888-234-8376

tl2g_logo_

≡ Menu

INSTANT QUOTE

Life Insurance at Age 61

If you are considering updating your coverage or purchasing coverage for the first time, it is important to know that the key to finding the lowest life insurance rates by age is to have options. TermLife2Go works with dozens of the top rated life insurance companies in the U.S. We focus on aligning each client with the company we believe will provide the best chance at securing the lowest premium for life insurance at age 61. Give us a call today and see what we can do for you!

Life insurance 61 year old.


If you’re 61 years old and you do not have life insurance yet, or you’re thinking about getting additional life insurance coverage, then you’ve come to the right place.

Below you’ll be given a brief overview on what the insurance application process will look like as a 61 year old applying for life insurance as well as a few “helpful hints” on what you as a consumer should be on the lookout for in order to get the best possible life insurance rate as a 61 year old applicant.

With That Being Said…

The first thing that someone who has just turned 61 needs to know about buying life insurance in your 60s is that regardless of how healthy you are today, senior life insurance companies in general are going to be much more thorough during the underwriting process of your application than they would for a 35 year olds application.

After all, let’s face it, in 20 years from now there’s a much greater likelihood that someone in their early 80s will suffer from a major health condition than someone who is in their early 50s.  And that’s just what the insurance company is considering when they’re deciding on whether or not to approve a 61 year old for life insurance.

Because remember…

The life insurance policy that you buy today is going to provide coverage for the next 10 to 30 years. So yeah, it’s great that you’re healthy today, but the life insurance companies what to know about the next 3 decades…

Not an Easy Task!

Which means that even if you’ve been insured in the past and didn’t have any difficulty getting insured, you may find that things are not so simple this time, especially if you are looking for a million dollar life insurance policy or more. For example, finding the best life insurance coverage at the best rate when you’re 60 years old will most likely require that you:

  • Complete a life insurance physical exam that will include an EKG.
  • Have had a complete physical from your primary care physician within the last 2 years.
  • Release your medical records to the insurance company.

These 3 additional steps are in addition to the usual background checks that are included in any fully underwritten life insurance application regardless of age, including:

  • A prescription database check.
  • A DMV and criminal background check.
  • And usually a credit check to rule out any previous/current bankruptcies.

So as you can see, just by turning 61 years old, the process of being approved for coverage can become more complicated! With that being said, let’s take a quick look at few important things you need to know before you make any decisions on buying life insurance.

Life Insurance at Age 61: tips to find the best rates.

#1.  You need to have had a recent physical

If you haven’t had a complete physical with a blood draw within the past 24 months then the best rate class you will qualify at is standard. Therefore, if you are healthy and don’t suspect any ailments such as diabetes, high blood pressure or high cholesterol then you will need to have a physical done with your primary care physician.

#2.  Get it now!

Since age is typically going to be the number one factor determining the premium that an applicant will pay, today really is the cheapest your insurance is going to be.  So don’t delay!

***Now it should be noted that in some cases delaying getting coverage may make sense, for example:

  • You are currently trying to stop smoking and need to wait a year to get non-tobacco rates.
  • You need to wait a year to clear up a DMV issue.
  • You have a pre-existing medical condition that may require a waiting period before a company will underwrite you. Have you been declined for coverage? Consider the top final expense and burial insurance companies.

However, for most 61 year olds looking to buy affordable life insurance, waiting only means one thing: your policy is going to cost more when you finally do decide to take the next step and apply. Therefore, don’t wait to apply.

Life insurance quotes for a 61 year old male

Sample rates are based on a preferred plus rate class from A rated carriers as of October 2013. Rates are subject to change and must be qualified for.

Face Amount
10 year
15 year
20 year
GUL to 121
$25,000
N/A
N/A
N/A
$56.65
$50,000
$21.83
$28.74
$38.76
$96.02
$100,000
$32.80
$44.63
$62.65
$145.78
$250,000
$68.91
$92.09
$128.41
$343.00
$500,000
$129.80
$176.88
$247.72
$675.06
$1,000,000
$245.60
$324.28
$477.80
$1,338.75

 

Life insurance quotes for a 61 year old female.

Sample rates are based on a preferred plus rate class from A rated carriers as of October 2013. Rates are subject to change and must be qualified for.

Face Amount
10 year
15 year
20 year
GUL to 121
$25,000
N/A
N/A
N/A
$51.80
$50,000
$17.33
$20.74
$27.56
$86.91
$100,000
$25.46
$32.71
$42.79
$123.20
$250,000
$46.38
$59.94
$86.63
$286.13
$500,000
$85.95
$112.70
$163.30
$561.31
$1,000,000
$158.30
$215.16
$319.40
$1,145.97

 

#3.  Not all Insurance Carriers are the same!

This is particularly true for clients getting life insurance at age 61.  As a consumer, it’s important to know that each insurance company has its own rules and guidelines that it will use when underwriting an application.  Some insurance companies may use very strict guidelines when it comes to certain preexisting conditions while other carriers may not be concerned about them at all.  This is why it’s really important to know which carrier to use and why!

The key to finding the best life insurance for your health or lifestyle profile is to know the various life insurance company niches. That is where we come in. We pride ourselves on knowing all the life insurance niches so we can place you with the best company at the best price for you.

Which brings us to our next point…variety is the key to saving money!

#4.  Find someone that is working for you, not the insurance company.

There are so many options to choose from and so many different carriers competing for your business. In order to get the best rates on life insurance at age 61 it’s key for you to work with an agency that is not bound to any one specific life carrier.  You need to be sure that your agent can shop your application to dozens of different life insurance carriers forcing them to compete for your business.

Only by choosing to work with an agency that represents multiple life insurance carriers can you ensure that you are getting the best policy to protect you and your family.  After all…

Doesn’t it make sense to work with an agency whose sole focus is you?

Totally confused?

Don’t be. We are here to take the confusion our of buying your coverage. Our main goal is to help guide you through the process of:

By working directly with TermLife2Go you will have an assigned agent dedicated to your application.  This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!

Lastly…

We’d like to take a moment and acknowledge that age 60, sometimes, life insurance isn’t SUPER easy to qualify for.  Plus, depending on how much insurance you’re looking for, it can also be pretty expensive.  We get that!

And while…

We would all love to be able to purchase a 100 million dollar term or whole life insurance policy for our loved ones, the truth is for many of us, having that “amount” of discretionary income simply isn’t available.  Particularly if you’re currently nearing retirement or you’re already “working” with a fixed budget!

This is why…

We’ve also chosen to write several articles sharing some of the knowledge that we have acquired over the years working with 1000’s of clients concerning how they make a living.

You see…

Just about every time we complete a life insurance application for one of our clients, one of the first questions that we have to ask is:

“what do you do for a living?” and “what would you estimate your annual income as?

Which means that over the years, we’ve become really familiar with a wide range of different career paths and opportunities that a person can take.  We’ve also been AMAZED at how many “so called” retires go on to take advantage of many the new part time employment opportunities that seem to be available now due to the ever growing “GIG” economy.

And since…

Our number one goal here at TermLife2Go is to help individuals and families secure their own financial security and independence, we wanted to share with you what we’ve learned.

So, after you’ve had a chance to visit our Life Insurance Quotes page feel free to check out our 100 Ways to Make Money Fast and our Top 23 Apps That Will Make You Money.

6 comments… add one
  • Misty Speake

    Your article is giving me a starting point. Thank you. My son will Be 2 yes old in October. His father will be 62 yrs old in November. I feel its very irresponsible of us not to have some sort of coverage. …. Calling the Dr now to schedule a physical.

    • Misty,

      We’re glad you found our article helpful, but one thing you might want to consider is, depending on what rate class your husband may or may not qualify for, it may be more “prudent” to apply for life insurance first, then go for a routine physical with his doctor.

      Insurance companies will generally require a physical prior to offering coverage, but this is something that they will provide and pay for and could potentially be much less thorough then what his primary care physician my perform.

      You may also enjoy taking a look at this short video as well.

      https://www.youtube.com/watch?v=tpcfelAYLZY

      Thanks,

      TermLife2Go.

  • Bernie Ritter

    really like your policy GUL to 121 (what does GUL mean ) ?
    will not be 61 until june of 2017.
    recently had a colonoscopy found a polyp ,not cancerous .
    Colonoscopy revealed i have diverticulosis , have never had a bout of diverticulitis.

  • jan gray

    Just wondering if a person is healthy, at age 61, what is the biggest length of time a person can buy in term life ins?

    • Jan,

      At age 61, you should still be eligible to purchase a 25 year term life insurance policy as well as have many “whole life insurance” options as well.

      If you’d like to learn more just give us a call or feel free to play around with our online quoter which should give you some ideas about what’s out there.

      Thanks,

      TermLife2Go.

Leave a Comment

TermLife2Go Mission

To empower our customers through knowledge and expertise so our clients secure the best and most appropriate insurance coverage available providing peace of mind to our clients and their loved ones.

About TermLife2Go

Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.