The Best Life Insurance for 62-Year-Olds: Sample Rates, Types of Coverage, & Top Companies

Last Updated: October 2020

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One of the most important factors that life insurance companies look at is your age. Finding life insurance at 62 years old can be a bit more challenging than in your 50’s. However, there are plenty of great companies that sell affordable life insurance for 62-year-olds.

Below, you’ll learn everything you need to know about finding the best policy at age 62. We’ll show you sample rates, the best types of life insurance policies for your age, and more.

Here’s what we’ll cover:

• Can I Get Life Insurance at 62 Years Old?
• Sample Rates: The Cost of Life Insurance at Age 62
• The Best Life Insurance Companies for 62-Year-Olds
• The 5 Best Burial Insurance Companies for Seniors
• Choosing the Best Life Insurance Policy for 62-Year-Olds
• Reasons You Need Life Insurance at 62 Years Old
• The Easiest Way to Apply for Life Insurance for 62-Year-Olds

We always recommend that people use a free life insurance quote tool like the one we offer on our site, to see just how cheap life insurance can be.

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Can I Get Life Insurance at 62 Years Old?

Yes, you can get life insurance at age 62. In fact, life insurance coverage at 62 can be very affordable.

The cost will depend on the type of life insurance policy, the amount of coverage that you purchase, and your health. Certainly, one of the key components that go into pricing life insurance is an individual’s age.

There are some things that you can do to help in keeping your premium rate down. One way to do so is to only purchase the amount of coverage that you need.

For example, if you are buying a policy to cover your final expenses, then a death benefit in between $10,000 or $12,000 should suffice.

Just like shopping for any other important item, you should also be a smart shopper and compare before you buy. This is because the policy premiums can differ, even for the same type and amount of coverage. Working with a company or an agency that can provide you with quotes from multiple insurers is typically the best way to go when shopping for life insurance for 62-year-olds.

In doing so, you will be able to directly compare the insurance policies, benefits, and premium prices from numerous carriers. Then you can decide which policy is best.

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Sample Rates: The Cost of Life Insurance at Age 62

The cost of life insurance at age 62 will depend on the type of policy you choose, your health, and other factors. Below we have tables with sample rates for males and females to show you how much you might pay for life insurance.

Rates do fluctuate so use these quotes as a guideline and use our free tool to give you a quote. Also, these are non-smokers rates. If you smoke, skip to the next section.

Rates for Term Life Insurance for 62-Year-Old Males

This table has monthly rates for term life insurance for a 62-year-old male in good health (Preferred).

Term	$50,000	$100,000	$250,000	$500,000	$1,000,000
10-Year	$32	$42	$88	$171	$313
15-Year	$44	$60	$125	$244	$485
20-Year	$59	$80	$175	$337	$661

This table has monthly rates for term life insurance for a 62-year-old male in average health (Standard).

Term	$50,000	$100,000	$250,000	$500,000	$1,000,000
10-Year	$44	$61	$147	$274	$540
15-Year	$58	$81	$192	$386	$689
20-Year	$76	$111	$263	$521	$1033

Rates for Term Life Insurance for 62-year-old Females

The table below has monthly term life insurance rates for a 62-year-old female in good health (Preferred).

Term	$50,000	$100,000	$250,000	$500,000	$1,000,000
10-Year	$22	$28	$64	$116	$217
15-Year	$32	$38	$82	$154	$291
20-Year	$41	$53	$119	$223	$434

The table below has monthly term life insurance rates for a 62-year-old female in average health (Standard).

Term	$50,000	$100,000	$250,000	$500,000	$1,000,000
10-Year	$32	$38	$87	$167	$317
15-Year	$39	$53	$124	$224	$442
20-Year	$51	$78	$187	$348	$668

These numbers are samples of the rates you could receive. Unless you’re in identical health to the applicant we used above, your rates are going to be different. Additionally, unless you use the same company, you’re rates will be higher as well.

As long as you’re in good health, you can use our quote tool. You’ll get a handful of rates all at once.

If you aren’t in such great health though, we will first need to assess your situation and research your options for you. Since we do this each and every day though, we have become experts at finding you the best deal. Much simpler than you contacting those companies on your own.

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The Best Life Insurance Companies for 62-Year-Olds

Depending on your health and what type of life insurance policy you need, one company might be better for you than another. In general for people at age 62, these three companies are great options.

• Protective Life Insurance Company – Best for term life insurance. They have low rates for people in their 60’s.
• Mutual of Omaha Life Insurance – Best for whole life insurance. They have great rates for whole life insurance in smaller amounts to cover burial costs and final expenses.
• Banner Life Insurance – Best for high-risk life insurance. Banner Life prices their substandard business rates at a lower cost for high-risk individuals. They also approve many health conditions and risks that other carriers decline for coverage.

We highly recommend you compare one or more of the companies above to other top life insurance companies. Purchasing a policy from the first company you see can cost you $1000’s.

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The 5 Best Burial Insurance Companies for Seniors Over 60

For most seniors, burial insurance is the best type of coverage because of its affordability and value. The 5 companies below are the best burial insurance companies for anyone over age 60.

• Mutual of Omaha – Great for low rates, and reputation with strong financial ratings.
• Family Benefit Life Insurance – Great for low rates, especially for high-risk applicants. Only available in 28 states.
• Prosperity Life – Good rates for non-cigarette smokers (marijuana, chew, dip, or cigar smokers) & diabetics.
• Guarantee Trust Life – Great for high-risk applicants who can’t qualify for level coverage with other companies. Only 5 health questions on the application. Graded death benefit life insurance policy, but cheaper and better than other guaranteed acceptance policies.
• Royal Neighbors of America – Great for extra benefits with your coverage. They also accept a lot of risks that other companies won’t.

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Choosing the Best Life Insurance Policy for 62-Year-Olds

Before you can buy a plan, you have to outline why you’re buying a policy. If you don’t know why you’re buying a plan, you won’t know the kind you need or how much.

• Do you want to give your family extra cash if you die?
• Are you looking to resolve any current debts that may still be there when you pass?

Your answers will help you to determine what kind of life insurance policy is best for you.

Then there is the term length to think about. If you are still working, you may only want life insurance that lasts until your retirement kicks in. If the policy is to resolve current debts, you may only need a policy that lasts until you project the debt will be paid off.

If you don’t want to pay for a full-sized plan, you can buy a smaller policy to save money. Having some coverage is better than none.

Types of Policies to Consider

Once you hit 62, whole life insurance can start to get expensive depending on the plan.

Some people only need their funeral and other final expenses to be taken care of for them, and in that case, things can be very cheap. In fact, many people take out a $10,000, $15,000, or sometimes even $25,000 burial insurance policy to take care of these things. This is a type of life insurance with no medical exam required and the premiums will be guaranteed to stay the same.

Guaranteed universal life insurance is another option for 62-year-olds looking for a cheap policy that doesn’t expire. Also known as “Term for Life”, this type of policy is permanent and keeps your premiums level. You can even go as low as a $25,000 policy, but it will require a medical exam.

Can You Still Get Coverage at 62 with Health Conditions?

If you do have an adverse health condition like cancer, or even something less severe, like high blood pressure, you may not qualify for a “medically underwritten” life insurance policy. However, there are still options that are available to you.

Many people who are in their 60s can qualify for guaranteed acceptance life insurance.

These plans do not require a medical exam to be taken as a part of the underwriting process, and because of this, many applicants who have certain health issues are still able to qualify for the coverage that they need.

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Reasons You Need Life Insurance at 62 Years Old

When researching for life insurance in your 60s, many people aren’t sure if they actually need it. This is because, in many instances, there are no longer dependents who are counting on your income. However, the need for life insurance in your 60s is still very real. Here are some reasons that life insurance is still necessary.

Life Insurance Helps Cover Final Expenses

Regardless of whether or not you have any dependents, most people will have at least some amount of final expenses. Today, the average cost of a funeral and related expenses can be around $10,000. This is especially the case when you factor in the price of a headstone and burial plot, a casket, transportation, flowers, and a memorial service.

There is also a chance that a person could have uninsured medical and/or hospice costs at the end of life. These expenses could be paid off by loved ones using the proceeds of a life insurance policy. Without such funds, loved ones could be liable for these debts, in turn, putting them into financial hardship.

It Replaces Lost Income

While you may no longer have young children who are depending on your employment wages when you are in your 60s, there is a good chance that you could have a spouse or partner who may be relying on some or all of your pension or other retirement income for his or her living expenses. And, if those income streams were to cease or decrease at your passing, the funds from a life insurance policy could provide a way for your significant other to replace that income stream. Otherwise, they could be left without a way to continue paying the bills.

Use Life Insurance to Payoff Debts

People both young and old can have debts to pay off. While many years ago it was common for someone in their 60s to have their home mortgage and other debts paid off, today’s financial climate is a different story.

This means that there are many 62-year-olds who will still have a large mortgage balance, as well as other debts such as auto loans and credit card balances, that loved ones could be stuck with if the unexpected were to occur.

Having life insurance could be an ideal way for a spouse or other loved ones to be able to pay off such debts quickly and easily, without having to go into financial hardship for many additional years with these obligations.

Life insurance could also be a way for those who own a small business, and thus have related business debts, to pay these debts off. In this case, the business owner could name a business partner or other individual as the beneficiary.

Pay Estate Taxes

Depending on your financial situation, you could be in a position of owing estate taxes at your death. Although not everyone is subject to this liability, if you are, the estate tax can take a significant portion of your assets, in some cases, more than half.

This can end up depleting what your loved ones get from the estate. By obtaining life insurance to pay this tax liability, you can ensure that your heirs receive the fruits of your labor, not Uncle Sam.

Make Charitable Donations with Life Insurance

If you have any charities that are close to your heart, life insurance can provide you with the opportunity to make a large tax free donation to the organization for pennies on the dollar.

By electing to make the charity of your choice the beneficiary of a life insurance policy, you can provide the entity with this tax-free gift, which can essentially end up being much more than can be given during one’s lifetime.

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The Easiest Way to Apply for Life Insurance for 62-Year-Olds

Just because someone is getting older, does not mean that their need for life insurance has gone away.

Life insurance for 60-year-olds and older can tend to be more expensive, and the underwriters will typically be looking a bit more closely at your health on the application. Because of this, it will be important to work with an agency or company that can help you through the process. This way, you can be sure that you have all of the proper paperwork in place, and you are able to compare several different carriers that could be right for you and your coverage needs.

Why Work with an Independent Life Insurance Agency

We recommend working with an independent agency or brokerage that has access to numerous insurance carriers.

When working with an independent agency, you will be working with someone who is on your side, not a specific insurance company. A good agent has access to all the best life insurance companies and can compare quotes for you.

Not all life insurance companies are alike when it comes to underwriting their applicants. This is especially the case when it comes to applicants who are in their 60s and may be more prone to various health issues.

For example, as a 62-year-old, a life insurance underwriter will be much more likely to take a close look at your overall health and health history. However, some companies will view your condition better than others.

This is why it is so important to work with an independent agency that has access to more than just one insurer and to compare your options before moving forward. It could save you a great deal of premium over time.

Contact us today and we can help calculate your life insurance needs and ensure that you get the most affordable plan to meet those needs.