This has never been done before! A 30 year term life insurance policy for 60 to 65 year olds. This policy guarantees you coverage for 30 years (taking you out to age 90-95, depending on your age), and offers the coverage at a substantial premium discount to a guaranteed universal life policy to age 100. It’s Genworth’s Colony Term UL 30 product, which allows you to pay term rates for 30 years, even though the policy is technically universal life.
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 and select “guaranteed 30 year term” for the duration.
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.
{ 9 comments… read them below or add one }
I am looking for a small life insurance policy to cover the costs of my death. I am 62 years old and would like to be insured until I am 90-95 in the amount of $20,000. I am healthy. Do you have a policy for me?
Hello Patricia,
Yes, a 62 year old can get life insurance with guaranteed level premiums for a 30 year term through Genworth that would meet your needs to age 92. However, they are one of only two companies who offer 30 year term to people over age 60, and have a minimum face value of $50,000, so if you want less than 50K, you’ll need to buy a form of permanent insurance, such as whole life or universal life, but I’m sure Genworth’s premium for $50,000 will be lower. Please call us for a quote at 877-443-9467. Thank you!
i need to insure my grandparents. they are older 92 and 88 .
how much would the premiums be ? do you know of anything available?
they have good health they have arthritis.
thank you
Hello Maria,
90 is my cut-off for the oldest I can help someone buy insurance, but please understand it is very expensive. For example, the average cost for a 90 year old male to purchase $50,000 of coverage is $7,800 per year, for a lifetime guaranteed policy. And that’s because you have to figure even the healthiest 90 year old’s life expectancy is only 4 or 5 years, so the insurance company has to recover costs quickly. Also, in policies for younger people, you’ll find a high percentage of policies lapsing, so the insurance company can give you great rates providing tremendous leverage with most insurance policies. However, they figure if a 90 year old is taking out a policy and willing to spend over 7K to put it in force, he is going to stick with the policy until there is a death.
So everyone is clear, the purpose of this post is NOT to provide life insurance to people between the ages of 90 to 95… It is to provide coverage to ages 60 to 65 for a 30 year period, which will offer guaranteed level premiums until the ages of 90 to 95, depending on their age at issue.
How does one purchase term insurance that will last to death even if you live to be 120+ years old? Thanks
What if you are 67 and in excellent health? Are you policies only available up to age 65?
Yes we offer life insurance for 67 year olds. Try reading our post: http://www.insuranceblogbychris.com/life-insurance-for-60-69-year-olds/
need to find life insurance for my 61 year old mother. She only has 5,000 dollars policy. if i was interested in a 100,000-200,000 dollars life insurance policy, how much will it cost monthly or annually.
Hello Nichole,
Sorry but it’s impossible to give a quote without knowing some details about your mother’s health. Can you give us a quick call at 877-443-9467? I’ll be happy to help you. Just ask for Chris.