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Is life insurance affordable at age 67?
This is a very common question 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.
Our best advice to anyone that needs looking for life insurance would be to use an online free quote tool, like the one on our own website. You can also see sample life insurance quotes in this article.
Term Life Insurance Quotes for 67 Year Olds
To give you a place to start, we have prepared some sample quotes for people in your age group. Remember that these quotes are samples only, since rates fluctuate sometimes daily. This means you should use these quotes simply as a guideline but should refer back to the online quote tool or an agent for a rate.
Also, the rates below are for NON-SMOKERS. If you do smoke, expect the rates to be double.
Term life insurance for a 67 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 $57 $71 $167 $288 $599
15 year term $79 $103 $224 $430 $840
20 year term $164 $152 $338 $639 $1270
Term life insurance for a 67 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 $69 $93 $224 $421 $835
15 year term $94 $147 $358 $692 $1236
20 year term $164 $214 $492 $931 $1905
Term life insurance for a 67 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 $37 $43 $90 $174 $330
15 year term $48 $60 $129 $250 $480
20 year term $164 $87 $206 $386 $765
Term life insurance for a 67 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 $42 $58 $109 $213 $419
15 year term $67 $96 $224 $429 $767
20 year term $164 $133 $323 $608 $1208
Where to Get Cheap Insurance
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 plan. We would suggest you don’t bother using the quote tool, and instead call us directly.
Since we do this every day though, we are true professionals at it and always manage to get the best rates for our clients.
Selecting a Life Insurance Policy at Age 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 plan you buy.
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.
We know you may not want to spend the money on a life insurance policy but we have to say that having some coverage is better than having no coverage at all. We suggest you to pick an affordable plan that will still be able to help your family.
Consider These Other Policy Options
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. There are burial insurance plans which are tiny policies which are much cheaper. The advantage of a policy like this is you don’t even need to undergo a medical exam.
“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 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.
Bottom Line
Getting life insurance when you are over 65 is easy if you contact an independent life insurance agency who will go around to all the best carriers out there.
If this article just confused you more, feel free to call us and we can explain further. You might have additional questions, we can answer those. We want to give you professional advice to protect your family.
