Our focus at TermLife2Go is on the various niches of the best life insurance companies in the U.S. It is based on this focus that we can help our clients find the cheapest life insurance rates by age. Give us a call today to see what we can do for you!
Life insurance at age 64 (sixty-four).
If you’re 64 years old and you do not have life insurance yet, or you are losing your life insurance coverage at work due to retirement, then you’ve come to the right place. In this article we’ll briefly review what the life insurance at age 64 application process will look like as well provide a few “helpful hints” on what you as a consumer should be looking for in order to get the best possible rate on life insurance at age 64.
Life Insurance at Age 64: Tips to Find the Best Rate
The first thing that someone who has just turned 64 years old needs to be aware when applying for life insurance is that in general, most life insurance companies are going to be much more thorough with your application than they would be with someone who has yet to turn 60 years old. In fact, within the life insurance industry, you’ll see that buying life insurance in your 60s will generally require that a few additional requirements be made prior to being considered for approval, especially if you are looking for a million dollar life insurance policy or more.
Such as—now you’ll now most likely need to:
- Complete a life insurance exam physical that will include an EKG.
- Have had a complete physical from your primary care physician within the last 2 years.
- As well as allow the release of your medical records to the insurance company.
Which will be in addition to the usual background checks that will also include:
- A prescription database check.
- A DMV and criminal background check.
- And usually a credit check to rule out any previous/current bankruptcies.
4 Tips to Get the Best Rates on Life Insurance at Age 64
This article will cover the following topics:
- If you don’t know, don’t test!
- Get it now
- Not all carriers are the same
- Find someone who is working for you!
Something clients looking for affordable life insurance at age 64 need to be aware of is that if you haven’t had a complete physical with a blood draw within the past 12 months, and you’re not currently taking any prescription medications, you don’t want to run the risk of having an insurance company discover that you have one of the following ailments:
- high blood pressure,
- high cholesterol,
- or elevated blood sugar (see diabetic life insurance)
Because once you’ve been diagnosed with any of these conditions, you will usually end up having to pay more for your life insurance then you would have had you not been diagnosed.
Additionally, it’s important to know that insurance companies will share the information that is gathered during your application with one another. So, once one insurance company performs a medical exam on you, that information will be recorded and saved for other insurance companies to review in the future.
For this reason, if you’re not sure that your medical exam is going to come back perfect, don’t take one. You would be much better off by going with an alternative policy that offers coverage with a non medical option first. TermLife2Go specializes in placing both medical and no medical term life insurance policies. You can read more on this in our article, no medical exam life insurance versus taking an exam.
Getting life insurance at age 64 is not something you want to continue to wait for since age is typically going to be the number one factor determining the premium that an applicant will pay. So today really is the cheapest your insurance is going to ever be for you. 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 life insurance company will underwrite you.
However, for most 64 year old clients looking to buy affordable life insurance for seniors, waiting only means one thing: your life insurance policy is going to cost more when you finally do decide to take the next step and apply.
64 year old Male at a preferred plus rate class for a 10, 15, and 20 year term and a Guaranteed Universal Life to age 121 as of 2014
64 year old female at a preferred plus rate class for a 10, 15, and 20 year term and a Guaranteed Universal Life to age 121 as of 2014
This is particularly true for clients in their early 60s. 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 have 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!
Which brings us to our next point…variety is the key to saving money!
With so many options to choose from and so many different carriers competing for your business, 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.
It is 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, this is where TermLife2Go steps in. As an independent agency our agents are committed only to you and your family. Our main goal is to help guide you through the process of:
- First, choosing from among the different types of life insurance policies, whether it be term life versus permanent life insurance, such as indexed universal life.
- Second, determining the appropriate coverage amount.
- Looking to cover final expenses? Consider Burial Insurance.
- And third, determining which carrier will give you the best rate available.
Multiple of Income
Finally, another issue that should be brought to the attention of anyone buying life insurance at age 64 or above is something that is called “multiple of income”. This is a tricky issue simply because it has nothing to do with the health of an applicant, rather it focuses on how much insurance a person can qualify for.
More specifically, most insurance companies are only going to allow a 64 year old to purchase up to 10 times their “earned” annual income. Meaning, that if you want to purchase a $250,000 life insurance policy, regardless of how healthy you are and regardless of how much you are willing to pay for the insurance…You will need to be able to demonstrate that you “earn” at least $25,000 dollars annually.
Doesn’t sound all that difficult? Well what if you’re retired and are no longer earning a salary? Or maybe you’ve really set yourself up well and now simply live off a “passive” income such as a pension? Well this is where things can become complicated because insurance companies are going to want to differentiate between “earned” income like a salary, and “unearned” income like stocks, bonds, retirement pensions, rental income, etc. This is why it is so important to work with the right agency.
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!
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.
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.
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.