This will often depend on the carrier that you purchase your coverage through. With that in mind, it is important to compare several different policy options and several different insurance carriers to determine which will be the best for you.

Once the term of coverage has elapsed, the insured on a term life policy will need to obtain a new policy if he or she wants to remain insured. In some cases, a term life insurance plan will have the option to convert over to a permanent life insurance policy. If you can do so, the permanent plan will not expire - provided that you continue making your premium payments.

Permanent Policies

With permanent life insurance, you will have both death benefit protection, and a cash value component. There are many different types of permanent life insurance. However, one of the most popular types of permanent life insurance for those who are in their 60s is whole life.

With whole life insurance, your death benefit, as well as the amount of premium that you pay, are both locked in and guaranteed. This means that you will not need to worry about your premium amount increasing - which can be helpful for those who are living on a fixed income.

Also, your coverage on a whole life insurance policy will not be cancelled by the insurance company - as long as the premium continues to be paid. This is the case, regardless of an insured's increasing age, as well as if you obtain an adverse health issue.

Another type of coverage that is a common type of life insurance for 64-year-olds - as well as for those who are older is final expense life insurance. This type of coverage is primarily purchased for the payment of final expenses. Many of these plans have face amounts of between $5,000 and $25,000 - with very affordable premiums.

Having a final expense life insurance policy can help to ensure that your loved ones will not need to worry about the payment of funeral or other related costs - especially during an already difficult time in their lives.

What If You Have Health Issues?

If you do happen to have a health issue, there are alternatives that you can go with. One of these is the no medical exam life insurance policy. Because there is no medical examination required, many individuals who have various health conditions can still qualify for coverage.

These policies are also known as guaranteed issue or guaranteed acceptance. In many instances, you may only have to answer just a few basic health-related questions as a part of the application process - and, because there is no medical underwriting, the coverage can often be issued within a very short period.

How to Find Affordable Life Insurance

Most people are after a good deal and if you are looking for cheap life insurance, the only way to get it is by working with an independent life insurance agency with access to ALL the top rated life insurance companies. They can collect the cheapest quotes and help you to compare them all, side by side. If you are in good health, you can also rely on the accurate results from our online quote tool, which is free.

If you have any atypical health conditions though, we will first need to qualify your condition before performing research on your behalf. Since each life insurance company assesses risk differently, we will need to contact them all individually to get you the best rates. This is a process that can easily take you several days to do on your own.

Also remember that crossing over to age 65 will trigger an increase in your rates.  People who are looking for life insurance policies at age 63 and then at 64 will see very little difference in their premiums, but crossing the 65 barrier makes a big difference.

Choosing the Best Life Insurance Policy at Age 64

The first thing you need to do is ask yourself why you are looking to take out a life insurance policy. Do you need to replace your income for your spouse, or do you need to cover any debts that you may have? Your answer will help you figure out what kind of policy will suit you best.

As for term length, how long will you actually need it? Just until you retire or until your debts should be paid off? Some people choose to keep a life insurance policy all the way up until they pass.

Some people have a problem with paying an expensive life insurance policy every month, and end up not getting a policy at all. It is much better to have some coverage than no coverage though, so just get policy you can afford to take care of your family.

Life Insurance Quotes for 64 Year Old

Two Other Types of Policies to Consider

Once you hit 64 years old, whole life insurance can start to get expensive. If all you need life insurance for is to cover your funeral and other final expenses, you can actually get a policy very cheaply. Lots of people take out policies between $10,000 and $25,000 and there is no medical exam required and your premiums are guaranteed for life.

“Guaranteed Universal Life” insurance can be another popular choice for people over 60 looking for cheap life insurance that won’t expire. Also known as “Term for Life”, this is a permanent life insurance policy that has level premiums for the rest of your life. These policies can even go as low as $25,000 but they do require a medical exam.

Bottom Line

Always remember that when shopping for life insurance after 65 you will pay more in premiums.  The cheapest way is to get it before 65 and work through an independent life insurance agency that has access to all the top rated life insurance companies.

We know this is a lot of information, so if you have any questions at all, please don’t hesitate to contact us. Also, don’t forget to use our free quote tool to get up to date quotes for your own situation.

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.

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I am looking for life insurance, end of this month will be the deciding time 100k to 350k i want whole life, but may not be able to afford the costs depending on the rates-please call so that we can chat-will apply online if possible-thanksdjf

May 26, 2016 at 9:08 pm
    Jeff Root

    Hi David – If it’s pure death benefit and not cash value you’re looking for, look at a guaranteed universal life insurance policy. You’ll get more coverage for your money and have the lifetime guarantee. Call us and we’ll help you with rates.

    July 1, 2016 at 11:37 am
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