Many people think it’s hard to get approved for affordable life insurance at age 66. In reality, it’s not as expensive as you think, as long as you find 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.
Below, we’re going to show you exactly how to do that if you’re a 66-year-old. We’ll also show you some sample rates and the top carriers for certain situations.
- Term Life Insurance Rates for 66-Year-Olds
- The 3 Best Life Insurance Companies for 66-Year-Olds
- Choosing the Best Type of Life Insurance at Age 66
- The Most Common Policies for 66-Year-Olds
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
For 66-year-olds, life insurance options become more limited. However, there are affordable options. You can get up to 20 years in term coverage for as little as $147 per month. Shorter term policies are less expensive. To find the best life insurance, decide what type of policy you need, then compare top-rated companies.
You can use our free quote tool to compare the best rates for your age and situation.
Term Life Insurance Rates for 66-Year-Olds
Still think life insurance is too expensive? Here is some proof to show you otherwise. These quotes below are just generic quotes for clients we’ve worked with before.
Before we show you the rates, keep in mind, they are non-smokers quotes.
Rates for Men
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 |
Rates for Women
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 an Affordable Life Insurance Policy
As we mentioned, those are not the exact quotes you’ll get, unless you happen to be identical to the applicant we used. There are a lot of ways you can buy life insurance.
- You can take the traditional route, call a contracted agent at the carrier closest to you.
- You can use the online technique. Buying a life insurance policy completely online through a company life Policy Genius.
- We recommend you can use an independent agent, which gives you the best of both worlds. You’ll get the ease of online policy and the rates of a traditional agent.
What makes independent agents so special?
Unlike the first option of a traditional agent, they aren’t contracted by one company. They are free agents, meaning we can work with dozens of companies and compare which has the lowest rate for you.
The 3 Best Life Insurance Companies for 66-Year-Olds
We recommend you compare more than just 3 companies. However, whether you’re looking for term, whole life insurance, or high risk life insurance, these companies are usually great choices.
- Protective Life – Best Term Life Insurance Company
- Mutual of Omaha – Best Whole Life Insurance Company
- Banner Life – Best High Risk Life Insurance Company
These are some of the top companies for age 66, but the smart way to buy life insurance is to choose the type of policy you want first, then compare companies. We’ll show you how to do this below.
Choosing the Best Type of Life Insurance at Age 66
Before you purchase a policy, you need to know what type of life insurance is best for your situation.
What is the Policy For?
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 partner’s benefit.
- Others use it to pay any outstanding debts they might have when they pass.
- Many people want to leave a legacy for their family.
- Often, people simply need it to help cover funeral costs and final expenses.
Your answer to this question should help you decide which type of policy is right for you.
How Long Do You Need Coverage?
Life Insurance policies come in different lengths, called terms. You can get coverage for as little as 10 years, or as long as the rest of your life.
One question to answer that might help is this.
“At what point will you no longer need a life insurance policy?”
For some people, it might be after a debt is paid off. Others might need coverage until they retire, or for life. It depends on your goals.
The Most Common Policies for 66-Year-Olds
Life insurance at age 65 or older can get very expensive depending on your policy, so it’s best not to wait. Here are some of the most popular policies for age 66.
Burial Insurance
If you’re buying life insurance just to pay for a funeral, then you can buy a smaller burial insurance policy, which usually comes in $10,000 to $25,000 of coverage. This will pay for some basic final bills.
Term Life Insurance
Term life insurance is the most popular form of life insurance. As you saw with the quotes above, you can usually get 10-year, 15-year, or 20-year term life insurance at 66 years old.
Companies won’t offer a 30-year or 25-year term policy for 66-year-olds.
Guaranteed Universal Life Insurance
The other kind of life insurance you should consider is “Guaranteed Universal Life.” Much like with burial insurance, these plans are permanent and offer a smaller amount of protection. The premiums are never going to increase and you have protection until your last day.
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.
The Fastest Way to Find a Life Insurance Policy
The best advice for someone over 60 looking for life insurance is to compare their options as soon as possible. As you age, life insurance will continue to get more expensive, so the cheapest time to buy is before you get older.
Use our quote tool to compare life insurance quotes for 66-year-olds from all the top-rated companies.
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,
I’m looking for insurance life,I’m 66 years old good health I don’t jog, I smoke cigars once and awhile but no t very often I ride horses on my ranch, every day and work hard strong as a bull and mean as a bear.
Will, You shouldn’t have any issues getting the best rates on life insurance, even if you smoke 1 cigar/week. Fill out a form on this page and someone will be in touch asap to provide your options.
I am 65 and 1/2 years old. Looking to replace a $300,000 policy that I am getting ripped off by. Don’t smoke or anything else stupid. Still extremely strong and work long hours without any problems. I still think like I’m way much younger and will never be an old fogie. It”s just simply not in my DNA. Give me a fair & honest price without the usual trappings. Thanks.
Ray – I believe it. Lots of overpriced life insurance policies out there. Fill out the form on this page and you’ll see what you should be paying.
One of our agents will reach out and show you the most cost effective life insurance plan you can qualify for. You can decide what to do from there.