While obtaining life insurance in your 60s is going to be more expensive than for people in their 40s or 50s, it is still possible to obtain affordable premiums. We have a whole archive full of information about obtaining life insurance after age 60 for you inform yourself on best practices.
We suggest visiting the page that corresponds with your current age:
Life Insurance for 60 Year Olds – Once you reach 60 years old life insurance will be more expensive, but still not prohibitively so. Find out how to get affordable rates here.
Life Insurance for 61 Year Olds – To find out how much you should be paying for life insurance at 61 years old, we’ve included a table here.
Life Insurance for 62 Year Olds – At 62 years old, you should be seriously considering a life insurance plan. Don’t wait until things get more expensive, apply today.
Life Insurance for 63 Year Olds – Many 63 year olds think life insurance is too expensive for them, but we’ll show you here how affordable it can be.
Life Insurance for 64 Year Olds – At 64 years old, you’re still a perfect candidate for life insurance. Find out here how you can still get an affordable plan.
Life Insurance for 65 Year Olds – At 65, you’re just around the corner from 70 and should be putting serious thought into a life insurance plan. Find out the best way to go about it here.
Life Insurance for 66 Year Olds – 66 years old is definitely not too late for life insurance, but you’ll want to act soon to keep prices from going sky high.
Life Insurance for 67 Year Olds – At 67 life insurance is going to be more expensive, but we have some tips here to help you keep it more affordable.
Life Insurance for 68 Year Olds – At 68, there’s no better investment for your family than life insurance. Find out how to get a policy at a great rate here.
Life Insurance for 69 Year Olds – At age 69, you’re only one year away from 70, but you can still get an affordable life insurance policy if you follow our advice here.
Life Insurance After Age 60
By the time most people reach the age of 60, they often feel like life insurance, or life insurance with affordable premiums is unattainable to them. This is unfortunate, because this isn’t true whatsoever. That said, for anyone who is 60 years old or older, we always recommend they apply for life insurance immediately. This is because the longer they wait, the more expensive life insurance becomes.
Also, the older you get, the more likely your health will decline. The worse your health is, the more expensive your life insurance will become. If you’re even slightly considering getting life insurance, there is no better time than right now to apply for coverage.
Simply put, by the time you reach your 60s, life insurance is going to be more expensive than it would have been if you applied 10 or 20 years ago. Don’t let that stop you from applying though, because higher premiums are still a better financial decision than not having life insurance at all. If something were to happen to you, and you didn’t have life insurance, your family would be left paying for absolutely everything. No matter what your income is or what your retirement plan looks like, it’s probably not enough to cover all of your expenses after your death.
Any of the companies you apply with will want you to undergo a medical exam and an underwriting process before giving you a quote. This is to determine the amount of risk you present to the company, so they can ensure the quotes they provide you with are accurate. The options and policies available to you are going to be based on what they find in your medical exam and from your answers to their questions in the underwriting process.
One thing we always suggest doing, is to contact one of our agents who can help you to answer the common questions from the underwriting process. They will then take your answers and start shopping them around to all of the life insurance companies. Since your answers have already been approved by our agents, the chances of you receiving a sky high premium are much lower.
As a senior, you might expect to pay a high premium, but you can try and reduce this risk by working with one of our agents. Not only will they save you time by calling the companies for you, but they can save you money by getting you premiums which are cheaper than you could get on your own.
Another good idea for people in their 60s, is instead of applying for term life insurance, they can apply for guaranteed universal life insurance. It still requires a medical exam, but you will be able to have level premiums for the rest of your life. Other seniors will take out life insurance for smaller amount, like $10-25,000 and doesn’t require a medical exam. The premiums there are also guaranteed to stay level for life.
Remember, just because you’re in your 60s doesn’t mean you can’t obtain affordable life insurance. We are here to help you every step along the way. Before you go any further though, we recommend you read through the articles in our archive below. There is all sorts of information there for anyone in their 60s who is looking into life insurance.