Last Updated: March 2021
One misconception about life insurance is that it is only affordable for younger people. However, if you know how to shop for a life insurance policy, it is affordable even at 69-years-old.
In this article, we will show you sample rates for term life insurance, the top life insurance companies for 69-year-olds, and how to find the best policy for you.
- Sample Rates: The Cost of Life Insurance for 69-Year-Olds
- The Best Life Insurance Companies for 69-Year-Olds
- The 5 Best Burial Insurance Companies for Seniors Over 60
- The Best Types of Life Insurance at Age 69
- The Easiest Way to Apply for Life Insurance for 69-Year-Olds
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Life insurance for a 69-year-old can be affordable. A 69-year-old male can get $100,000 in 10-year term life insurance coverage for as little as $87 per month. A 69-year-old female will pay around $52 per month for the same policy. Rates will vary based on health and other factors. Burial insurance is a cheaper option to consider.
We always encourage people to use free quote tools like the one located on our website and review the best life insurance companies to help you make your decision.
Sample Rates: The Cost of Life Insurance for 69-Year-Olds
Most people ask the same question when they call us, “how much is my life insurance going to cost?” To help you out, we are going to give you some generic quotes for coverage.
Before you start looking at the numbers, please note that these are all non-smoker rates. Life insurance for smokers will be more expensive.
Rates for Term Life Insurance for 69-Year-Old Males
Term life insurance for a 69-year-old male “Preferred” health class (no or minor health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10-Year | $73 | $87 | $203 | $350 | $742 |
| 15-Year | $88 | $136 | $279 | $537 | $1033 |
| 20-Year | $203 | $190 | $446 | $865 | $1719 |
Term life insurance for a 69-year-old male “Standard” health class (controlled health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10-Year | $80 | $112 | $274 | $510 | $1014 |
| 15-Year | $113 | $188 | $416 | $827 | $1533 |
| 20-Year | $203 | $263 | $614 | $1218 | $2377 |
Rates for Term Life Insurance for 69-Year-Old Females
Term life insurance for a 69-year-old female “Preferred” health class (no or minor health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10-Year | $47 | $52 | $97 | $189 | $371 |
| 15-Year | $55 | $74 | $150 | $292 | $562 |
| 20-Year | $203 | $105 | $252 | $472 | $937 |
Term life insurance for a 69-year-old female “Standard” health class (controlled health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10-Year | $47 | $71 | $119 | $231 | $456 |
| 15-Year | $77 | $125 | $277 | $528 | $945 |
| 20-Year | $203 | $175 | $428 | $807 | $1607 |
How to Get Low Rates at Age 69
To obtain the cheapest life insurance possible, the best route is to partner with an independent broker. If you’re in excellent health, then you can use our quote form on the side.
If you aren’t in really good health, such as someone needing life insurance for diabetics, we will have to gather some information before we start shopping. We need to know what your health status is so we can help you find the best coverage. Each company has different standards, and we need to know where you fall before we can connect you with the lowest premiums.
Our agents are experts on policies for people 61 and older, so you can rest assured that they will be able to get you the best rates possible.
The Best Life Insurance Companies for 69-Year-Olds
Here are the top life insurance companies to consider for 69-year-olds.
- Protective Life Insurance – best for term life insurance. They offer low term life insurance rates for this age group.
- Mutual of Omaha Life Insurance – best for whole life insurance. They offer the best rates for whole life insurance in smaller amounts to cover burial insurance.
- Banner Life Insurance – best for high-risk life insurance. They approve many risks that other companies decline, and can offer lower rates for high-risk cases.
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 Best Types of Life Insurance at Age 69
Before you can decide which plan is best, you need to know why you’re buying the life insurance policy. If you don’t know why you’re buying life insurance, you’ll have no idea what type of policy you need.
Common policies for 69-year-olds include:
- Term Life Insurance
- Burial Insurance (see companies above)
- Life Insurance with No Medical Exam
- Guaranteed Acceptance Life Insurance (for people with severe health problems)
Term length is another important thing to think about as well. While some policyholders only need insurance until they retire, others need it until they feel their debt might be paid off.
It is also common for people to take out a life insurance policy until the day that they pass. This is called whole or permanent life insurance and comes in many forms.
We definitely understand the fact that most people don’t want to spend money on life insurance, but it’s better to have a small plan than no plan at all. Try to pick an affordable plan that will still help your family.
Consider Two Other Policy Options As Well
For anyone who is over 60 looking to get life insurance, it will probably be expensive to get whole life insurance depending on the policy you are looking for. If you just need an insurance plan to pay for your burial, then you can get a burial insurance policy.
These are much smaller insurance policies that don’t expire. Because you get less coverage, the premiums are small, and you don’t have to take a medical exam.
The other type of coverage is a guaranteed universal life insurance plan. Everyone is accepted for these policies, regardless of health. All you have to do is apply, and you will have coverage. As with burial insurance policies, these plans are only going to give about $25,000 worth of insurance coverage.
The Easiest Way to Apply for Life Insurance for 69-Year-Olds
The best way to apply for affordable life insurance for someone over 65 is to get quotes from multiple companies. If you don’t have the time to do the research yourself, work with a licensed independent life insurance agent.
An experienced independent agent will have worked with someone similar to your situation and know exactly which companies are best for you.
By filling out the quote form on this page, or calling, we will connect you with a licensed life insurance expert who can compare all the top carriers for your situation.
They’ll be able to help you every step of the way and answer all your questions. If you want life insurance at 69 years old, it can be quick and easy. Start by filling out our quote tool today!
Excelent article showing us Boomers that there are still good ways to get life coverage after 65 years of age. Thank you. This was eye opening.