Life Insurance At Age 63
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 63 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
and compare rates from several highly rated carriers.
Your Options for Insurance In Your Sixties
A sixty three year old has two 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 A Few Sample Rates
Here are a few sample rates to give you an estimate of what you can expect to pay for a policy at your age.
These are based on a non-smoker with a preferred health rating. Your rate could be lower or higher depending on
$200,000 10 Year Term Life Insurance:
63 Year Old Male - $865 per year
63 Year Old Female - $645 per year
$50,000 Level Pay Whole Life Insurance:
63 Year Old Male - $1749 per year
63 Year Old Female - $1441 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 to Know If You Have Health Problems
Although most 63 year olds have 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 rate
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.