Many people ask us if they can still buy term life insurance in their sixties…
Yes, you can!
At Huntley Wealth Insurance, we specialize in helping individuals ages 60-69 years old purchase affordable term life insurance.
How We Help Save You Money (and Sample Quotes)
You may have found us on the internet because you take medications for high cholesterol or high blood pressure, or have some other medical impairment or smoke cigarettes or cigars, or perhaps you’re a healthy non-smoking male or female searching for a great deal.
However you come to us today, we are the experts at helping you find the lowest premiums from the highest rated life insurance companies.
Term Life Insurance Quotes at 60-69 Years Old
Age $100,000 $250,000 $500,000 $1 Million
60 Year Old Man $28.62 $61.12 $117.02 $216.72
61 Year Old Man $31.15 $67.21 $129.20 $248.76
62 Year Old Man $35.32 $71.89 $137.07 $267.43
63 Year Old Man $39.67 $82.05 $157.08 $307.12
64 Year Old Man $43.24 $94.76 $182.19 $350.22
65 Year Old Man $49.02 $107.02 $206.41 $388.49
66 Year Old Man $54.03 $120.31 $254.07 $430.52
67 Year Old Man $59.25 $131.69 $257.69 $463.86
68 Year Old Man $63.34 $143.33 $278.84 $501.48
69 Year Old Man $67.60 $153.99 $299.72 $553.64
(Life Insurance Premium Quotes based on healthy, male, non-smoker for 10 Year Guaranteed Level Term, as of 7/3/2013, subject to change)
What Length of Term Insurance Should Someone in his Sixties Purchase?
If you are currently working and need the term life insurance to replace lost income in the event of your death, think about how many years you plan to work, and cover yourself for at least that length. Typically in your sixties, just 10 – 15 years will suffice, and the average cost of purchasing a shorter term policy will be lower than a longer term contract.
10, 15, 20, and 25 year Term Available Through Age 69
When you are younger, every type of life insurance is available to you from 10 year term to 30 year term, and even 40 year term (only a few carriers offer this at younger ages.)
Now that you’re in your sixties, however, you may wonder if all term lengths are available to you.
Unfortunately, once you hit age 60, you can no longer buy 30 or 40 year term. You can however, buy 10, 15, 20 and 25 year term life insurance up to 65 years old. Once you hit 66 years old, you can only buy 10, 15, and 20 year.
Key Questions for Determining Type of Insurance Needed:
- Will you still need this coverage 10 to 20 years from now?
- Are you still working? – If so, perhaps you only need term until you retire.
- What is your budget? – Term is cheaper than permanent coverage, and you can buy a lot more term coverage for the same premium as permanent coverage.
- Do you have an estate planning need? See below.
Life Insurance for Estate Liquidity or Taxes
Your reason for purchasing life insurance may be more long term. Perhaps you need the coverage for estate planning, such as to fund a bypass or A-B Trust. Perhaps there is no need for coverage, per se. You simply want to leave an inheritance.
For longer term goals, I recommend purchasing a term policy which will provide coverage into your eighties or nineties. This will most likely be a 20 year term or 30 year term policy. (Note: You can structure a guaranteed universal life insurance policy to provide coverage only until age 90 or 95, and it kicks the pants of the lifetime coverage policies!)
Whole Life Insurance 60-69 Years Old
Still, there are those for whom a 15 or 20 year term policy will not suffice. If your parents lived into their eighties or nineties, you might consider purchasing a whole life or universal life insurance policy. These are permanent policies designed to provide coverage to age 100, or in some cases, up to 120.
The main difference between whole life and universal life insurance is the premiums. Whole life costs about double what universal life costs typically. However, since whole life policies charge so much more premium, they also typically grow in cash value much better than in universal life insurance.
For whole life insurance quotes, call us at 877-443-9467.
Moving Forward with an Application
To apply for coverage, this is the process.
- Get a quote online or by calling us
- We’ll help you apply over the phone or send a written application
- You will likely need to take a medical exam
- Approval takes approximately 4-6 weeks, on average
- You pay your first premium and make your policy effective
It’s highly recommended to find the lowest cost term life insurance rates to use an independent agency that can shop your case with your particular medical issues amongst multiple carriers. For more information about us, please visit our About Us page and my Google + page.
For universal life insurance quotes, Term Life Insurance Rates, or return of premium quotes, Click Here or use the Instant Quote Form on 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.