Looking for life insurance for seniors Over 60!? Maybe you’re worried that you’re too old, but I’m here to tell you that life insurance for 60 – 69 year olds is not only possible…but AFFORDABLE!
…YEP even if you have medical concerns that make you wonder if you will be declined all together.
Quick Guide: Life Insurance for Seniors Over 60
Psst! If you’re strapped for time, you can get started right now by selecting your primary concern…
Maybe you just want to cut to the chase! If you’re in a rush or know EXACTLY what it is you’re searching for…
Check out my handy quick guide and simply jump to the section you want to read:
How to Get The Best Life Insurance at Age 60 – 69
Let’s explore my tips and tricks for getting the BEST life insurance for seniors over 60!
It’s funny – WAYYY too many people think they are uninsurable after 60! Well, I’m here to tell you that NOTHING could be further from the truth ladies and gentleman! We specialize getting the BEST possible rates for clients seeking life insurance for 60-69 year olds.
But what if I’m not all that healthy and I’m concerned about the medical exam. What if I’m declined altogether?
THIS is one of the biggest misconceptions out there. Insurers know that medical issues crop up. After working in the life insurance industry for well over a decade, I’ve heard it all. There isn’t an issue we haven’t had to face. We’re ready to help you find life insurance for 60 and over, even if you have a history of health ailments.
Sure, it’s easier and less expensive to find a great policy for a young, healthy, non-smoker…
That being said, we consistently pinpoint wonderful deals for people who have diabetes, previous bouts with cancer, heart troubles, weight issues AND smokers. Our agents are experts at helping clients find the most affordable premiums from the highest rated insurance companies in the market.
We work with 30+ companies that offer life insurance over age 60.
Why would someone in their 60’s need life insurance?
Where do I start? Let’s go through some of the biggest factors right now!
Top Reasons for Life Insurance at Age 60 and Over
Life has changed a LOT in the last few decades! People are living longer and taking on more in their later years.
For example, my Mom has a new career! Which means, there are more responsibilities over age 6o:
Here are the top reasons people are looking for the best life insurance for seniors over 60, and how we might be able to help:
Those are some GREAT reasons to get life insurance for 60 and over, but I want to see the numbers in black and white. Is this gonna break the bank?
Here you go! But I think you’ll be pleasantly surprised…
Cost of Life Insurance at Age 60 and Over
Yowza! Life insurance for over 60 is going to cost a ton right?
NOPE! It’s not.
Although everything is contingent on your personal circumstances. Let’s take a look at some numbers now.
Life Insurance Isn’t One Size Fits All
Let’s get into the nitty-gritty and show you some quotes that will give you an idea of how much life insurance for over 60 will cost.
….but before I do, please remember life insurance is WAYYYY more complicated than you think.
If I could just provide you with quotes online that would accurately portray what you’ll pay for your premiums, that would be GREAT.
BUT that isn’t how it works.
These quotes give you an idea of what you MIGHT pay – and they are simple to generate. The best thing about this is that you can clearly see that life insurance is NOT as expensive as you might have feared. Dare I say life insurance is a STEAL at this age. Just think about how much it means to families who have a loved one die… when they receive a check in the mail!
In my humble opinion, the true superheroes in life are those that plan ahead and protect their loved ones.
Sample Life Insurance Quotes: Ages 60 – 69
So let’s check out some life insurance quotes over 60 now! I used Prudential because they are a top tier insurer that you’re probably familiar with:
10 Year Term Quotes: Healthy Male, 60-69 Years Old
|60 Year Old Male||$44.01||$71.31||$135.19||$246.31|
|61 Year Old Male||$46.55||$77.66||$147.88||$272.56|
|62 Year Old Male||$50.14||$85.97||$164.50||$303.19|
|63 Year Old Male||$54.16||$95.16||$182.88||$341.69|
|64 Year Old Male||$59.15||$107.19||$206.94||$391.56|
|65 Year Old Male||$65.01||$121.41||$235.38||$450.19|
|66 Year Old Male||$71.05||$136.50||$265.56||$513.19|
|67 Year Old Male||$78.84||$152.69||$297.94||$574.44|
|68 Year Old Male||$87.59||$172.16||$336.88||$647.94|
|69 Year Old Male||$97.65||$194.03||$380.63||$729.31|
20 Year Term Quotes: Healthy Male, 60-69 Years Old
|60 Year Old Male||$65.19||$140.88||$274.31||$510.56|
|61 Year Old Male||$72.01||$157.50||$307.56||$570.06|
|62 Year Old Male||$79.80||$176.09||$344.75||$634.81|
|63 Year Old Male||$89.16||$197.75||$388.06||$712.69|
|64 Year Old Male||$99.75||$222.91||$438.38||$801.06|
|65 Year Old Male||$111.48||$251.78||$496.13||$903.44|
|66 Year Old Male||$124.16||$281.97||$556.50||$1,006.69|
|67 Year Old Male||NA||NA||NA||NA|
|68 Year Old Male||NA||NA||NA||NA|
|69 Year Old Male||NA||NA||NA||NA|
Plan Ahead and Be a True Superhero!
Wow! Take a look at the numbers! A healthy 60 year old can get $500K in coverage for 20 years for about $135.00 per month.
Over 60 life insurance quotes aren’t as expensive as you thought right?
This will cover my client’s family until he’s 80 years old! If you’re hesitating at all, I am going to tell you a story. I know a gentleman who took out a policy right after his 63rd birthday. He got a preferred rating. To be frank, the policy really was “just in case” protection to cover his mortgage.
Come on- he was as fit as a fiddle. It was extraordinarily likely that he’d live to the end of his term and then some.
You see, he was on his second marriage and had a younger wife and two small children to think about. Well this guy had a fatal aneurysm 8 years later!
The good news is – he was a superhero and got the coverage. His wife didn’t have to give up the family home and his kids are thriving. Great stuff – but what’s going on here?? I’m 68 and there are no quotes for me.
GREAT question! This brings me to another VERY important issue.
Age Cutoffs are Different Depending on the Insurer!
So what the heck happened to ages 67 – 69 for a 20 year term?
I’ll tell you what – Pruco doesn’t offer 20 year term to clients over the age of 67.
Think about it. It makes sense that there would be a cutoff. You’ll be 87 YEARS OLD at the end of a 20 year term if you’re 67 when you buy the policy. Which means there’s a stronger chance the insurer will have to pay out.
20 Year Term: Healthy Male, 67-69 Years Old
|67 Year Old Male||$147.75||$326.71||$625.48||$1,222.15|
|68 Year Old Male||$168.13||$373.13||$720.34||$1,417.11|
|69 Year Old Male||$189.37||$429.05||$838.84||$1,660.66|
20 year term until 69?! Looking good Banner!
YEP. This is exactly why you should always consult an independent life insurance agent. Because we’ve got lots of tricks up our sleeves to save you $$ and time.
NOTE: All Life Insurance Companies AREN’T Created Equal
If you take nothing else from this article – or any of my articles for that matter – it’s the FACT that life insurance companies are NOT created equal. I’m not sure where the idea came from that ALL life insurance companies are the same.
Did you know?:
There were 5,977 insurance companies in 2016 in the United States (including territories), including property/casualty (2,538), life/annuities (872), health (858), fraternal (85), title (55), risk retention groups (247) and other companies (1,314), according to the National Association of Insurance Commissioners. Insurance Information Institute
Yep and each and every one has their own policies and underwriting procedures. As you can see this is a VERY competitive market – and to differentiate themselves, each insurer pursues a niche where they compete for business.
This is precisely why you need to consult a seasoned independent agent. Someone who can help you go through all your options and find the BEST life insurance for your particular circumstances.
I hear ya, but I’m a busy person. What’s saving a few dollars a month REALLY gonna get me!?
NO! Seriously, this is EXACTLY where you are gonna save some serious cash, friend. What if I told you we’ve saved clients up to 73% on their premiums?
Your Premiums DEPEND on Your Health Rating
So those awesome rates I quoted you above for Pruco sound pretty sweet don’t they? …but you took my advice and started to look around to see what Banner Life has to offer because I mentioned them too.
Bet you are thinking – HEY these rates look FAIRLY similar. Yep, you’re right – but if you’re financially savvy, approximately $63.00 per month over 20 years is nothing to sneeze at. That would be a savings of about:
$15,055.00 dollars over your term!
BUT THAT’S NOTHING. Everything hinges on your health rating. So maybe you didn’t apply to Banner which would have given you the preferred rating I quoted above. You decide you like Pruco better. Great company – but you only qualify for a standard rating because they’re tough on a medical condition YOU have.
The difference over your 20 year term would be a staggering:
Still think you don’t need to speak to an independent life insurance agent?
FIND OUT IN 2 MINUTES IF WE CAN BEAT PRUDENTIAL’S RATE
We treat every customer like they’re family. Our agents have NO sales quotas, so we’re able to spend all the time necessary with every client…. there’s no hurrying off to the next call with our agents.
Ok! You’ve got me interested. That’s a LOT of money. But quite frankly I want whole life insurance. It seems like a safer bet.
My feelings about permanent, or whole life insurance are quite well known in the industry. I’m gonna fill you in on why it’s probably NOT for you.
What Type of Life Insurance Do You Need Over the Age of 60?
I’ve said this once and I will say it one thousand more times before I retire.
Term life insurance works best for most of the young people who come into my office looking for life insurance.
Permanent, Whole Life Insurance, is meant for people who have serious disposable income. You know, the ones who’ve maxed out their 401k or are looking for tax shelters for their estates.
If this ISN’T you – you should choose term, or a Guaranteed Universal Life policy
Why? Because Term or GULs are affordable compared to Whole Life Insurance – AND you don’t have to pay the steep administrative fees and commissions of whole life policies.
We don’t use life insurance as an investment vehicle. Why not take your savings and invest it yourself! It’s a better deal and you’ll have more control.
I’m sold. Term sounds like it fits my circumstances. But what product should I choose? The length of your term and face value are VERY important to your bottom line. Let’s explore this:
How Long Should I Cover Myself?
After your health rating this is the second most important part of the process. You need to determine how long you need coverage – and then what the face value should be.
At 61 you may qualify for a preferred plus rate – but in a few years this might change substantially, making life insurance less affordable. Which means it may make sense to choose a policy that will cover you as long as possible.
Term is a great option if your need for coverage has an end in sight. If you have a mortgage, or a small business loan, then you know exactly how long your coverage should last. You can purchase the shortest term product that will meet your specific financial need. And, if you pay off the loan early, or inherit a boatload of cash, you can simply stop paying your premiums, and let the policy come to an end.
However, let’s not forget that most of our clients in their 60’s are also looking for coverage to last as long as they live, so their loved ones will have protection no matter what! That’s where Guaranteed Universal Life (GUL for short) comes in handy!
We need to know how much you NEED to protect your family, AND how long you need the coverage to last.
If you have any doubts whatsoever apply for the longer term. This may be one of the smartest decisions of your life if your health takes a hit, making you uninsurable in the future.
10 Year Term
10 year term works VERY well for short term needs. It’s affordable and flexible. What more could you want? In your 60’s maybe you’re helping your child with college debt, have business obligations or possibly you’re at the tail end of your mortgage and want to cover that expense. Cool fact: Transamerica offers 10 year term ’til your 81st birthday, if you qualify! Plus, most term policies are convertible to a permanent or lifetime product!
20 Year Term
20 year term is an AWESOME option for those in their 60’s. Let’s face it, people are living longer, having children later, remarrying and having 2nd and 3rd marriages. This all comes with financial baggage. Protection well into your 80’s that’s affordable sounds like a win to me.
25 Year Term
Betcha thought 20 year term was it. Nope, there is a 25-year term option that you can qualify for ’til the age of 65. If you think you need a boost in protection this may be the term length for you! But before you decide, check out the rates for a Guaranteed Universal Life policy too!
30 Year Term
Although folks in their 60’s can’t qualify for a 30 year term policy, never fear, we still have lots of longer-lasting choices for you.
Many 60-69 year olds, even without a mortgage or other major debt, still want to be sure their loved ones are taken care of when they pass away…
…no matter how long they live.
Guaranteed Universal Life for Seniors
The price tag attached to final expenses may be shocking – hospital bills, funeral expenses, costs to liquidate a home or an estate, all can be prohibitive without life insurance.
If this is your concern, we recommend you consider a Guaranteed Universal Life (GUL) policy.
These policies act like Term, in that the death benefit is paid out simply because you’ve kept your premiums up to date, not because they’ve accumulated a cash value…
…And, unlike a Term Policy, GUL is meant to last longer – much longer in fact. These policies are designed to last until age 85, 90, 95 or 100. There are even policies that take you to age 105, 110 or up to 121! Some are simply called ‘no lapse’ policies, because they last as long as you live, no matter how long you live.
In today’s world, with active, healthy seniors living well beyond their 90’s, and into their 100’s, this type of policy is perfect. Besides, they may offer additional “living benefits” that can be accessed, if needed, during your lifetime for chronic, critical or terminal illness expenses.
Savings Tips for Seniors Over 60!
This of course brings us to the face value of your policy.
This is an AWESOME way to save money.
Although I talk a LOT about people being under-insured – because this is a serious issue – you don’t want to over insure yourself either. The higher the face value the more costly your premiums are. So if you are simply trying to cover a student loan it’s unlikely you’ll want a $1 million policy.
If you take a look the difference you’ll see why it’s so important to properly assess your needs.
The same 63 year old male that we talked about above would only pay about $96.00 per month for $250K in coverage. If he opted for $1 million in coverage he’d pay $350.00 in premiums. Whoa!
There are lots of options. To get more information, call our agents today!
Some Companies Work Better for People Over 60
Soooo…once again you can see how important it is for you to pick the right company for your particular needs!
Each and every insurer has different underwriting policies. You need to find out which ones are more lenient for life insurance over 60. Voya just happens to be one of those companies. Let’s take a gander at their preferred build chart now:
As you can see Voya life insurance has a special build chart for clients over 60! They know that people’s bodies change later in life so they gear their underwriting accordingly.
Wow, now that’s awesome.
Case Study: 58 Year Old vs. 61 Year Old
I have a client who is 58 years old looking for life insurance. He’s 5’9″ and 202 lbs. If you check out the Voya build chart for his age group you can see that the maximum weight to qualify for the super preferred rating is 200 lbs.
….but if you are 61 the chart is different.
So that same client could qualify for the super preferred rating if they’re 210 lbs!
This is one of the MANY ways you can save money if you are over 60. Why not contact an independent agent today to get a customized quote for your unique circumstances now. Life insurance for ages 60 – 69 is not only POSSIBLE but it’s affordable. It’s my goal to get rid of the myth that seniors over the age of 60 are uninsurable…or if you CAN find coverage it will be unaffordable.
This is simply FALSE. Term life insurance ages 60 – 69 is a great deal.
SAVE UP TO 73% ON LIFE INSURANCE!
If you have medical issues, don’t let this dissuade you from calling us today. In my experience, this is the one thing that keeps clients from picking up the phone. They think that they will be denied access to life insurance, so they skip it altogether.
THIS IS NOT THE ANSWER!
Excuse my caps.
We’ve found life insurance for people who are high risk and thought there wasn’t a chance they would find a company to offer them a policy.
You don’t have to go for costly no exam insurance. Call our experienced independent agents today and we can work with you to find the BEST possible insurer for your unique circumstances.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.