How to Secure Quality Life Insurance At Age 63

by Jeff Rose on August 31, 2016 · 1 comment

Life Insurance at Age 63

By the age of sixty-three, you probably have started to think about how important it is to get things prepared for the well being of your loved ones in the event that you are no longer able to take care of them

One of the best ways to protect your family after you pass away is to have a quality life insurance policy. At this age, a lot of applicants think that they can’t get a life insurance policy, or they assume that they won’t be able to afford the monthly premiums because of their age, neither of these are true. In most cases, a life insurance policy is much more affordable than you might think.

Once a lot of Americans retire, typically they stop paying their life insurance policy and let it expire or don’t renew their plan, but this could be one of the worst mistakes that you make. If you were to pass away tomorrow, would you still leave behind a mountain of unpaid debts to your family? If you still have a mortgage payment, car loans, or credit card bills, you life insurance policy is still one of the most important financial purchases that you can make.

Hopefully at age sixty-three you are still in good health and can obtain a quality life insurance at the cheapest rate. Scouring through your options is the best bet as there are numerous options for those that are age sixty-three.

What are Your Life Insurance Options at Age 63?

Despite what one may believe, there are multiple options available for those that are age sixty three. Two of the most popular categories of life insurance that a sixty-three year old will look into are term life insurance and permanent life insurance.

Term life insurance is that it only lasts for a term that is determined at the point of purchase. This is a characteristic that is unique to term life insurance. In addition to this characteristic, it is also known for its affordability compared to many other types of insurance.

Permanent life insurance on the other hand lasts for an entire lifetime, or at least for as long as you continue to make payments. Permanent life insurance is also valuable in that it accumulates cash and can be used as an asset for which you can borrow against. Whole life and universal life both fall under the category of permanent life insurance.

Rates for a 63 Year Old

Assuming you are a healthy adult and lead a positive lifestyle, here are a few sample rates that can give you a good idea of what you may pay for over 60 life insurance.

To obtain a $250,000, 20 year term life insurance, a 63 year old male will spend about $3912 per annually. For a less hefty amount of coverage of $50,000, a man can expect to pay about $1140. These rates of course may vary depending on many factors that you may be affected by.

The best course of action is to obtain quotes from several different insurance companies. Before you pick a policy, it’s important that you get quotes from several different companies. This is the best way to ensure that you’re getting the lowest rates possible. Because each company is different, they have different rating systems that will translate into different monthly rates. Some companies view older applicants more favorably than other companies

Here are some sample quotes for a $250,000 policy:

Sex10 Year15 Year20 Year
Male$86.41/month$115.06/month$168.66/month
Female$56.12/month$73.94/month$107.14/month

How Rates are Determined Based on Health

At age sixty-three, there is a good chance that you are still in great health. However, if you are not, there is the likelihood that will end up paying slightly higher premiums for your insurance, which is why its a better idea to begin shopping for life insurance at a younger age, even looking for life insurance at 50 is better! One such case is if there is a pre-existing health condition. This can be either recently diagnosed or otherwise.

There are some companies that specialize in insuring applicants with diabetes, cardiovascular conditions, and much more. It’s important that you find the best company to fit your needs. You could spend dozens of hours researching different insurance companies to find the one that fits your needs, or you can let us do all of the research for you. Our agents are extremely knowledgeable about the life insurance landscape. They will help you find the perfect company with the perfect policy for you.

Getting the best rates

As we mentioned earlier, shopping around with different companies is a great way to get lower life insurance rates, but it’s not the only way. Even at sixty-three, there are still several ways that you can ensure that you save money every month.

The first is to kick your bad habits, especially smoking. If you’re listed as a smoker on your life insurance application, it will cause your premiums to skyrocket. Using tobacco is a guaranteed way to have your rates double or triple. If you’re a smoker, spend a couple months weaning yourself off. Your lungs and wallet will thank you every month. If you don’t want to quit the cigarettes, it’s important that you find a company that gives lower rates to smokers (you’ll still be paying much more than a non-smoker).

One of the other ways that you can save money on your life insurance policy is by getting in shape. Focusing on your health will not only help your waistline and energy levels, but it can also save you money on your life insurance plan. Being overweight, having high blood pressure, or high cholesterol is not only bad for your overall health, but also bad for your bank account. Regular exercise and a healthy diet can get you in a healthy weight range and reduce your risk of having severe health complications later in life, the less risk that you pose to the insurance company, the less they will charge you.

How large of a policy do you need at 63?

Because you are in a unique stage of life, either retired or soon to be retired, there are a lot of questions about how large of a life insurance policy do you need? This answer to this question is going to depend on three different factors, your debt, your annual salary, and your legacy.

As we mentioned earlier, on of the main purposes of life insurance is to pay off all final expenses that you would leave behind. Make sure that your policy is large enough that your family wouldn’t have to pay off your debt.

The next question that you have to ask yourself is, “does anyone rely on my salary?” Does your spouse or children still rely on your annual income to survive? If so, then you should always have a policy that would give them the funds they need to get through the difficult time.

Lastly, what kind of legacy do you want to leave behind and do you have enough saved up to leave it? One of the most common things that people forget is that Uncle Sam is going to take a large portion of that money you want to leave behind for your kids. A life insurance policy is a great way to keep your savings from being eaten alive by taxes.

The best course of action is to seek the guidance of a professional insurance agent. This will save you countless time and money in the long run, especially if you are not well versed in the types of life insurance.  This is where this website comes in.  You can get custom life insurance quotes by using the form on the side of this page.  If you have any questions you can contact our agents at 888-836-7071 and they will be happy to work with you to make sure you know exactly what you are doing.

 

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How to Secure Quality Life Insurance At Age 63
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How to Secure Quality Life Insurance At Age 63
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Getting quality life insurance at age 63 is not that difficult. Some insurance companies offer quality insurance for seniors that are affordable.Talk to us.
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{ 1 comment… read it below or add one }

Vlad Ivanov April 1, 2014 at 8:39 am

Hi Jeff- thank you for your good podcast from 20/02/14 on Modern Life insurance podcast. – I just think you would be happy to know that even in New Zealand people listen to what you were saying about the industry and marketing. Keep up good work.
Vlad

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