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.
Table of Contents:
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.
