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Best Life Insurance Rates for 61 Year Olds

If you are looking for the best life insurance rates for 61 year olds, we’re going to walk you through how to make sure you get the best policy available and best way to apply.

Life Insurance for 61 Year Olds

It’s important to shop the right way when looking around for life insurance. This is especially important as you get closer to your retirement years.

You might be concerned about potential financial burdens and how to take them away from your family when you pass away.  You might even be concerned if you will have to pay a great deal more for life insurance then if you had purchased this a long time ago.

Let’s take a look at options that might help you find what will work for you and let you know, you can get life insurance!

See Related: Life Insurance Rates by Age

Life Insurance Options For Someone Who Is 61-Years Of Age

At 61, you have two options for life insurance.  Term Life Insurance versus Permanent Life Insurance.

Term Life Insurance is considered a temporary coverage that can run from one year to 30 years, depending on the insurance company.  This is a very popular plan because you get a great deal of coverage for a very affordable cost.

Permanent Life Insurance will extend throughout your entire life and as long as you keep up with the payments.  Also, permanent life insurance allows you to accumulate cash value on a tax-deferred basis.  There are two permanent coverage options under permanent, Whole Life and Universal Life.

Term Life Insurance is the best option if you want a shorter period of time and a great deal more economical for replacing lost income before retiring that will cover debts that have built up, or to cover your mortgage. 

On the other hand, Permanent Life – i.e Whole Life or Universal Life is normally used for estate planning.

Breakdown Of Life Insurance Rates For Someone Who Is 61 Years Of Age

The following are examples of rates to give you an idea what you could pay for a policy at 61.  We posted some of the most common benefit amounts like $500,000 term and $750,000 term life as well as $100,000 whole life rates.

That said, these rates are based on policies for people who are in generally good health and do not smoke. 

Your rates could be higher or lower, depending on your current situation.

$500,000, 10-Year Term Life Insurance Policy

  • A 61-Year Old Male Is $126 per month
  • A 61-Year Old Female Is $83 per month.

$750,000, 10-Year Term Life Insurance Policy

  • A 61-Year Old Male Is $189 per month
  • A 61-Year Old Female Is $124 per month.

$100,000 Whole Life Insurance

  • A 61-Year Old Male Is $343 per month
  • A 61-Year-Old Female Is $291 per month.

WARNING: Life Insurance Companies Look at YOU Differently

This is a fact that if you are 61, you should keep in mind. 

It’s really important that you understand that every insurance company has their own rules and guidelines that are used when underwriting an application.  Some companies have very strict rules and guidelines including any pre-existing medical conditions.  There are also life insurance companies that are not concerned with health issues. 

Understanding this will help you find the right life insurance company for you!

You should know the best life insurance policies for your given health and lifestyle.  As mentioned, companies vary in their terms and who they will give a policy to and who they won’t.  This is where we can help you out.  We know all about life insurance companies and work hard to provide people with the best choices for them.  We can guide you to the best insurance company and the best price. 

The leading focal point is “Saving Money”.

Life Insurance Options When You Have Health Issues

Even though most people who are 61 are in good health, some have pre-existing issues that date back to childhood or at some time in their life.  That said, you can still get an affordable plan even if you have some health problems.  The policy you might qualify for and the cost will depend on your particular health concerns.

As an example, if you suffer from type 2 diabetes, some insurance companies will offer a standard rate as long as your condition is under control.  If you have heart problems or have experienced a heart attack or stroke in the past,  you will probably only qualify for a Guaranteed Issue Life Insurance Policy.

If you have a health issue you should speak with an experienced agent, they will guide you to the best insurance carrier for a policy.

What You Should Know About Getting Life Insurance When You’re 61

Regardless what your overall health is today, Senior Life Insurance Companies will be a great deal more detailed during the underwriting process than if you were 30-years of age.

Bottom line, someone who is in the 70s will face serious health issues sooner than someone in their 60s, though that’s always the case.  Life insurance companies will factor in your age and other details when deciding your rate and whether to approve your policy or not.

The Challenges of Getting Approved at Age 61

Even though you qualified for an insurance policy, in the past, you might find it more difficult now, especially if you are looking for a million dollar life insurance policy.

Finding the best life insurance coverage and a good rate at 60 will more than likely require the following:

  • Have a complete physical and an EKG
  • A complete physical from your current doctor within the past 2 years.
  • Provide your medical records to the insurance company.

The rate you will actually pay will depend on factors and some additional steps that might be required, regardless of your age:

  • A DMV and criminal background check.
  • A view of your prescription database.
  • A credit check to find out if you have a previous or current bankruptcy.
  • Your overall health & history of your health
  • Whether you smoke or not
  • The history of your family health
  • Your driving record

In order to decide if you are eligible for a policy, a life insurance company may look at all these factors.

Best Life Insurance Rates for 61 Year Olds

These tips will give you a pretty good idea what policies you can qualify for if you are 61 years of age. 

It might be a little difficult, but if you work with someone who understands life insurance companies, you’ll get a policy that is affordable and give you peace of mind! That’s why its best to work with an independent life insurance agent.

Prices are the same when comparing policies from the same carrier. So there’s no difference in price when looking at the same policy direct from the company or using an independent agent.

The difference is in service.

Shopping the Smart Way

Shopping for life insurance is not like most purchases. You need to make sure you’re shopping rates from a variety of life insurance companies so you can make sure you’re getting the best possible plan. The competition with life insurance companies is significant, so use that to your advantage.

Use an independent agent like Life Insurance Blog who can find out the companies that can get you the best deal.

Life Insurance Application

This is how the typical application process will go:

  1. Call us at 888-411-1329 or get an instant life insurance quote
  2. We’ll shop your case from dozens of companies to make sure you’re getting the best deal.
  3. We’ll help you apply conveniently online and over the phone.
  4. If your policy requires a medical exam, we’ll set that up for you.
  5. We wait for your approval. Times range from “Instant” for certain policies & 4-6 weeks for a typical medical exam policy.
  6. Once approved, you simply pay for your policy and it is now effective and in force.

Make sure you apply with an independent agent like Life Insurance Blog. Going direct will leave you vulnerable and stuck with that company if your policy is rated up or denied. This is common especially if you aren’t in perfect health.

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Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.