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Can life insurance at 67 years old still be affordable? Can you even qualify at age 67?
These are very common questions and most people believe that they are no longer able to find affordable life insurance in their 60s. This is a common misconception though and most senior citizens are actually surprised to see just how affordable a life insurance plan can be.
In this guide, we will show you:
- How to choose a life insurance policy at 67
- Term life insurance rates for 67-year-old (men & women)
- The best types of policies for a 67-year-old
- The simplest way to get cheap life insurance at age 67
The fastest way to find life insurance quotes is to use an online free quote tool, like the one on our own website.
How to Choose a Life Insurance Policy at 67
To get started, you have to know why you’re buying life insurance. The reason behind the plan is going to change how much you buy and the type of policy you buy.
How Much Coverage Does a 67-Year-Old Need?
At 67, you likely do not have dependents, and you may even be retired. If someone is dependent on your income, whether it be from a job or a pension, you might need life insurance.
A few questions you should ask yourself are:
- How much money would my spouse or family need if I passed away tomorrow?
- What about 5, or 10 years from now?
Typically someone at 67 just needs enough money to cover final expenses, so a smaller policy is a better fit. However, some 67-year-olds may want to leave a larger financial legacy for their kids or grandchildren, so a larger policy makes sense.
How Long Do You Need Life Insurance?
After you know what the policy is for, think about how long you’ll need it for. Some people only need it up until the point that they retire or they think their debts will be paid off. Others, decide they need a life insurance policy until you die.
If you passed away in 10 years, would your dependents still need money? If not, then a 10-year term policy may be right for you.
If however, your family will need a payout, no matter the time, a permanent policy will be better.
Term Life Insurance Rates for 67-Year-Olds
To give you a place to start, we have prepared some sample quotes for people age 67. Remember that these quotes are samples only, since rates fluctuate based on your health and other factors.
Also, the rates below are for non-smokers. If you do smoke, expect the rates to be double.
Rates for a 67-Year-Old Man
Term life insurance for a 67-year-old male “Preferred” health class (minor or no health issues), monthly rates:
Term life insurance for a 67-year-old male “Standard” health class (controlled health issues), monthly rates:
Rates for a 67-Year-Old Woman
Term life insurance for a 67-year-old female “Preferred” health class (minor or no health issues), monthly rates:
Term life insurance for a 67-year-old female “Standard” health class (controlled health issues), monthly rates:
The Best Types of Life Insurance for 67-Year-Olds
When looking at different types of policies, you first need to decide how long you need coverage, and how much coverage you need. That will determine the type of policy you get.
Most people at 67-years-old purchase one of these types of policies.
Term Life Insurance
You saw term life insurance rates above. This is a good type of policy for people who will not need life insurance after a certain age. If, for example, at 77 you expect to retire and have all debts paid off, you may only need a 10-year term policy.
At age 67, you can typically only choose up to a 20-year term.
Burial or Final Expense Insurance
At the age of 67, whole life insurance can be a bit expensive depending on the policy you select. If all you were looking to cover though is your burial fees, then you can buy a whole life policy which is much smaller called burial insurance.
There are burial insurance plans that offer coverage from $5,000 to $50,000. The advantage of a policy like this is you don’t even need to undergo a medical exam.
Guaranteed Universal Life Insurance
Guaranteed Universal Life Insurance is a good route to explore if you are looking for a cheap policy that will never expire. Policies like this are popular because they are permanent and the premiums are never going to increase. They are a cheaper option for coverage, but you will still have to go through the exam process.
If you want a whole or universal life policy we recommend you do it sooner rather than later. Even getting permanent life insurance at age 69 instead of age 67 will make your premium prices much higher.
How to Get Cheap Life Insurance at Age 67
Aside from using the tool, you should get in touch with one of our agents. We aren’t contracted by one carrier, we work with more than 60 of them. One phone call lets you compare all of them at once.
Maybe you’re not in the best health, that’s okay. Even if you have some health problems, or you haven’t been to your doctor in years, we can still secure you an affordable life insurance plan.
Since we do this every day for seniors over 60, we are true professionals and always get the best rates for our clients.
Getting life insurance when you are over 65 is easy if you contact an independent life insurance agency, like us. We will go around to all the best carriers out there.
Fill out the quote tool on this page to compare rates for life insurance for 67-year-olds, then give us a call to secure an affordable policy or if you have any additional questions.