Some people believe you can’t get good life insurance policies when you’re \u2018past your prime\u2019, meaning, if you are thinking about purchasing life insurance at 67 years old, it’s ok, we can help you find a policy today.<\/p>\n
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.<\/p>\n
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.<\/p>\n
However, it’s not a blanket fact you can’t get quality affordable coverage when you’re past the age of 60.<\/p>\n
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.<\/p>\n
Table of Contents:<\/strong><\/p>\n For people in their 60s<\/a>, life insurance looks very different than it does for other age groups.<\/p>\n At this point in your life, you either don’t have a mortgage loan, or it’s much smaller.<\/p>\n 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.<\/p>\n Are you still working? How much longer until you retire?<\/p>\n As long as you’re working and have people relying on your income, you need coverage.<\/p>\n 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.<\/p>\n All this means you can buy a smaller life insurance plan.<\/p>\n When adding up the numbers, don’t forget about your funeral. Yes, it’s bleak, but it’s going to happen.<\/p>\n Do some research or call a funeral home to get an idea of how much it’s going to cost when the time comes.<\/p>\n The average is $10,000, but getting a specific number is a better idea.<\/p>\n Here’s a starting point for shoppers who are 67 years old and want some kind of term life insurance<\/a> policy.<\/p>\n Prices will depend on several factors including the term length, amount of coverage, and other factors.<\/p>\n To get an idea of what\u2019s possible, here is a sample rate chart for a 10-Year Term Life Insurance Policy<\/a>, worth $500,000.<\/p>\n These plans are for half a million dollars in coverage, which could be more than you need.<\/p>\n If you use any form of tobacco, these numbers do not apply.<\/p>\n Remember, the smaller plan you get, the less you’re going to pay.<\/p>\n This is why you should always do the hard calculations of adding up your life insurance needs.<\/p>\n Nobody wants to spend more on life insurance than they need.<\/p>\n 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<\/a> best for you.<\/p>\n For example, do you need policy provisions until a certain pension payoff point, or ongoing coverage?<\/p>\n Either way, you can find coverage that is tailor-made for your specific needs.<\/p>\n You can change the amount of payout money according to what kind of policy you want.<\/p>\n Carriers even offer extremely low dollar policies that provide for the cost of funerals and other related costs.<\/p>\n\n
Life Insurance for 67-Year-Olds<\/h2>\n
How Much Life Insurance Do You Need at Age 67?<\/h2>\n
Life Insurance Can Cover Funeral Expenses<\/h3>\n
Term Life Insurance Rates for 67-Year-Olds<\/h2>\n
Term Life Insurance Rates for 67-Year-Old Male, Non-Smoker<\/h3>\n
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\n \n<\/td>\n Monthly Premium<\/th>\n Annual Cost<\/th>\n<\/tr>\n<\/thead>\n \n Carrier 1<\/th>\n $441<\/td>\n $5,010<\/td>\n<\/tr>\n \n Carrier 2<\/th>\n $447<\/td>\n $5,200<\/td>\n<\/tr>\n \n Carrier 3<\/th>\n $455<\/td>\n $5,295<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Term Life Insurance Rates for 67-Year-Old Female, Non-Smoker<\/h3>\n
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\n \n<\/td>\n Monthly Premium<\/th>\n Annual Cost<\/th>\n<\/tr>\n<\/thead>\n \n Carrier 1<\/th>\n $206<\/td>\n $2,345<\/td>\n<\/tr>\n \n Carrier 2<\/th>\n $270<\/td>\n $3,130<\/td>\n<\/tr>\n \n Carrier 3<\/th>\n $282<\/td>\n $3,283<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n How to Choose A Life Insurance Policy<\/h2>\n
Final Expense Life Insurance<\/h2>\n