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Is life insurance at 68 years old affordable?
We get this question all the time from seniors who think that life insurance is too 
expensive for them at their current age. This is unfortunate though because it can actually be quite inexpensive to obtain life insurance if you know how to shop.
Below we’ll show you how to find the right policy and the best rates for life insurance for 68-year-olds.
- Term Life Insurance Rates for 68-Year-Olds
- How to Find Cheap Life Insurance at 68 Years Old
- The Best Life Insurance Companies for 68-Year-Olds
- The Best Types of Life Insurance Policies at Age 68
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Life insurance for 68-year-olds can be affordable if you know how to shop. Determine what amount of coverage you need, how long you need to be covered, then compare top-rated companies. A 68-year-old can get term life insurance for as low as $42 per month for women or $64 per month for men.
Our best advice for anyone to start looking for life insurance is to use our free online quote tool offered on the side or for a ballpark figure, see the sample rates we list below.
Term Life Insurance Rates for 68-Year-Olds
To get you started, we have prepared a group of sample quotes for you to look over. While these quotes are fairly accurate please keep in mind that they are samples. This is because rates can fluctuate and to get the best, up-to-the-minute rates your best bet is to use our free quote calculator.
If you smoke, your rates are going to be much higher.
Rates for Men
Term life insurance for a 68 year old male “Preferred” health class (no or minor health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$64 | $79 | $182 | $317 | $667 |
| 15 year |
$84 | $121 | $247 | $475 | $913 |
| 20 year |
$182 | $171 | $386 | $761 | $1513 |
Term life insurance for a 68 year old male “Standard” health class (controlled health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$74 | $102 | $241 | $465 | $923 |
| 15 year |
$103 | $169 | $379 | $753 | $1393 |
| 20 year |
$182 | $239 | $546 | $1080 | $2133 |
Rates for Women
Term life insurance for a 68 year old female “Preferred” health class (no or minor health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$42 | $47 | $112 | $180 | $355 |
| 15 year |
$51 | $67 | $139 | $270 | $519 |
| 20 year |
$182 | $95 | $226 | $423 | $839 |
Term life insurance for a 68 year old female “Standard” health class (controlled health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$44 | $65 | $114 | $221 | $436 |
| 15 year |
$72 | $108 | $248 | $475 | $850 |
| 20 year |
$182 | $154 | $375 | $707 | $1406 |
How to Find Cheap Life Insurance at 68 Years Old
When looking to buy the cheapest life insurance for people over 65, you have to start by determining what type of policy you need. Here are a few things to consider.
How much coverage do you need?
If you only need to cover funeral expenses, then there’s no reason to get a $200,000 policy. You’d be wasting money. Instead, look at burial insurance for $10,000 to $25,00 in coverage.
Only buy the coverage amount that you and your family need to make sure you don’t overpay for life insurance.
How Long Do You Need to be Covered?
If you only need coverage for a debt that you expect to be paid off in 10 year, there’s no reason to get a 20 year policy. Don’t buy a longer term than you need.
Note: If you’re not sure how much coverage you need, consider a term policy that you can convert into a whole life policy at the end of the term.
Always Compare Multiple Life Insurance Companies
Once you know how much coverage and what term length you need, compare the best life insurance companies to find the lowest rate. The easiest way to compare multiple carriers is to use an independent life insurance agent. Once they have gathered several quotes they will contact you to help you compare the rates side-by-side.
If your health is atypical though you will need to first undergo a phone interview with the agent who will then be able to do some research on your behalf. Since every life insurance company assesses risk in a different manner they will need to contact each one individually to find the rate that is cheapest for you.
You can always start by using our instant life insurance quote tool.
The Best Life Insurance Companies for 68-Year-Olds
The best life insurance company for you will depend on your current health, medical history, and many other factors.
For example, one company might have great life insurance rates for breast cancer survivors, while another company will be better if you have COPD, and a third company will be best for healthy individuals. That said, these 3 companies are generally great options for term, whole, and high risk life insurance.
- Protective Life – Best for Term Life Insurance. Protective has very low term rates for people in this age group.
- Mutual of Omaha – Best for Whole Life Insurance. This company has great rates for low coverage amounts including burial insurance.
- Banner Life – Best for High-Risk Individuals. Banner has lower rates than most companies for people with medical conditions, and even approves some conditions that others don’t.
We recommend starting with one of the companies above and compare with at least 3 to 5 other carriers, or you can use our quote tool to compare dozens of carriers at once.
The Best Types of Life Insurance Policies at Age 68
The first thing you need to do is ask yourself why you are taking out a life insurance policy in the first place.
Some people do so to supplement their income for their spouse. Others take out a policy in anticipation of still having debt when they pass. Whatever your answer to these questions might be, it will help you to figure out which sort of policy will be right for you.
As far as the term length, some people only need it until they retire while others will buy coverage until they are debt-free. Others still choose to have their life insurance extend permanently.
The most common policies for a 68-year-old are:
- Term Life Insurance – Get covered for a limited amount of time, from 10 to 20 years. You can get $50,000 to $1,000,000 in coverage, and sometimes more
- Burial Insurance – Get covered for your whole life, but in a smaller amount, usually $10,000 to $25,000 in coverage. There is usually no medical exam required.
- Guaranteed Universal Life insurance – This can be a great way to go to for people looking for a smaller amount of life insurance that will never expire. A policy like this will give you the same premiums for the rest of your life and can give you a payout as low as $25,000 if you wish.
Permanent or Whole Life Insurance for 68-year-olds
Permanent or whole life insurance gets very expensive at age 68 and older. For this reason, if you are going to go with a form of permanent insurance you should consider getting a policy as soon as possible. Even going from getting life insurance at age 66 vs age 70 makes a large difference in the cost of the premiums.
In order to secure the best rates for anyone over 60 years old, we urge you to get in contact with an independent life insurance agency with access to all the top-rated insurance companies.
Use the free quote tool on this page to get up-to-the-minute quotes and find life insurance options for 68-year-olds from all the best carriers.
It’s great to give data examples of rates, but I also agree that in order to choose the right life insurance at 68, one needs to ask themselves the purpose of the life insurance. Only through a conversation with one (or several) licensed insurance agents can the best deal be coaxed out through conversation.
I would like to look at your best rate on 10,000.00- 20,000.00 term life insurance policy for twenty years.
The lowest LEVEL term amount available is $25,000. Some will go under $25,000 but the rates will increase.
Looking for 10 -20 year term for male. 68 years old
Hi Curtis,
10, 15 and 20 year term lengths are available at 68 years old. There’s a lot of affordable options. Give us a call at 888-430-7668 and we’ll be happy to show you all your options.