Many people ask us if they can still buy term life insurance in their sixties.
Yes, you can!
Term Life Insurance for 60 – 69 Year Olds
We specialize in helping people ages 60-69 years old purchase affordable term life insurance. We almost always recommend Policy Genius.
Policy Genius has an A rating with the better business bureau, and they offer policies to individuals ages 50-85 years with no evidence of insurability requirements.
They do this by helping you find the best insurance company for your needs instead of trying to fit you into a one size fits all type of policy.
We can also help you determine the type of coverage you need and show you want to do if you have a medical condition or take medication. You also may not know how long you want or need coverage.
Term Life Insurance Quotes at 60-69 Years Old
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.
Let’s start with some sample rates…
Sample Term Quotes for 60 – 69 Year Olds
|60 Year Old||$28.62||$61.12||$117.02||$216.72|
|61 Year Old||$31.15||$67.21||$129.20||$248.76|
|62 Year Old||$35.32||$71.89||$137.07||$267.43|
|63 Year Old||$39.67||$82.05||$157.08||$307.12|
|64 Year Old||$43.24||$94.76||$182.19||$350.22|
|65 Year Old||$49.02||$107.02||$206.41||$388.49|
|66 Year Old||$54.03||$120.31||$254.07||$430.52|
|67 Year Old||$59.25||$131.69||$257.69||$463.86|
|68 Year Old||$63.34||$143.33||$278.84||$501.48|
|69 Year Old||$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 7/13/2017, subject to change)
Would you like a quote for a different amount or at a different health rating? Use our form to the right or below:
What Length of Term Insurance Should Someone in their 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.
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.
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.
If your answers to these questions point to a shorter term need for coverage, I would recommend term life insurance. If you would like coverage through age 95 or older (lifetime coverage), I’d recommend requesting a quote for a Lifetime policy.
To get a quote, simply visit our quote form and select “lifetime” from the Term dropdown.
What if I Have a Medical Issue or Take Medication?
It’s important you realize that all insurance companies treat medical conditions differently.
… some of them will PENALIZE YOU severely for a particular health issue.
That’s why you always want to use an independent agent that can shop your case out to multiple companies, to see which one will give you the best deal.
- We recently found a 68 year old woman with type 2 diabetes a $250,000, 15 year term policy for $245 per month through Banner Life Insurance. She had gotten a quote from her Farmer’s Insurance agent for over $400 per month!
- A 61 year old man came to us recently looking for just $100,000 of coverage for the rest of his life. The problem was he had a heart attack 6 years earlier, and he was taking blood pressure medication. His State Farm Insurance agent said he would probably get declined or it would cost at least $750 per month. We got him approved at a “standard rate” for just $171 per month, using Protective Life Insurance!
- In another case, we were able to get a 67 year old man approved for $500,000 of guaranteed universal life when 2 other companies had declined to offer him coverage due to a combination of sleep apnea and being overweight.
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 (Lifetime Policies) for 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, click here and select “lifetime” duration.
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.
How to Apply for Life Insurance at 60 – 69 Years Old
To apply for coverage, this is the process.
- Get Your Best Quote
- 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.
For universal life insurance quotes, Term Life Insurance Rates, or return of premium quotes, use the Instant Quote Form on the right (or below).
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:
- Retirement planning
- Social Security funding
- Medicare or Medicaid
- Leaving a Legacy
- Family Obligations
- Debt, including mortgages
- Business Obligations
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:
You’re still working and want to leave your spouse, partner, or children a death benefit. Term Life Insurance is probably your best choice for income replacement.
You may need to add liquidity to an estate filled with real estate or business holdings, you may need the insurance to pay for estate taxes (state or federal).
You don’t care how old you are when you pass. You want to leave something to your family.
Quite possibly you need Key Man Insurance or a Buy-Sell Agreement.
Used in conjunction with a Trust
Common uses are to fund an AB or Bypass trust, or Irrevocable Life Insurance Trust.
Cover a Loan
Perhaps you have some debt or a mortgage, that you don’t want to leave your spouse or children saddled with upon your passing. Life insurance is a wonderful tool to use to take care of these obligations when you die.
Single or Joint Annuity
Say you’re 68 years old and your wife is 62. Upon your retirement you’re given the option of taking $40,000 per year single annuity payment for your life or a joint annuity payment of $30,000 for you and your wife. You might purchase life insurance and take the single annuity.
Perhaps you or your spouse are trying to decide whether to take social security income as soon as it’s available at 62 or wait until your 63rd, 64th, etc. birthday.
Full retirement age is 67. You may need some coverage for you or your spouse once you’re on a fixed income. Life insurance could be helpful in the event one of you passes prematurely.
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…
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|
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.
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!
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.