Cost of Life Insurance at Age 62?

If you’re a senior who is considering life insurance, it’s important to do some research. You should always make sure you understand a life insurance policy before you commit to it. There are so many different types of life insurance options, and they each offer something a little bit different. It’s important to make sure you know what types of life insurance are available for your needs so you can find something that works well for you specifically.

One of the major factors in choosing life insurance is the cost. Many people at age 62 or at any other stage in life may be deterred by the cost of life insurance. Life insurance costs do increase as you age. The sooner you get life insurance, the less money you will be paying each month. This is due to the chance of the company having to pay out a life insurance policy. As you age, that likelihood increases.

It can help to get an idea as to how much life insurance really costs. You can then make comparisons between different types of life insurance and find the policy that works best for you. Don’t forget to shop around to see what each company offers. Though many companies offer the same types of policies, each policy may have something different to offer. 

Cost of Life Insurance at Age 62

One of the ways to become more familiar with life insurance is to look at the sample rates for different policies. This can help you to see what you can expect to pay for life insurance depending on the different policies available. If one type of life insurance is too expensive for you, you can look at another option. Make yourself familiar with what each type of life insurance policy offers as well.

Note that a lot of factors go into determining an actual life insurance quote. Life insurance is specific to you, your health, lifestyle, type of coverage, and more. It’s best to get your own quotes from life insurance companies based on these factors. You can run those quotes right here on our website. This will give you a more accurate estimate of what you will be paying. In the meantime, it can help to see sample rates.

Keep in mind, different companies have different rates at different health classes. The rates below are just samples and don’t directly reflect the rate you would get when applying for coverage. 

Term Life Rates for 62-Year-Old

One type of life insurance you might choose is term life insurance. Term life insurance offers coverage for a set term, which may be 10, 15 20, or 30 years. The term length you pick, is the set amount of time that you will be covered for. Most term life insurance policies maintain a level premium throughout the length of the term. There are some term life options that allow for varying premiums but they are the exception not the rule these days. As long as you continue to pay the premiums, your coverage will remain in force till the end of the term. In most cases, life insurance companies allow you to convert the term to a permanent policy up to a certain age limit, without having to prove good health.

These quotes are for non-smokers in the preferred health class:

10-Year Term Rates for 62-Year-Old Male:

• $100,000 worth of coverage: $50.14 per month
• $250,000 worth of coverage: $85.97 per month
• $500,000 worth of coverage: $164.55 per month
• $1,000,000 worth of coverage: $303.19 per month

20-Year Term Rates for 62-Year-Old Male:

• $100,000 worth of coverage: $79.88 per month
• $250,000 worth of coverage: $175.04 per month
• $500,000 worth of coverage: $345.34 per month
• $1,000,000 worth of coverage: $633.45 per month

10-Year Term Rates for 62-Year-Old Female:

• $100,000 worth of coverage: $28.03 per month
• $250,000 worth of coverage: $64.21 per month
• $500,000 worth of coverage: $121.19 per month
• $1,000,000 worth of coverage: $214.54 per month

20-Year Term Rates for 62-Year-Old Female:

• $100,000 worth of coverage: $53.54 per month
• $250,000 worth of coverage: $84.95 per month
• $500,000 worth of coverage: $150.65 per month
• $1,000,000 worth of coverage: $296.09 per month
  

Guaranteed Univeral Life Insurance Rates for 62-Year-Old 

Here are some permanent life insurance rates for those 62 years of age. These quotes are based on a Guaranteed Universal life insurance policy. The GUL policy is often referred to as a “Permanent Term” due to its simplicity and the ability to provide a permanent life insurance solution without the inclusion of cash value that comes with other products in this category. This is also the most affordable solution when it comes to getting permanent life insurance coverage. This policy has level premiums and can last up to age 90 or even up to age 121 depending on what product or company you choose. It can cost up to 5 times less than a typical whole life insurance policy.

GUL rates for 62-Year-Old Male to Age 100

• $50,000 worth of coverage: $97 per month
• $100,000 worth of coverage: $159.98 per month
• $250,000 worth of coverage: $375.62 per month
• $500,000 worth of coverage: $731.91 per month

GUL rates for 62-Year-Old Female to Age 100

• $50,000 worth of coverage: $82.01 per month
• $100,000 worth of coverage: $133.32 per month
• $250,000 worth of coverage: $294.05 per month
• $500,000 worth of coverage: $601 per month

What goes into calculating your rate?

There are a variety of factors that go into calculating a life insurance rate. The rate you will pay for life insurance depends on a person’s health, age, whether they use tobacco product or not and more.

A life insurance company considers how great of a risk they believe it is to insure an individual. The greater the risk, the higher the premiums will be. The more the death benefit is and the longer the length of the term the higher the premium will be as well. If the insured passes away while the policy is active, the company will have to pay out the death benefit.

Here are the factors that go into calculating a life insurance rate in a little more detail:

Health

Your health is a major factor in determining how much you’ll have to pay for life insurance. Your overall health history can have a direct connection to when you are going to pass away. The life insurance company is well aware of this, so you will have to pay more money if you are unhealthy. In some cases, depending on your condition, it can be difficult to be insured.

Age

Statistically speaking. all things being equal the older you are the lower your life expectancy. We all know this. The older you are when you take out a new policy the more it will cost. This is why it’s important to lock in your coverage while you are as young as you will ever be again.

Medical history

Life insurance companies want to know what your medical history is. They want to know what medical conditions you might have had in the past. They may also ask about your family history. If certain health conditions run in your family, you’re at risk of developing those conditions as well. This can increase your chances of passing away while the policy is active.

Medical exam results

Many life insurance companies will require you to undergo a medical exam. This tells them how healthy or unhealthy you may be. Depending on the results, you might have to pay a higher rate. There are certain things that companies look for, such as being overweight or drinking a lot of alcohol.

Type of coverage

Some types of life insurance are more expensive than others. The type of coverage you get is a very important factor in determining your rates. Term life insurance is one type of coverage. Term is much more affordable than permanent (whole) life insurance. For most people term life is best coverage to get. Many people don’t need permanent life insurance. That said, there are time when permanent life insurance is the most appropriate.

Coverage amount

When you are getting life insurance, you can choose the coverage amount that works best for you. This is the death benefit that will be paid out to your loved ones at the time of your death. Depending on your needs, you may want more or less coverage. As you probably imagine, the more coverage you have the more it costs.

Lifestyle

Certain lifestyle factors can increase the rate of your life insurance. A life insurance company consider how risky it is to insure you. As a result certain lifestyle habits can increase the rate you pay. For example, if you smoke, your life expectancy is lower than non smoker all things being equal. Certain jobs can be risky as well. If there is a chance you could fall and possibly die on the job, that is a reason why the amount you’d have to pay for coverage could be higher. Other things, such as risky hobbies, or a not so good driving record can increase your rates as well.

Reasons to Get Coverage

There are many great reasons to get life insurance coverage. These reasons can be very personal. Here are a few of the top reasons that you should get life insurance coverage:

Dependents

If you have people in your life who are depending on your income, it’s a good idea to have life insurance. Your income will need to be replaced so that your family has less of a financial burden to worry about when you pass away. 

Legacy

You might choose to get life insurance as a way to carry on your legacy. The money from the life insurance proceeds can then go to your spouse, children or perhaps grandchildren.

Business

If you have your own business, you might need to own life insurance. Life insurance can be used to provide the funding needed for a buy sell agreement if you have one in place. Life insurance can help prevent your business partner from having to deal with the financial burden of coming up the funds to buy out the deceased partner. Other uses for business insurance can include things like getting key person coverage . It’s also often required as collateral for a loan. Often lenders will ask for a life insurance policy to be in place to protect themselves. This way, if you were to pass away before paying off the loan the lender would be paid. The life insurance would be put in place first and then a collateral assignment would be set up.

Types of Coverages for 62-year-old

There are a few different types of life insurance coverage available for 62-year-olds. The two best options for most seniors are term life and guaranteed universal life. Each of these two options can work well for seniors, but you should select the one that is best for your personal needs.

It’s important for seniors to find affordable life insurance options. Term life and guaranteed universal life are two of the most affordable options available. As you age, you will have to pay more for life insurance. Using these affordable types of life insurance can help you to get the best deal and save money.

When you choose a type of life insurance, you will also select a coverage amount. This can vary by the type of life insurance you choose. It may be $50,000, $100,000, or more. With term life insurance, you will also select a term, such as 10, 20, or 30 years. As you age, you may not have the choice to get a longer-term. This can depend on the insurance company.

Take a look at what each one has to offer. Then, you can make a decision based on what you are looking for in a life insurance policy.

Term life

Term life insurance is a good option for 62-year-olds due to its lower cost. You can choose the term length that you need. At age 62 the common term length options include 10, 15, and 20 years. For example, you might select a duration that lasts for the rest of your mortgage. A nice thing about level term life insurance is that it is pretty simple to understand. The amount you pay stays the same for the length of the term. If you pass away during this time the death benefit proceeds will pay to your beneficiary.

Keep in mind that there is no cash savings element with term life insurance. You’re simply covered for the duration of the policy.

Guaranteed Universal Life 

Guaranteed universal life insurance can be a great alternative to whole life insurance. Whole life insurance can be very expensive due to its savings component. Guaranteed universal life insurance gives you exactly what you need in terms of pure life insurance protection. Unlike term life, GUL policies provide you coverage to age 90 or up to 121 depending on what you choose.

How to Compare Quotes

When you are looking at life insurance quotes, it’s a good idea to get quotes based on your specific factors. Life insurance quotes are based on a number of factors that are all very personal. Looking at sample quotes can be beneficial, but it can be more effective to get actual quotes based on your age, health, medical history, and more.

Try to gather a few quotes from different companies. This will allow you to compare the prices and what is included in each policy. It can be helpful to select one type of life insurance that you want to get so you don’t have to compare so many quotes. If you select term life insurance, compare the term policies and quotes from different companies.

When you are comparing life insurance options, you should look at what each company and policy has to offer. Most companies have comparable policies but offer something a little bit different. Similar policies can vary in price by 50% simply due to them being from different companies.

Start Here

The great news for you is you’ve arrived! We are a life insurance agency that specializes in getting coverage for those over 50 years of age. So if you’re 62 and no sure what to do when it comes to getting coverage, contact us today. We represent dozens of companies and do all the legwork for you without charging you a dime. Call us today or use the quoter on this page to compare rates instantly!