Even though our life insurance needs change as we get older, (our children grow up and become self-sufficient and our homes are paid for) there is still a need for some coverage. Whether you need life insurance for funeral and final expenses, estate taxes, or you just want to leave a comfortable amount to your family, you still have many options at 62 years old.
Life insurance rates vary from person to person and also from carrier to carrier. A 62 year old man will pay more than a 62 year old woman. A smoker will also pay more than a non-smoker, and someone with health problems will pay more than someone in perfect health. Rates will also vary depending on whether you want term life insurance, which is temporary coverage, or whole life insurance that will last for the rest of your life.
Here are some rate examples to give you an idea of how much a $250,000 15 year term life insurance policy might cost you at 62 years old.
62 year old male non-smoker: $1432 per year
62 year old male smoker: $3802 per year (more than double!)
62 year old female non-smoker: $925 per year
62 year old female smoker: $2387 per year
These are meant to be examples only.Your rates may be higher or lower, depending on your health history, the amount and type of insurance you need, and which carrier you choose. It is very important to shop around because each company has their own unique criteria to qualify so rates can vary by as much as 70%. In the above example, a 62 year old male non-smoker can pay $4045 per year or $1432 per year for the same amount of insurance! The difference is the carrier. That’s a huge difference and that’s why it’s so important to compare multiple rates from many different insurers.
The first step is to shop around and compare rates from several carriers. Get a free quote online and compare multiple policies from top rated companies. If you have some questions about what type of coverage you need, or if you want to obtain rates over the phone, you can call 1-877-801-4402 to speak with an experienced insurance professional.