Is it possible to purchase a 30 year term life insurance policy for 60 to 65 year olds?
“Excuse me?” you say.
Well… If you asked me in 2012, the answer would be yes, but Genworth discontinued their Colony Term UL 30 policy. I’ll get to this answer in a second.
We do have another wonderful option, Guaranteed Universal Life to Age 90 to 95 offering:
- Option for Low, Fixed premiums for 30 years (Just like 30 year term)
- A long term coverage solution
- A fraction of the cost of whole life
- Guarantees a level death benefit to age 90
- .. and level payments to age 90
IMPORTANT NOTE: When we say “life insurance TO age 90, 95, or 100 in this article, we are talking about purchasing coverage when you are younger and the policy LASTS until age 90, 95, or 100. We are NOT able to insure individuals over age 90! We are sorry for any confusion.
How is the Policy to Age 90 Different from 30 Year Term?
The reason I said “it depends” if you could find a 30 year term in your sixties is because if you are 60 years old, it actually works just like a 30 year term, so if you’re 60, the answer is “yes”.
However, if you are between the ages of 62 to 65, while it offers coverage for a very long time, it’s not technically a 30 year term.
It’s actually very similar to the old Genworth 30 year term product. You are basically paying for a guaranteed level death benefit and premium payment to age 90. It’s technically a permanent (or cash value) type of policy, but you don’t overpay for cash build up as you do in whole life policies. You pay the lowest possible premium for coverage to age 90 and you’ll get little to no cash value accumulation.
Here are a few sample quotes.
* $100,000 Face Value
Age Guar. UL to 121 — Guar. UL to Age 90
60 Years Old $131.50 $100.99
61 Years Old $142.40 $104.23
62 Years Old $150.90 $108.15
63 Years Old $159.90 $114.91
64 Years Old $169.10 $123.57
65 Years Old $178.30 $131.41
*These quotes are accurate as of 7/3/13 and are based on a male, non tobacco user, in excellent health, and are subject to change.
Currently, the company I’m quoting above is Protective, but you should know they may change their rates or product offerings at any time. They also have a policy which offers guaranteed level premiums and coverage to age 85, which is another 15% cheaper than the option to age 90, so if you only need coverage to your mid-80’s that could be a great option for you.
The rest of this post was first posted in 2010 and the rates are no longer applicable. Your best bet is to call us at 877-443-9467 to discuss your options at this point, or you can get some quotes using our quote form on the right.
This policy guaranteed you coverage for 30 years (taking you out to age 90-95, depending on your age), and offered coverage at a substantial premium discount to a guaranteed universal life policy to age 100. That was Genworth’s Colony Term UL 30 product, which allowed you to pay term rates for 30 years, but has since been discontinued.
30 Year Term vs. Universal Life Insurance Rates, 60-65 Years Old
* $100,000 Face Value
Age Guar. UL to 100 — 30 Year Term
60 Years Old $115.50 $70.19
61 Years Old $127.08 $77.78
62 Years Old $137.98 $84.42
63 Years Old $145.19 $92.06
64 Years Old $154.39 $101.64
65 Years Old $161.64 $110.73 (Guaranteed Coverage until age 95)
*Premium Quotes assume male, non smoker, in good health, quotes are as of 8/16/2010, subject to change.
Genworth has really hit a home run with this ColonyTermUL30 product. While many life insurance companies offer 30 year term, none of them (except Genworth) offer 30 year term past age 60. In fact, I represent over 130 carriers, I can can say that to my knowledge, Genworth is the only one, and I suspect the only company in the U.S., offering 30 year term rates for 60 to 65 year olds.
Who is this Product Suitable For?
If you began your internet search today thinking you wanted some type of whole life insurance, permanent life insurance, or universal life guaranteed to age 100, and you are between the ages of 60 and 65, you should seriously consider Genworth’s 30 year ColonyTermUL product. You’ll save 46% to 64% over a guaranteed universal life policy, and maybe 70-80% over a whole life policy.
But you have to be comfortable with the fixed premiums expiring in 30 years. Is that long enough for you? Think about your family history. Did you parents live to normal life expectancies (mid 70’s) or longer? How is your health? Do you expect to be alive and well in 30 years? For most people, I suspect, insuring to age 90-95 is plenty. If you are one of them, call me, Christopher J. Huntley, for assistance at 877-443-9467.
Note: To see instant quotes for this product, fill in the fields on the right, buy you won’t be able to select “guaranteed 30 year term” for the duration, as it is no longer available.
WE ALSO SELL 10 YEAR TERM, 15 YEAR TERM, AND 20 YEAR TERM LIFE INSURANCE TO INDIVIDUALS WHO ARE 60 YEARS OLD, 61 YEARS OLD, 62 YEARS OLD, ETC. INSTANT QUOTES AVAILABLE TO THE RIGHT.*Written by Chris Huntley. Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.