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 pay check 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.

Psst – want some money saving advice?  Opt for annuity payments (Call us now for more info):

“This little known secret reduces premiums because the insurance company does not pay your beneficiary all at once. Instead, he or she receives instalments over a series of years.

Annuity payments can save you money as well as ensure your spouse will be taken care of for years to come.”

Life Insurance for a 60 Year Old (Rates and Advice), Abrams Insurance Services

Age	$250,000	$500,000
60 Year Old Male	$228.38	$403.65
60 Year Old Female	$160.88	$289.35
61 Year Old Male	$271.58	$482.40
61 Year Old Female	$182.03	$338.85
62 Year Old Male	$296.10	$532.80
62 Year Old Female	$198.90	$372.60
63 Year Old Male	$322.43	$588.60
63 Year Old Female	$216.68	$407.25
64 Year Old Male	$351.23	$650.25
64 Year Old Female	$236.03	$445.05
65 Year Old Male	$382.73	$715.50
65 Year Old Female	$257.40	$486.45
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 2021.

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 $160.00 per month for $250K of coverage. By the time you’re 64, you shell out about $200.00. 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 pay check. 

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.