Affordable Life Insurance for 62 Year Olds
If you are looking for affordable life insurance for 62 year olds and have never had a life insurance policy, you might think you are no longer eligible for a policy or it would cost an arm and a leg. You want to get a policy to protect your loved ones if you were to pass away but wonder if this is something you will ever be able to do.
The good news, you are not too old to get a life insurance policy and it will not cost you an arm and a leg! In today’s post we’ll look at the best life insurance companies for 62 year olds, show you sample rates, and explain how to qualify & get the best deal.
How To Get A Life Insurance Policy You Can Afford
Although a term life insurance policy at 62 will cost more than if you were in your twenties or thirties, it’s still something you can afford. It’s all a matter of finding the right policy at the right price and we will work with you to help you find the life insurance policy that will fit your needs.
>>More: Be sure to check out our page Life Insurance Rates by Age and learn how rates differ in your 40s, 50, and 60s.
How To Find The Best Life Insurance Policy At Age 62
First off, you need to ask yourself why you want a life insurance policy. Do you need to cover final expenses that you would otherwise leave behind? Are you looking to replace your income to help out your loved ones? These questions will help you decide what kind of plan would be right for you.
Next, how long do you need your policy to for? Do you need it until you retire or until you pay off all your debts, or until you pass away? Maybe your pension won’t be enough and you’re looking to cover final expenses. Although many people struggle with the idea of spending a lot of money on life insurance, it’s still better to have some insurance than none at all.
Also, think of it this way, you’re better off looking for life insurance at age 62, than waiting until you are 65 or older!
You can find a policy that is affordable and will help your loved ones out, down the road.
The Cost For Life Insurance At 62 Years Of Age
If you are in good health and a productive lifestyle, here are some rates for a $50,000 and $250,000 term life insurance policy.
These rates will give you a general idea what you might pay for life insurance:
- If you are a male and want a $250,000, 20-year term life insurance policy at 62, you will spend approximately $142 per month.
- If you are a male and want at $50,000, 20-year term life insurance policy, you will spend approximately $55 per month.
Keep in mind, these rates can vary depending on factors that might be affecting you.
- If you are a female and want a $250,000, 20-year term life insurance policy at 62, you will spend approximately $98 per month.
- If you are a female and want at $50,000, 20-year term life insurance policy, you will spend approximately $40 per month.
Get Quotes First
Before you make up your mind, it is highly advisable you get quotes from several different insurance companies.
This is the only way you will be able to find the best policy and rate that will fit your needs and protect your family.
Because insurance companies are different, they all use different rating systems to determine your monthly payments.
There are several insurance companies that have insurance plans specifically designed for older people and will, therefore, they’ll have better rates vs another company.
Term Life Insurance
Level term life insurance provides coverage for a given period of time.
It kicks in as soon as your application is approved and will last anywhere from 10 years up to 30 years. You can also opt for a shorter term that will cost less, but if you choose this route, you will have to reapply and renew your policy at the end of the term which will cost you more.
- A 62-year-old woman in excellent health can get a $500,000 20 year term policy for just over $180 a month.
- That same woman can get at $150,000 20 year term policy and it will cost just over $67 a month.
That’s a significant drop in price and is extremely reasonable for just about anyone!
Some Examples Of Term Policies That Are Offered
Term life face amounts have a huge range. Here are some of the more popular coverage amounts:
- $1,000,000 term life and more is available
There are also many more, depending on the life insurance company you choose.There are different kinds of policies available to you. Term life is just one type of life insurance.
Whole Life Insurance
Whole life insurance policies can get expensive if you are 62-years-of-age but if you only need a plan for funeral costs and other final expenses, you’d be surprised how affordable the policy can be.
Most people will take out a policy for $10,000, $15,000, or $25,000 worth of coverage in order to cover funeral expenses. Another upside, there is no medical exam required and your rates are guaranteed for life!
For Example – Mutual of Omaha
- $25,000 Whole Life Insurance starting at $85 for a 62 year old woman.
- $25,000 Whole Life Insurance starting at $114 for a 62 year old man.
No medical exam required and your rates are guaranteed for life. You simply have to answer a few questions and don’t have to take a medical exam.
Your rates will never increase for any reason
Guaranteed Universal Life
Guaranteed Universal Life policies are very popular choices for someone 62-years-of-age because 30 year term is not available.
However, you can buy a GUL to age 95 and that works out the same way by providing you just over 30 years of coverage.
- $100,000 Guaranteed Universal Life Insurance policy to age 95 will cost just over $144 a month for a 62 year old man.
- $100,000 Guaranteed Universal Life Insurance policy to age 95 will cost just over $116 a month for a 62 year old woman.
>>More: Who are the best Guaranteed Universal Life insurance companies
What Are You Waiting For?
Keep in mind, if you are 62-years-of-age, it will cost more for life insurance than when you were 35-years-of-age.
If you are 62 turning 63 and want a 25-year term you should jump on it now!
Most 25-year policies have a cutoff age around age 65 depending on the company.
Let’s face it, no one can predict the future but if you need life insurance, you need to get it now and not later. You need to find a plan that fits your needs and will protect your loved ones when you are no longer around. Trying to find the right plan for you can be a daunting process but will be worth it in the long run.
With our help, Life Insurance Blog can help you find the right policy for you. It will be a lot easier than searching on your own. We will make it as quick and simple as we possibly can. Working with us, you will save time and money on your search for life insurance.
Thanks for reading our post, Affordable Life Insurance for 62 Year Olds. Please leave a comment or question below.
Originally posted 2018-02-01 09:10:30.