Seeking life insurance can be a challenge for those who are in their 60s. This is because one of the biggest factors in determining the price of one’s policy is age – and certainly as one gets older, the price of life insurance will increase.
But the good news is that life insurance for 62 year olds is not nearly as expensive as some people might think. In fact, over the years, the premium prices on certain policies for those who are in their 60s has actually come down – and this is very good news for those who are in the market to purchase more coverage.
For those who do want to buy a policy – or want to add to the coverage that they already have – it is important to act soon, though, as the premiums will tend to rise as your age increases over time.
Life Insurance Premiums for Those Who Are in Their 60s
When seeking a life insurance policy, there are other factors that will also come into play in addition to age when the underwriters are determining your policy’s premium amount. The main criteria will typically include the type of coverage that you purchase, your status as a smoker or a non-smoker, and your overall health condition.
The Type of Life Insurance Coverage That You Purchase
The type of coverage that you purchase will make a big difference in the amount of premium that you pay on your life insurance. In most instances, for those who are 62 years old or over and who are considered to be very healthy, term life insurance will typically start out with the lowest amount of premium. This is because term life insurance is the most basic form of life insurance coverage that is available. It consists of just pure death benefit coverage, and it contains no cash value build up or savings component of any kind.
Term life insurance, however, will be limited to a certain amount of years. For 62 year olds, term life insurance is typically available with coverage lengths of up to 20 or 25 years, and in some cases 30. In the case of term life, however, once the term life policy has expired, coverage would need to be renewed at your then current age and health condition. The premium on the new policy will also be based on your then current age.
Permanent life insurance contains both a death benefit as well as a savings or cash value component. Therefore, the premiums for this type of coverage will usually be higher than for a term life insurance policy with a comparable amount of death benefit.
Therefore, initially, the best life insurance rate for a 62 year old policy holder may be a term life policy. However, a permanent life insurance policy does not expire or have a time limit on it. The premium on these policies is locked in for life.
The type of policy that you choose, therefore, should ideally be determined based upon the specific financial needs that you are covering. Many 62 year olds have numerous needs to cover, including mortgage debt, final expenses, future college expenses for their children, income replacement, and future estate taxes. Depending on your personal situation, you may also have other financial needs that you are planning to cover with life insurance.
Smoker versus Non-Smoker
Your status as a smoker will also have a lot to do with how much premium you pay for your life insurance coverage. Certainly, smoking can lead to a number of other health issues. Therefore, the rates for smokers are higher – and in some cases, they can be double those of non-smoker life insurance premiums. Therefore, be it is important to be very cognizant of this when applying for coverage. And, shop around before making a final purchase decision.
Your Overall Health Condition
Your overall health condition will also be a primary factor when it comes to the premium price of your life insurance policy. For those who are in top physical shape – even at age 62 and older – it may still be possible to obtain a company’s preferred policy rating.
This means that you could be charged the lowest premium rates possible for your insurance coverage. And, depending on what type of coverage you are purchasing, you may be able to lock in those low rates for many years into the future – or for the remainder of your life.
For those who are not so fortunate with their health, there are still ways to obtain life insurance coverage. You may just be required to pay more in premium. By qualifying for a substandard policy rating, you could still provide financial protection to those you love. Even for those who are in poor health, there are guaranteed issue and no medical exam life insurance policies available for purchase. In most cases, only those who are in the poorest of health will typically not qualify.
Where to Get the Best Life Insurance Rates for 62 Year Olds
When shopping for life insurance coverage, you can find the best rates for 62 year olds by working with a company that has access to numerous life insurance carriers. By directly comparing policies and premium quotes, you will be able to come up with the policy and the premium that works the best for you and your specific coverage needs.
When you’re ready to begin your search, we can help. We work with many of the top rated life insurance companies in the marketplace today, and we can help you with comparing policy benefits and premium quotes. In order to begin the process, just use the form on this page.
We also understand that you may have additional questions regarding searching for the best life insurance for 62 year olds, obtaining premium quotes on term or permanent life coverage, or about life insurance in general. If so, please feel free to contact us directly, toll-free, at <XXX-XXX-XXXX> and we will be happy to help.