Last Updated: November 2020
Many people think it’s hard to get approved for affordable life insurance at age 66. In reality, it’s not as expensive as you think, as long as you find the right life insurance company.
Every life insurance company will look at your risk differently and it’s especially important when you’re in your mid to later 60’s to find the right life insurance company for your situation.
Below, we’re going to show you exactly how to do that if you’re a 66-year-old. We’ll also show you some sample rates and the top carriers for certain situations.
- How to Choose a Life Insurance Policy at Age 66
- Sample Rates: The Cost of Term Life Insurance at Age 66
- The Best Life Insurance Companies for 66-Year-Olds
- The 5 Best Burial Insurance Companies for Seniors Over 60
- The Most Common Policy Types for 66-Year-Olds
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
For 66-year-olds, life insurance options become more limited. However, there are affordable options. You can get up to 20 years in term coverage for as little as $147 per month. Shorter term policies are less expensive. To find the best life insurance, decide what type of policy you need, then compare top-rated companies.
You can use our free quote tool to compare the best rates for your age and situation.
How to Choose a Life Insurance Policy at Age 66
Before you purchase a policy, you need to know what type of life insurance is best for your situation.
What is the Policy For?
The very first step of the process is to ask yourself what you’ll be using this life insurance policy for.
- Some people take out a life insurance policy to supplement their income for their partner’s benefit.
- Others use it to pay any outstanding debts they might have when they pass.
- Many people want to leave a legacy for their family.
- Often, people simply need it to help cover funeral costs and final expenses.
Your answer to this question should help you decide which type of policy is right for you.
How Long Do You Need Coverage?
Life Insurance policies come in different lengths, called terms. You can get coverage for as little as 10 years, or as long as the rest of your life.
One question to answer that might help is this.
“At what point will you no longer need a life insurance policy?”
For some people, it might be after a debt is paid off. Others might need coverage until they retire, or for life. It depends on your goals.
Sample Rates: The Cost of Term Life Insurance at Age 66
Still think life insurance is too expensive? Here is some proof to show you otherwise. These quotes below are just generic quotes for clients we’ve worked with before.
Before we show you the rates, keep in mind, they are non-smokers’ quotes.
Rates for Term Life Insurance for 66-Year-Old Males
Term life insurance for a 66 year old male “Preferred” health class (no or minor health issues), monthly rates:
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10 year term |
$47 | $63 | $149 | $263 | $542 |
| 15 year term |
$71 | $92 | $202 | $405 | $763 |
| 20 year term |
$147 | $135 | $302 | $566 | $1125 |
Term life insurance for a 66 year old male “Standard” health class (controlled health issues), monthly rates:
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10 year term |
$62 | $86 | $208 | $372 | $738 |
| 15 year term |
$82 | $131 | $314 | $609 | $1091 |
| 20 year term |
$147 | $193 | $451 | $848 | $1736 |
Rates for Term Life Insurance for 66-Year-Old Females
Term life insurance for a 66 year old female “Preferred” health class (no or minor health issues), monthly rates:
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10 year term |
$31 | $39 | $88 | $161 | $306 |
| 15 year term |
$46 | $55 | $120 | $231 | $443 |
| 20 year term |
$147 | $79 | $188 | $351 | $695 |
Term life insurance for a 66 year old female “Standard” health class (controlled health issues), monthly rates:
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10 year term |
$41 | $53 | $106 | $206 | $407 |
| 15 year term |
$61 | $87 | $202 | $388 | $693 |
| 20 year term |
$147 | $121 | $292 | $549 | $1091 |
How to Find an Affordable Life Insurance Policy
As we mentioned, those are not the exact quotes you’ll get, unless you happen to be identical to the applicant we used. There are a lot of ways you can buy life insurance.
- You can take the traditional route, call a contracted agent at the carrier closest to you.
- You can use the online technique. Buying a life insurance policy completely online through a company life Policy Genius.
- We recommend you can use an independent agent, which gives you the best of both worlds. You’ll get the ease of online policy and the rates of a traditional agent.
What makes independent agents so special?
Unlike the first option of a traditional agent, they aren’t contracted by one company. They are free agents, meaning we can work with dozens of companies and compare which has the lowest rate for you.
The Best Life Insurance Companies for 66-Year-Olds
We recommend you compare more than just 3 companies. However, whether you’re looking for term, whole life insurance, or high-risk life insurance, these companies are usually great choices.
- 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.
These are some of the top companies for age 66, but the smart way to buy life insurance is to choose the type of policy you want first, then compare companies. We’ll show you how to do this below.
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.
The Most Common Policy Types for 66-Year-Olds
Life insurance at age 65 or older can get very expensive depending on your policy, so it’s best not to wait. Here are some of the most popular policies for age 66.
Burial Insurance
If you’re buying life insurance just to pay for a funeral, then you can buy a smaller burial insurance policy, which usually comes in $10,000 to $25,000 of coverage. This will pay for some basic final bills.
Term Life Insurance
Term life insurance is the most popular form of life insurance. As you saw with the quotes above, you can usually get 10-year, 15-year, or 20-year term life insurance at 66 years old.
Companies won’t offer a 30-year or 25-year term policy for 66-year-olds.
Guaranteed Universal Life Insurance
The other kind of life insurance you should consider is “Guaranteed Universal Life.” Much like with burial insurance, these plans are permanent and offer a smaller amount of protection. The premiums are never going to increase and you have protection until your last day.
If you are going to go with this type of coverage it is important to get the policy as soon as possible. Even someone getting a policy at age 68 will see a significant increase in their premiums.
The Fastest Way to Find a Life Insurance Policy
The best advice for someone over 60 looking for life insurance is to compare their options as soon as possible. As you age, life insurance will continue to get more expensive, so the cheapest time to buy is before you get older.
Use our quote tool to compare life insurance quotes for 66-year-olds from all the top-rated companies.
I am a 66 male, does not smoke or drink. I have perfect health. I exercise daily and jog.
Do you provide service for Puerto Rico? I was a resident of New York,
I’m looking for insurance life,I’m 66 years old good health I don’t jog, I smoke cigars once and awhile but no t very often I ride horses on my ranch, every day and work hard strong as a bull and mean as a bear.
Will, You shouldn’t have any issues getting the best rates on life insurance, even if you smoke 1 cigar/week. Fill out a form on this page and someone will be in touch asap to provide your options.
I am 65 and 1/2 years old. Looking to replace a $300,000 policy that I am getting ripped off by. Don’t smoke or anything else stupid. Still extremely strong and work long hours without any problems. I still think like I’m way much younger and will never be an old fogie. It”s just simply not in my DNA. Give me a fair & honest price without the usual trappings. Thanks.
Ray – I believe it. Lots of overpriced life insurance policies out there. Fill out the form on this page and you’ll see what you should be paying.
One of our agents will reach out and show you the most cost effective life insurance plan you can qualify for. You can decide what to do from there.
Hello
I just turn 66 yesterday and I went thru this so called. { Policygenius }} ..I’m sorry to say things of people but the young man that I spoke to did not seem like he wanted to help ME.!!! I Really BELIVE God put people in places to HELP others and he is surely NOT ONE. Of THEM…I explained everything to him in detail with a very HURTFUL HEART having to REMEBER of the tragic LOST of my HUSBAND and why I had to take some MEDICATION…and BELIVE me Jeff I’m EXTREMLY careful of these two medication I take..i know other people Will read this but I’m sure MALE and Female it has HAPPENED to them….you see he died at the scene I broke my neck and by the Grace of God I’m able to walk..in other words I was given a secondchance at life…and I want to give my Two ADULT Kids and Grandkids that chance when they need it .i asked the young man for 250K in LIFE INSURACE ..i told him the TRUTH in what two medications I take and ONLY Jeff ONLY when needed. .He didn’t help much at all at PolicyGenius.. it’s like NOPE I won’t make money$$$ with you… it was again the MONEY SIGN that was more IMPORTANT to Him… SO if you THINK and if your as SMART as YOU sound in your introduction than…than I’ll SPEAK to you but if your like that young man who only wanted to make it seem that all 65-66-67-etc etc..are not going to mask him or her money than Policy Genius…is not good…you Will have to REALLY prove to many that
You Jeff can REALLY and HONEST TO GOD in your HEART can and will HELP…
Rebecca,
I’m really sorry for your loss and what you’ve been through. Give me a call at 888-430-7668 and I’ll do everything in my power to make sure you get the coverage you need for your kids and grandkids at the most affordable price.
Jeff
I would like to find a reasonable burial policy one for myself 66 yr old Male in good health and one for my 59 yr old wife also in good health. If you could get me some prices it would be greatly appreciated. We live in Quinlan Tx 75474. Thank you….Larry Barrett
Hi Larry,
Happy to help! We’ll reach out to you and find the most affordable burial policy on the market.