It probably isn’t your first go at searching for life insurance if you are age sixty-four and in the market. However, if you have never obtained life insurance, there are a few things that you should keep in mind. Believe it or not, you can still receive a very reasonably priced policy.
Even if you’ve purchased life insurance in the past, there could be a lot of things that you’ve forgotten that could impact your search.
As a sixty-four-year-old, it is very important to start seriously considering a solid life insurance plan. It is shown that the more you age from this point on, the more likely your rates are to skyrocket.
Despite your level of physical well-being, life insurance companies place more risk on this age group.
Though obtaining life insurance at 64 is very feasible, we do recommend starting to seek life insurance coverage at a younger age; even beginning at 50 and seeking life insurance will increase your chance of lower rates, and most likely, you will be in better health as well.
But if you’re already into your 60s and looking for a life insurance policy, don’t worry. There are still plenty of options for affordable life insurance that will give you and your loved ones the coverage you need.
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Which Life Insurance Is Best for a 64-Year-Old?
There are different groups of people shopping for life insurance, and every group has different needs. The two main kinds of life insurance are whole life insurance and term life insurance.
These two types of insurance vary in some pretty significant ways, so it is important to understand the differences before jumping into one type.
Term plans are purchased for a specific set of time. Once the time is up, the plan is useless, and it doesn’t give coverage. At that point, you will have to either renew that policy or stop paying premiums on it. These plans are the cheapest choice for coverage.
The other main type is whole life. These plans are effective until you reach the maximum age limit of the particular company. Most companies cap their whole life plans at around 90 or 95 years old. Until that point, you have coverage.
The two plans have different advantages that you have to consider. Everyone is different and wants different things from their insurance policy. Whole life insurance is more expensive, but you should still consider them as options.
Regardless of the type you decide to buy, we always suggest getting the advice of a professional agent who isn’t contracted with one company.
Taking this route can end up saving you plenty of time and money. Make sure you research the life insurance agents to make sure you find one that is qualified and with whom you get along well.
The rates that you will qualify for depend largely on your individual health and lifestyle. There are multiple factors that can affect your premium rates that are beyond your control.
If you have a pre-existing condition, all hope is not lost. There are plenty of policies that exist that will not break the bank and are still quality life insurance policies.
For example, there are some companies that look more favorable toward diabetics or people with cardiovascular complications.
Before committing to one particular policy, make sure you research the options that are available to you or seek the advice of a qualified life insurance professional.
The best way to make sure that you get the perfect plan is to compare all of the possible life insurance companies’ options.
Each company is different and has a different system for rating applications, even though you’re applying for the same coverage, you’ll get very different premium quotes. There are thousands of different companies that you could choose from.
Instead of spending hours on the phone talking to agents or researching insurance companies, we can bring those quotes to you.
The longer you wait past the age of sixty-four, the higher your premium will end up being. Yes, at the age of sixty-four, you’re going to pay much more than you would have twenty years ago, but continuing to wait is an awful idea.
Not only are your premiums going to continue to get higher and higher, but you never know what’s going to happen. Nobody plans to die.
Here are some sample quotes for a $250,000 policy:
| SEX | 10 YEAR | 20 YEAR | 30 YEAR |
|---|---|---|---|
| Male | $95.70/Month | $129.06/Month | $187.44/Month |
| Female | $61.69/Month | $82.25/Month | $117.48/Month |
As you can see, life insurance policies are much more affordable than most people think. You can’t put a price tag on the peace of mind that life insurance brings, but it’s nice to know that your monthly premiums aren’t going to break the bank.
Aside from your age, several other factors are going to impact your monthly premiums. We mentioned that they would look for any pre-existing condition, but they would also look at your overall health.
After you finish the paperwork, the insurance company will send out a paramedic to complete a simple medical exam.
Unless you buy a no-exam policy, these results can secure lower rates for you or cause your monthly premiums to go through the roof.
Anyone who is overweight or obese poses more of a risk to the company. The more of a risk you are, the more they are going to charge you in premiums.
Similarly, if you are a smoker, it’s time to quit the bad habit. Smokers can expect to pay two or three times more than a non-smoker for their life insurance. Want to get affordable rates? Put down the cigarettes.
Getting Quotes
Not only can our agents help you find the perfect plan for you, but they can answer any questions that you have about life insurance or the different types of policies. We are dedicated to making sure that you make well-informed and educated decisions about your insurance purchases.
Don’t leave your family with debt and no way to pay for it. An affordable life insurance plan can be the perfect tool for you and your family.
The Bottom Line – Seek A Solid Life Insurance At Age 64
At the age of sixty-four, it’s paramount to prioritize securing a robust life insurance plan. Rates are liable to rise dramatically as you advance in age, regardless of your current health status.
While it’s advantageous to begin your insurance journey earlier in life, there remains a plethora of affordable options even in your 60s.
Differentiating between whole and term life insurance is crucial, each offering distinct benefits. Seeking advice from an impartial professional can be invaluable, saving both time and money.
Despite the array of factors influencing premium rates, maintaining a healthy lifestyle and habits, like quitting smoking, can help in securing better rates.
Life’s unpredictability makes it essential not to delay; an economic life insurance plan ensures peace of mind and financial security for your loved ones.
