I want to be clear here. Life insurance is an invaluable tool to protect your family from a tragedy – but it’s also a business.

They want to make money and that won’t happen if they insure people who are high risk for low premiums.

This means that life insurance companies are constantly reviewing their underwriting approach to reflect medical innovation.

Unless you have your finger on the pulse of these ever-changing guidelines you need the support of an independent life insurance agent, like those at Policy Architects.

So let’s check out inexpensive life insurance over 60 & through the years. 

So who am I and why do I care? My name is James Heidebrecht and in a world that is steadily moving toward technology, I’d like to think we provide an oasis of HUMAN service in the life insurance arena.

Sure people are fallible, but IMHO there’s no replacement. Don’t get me wrong, algorithms and technology are terrific.

The internet makes it possible for me to reach people just like YOU. Where it misses the mark is its inability to see you through human eyes. 

My goal with Policy Architects is to develop a platform that offers boutique service online.

If I can save you $10, $20 or $30 per month it’s all worth it. 

This may not seem like a huge amount of money but it all builds up. Over the course of 30 years – a $10 savings per month turns into $3600 you can spend elsewhere.

I don’t know about you – but for me, that’s a lot of dough. 

Policy Architects is an independent agency and as such we aren’t tied to any particular life insurance company. This means we work for you. 

So let’s get started! I can’t wait to share some seriously interesting information about life insurance throughout your lifetime.

The truth is, life insurance is a very good deal. It’s a win-win. If you die during your term, your family is protected from a financial crisis and if you live until the end of the term…

…well I would say that’s the real icing on the cake.

You have no idea how much it means to me to help families throughout Canada rest well knowing that if something tragic happens their families won’t fall through the cracks.

So let’s check out some inexpensive Life Insurance Over 60 & Through the Decades right now! 

Sure the world has changed radically, but sadly people’s perception of life insurance seems to be stuck in cement.

They believe life insurance is unaffordable and sales agents are shifty. Nothing could be further from the truth. Of course there is the odd exception to the rule but it’s a good business. 

Life insurance companies recognize the changing demographics and are creating and modifying their products to meet the demands of a more active, aging population.

Most of the clients who come into my office looking for affordable life insurance over 60 are excited to find out just how inexpensive their premiums can be. 

Ok, so what’s the deal? How can you make sure the rate you’re quoted is the best on the market? Let’s take a look at how the underwriters view you right now. 

If you take nothing else away from my blog it’s this…

…the rates you’re quoted are linked to your personal circumstances. BUT that’s not all. Each life insurance company approaches underwriting differently. 

So what does that mean? Well, friends, let’s start with an example.

There are insurers that are tougher on Seniors and others that are more lenient. So if you know this information obviously you choose the insurer that works best for your personal situation. 

THIS is why you need to speak with a knowledgeable independent agent.

At Policy Architects we do a financial analysis and go through your medical background with a fine-tooth comb to find the insurance company that is a perfect fit…

…and if we are in any doubt we reach out to insurers to shop your case BEFORE you apply.

This is how I  help clients save a ton of cash. It really does pay off to have someone in your corner that’s looking after your bottom line. 

In a nutshell, the savings can be in the 10’s of thousands of dollars over the term of your coverage. Let’s run through a couple of numbers to give you a better idea of what you’re looking at. 

Ok a gentleman who is 61 years old just walked into my office looking for inexpensive life insurance over 60. 

He’s a non-smoker but he’s not in the best shape in the world.

Understandably he’s a little nervous to apply for life insurance. He started his family late in life and as a result still has children and a wife that depend on his paycheck to maintain their lifestyles.

He estimates he needs about $250K coverage for 20 years to protect them. 

The thing is my client has a friend who uses Foresters and he wants me to help him apply to that insurer.

Hmmmmm well, hold on there partner! My guess is we can get a better deal than the one Foresters has to offer. Sure they are a great insurer BUT are they the right fit for his circumstances? 

Let’s review the numbers to see:

Yowza! As you can see Foresters offers substantially higher premiums than Industrial Alliance.

To be exact he saves over $12K over the course of his policy if he selects IA. 

Now that’s a lot of money and all of that savings is simply based on picking the right company. BUT there’s a catch.

The thing is you can look at all the quotes you want online, but that doesn’t mean you get the rate you see. 

Why? 

Because you have to go through a medical exam and the full underwriting process to qualify. If you’re healthier than you think, well the rates are better.

If you have a condition you don’t know about you may be rated or even declined in rare circumstances…

…and incredibly this doesn’t even tell the whole story. If the company you pick is tough on Type 2 diabetes and you are diagnosed you may get dinged for that too…

…not to mention the different products! Ahhh there’s a lot to think about. 

That’s why you need an independent agent to help you navigate this process. It’s our job to know all the ins and outs of the insurers: 

• Underwriting Approach 
• Products 
• Strengths & Weaknesses 

I bet you want to get down to the REALLY important stuff, like how much will I pay EXACTLY for inexpensive life insurance over 60. 

Remember as I mentioned above, these figures should only be used for reference.

Your guess about what rate the company gives you is just that –  a GUESS. There is no way to ascertain this information until your medical exam is complete and the decision issued. 

That being said, I can give you an idea in broad strokes of the kind of rates you may get. For the purposes of this section, I’m using Empire Life because I think they are a really good insurer.

That doesn’t necessarily mean they are the right carrier for you though. 

As an aside, I use standard rates throughout because they’re realistic.

I don’t like to post preferred rates often because it gives people a false sense of security when they apply. Hey if you get one of the best ratings AWESOME! But most people come in at standard. 

NOTE* many carriers only offer preferred rates on face amounts of $250,000 or more.

Age	$250,000	$500,000
60 Year Old Male	$249.98	$469.80
60 Year Old Female	$167.18	$320.85
61 Year Old Male	$273.60	$519.75
61 Year Old Female	$182.70	$350.55
62 Year Old Male	$298.58	$566.55
62 Year Old Female	$199.58	$382.50
63 Year Old Male	$324.45	$616.95
63 Year Old Female	$217.35	$418.05
64 Year Old Male	$352.35	$672.75
64 Year Old Female	$236.70	$456.30
65 Year Old Male	$383.18	$732.15
65 Year Old Female	$257.85	$498.60
66 Year Old Male	NOT AVAILABLE	NOT AVAILABLE

*Quotes above are for Empire Life’s Solution 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

If you are looking for inexpensive life insurance over 60 you’re in luck. It’s still affordable and available.

Even if you have some health issues, standard rates are available to people who have a history of elevated cholesterol and blood pressure that is well controlled.

So don’t use medical conditions as an excuse not to get some coverage in place! 

After reviewing these numbers is there anything you notice?  Let’s check out a few takeaways: 

• First of all, you can see that the rates quoted for women are substantially cheaper than for men. Yep, this is because men have shorter lifespans. You see this across the board with insurance companies with a few exceptions.
• Secondly, your rates leap up every birthday. This is not so radical in your younger years. If you’re a 60-year-old female you pay about $167.00 per month for $250K of coverage. By the time you’re 64, you shell out about $217.00. The escalation is even steeper for men. The basic rule of thumb is, once you’re in your 60’s premiums go up about 9% every year. OUCH. 
• Empire Life no longer offers 20-year term past your 65th birthday. If you’re 66 you’ll have to consider a policy from Industrial Alliance or Western Life Assurance Company if you want term. Assumption also has a no medical term 20. 

The moral of the story? If you want Term life insurance don’t wait until it’s too late.

 

There are lots of creative ways to get coverage. If you’re in your 60’s term insurance may or may not be for you.

 

Call us today and Policy Architects we will find you inexpensive life insurance over 60! 

If you’re looking for inexpesive life insurance over 60, permanent life insurance may actually be a better choice. 

For most clients, I recommend term life insurance. This is because it’s cheap and covers a temporary need. It’s great for families who are concerned about losing a paycheck. 

When you get to your 60’s, term life insurance starts to become really expensive. Don’t get me wrong it’s still a good deal considering the years the life insurance company is covering…

…but maybe you want protection until the day you die. If you buy 20 years of coverage at 62  – you are uninsured by 82 years of age.

Depending on your circumstances this may or may not be ideal. Also, a lot of people are looking for money to cover final expenses at this age and in that case, I absolutely recommend permanent insurance. 

One strategy some people use is to buy a smaller base of permanent insurance (ie. $25,000 – $50,000) and then add some term coverage on top of that.

When the term insurance expires at age 80 or 85, you still have  affordable permanent insurance in force to take care of funeral costs and some final expenses.

Worst case scenario?  If your health takes a serious tumble you still qualify for guaranteed issue life insurance. 

Now that we know more about inexpensive life insurance over 60 let’s take a look at the ’50’s. 

My best advice is to speak with Policy Architects today to see what fits your lifestyle.

At this stage in your life, the price point for Permanent insurance is too close to term to ignore. The cash value component is also another great feature. 

None of us get of here alive and there are responsibilities to be considered. Especially if you have kids. 

We all know someone who failed to plan and it’s not a pretty sight.

If tragedy hits – a safety net takes some of the sting out of the loss your family sustains. Sadly too many families are unable to continue living in their current circumstances if a source of income is suddenly cut off.

When you put it this way life insurance is something many of us can’t afford to be without. 

It’s not something people want to talk about, but our health breaks down as we age. The 50’s are a notorious period for people to develop medical issues.

Everything from elevated cholesterol and blood pressure – to type 2 diabetes. Ugh! 

So what does this mean for your premiums? Well, I’m here to share some good news with you! Underwriters are primarily concerned about you kicking it before the end of your term.

Which means they charge more money as that risk rises. 

If you have a well-controlled condition it may have minimal impact on your premiums. Yes, you heard me right.

Being diagnosed with Diabetes Type 2 a couple of years isn’t the end of the world and if it’s under control you may even get standard rates!

That’s because your prognosis is good. 

Please don’t let a pre-existing medical condition keep you from getting coverage.

You may be surprised by just how healthy you really are.

So let’s check out how much your health impacts your premiums right now. For this example, I am using a 53-year-old woman with a young family. She wants $500K in coverage for 30 years. 

It’s important for me to show people just how affordable life insurance really is. Even if you’re not in optimal health it’s still really inexpensive when you think about what you get. 

Did you know? Approximately 80% of people who apply for life insurance are approved at standard rates or higher?

Of that 80% who are approved standard, only 10% get a preferred rating. You can be a super healthy vegan marathoner who mainlines wheatgrass and meditates daily…

…BUT, if you have a family history of cancer, standard is the best rate you get. 

Any advisor who tells you that you have a good chance of getting a better rate is doing you and the life insurance industry a big disservice. Only underwriters decide who gets preferred, NOT agents! 

I’m sharing details for 30-year term because this client is still young enough to qualify – but there a twist!  Let’s take a look right now to see if you can spot the issue: 

Age	$250,000	$500,000
50 Year Old Male	$147.15	$261.90
50 Year Old Female	$103.50	$185.09
51 Year Old Male	$161.89	$288.59
51 Year Old Female	$113.81	$203.76
52 Year Old Male	$178.13	$318.06
52 Year Old Female	$125.17	$224.37
53 Year Old Male	$196.04	$350.55
53 Year Old Female	$137.70	$247.10
54 Year Old Male	$215.80	$386.42
54 Year Old Female	$151.52	$272.16
55 Year Old Male	$235.13	$426.02
55 Year Old Female	$166.77	$299.88
56 Year Old Male	NOT AVAILABLE	NOT AVAILABLE
56 Year Old Female	NOT AVAILABLE	NOT AVAILABLE

*Quotes above are for RBC’s 30-year term, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

The moral of the story? While medical issues do impact your rates, it’s often much less than you anticipate.

 

I like to think most people are healthier than they think.

 

It’s also important to pick the right insurer for your particular condition…

 

…AND don’t forget to keep an eye out for important life insurance birthdays. 55 is one of them! If you want 30 year term be sure to contact Policy Architects BEFORE then.

 

NOTE: Your actual birthday may not be the life insurance cut off you think it is…more on than soon. 

I think it’s really important to see just how affordable term life insurance is! When you take into account what people spend on coffee and restaurants, these premiums pale in comparison. 

“A Starbucks freak’n latté is, like, $4,” says Lisa Tatem, a money coach in Toronto, who helps clients learn how to tackle their finances. “You know, if you get one of those a day, it really adds up.” No kidding. Tatem points to one client who used to spend $250 a month at Tim Hortons. “That’s about $3,000 a year. You could buy a couch with that. You could buy a TV. You could do so many things with that money,” she says. 

 

How Much Should You *Really* Spend On Coffee?, Chatelaine 

Let’s use a real-world example. If you buy that $4.00 latte at Starbucks (actually, it’s more like five dollars!) 5 days a week and 2 days a week you add a muffin which costs about $3.00…

…over the course of a month, you’ll shell out about $104.00. This figure doesn’t count tips, sandwiches or any other extras. 

Now compare life insurance coverage. For $500K of coverage, a 40-year-old man in standard health pays about $100.00 per month and a 40-year-old woman shells out just over $70.00 per month. 

Wow! You can provide 30 years of protection for your family for the cost of some lattes and muffins. It really puts things into perspective. 

I am reiterating my point that all of these rates are standard which means if you are in better health they are even cheaper!

Let’s check out rates for this decade in greater detail: 

Age	$250,000	$500,000
40 Year Old Male	$56.77	$95.58
40 Year Old Female	$40.57	$71.15
41 Year Old Male	$62.57	$106.16
41 Year Old Female	$44.62	$78.30
42 Year Old Male	$69.01	$117.95
42 Year Old Female	$49.12	$86.22
43 Year Old Male	$76.14	$131.09
43 Year Old Female	$54.11	$94.95
44 Year Old Male	$84.06	$145.71
44 Year Old Female	$59.65	$104.63
45 Year Old Male	$92.86	$161.96
45 Year Old Female	$65.79	$115.25
46 Year Old Male	$101.75	$178.25
46 Year Old Female	$71.98	$126.63
47 Year Old Male	$111.53	$196.20
47 Year Old Female	$78.77	$139.19
48 Year Old Male	$122.29	$216.00
48 Year Old Female	$86.24	$153.00
49 Year Old Male	$134.12	$237.83
49 Year Old Female	$94.46	$168.26

*Quotes above are for RBC 30 Year Term, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

I typically use nonsmokers for examples in my posts because smoking cigarettes is less and less common because people know it’s unhealthy. 

Don’t get me wrong there are plenty of people smoking marijuana now and even puffing the occasional cigar. This is not what I am talking about for the purposes of this section. 

Does Vaping Count As Smoking For Life Insurance?

If you’re a casual marijuana smoker who doesn’t mix any tobacco products with your pot, you’re eligible for non-smoker rates.

The same thing goes if you smoke one large cigar or less per month.

However, at this point, all life insurance carriers in Canada lump vaping in with cigarette smoking. For more info, check out my post on life insurance and marijuana.

Let’s take a gander at what rates look like if you’re a smoker right now: 

These numbers are incredible and show you just how much impact the life insurance companies think cigarettes have on your health.

Sure you can look for an insurer that is a bit more lenient when it comes to their smoking rates, but there’s no getting around it. Smoking costs a lot of cash! 

…all this DESPITE her being in good health. It really doesn’t matter because they believe her future health will be seriously impacted by her life choices. 

Something to think about if you’re smoking. 

The moral of the story? Get life insurance while your young and fit. You’ll pay a lot less…

oh and if you smoke be prepared to more than double your premiums even if you’re healthy. 

As you can see for all my rate charts I use $250K and $500K of coverage. 

This is because these are the most common coverage values I come across. Sure you can get more and you can get less, don’t let these figures confuse you. 

The amount of coverage you select is a very important part of your decision and the reason I always do a needs analysis with my clients. More on that soon. Let’s check out the rates: 

Age	$250,000	$500,000
30 Year Old Male	$29.32	$50.72
30 Year Old Female	$22.50	$37.94
31 Year Old Male	$30.74	$52.65
31 Year Old Female	$23.33	$39.47
32 Year Old Male	$32.24	$54.63
32 Year Old Female	$24.21	$41.04
33 Year Old Male	$33.84	$56.70
33 Year Old Female	$25.13	$42.71
34 Year Old Male	$35.53	$58.86
34 Year Old Female	$26.10	$44.46
35 Year Old Male	$37.28	$61.11
35 Year Old Female	$27.11	$46.26
36 Year Old Male	$40.50	$66.78
36 Year Old Female	$29.34	$50.36
37 Year Old Male	$44.03	$72.99
37 Year Old Female	$31.77	$54.86
38 Year Old Male	$47.90	$79.83
38 Year Old Female	$34.45	$59.81
39 Year Old Male	$52.13	$87.35
39 Year Old Female	$37.37	$65.21

*Quotes above are for RBC 30 Year Term, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

Whoa! Now those are inexpensive premiums.

If you’re a 39-year-old woman you can get $250K of coverage for 30 years and it costs about as much as going out for a meal once per month. 

That being said, there’s a catch! For this age group, one of the biggest issues I face is people failing to look at the reality of their financial situation.

There’s a certain denial about how much money it takes to keep a home running. Many of us are burdened with huge mortgages – so what happens if the main breadwinner just STOPS contributing one day. 

$250K sure sounds like a boatload of money when you’re first starting out. I mean seriously most of us only dream of this sort of cash. 

Even after a needs analysis it still may seem sufficient to cover your costs…

….but life changes and so do your circumstances. If you’re going to get a 30-year term you need to factor that in. Let me show you what I mean. 

This is especially true in your 30’s. When you’re just starting out it’s tough to imagine just how much your life can and will change…

…and how much more money it takes to run it. 

That’s why a good independent agent not only reviews how much coverage you need to protect your family and loved one’s TODAY…

…they will also take into consideration what your goals are. 

For example, if you’re a medical resident you make about $50K per year. Years later you may opt to specialise in cardiology which means you may make up tp $350K if you’re well seasoned.

The needs of the resident are far different from those of the cardiologist. This, of course, is an extreme example but you get what I mean. 

It’s important to grab good rates when you can. If you need to downsize it’s easy to do with term as you have no obligations – but once you get older you can’t turn back the hands of time. 

There’s one strategy I recommend to clients in their early 30’s who aren’t sure what life has in store but want to make sure they’re insurable moving forward.

It’s the term 10 exchange option.

Many carriers have a term 10 exchange feature which means you’re eligible to swap out your term 10 for a term 20 or term 30 within the first 5 policy years.

The best part? You can do so without providing any medical evidence or being tested again.

So when money’s really tight and you anticipate your insurance needs growing in the coming years, consider buying a cheaper $1 million term 10 policy now.

Knowing it can be exchanged for term 20 or 30 within 5 years, you have the flexibility of lengthening your coverage without paying higher costs in the short term. 

When you exchange it, just keep in mind you pay whatever the going rate is based on your current age.

Given you’re in your early 30’s, your rates don’t increase dramatically year over year, the way they do in your 50’s and 60’s.

When you compare inexpensive life insurance over 60 to coverage in your 30’s you can really see how a little planning goes a long way.

The moral of the story. Purchase enough insurance for a long enough term. Circumstances change and you may kick yourself later in life if you don’t take advantage of cheap rates when you can. 

This isn’t the only situation where life insurance for someone in their 20’s is appropriate. There are people who get married young and in that case, the same reasoning applies to those families I talked about above. 

Hey, there are also people who plan ahead and know just how incredibly cheap protection is in their 20’s and take advantage of the phenomenal rates in preparation for having their family. 

Any way you look at it, life insurance in your 20’s may make sense. 

As I mentioned life insurance is incredibly affordable in your 20’s. One might even say the cost is negligible.

This, of course, has to do with the fact that you’re not likely to die during your term, but accidents and tragedies do occur. Remember if you are 25 and buy life insurance, you are covered until you are 55! 

This means if you have kids in your 30’s that whole period will be protected for a very affordable rate.

I wish I had the foresight during my 20’s & 30’s to think down the line. Sadly I purchased my first policy in my 40’s and now pay a lot more to protect my loved ones. 

Age	$250,000	$500,000
20 Year Old Male	$23.02	$39.11
20 Year Old Female	$18.52	$29.97
21 Year Old Male	$23.51	$39.96
21 Year Old Female	$18.52	$29.97
22 Year Old Male	$24.01	$40.86
22 Year Old Female	$18.52	$29.97
23 Year Old Male	$24.53	$41.76
23 Year Old Female	$18.52	$29.97
24 Year Old Male	$25.07	$42.71
24 Year Old Female	$18.52	$29.97
25 Year Old Male	$25.61	$43.65
25 Year Old Female	$18.52	$29.97
26 Year Old Male	$26.30	$44.96
26 Year Old Female	$19.24	$31.41
27 Year Old Male	$27.02	$46.31
27 Year Old Female	$20.00	$32.90
28 Year Old Male	$27.77	$47.70
28 Year Old Female	$20.79	$34.47
29 Year Old Male	$28.53	$49.14
29 Year Old Female	$21.62	$36.14

*Quotes above are for RBC 30 Year Term, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

The moral of the story? Life insurance is CHEAP when you are young and healthy. A little bit of planning goes a long way to save you some serious cash. 

Is it creepy to think about buying life insurance for children? 

Frankly, this is a deeply personal subject that deserves an entire post. You can check out my thoughts here.

Despite whether some people think it’s weird or not, there are definitely valid reasons to consider insurance for children.

Personally, I can’t begin to imagine what it feels like to lose a child.

I’ve been told by those who have seen someone lose a child, that parents don’t go back to work right away. In fact, they may take many months off. 

Life insurance can really help offset any loss of income you might experience from taking an extended leave from work.

Why would you care about this?

Some people have hereditary issues they’re worried about passing on to their kids. Getting protection early secures insurability moving forward should your child develop a condition or issue that prevents them from getting insurance as an adult.

For example, I have a friend whose child developed serious depression and anxiety as a teenager. Knowing that would affect their chances of getting life insurance as an adult, my friend locked in some permanent insurance from a child rider she attached to her policy.

Policy Architects has insider knowledge about the best life insurance companies in Canada.

If you’re high risk or have medical issues this is especially important because these guidelines are ever changing. In my experience, we can usually get a better deal than you ever thought possible. 

So give us a call today to speak about inexpensive life insurance over 60 or any decade for that matter!