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If you are in your sixties there may be several reasons why you are looking for life insurance coverage:

  • You don't want to leave your heirs with debts to pay
  • You want your final expenses covered
  • You want to make sure your grand kids will have their college education paid for
  • You want to leave your spouse in a good financial standing

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No matter the reason, the sooner you think about getting life insurance coverage, the better.

The older you get, the more expensive your rates will get, plus you risk being afflicted by a medical condition that will prevent you from being accepted for a policy.

Life insurance rates have never been this affordable. People's life expectancy keeps on going up, so insurance companies are more than happy to insure older individuals, as long as they are in fair health and don't engage in any risky behaviors.

If you and your spouse are both buying life insurance at the same time, you'll notice that a women's rates are cheaper than the men's.

Also, if you are a smoker, your rates on average, are 3 to 4 times higher.

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What Factors Do Life Insurance Companies Use To Calculate Rates?

When calculating your rates, life insurance companies take into account various factors such as your age, lifestyle, and health status. For instance, if you smoke or use tobacco products, your rates will be significantly higher than those of non-smokers - this applies to both men and women.

However, if you quit smoking before applying for coverage, your life insurance costs will decrease substantially. Quitting is not only beneficial for your health but also financially rewarding - it's a win-win situation.

Also, certain medical conditions like heart disease, cancer, autoimmune disease, high blood pressure, stroke, obesity and diabetes can affect the premiums you pay and the chances of being accepted for coverage. If this is the case for you, then you may want to consider getting a guaranteed or no medical exam policy.

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What Is Guaranteed Issue Life Insurance

Guaranteed issue life insurance is a type of life insurance policy that does not require the policyholder to answer any medical questions or undergo a medical exam.

It is designed for individuals who may have difficulty obtaining coverage through traditional life insurance policies due to their age, health, or other factors.

Guaranteed issue policies typically have higher premiums than other types of life insurance policies, but they offer peace of mind knowing that you will be covered no matter what.

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Monthly Rates Example

10 year term policy rates for a woman, non smoker, in good health.

$50,000 $100,000 $200,000 $300,000 $500,000
60 year old female $44.35 $26.56 $45.76 $54.56 $86.16
61 year old female $49.35 $27.14 $48.83 $60.38 $96.64
62 year old female $52.75 $27.98 $52.65 $66.81 $106.52
63 year old female $56.10 $33.34 $57.33 $72.28 $117.17
64 year old female $60.13 $34.50 $63.18 $79.12 $128.82
65 year old female $39.63 $38.10 $66.82 $81.16 $148.30
66 year old female $45.98 $42.59 $73.23 $87.69 $162.31
67 year old female $46.86 $47.77 $80.15 $93.32 $177.42
68 year old female $52.20 $53.42 $87.63 $100.47 $194.25
69 year old female $55.34 $59.12 $96.67 $111.68 $221.95
70 year old female $62.19 $67.37 $107.34 $128.35 $247.15

Example rates as off 7/02/23 - These are just approximate costs - the underwriting insurance company will decide your exact prices.

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