Life Insurance At Age 62
If you are shopping for life insurance in your sixties, then you are probably
concerned about leaving a financial burden on your loved ones. Most shoppers look for life insurance at the
age of 62 so that they can lock in a low rate while they are young and in perfect health. Many parents
will also purchase life insurance for their children at this age. One thing you can be sure of is that you
have plenty of choices for life insurance coverage and the cost is very affordable. Learn more about your
options below or get started now and compare rates from several
highly rated carriers.
Your Options for Insurance In Your Sixties
A sixty two year old has a couple of basic options for life insurance coverage - term life insurance and
permanent life insurance. Term life insurance is temporary coverage that can last anywhere from one year or as long
as 30 years, depending on the company that you choose. Term is very affordable coverage because you can get a lot
of coverage for a very reasonable premium. Unlike term insurance, permanent life insurance will last you for your
entire lifetime, as long as you continue to pay your premiums. Your policy will also accumulate cash value on a
tax-deferred basis. Whole life and universal life are the 2 most common permanent coverage options.
Here Are Some Sample Rates
Here are a few rates to give you an example of what you could pay at this age. Keep in mind that these are based
on a non-smoker with a preferred health rating. Your rate could be lower or higher depending on your situation.
$200,000 10 Year Term Life Insurance:
62 Year Old Male - $1237 per year
62 Year Old Female - $973 per year
$50,000 Level Pay Whole Life Insurance:
62 Year Old Male - $1675 per year
62 Year Old Female - $1382 per year
Keep in mind that the actual rate that you will pay is going to depend on several variables such as your smoking
status, your health history, your family health history, your occupation and hobbies, and even your driving
history. Life insurance companies look at all of these things when determining your eligibility for a policy.
What About Health Problems?
Although most seniors in the mid fifties are in excellent health, there are some people who have
pre-existing health conditions from childhood or other things that have developed over the years. In most cases,
you can still get affordable rates for life insurance with a few health issues. The type of policy that you can
qualify for and the rate you pay will depend on what that particular health concern is. For example, if you have
type 2 diabetes, then some insurers will offer you a standard rate if your condition is well controlled. If you
have some heart problems or instances of a past heart attack or stroke, then you may only qualify for a guaranteed issue life insurance policy. It is best to speak with an
experienced agent about your particular health situation because he or she can guide you towards the best carrier
for your needs.
Get A Quote Today and Compare Multiple Rates
The first step when shopping for coverage in your sixties or at any age is to shop around. Whether you need a
temporary policy for a certain number of years or if you want something permanent that will be there for the
remainder of your life, it is very important to compare quotes from several different companies. This is because
rates can vary by as much as 70% from one company to another depending on your age, your health, your smoking
status, and even your driving record. So be sure to get a free no obligation
quote today. You can view multiple rates in less than a minute and get closer to peace of mind in knowing
that your family is protected.