Affordable Life Insurance Protection for Your Family
What is the Cheapest Life Insurance for People over 60 years old?
When it comes to choosing the most affordable life insurance for people over sixty, you don’t have to look too far.
The answer is simple. Term Life Insurance is the cheapest life insurance for adults in their sixties.
Why is Term Life Cheaper Than Other Types of Life Insurance for People Over Sixty?
There are two basic types of life insurance: Term and Permanent.
Term Life Insurance vs. Permanent Life Insurance
Term Life Insurance
Term insurance is also known as temporary insurance providing coverage for a specific duration, usually up to thirty years.
Features of Term Insurance
Permanent Life Insurance
Permanent insurance is a type of coverage that provides lifetime protection as long as you pay your premiums on time.
Features of Permanent Life Insurance
NOTE: Permanent life insurance usually costs up to 5-10 times more than term life insurance.
So, if you are in your 60's and need life insurance for 20 years or less, term life offers the cheapest policy.
Term Life Insurance Rates for People Over 60
10 year Term Life Sample Rates
Age $100,000 $250,000 $500,000
60 $29 $71 $117
61 $31 $67 $129
62 $35 $72 $138
63 $40 $82 $157
64 $43 $95 $182
65 $49 $107 $206
66 $54 $120 $254
67 $59 $132 $258
68 $63 $143 $279
69 $68 $154 $300
* Your life insurance rates may vary depending on your health, tobacco use, and of other factors.
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Tips to Save on Life Insurance for People over 60
If you are over 60 years old, you should make the decision to buy a life insurance policy as soon as possible. Waiting will only decrease the amount of term life coverage that you are able to buy and increase your cost of life insurance.
Choosing the Right Amount of Life Insurance
Another way to save on the cost of a life insurance policy is to buy the right amount of coverage, not more than you actually need.
Make sure you take time to consider the goals you want your insurance to accomplish, and how much insurance it will take to meet those goals.
Things to Consider When Determining How Much Life Insurance You Need:
We recommend using a needs calculator to assist you in determining just how much life insurance is right for you and your situation. It’s easy-to-use. Just fill in the answers below and click on the button to find out how much life insurance you need.
Life Insurance Needs Calculator
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Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote
Highly Recommended – Globe Life Insurance
Get FREE Information On How $1* Buys $50,000 Globe Life Insurance For Seniors
Highly Recommended – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
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Disclosure: Compensated Affiliate