(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 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.
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.
I explain in this video why it’s important to use an independent agent, and how we save you money (Note: we are independent agents at Huntley Wealth)
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.