Last Updated: October 2020
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Many people think that finding inexpensive life insurance for a 64-year-old is difficult. However, if you know where to look, you can secure affordable coverage.
Below, we’ll show you exactly how to find the best life insurance at age 64, including sample rates, the different types of policies, and the top companies.
- Sample Rates for Term Life Insurance for a 64-Year-Old
- The Best Life Insurance Companies for 64-Year-Olds
- Who Needs Life Insurance Coverage at Age 64?
- What Type of Policy Can I Get at 64 Years Old?
- What If You Have Health Issues?
- The Easy Way to Find Affordable Life Insurance at Age 64
Life insurance for people in their 60s can be very affordable if you know how to shop. We always urge people to use free quote tools like the one located on our website and review the best life insurance companies to help you make your decision.
Sample Rates for Term Life Insurance for a 64-Year-Old
To get you started, we have provided some sample quotes below for you to see how much life insurance may cost you. You’ll see all the way up to a 1 million dollar life insurance policy.
Note: these are just samples and rates do fluctuate. Use them as a reference and then use our free quote tool or contact one of our agents for an up to date quote.
Non-Smoker rates are listed below. Expect the rates to be higher if you are needing life insurance for smokers.
Life Insurance Rates for a 64-Year-Old Male
These are monthly rates for term life insurance for a 64-year-old male in good health (Preferred health class).
Below are monthly term life insurance rates for a 64 year old male in average health (Standard health class).
Life Insurance Rates for a 64-Year-Old Female
Below are monthly term rates for a 64-year-old female in good health (Preferred health class).
Below are monthly term life insurance rates for a 64 year old female in average health (Standard health class).
The Best Life Insurance Companies for 64-Year-Olds
The best life insurance carrier for you depends on the type of policy you need, your health, and other factors. These three companies often have great policies for people at age 64.
- Best for Term Life Insurance: Protective Life Insurance Company
Protective typically offers very low term life rates for seniors.
- Best for Whole Life Insurance: Mutual of Omaha Life Insurance
Mutual of Omaha often have the best rates for smaller whole life insurance policies like burial insurance.
- Best for High Risk Life Insurance: Banner Life Insurance
Banner Life prices applicants with health problems lower than most companies making them great for high risk individuals. They also approve many risks that other carriers decline for coverage.
These three companies usually have great policies, but it’s always best to compare as many top-rated companies as possible before purchasing a policy.
Who Needs Life Insurance Coverage at Age 64?
There are many that think life insurance purchases after the age of 60 aren’t necessary. One argument for this reasoning is that most who are in this age bracket do not have younger children to financially support.
Of course, if your passing would leave a spouse or family members in a poor financial situation, then life insurance is a good idea.
Here are a few scenarios where life insurance at 64 might be a good idea.
- You still have children or dependents who would be in debt without your income.
- You have a spouse who does not work and depends on your income.
- You have debt on a mortgage or something else that your loved ones would not be able to pay if you passed away.
However, there are other reasons why 64-year-olds should strongly consider purchasing life insurance for seniors.
Pay for Final Expenses or 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, final expenses are typically around $10,000, 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.
Replace a Pension or 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 your income for living, how would they be able to go on if that income suddenly stopped?
Part of your face value should be budgeted as “replacement income” for the surviving spouse.
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 economy, many people are taking on debt such as mortgages, car loans, student loans for children, 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. 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.
Pay 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.
Donate 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 money than could be given during life.
This is because 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 Policy Can I Get at 64 Years Old?
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 including both term and permanent life coverage.
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. However, let us remind you that even a small amount of coverage is best for your family over no coverage at all.
Term Life Insurance for Seniors
Those who are in their 60s can choose to purchase term life insurance. With a term policy, you pick the length you want the policy to last and death benefit to pay out if you pass during that term period.
As its name implies, term life insurance can be purchased for a certain amount of time, such as 10 years, 15 years, or 20 years. For those who are 64 and over, the amount of the term may be limited to 20 years depending 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. However, many plans offer a conversion period where you can turn your term policy into permanent life insurance. For many people, this is a great option after your term life insurance expires.
Permanent Life Insurance 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 canceled by the insurance company, as long as the premium continues to be paid. This is the case, regardless of an insured’s increasing age or health.
Final Expense Insurance
Another type of coverage that is a common type of life insurance for 64-year-olds 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 during an already difficult time in their lives.
Other Life Insurance Options
Guaranteed universal life insurance can be another popular choice for people over 60 looking for cheap life insurance that won’t expire. These policies can even go as low as $25,000 but they do require a medical exam.
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 a 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 life insurance. 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.
However, these policies are typically more expensive, and there can be a waiting period before the policy is active.
The Easy Way to Find Affordable Life Insurance at Age 64
The quickest way to find cheap life insurance is by finding an independent insurance agency. They have contracts with most of the top-rated carriers, so 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 learn more about your condition before performing research on your behalf. We can help you find the right high risk life insurance policy for your condition. 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 take you several days to do on your own, but we will do it for you at no charge.
Also, remember that crossing over to age 65 will trigger an increase in your rates. People who are looking for life insurance at age 63 and then at 64 years old will see very little difference in their premiums, but crossing the 65 barrier makes a big difference.
Start by filling out our quote tool and call us to start comparing life insurance quotes for 64-year-olds today!