Life Insurance for 66 Years Old – Approval Tips & Free Quote

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I know what you’re thinking.  It’s hard to get approved for AFFORDABLE life insurance at age 66.  In reality, we’ve found it’s not as expensive as you think it is…as long as you use the right life insurance company.

Every life insurance company will look at your risk differently and it’s especially important when you’re in your mid to later 60’s to find the right life insurance company for your situation.

As people get up into their sixties they often start thinking about taking out life insurance but think that it is out of their price range. It is too bad that people think like this, because life insurance could actually be a lot more affordable than they actually think.

As always, our advice to people in this position is that they use a free online quote tool, like the one we feature on our website, to find the best rates for their own situation. Click here to access our online quote tool.

The Cheapest Term Life Insurance Quotes for 66 Year Olds

In order to help you get started, we have prepared a sample set of quotes that will help you get a better understanding of what life insurance may cost. Keep in mind though, that these are only samples and since rates often fluctuate, your best bet is to use the free online quote tool to get the best up-to-date rates.

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

Term life insurance for a 66 year old male “Preferred” health class (no or minor health issues), monthly rates:

                               $50,000   $100,000   $250,000   $500,000   $1,000,000
10 year term               $47           $63           $149           $263          $542
15 year term               $71           $92           $202           $405          $763
20 year term               $147         $135         $302           $566          $1125

Term life insurance for a 66 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               $62          $86           $208        $372           $738
15 year term               $82          $131         $314        $609           $1091
20 year term               $147        $193         $451        $848           $1736

Term life insurance for a 66 year old female “Preferred” health class (no or minor health issues), monthly rates:

                               $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term                $31          $39          $88           $161         $306
15 year term                $46          $55          $120         $231         $443
20 year term                $147        $79          $188         $351         $695

Term life insurance for a 66 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                 $41         $53           $106         $206          $407
15 year term                 $61         $87           $202         $388          $693
20 year term                 $147       $121         $292         $549          $1091

How to Find Affordable Life Insurance

As for actually getting life insurance, the only way we can recommend is to contact an independent life insurance agent who has access to all the top rated life insurance companies and can help you compare them all side-by-side. The quote tool works if you are in good health and will provide you up-to-date and accurate rates. All you do is pick the cheapest option.

If your health is not that great, then we will first need to qualify your health before being able to do any research for you. Since each life insurance company has a slightly different way of how they assess risk, we will need to contact each one individually to find out which will provide the cheapest rates.  We are experts at getting the best rate possible though for our clients. This is what we do every day, day in and day out.

May the BEST quote win!

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Choosing a Life Insurance Policy at Age 66

The very first step of the process is to ask yourself what you’ll be using this life insurance policy for. Some people take out a life insurance policy to supplement their income for their spouses benefit. Others use it to pay any outstanding debts they might have when they pass. Your answer to this question should help you decide which policy will be right for you.

As far as the term length goes, will you need it until you retire or until your debts are paid off? Or, will you need it right up until the point when you pass?

We understand that most people don’t want to spend a lot of money on life insurance, but we feel it is better to have some coverage rather than no coverage. Your best bet is to get the cheapest policy available that will still protect your family.

Additional Policies Worth Noting

Whole life insurance for anyone over 65 can be very expensive depending on your policy. If all you need to cover is the cost of your funeral and other final expenses, then things can actually be very affordable. Most people take a policy for $10-$25,000 to take care of these expenses and no medical exam is required and the premiums are guaranteed for life.

“Guaranteed Universal Life” insurance is another common choice for 66 year olds, especially those looking to get a cheap policy that will not expire. This type of policy is permanent and will have level premiums for the rest of your life. You can even get a policy for as little as $25,000 worth of coverage although it will require you to undergo a medical exam.

If you are going to go with this type of coverage it is important to get the policy as soon as possible.  Even someone getting a policy at age 68 will see a significant increase in their premiums.

Bottom Line

We can’t think of any better advice to give to anyone over 60 looking for life insurance than to contact one of our independent life insurance agents who has access to all of the best and top rated insurance companies. That is truly the best way for you to get a good rate.
Since this is a lot of information to take in all at once, please do not hesitate to contact us with any questions that you might have. Also do not forget to make use of the free quote tool which will help you figure out just how much your life insurance should cost.

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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1 Comment

I am a 66 male, does not smoke or drink. I have perfect health. I exercise daily and jog.
Do you provide service for Puerto Rico? I was a resident of New York,

November 21, 2014 at 3:02 am
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