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Life Insurance For 67 Year Olds | Is It Too Expensive?

67 year old man getting help with his life insurance from younger agent

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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Some people believe you can’t get good life insurance policies when you’re ‘past your prime’, meaning, if you are thinking about purchasing life insurance at 67 years old, it’s ok, we can help you find a policy today.

There is the popular opinion that companies are just going to deny you a policy or jack up their rates when you’re nearing retirement. That’s not true.

It is true that older applicants will pay higher rates in general, and this makes sense according to the risk calculations in the insurance industry.

However, it’s not a blanket fact you can’t get quality affordable coverage when you’re past the age of 60.

This article will show you how to get a great insurance policy at age 67, with a price that won’t make your jaw drop.

Life Insurance for 67-Year-Olds

For people in their 60s, life insurance looks very different than it does for other age groups.

At this point in your life, you either don’t have a mortgage loan, or it’s much smaller.

A mortgage is the main concern when buying life insurance. If you don’t have a home loan, then you can have a smaller policy.

How Much Life Insurance Do You Need at Age 67?

Are you still working? How much longer until you retire?

As long as you’re working and have people relying on your income, you need coverage.

As you get closer to 70, the less likely you have people who need your paycheck. Your children are out of the house. Your spouse is getting close to retirement as well.

All this means you can buy a smaller life insurance plan.

Life Insurance Can Cover Funeral Expenses

When adding up the numbers, don’t forget about your funeral. Yes, it’s bleak, but it’s going to happen.

Do some research or call a funeral home to get an idea of how much it’s going to cost when the time comes.

The average is $10,000, but getting a specific number is a better idea.

Term Life Insurance Rates for 67-Year-Olds

Here’s a starting point for shoppers who are 67 years old and want some kind of term life insurance policy.

Prices will depend on several factors including the term length, amount of coverage, and other factors.

To get an idea of what’s possible, here is a sample rate chart for a 10-Year Term Life Insurance Policy, worth $500,000.

Term Life Insurance Rates for 67-Year-Old Male, Non-Smoker

Monthly Premium Annual Cost
Carrier 1 $441 $5,010
Carrier 2 $447 $5,200
Carrier 3 $455 $5,295

Term Life Insurance Rates for 67-Year-Old Female, Non-Smoker

Monthly Premium Annual Cost
Carrier 1 $206 $2,345
Carrier 2 $270 $3,130
Carrier 3 $282 $3,283

These plans are for half a million dollars in coverage, which could be more than you need.

If you use any form of tobacco, these numbers do not apply.

Remember, the smaller plan you get, the less you’re going to pay.

This is why you should always do the hard calculations of adding up your life insurance needs.

Nobody wants to spend more on life insurance than they need.

How to Choose A Life Insurance Policy

For someone who is nearing retirement or past retirement, there are some particular questions to think about in terms of what you want in a life insurance policy and how to choose a life insurance policy best for you.

For example, do you need policy provisions until a certain pension payoff point, or ongoing coverage?

Either way, you can find coverage that is tailor-made for your specific needs.

You can change the amount of payout money according to what kind of policy you want.

Final Expense Life Insurance

Carriers even offer extremely low dollar policies that provide for the cost of funerals and other related costs.

In fact, there are several top life insurance companies offering final expense life insurance.

Final expenses plans are policies with face values of $25,000 or smaller and are designed for retired applicants. Premium amounts are flexible to fit your budget.

Because the coverage is so small, you don’t have to go through all the red tape of a normal plan.

To secure one of these burial insurance policies, the company will only need the most basic info. Name, birthday, zip code, and payment info.

Think about making an easy call to us to get the shopping process started today.

With help, you can get a policy that will work for you and your family, even though you may not be as much of a ‘desired risk’ as you were when you were 30 or 40 years old.

Shopping for Life Insurance at 67 Years Old

As you can see from the rates above, every carrier is going to view 67-year-olds differently.

There are quite a few companies who are going to charge ridiculous premiums, but how do you know when you’re getting crazy high rates?

The only way you can know if you’re getting affordable coverage is to gather a bunch of quotes before picking a plan.

Gathering all of those plans doesn’t have to be a 6-month long search.

We don’t think you should have to do it yourself. We tell all of our customers the same thing.

Even if you don’t use our agents, using an independent insurance broker is ALWAYS the best way to buy insurance.

What Your Life Insurance Agent Needs to Know

An insurance broker will get basic information about your specific risk factors. Then, he or she will scan the market for the carriers who can offer you the best life insurance contracts.

The broker may need to know about any particular health conditions you have, drugs you are on, and other risk factors. They’ll need to know, for instance, whether you’re a smoker.

With this basic lifestyle information and medical history, brokers can go out and look for the best options for you.

Getting Life Insurance at 67 Years Old

If you’ve been avoiding buying life insurance because it takes too long or it’s too complicated, think again. We will make it as simple as a few keystrokes and a couple of minutes of your time.

If you’re ready to get your insurance quotes, go ahead and use the form on the side.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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