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 Term Life Insurance
NOTE: Permanent life insurance usually costs up to 5-10 times more than term life insurance.
So, if you are in your 60s 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.
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
Compare Life Insurance Rates
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Highly Recommended – Globe Life Insurance
Get FREE Information On How $1* Buys $50,000 Globe Life Insurance For Seniors
Highly Recommended – United of Omaha
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