Cost of Life Insurance at Age 62?

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, 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 some ideas about 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 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 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. 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 term life insurance. Term life insurance offers coverage for a set term, which may be 10, 20, or 30 years. Whatever term 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 term unless you specify you would like to structure it differently and opt for a different term product. 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 can let you 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 offer of 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 up toa ge 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. This is why no two people have the same exact rate. Life insurance is very specific to individual needs and a person’s health, age, and more.

A life insurance company looks at how great of a risk it is to insure an individual. The greater the risk, the higher the premiums will be. This correlates to the risk of death while the individual is insured. 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:

Health

Your health is a major factor in your life insurance rate. How healthy you are can have a direct connection to when you are going to pass away. The life insurance company is 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

Life insurance companies are aware of when people typically pass away. As you age, your life insurance rates increase. This is due to the chance of you passing away while your life insurance policy is active.

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 rate. Term life insurance is one type of coverage. In general, term life insurance is much more affordable than other types of life insurance. If you choose a different type of life insurance, your rate can increase. Not all policies offer the same coverage so it is important to compare them to find the one that works for you.

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. More coverage costs more per month than less coverage does. If you want more coverage, you can expect a higher rate.

Lifestyle

Certain lifestyle factors can increase the rate of your life insurance. A life insurance company is looking at how risky it is to insure you so certain risks in your lifestyle can increase the rate you pay. For example, if you smoke, you are more likely to be in poor health. 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 your rate will be high. Other things, such as risky hobbies, can increase your rate as well.

Reasons to Get Coverage

There are many great reasons to get life insurance coverage. These reasons can be very personal. They should depend on your personal needs and wants with life insurance. 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 death benefit money can then go to your spouse and children.

Business

If you have your own business, you should have life insurance. This is also important if you have a partnership. Having life insurance will prevent your business partner from having to deal with the financial burden. Other uses for business insurance can include things like getting key person coverage or even to get loan approval. Sometimes lenders will ask for a life insurance policy to be in place when providing a loan in order to protect themsleves.

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 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 low cost. You can choose the term length that you need. For example, you might select a duration that lasts for the rest of your mortgage. Plus, term life insurance is the simplest type of life insurance to understand. You will not have to worry about any confusing terms and conditions.

With term life insurance, you can expect to pay the same amount of money for your premiums each month. This is nice so that you don’t suddenly get hit with a higher premium. 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 should be used as an alternative to whole life insurance. Whole life insurance can be very expensive due to its savings component, and 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. This is a much more permanent solution than a typical term life policy. 

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!