What’s the Best Life Insurance for a 64-Year-Old Male?
On a serious note, let’s talk about looking for life insurance as a 64-year-old male. As you probably guessed, life insurance rates get more expensive the older you get, but this age in particular is a important when it comes to term life insurance - but we’ll get more into that in a second.
This article will discuss which types of life insurance are best for a 64-year-old male. We've also provided some sample quotes for each type coverage to help you compare your options.
Quick Article Guide
Here’s what we'll cover in this post:
Term Life Insurance
Before you decide anything else, you need to consider what your needs are for purchasing a life insurance policy. If you’re looking for temporary coverage, to say, coincide with a mortgage or protect your children until they become independent, then term life insurance would most likely be the best option.What is a “term?” In the life insurance world, a term is the amount of time your policy is in force, during which your premiums are guaranteed to stay the same. Term policies typically last 10, 15, 20, 25 or 30 years, depending on which one you choose.
You may not be aware of this, but if you’re looking to buy a term life insurance policy, ages 63-65 are the last ages you can apply for a 25-year term. Most companies stop offering these term lengths to applicants at age 63 or 64, but a few companies like Transamerica offer a 25-year term up until age 65.
Maybe you’re about to retire, and want coverage until your 90, or maybe this is the last insurance policy you ever want to buy. Whatever the case may be, if you’re 64 and searching for the longest term length available, there’s no time to waste!
Permanent Life Insurance
On the other hand, maybe you’re looking for coverage that’s a little more permanent - that's okay too!Under the umbrella of permanent life insurance includes whole life insurance and guaranteed universal life insurance.
Whole life insurance is a type of permanent life insurance policy that includes an investment component (also known as cash value/cash accumulation). These policies are the most expensive out of term, whole, and guaranteed universal life, and typically only offer up to $50,000 coverage. A perk of whole life is that it generally doesn’t require a medical exam.
Guaranteed universal life insurance (also known as GUL) is what we like to call a “hybrid” of term life and whole life. Like whole life, it’s permanent coverage, but it’s similar to term life in the sense that instead of being in force for a certain number of years, it’s in force up until a certain age (such as 90, 95, 100, 105, 110, or even 121).
The cost is also in the middle of the two - less expensive than whole life, but more expensive than term. Unlike whole life, however, GUL does usually require a medical exam when applying.
We typically recommend guaranteed universal life insurance over whole life, but don’t forget that each case is unique, and you should contact one of our independent agents to find out which type of policy is right for you!
Sample Rates for a 64-Year-Old Male
Enough chat, let’s get to the important part - the cost! As we mentioned before, it’s very important that you act soon if you’re in your 60s and looking to purchase life insurance - after age 70, life insurance rates increase 15-17% each year, making coverage 2-3x more expensive!Here are some sample rates for a term life, guaranteed universal life, and whole life policy for a “preferred best”, non-smoking 64-year-old male below.Term Life Insurance Sample Rates
| Term Length | $250,000 Coverage | $500,000 Coverage | $1,000,000 Coverage |
| 10-Year | $86.59 | $159.96 | $301.76 |
| 15-Year | $111.06 | $209.91 | $391.16 |
| 20-Year | $171.89 | $327.86 | $595.96 |
*Monthly rates are accurate as of 03/07/23 and are provided for illustration only.
Guaranteed Universal Life Insurance Sample Rates
| To Age ... | $250,000 Coverage | $500,000 Coverage | $1,000,000 Coverage |
| 90 | $318.19 | $612.36 | $1,151.06 |
| 100 | $413.56 | $809.20 | $1,570.00 |
| 110 | $440.75 | $855.00 | $1,631.00 |
| 121 | $449.00 | $871.00 | $1,661.00 |
*Monthly rates are accurate as of 03/07/23 and are provided for illustration only.
Whole Life Insurance Non-Smoking Male
| $20,000 Coverage | $30,000 Coverage | $50,000 Coverage |
| $86.36 | $126.99 | $208.25 |
*Monthly rates are accurate as of 03/07/2023 and are provided for illustration only.
How Can I Increase My Chances of Getting an Affordable Rate?
The good news is that even in your 60s, you can absolutely get rates that won’t break the bank. Here are some tips on how you can increase your odds:- Exercise – this is pretty self-explanatory, but exercising has so many benefits, and can undoubtedly improve your overall health.
- Eat a healthy, balanced diet – going along with exercise, this is another surefire way to increase your odds of getting a good rate. We only get one body, why not treat it well?
- Stop smoking – another no-brainer. Quitting may not only improve your rates, but it will vastly improve your health as well.
- Limit your dangerous hobbies – if you like to go skydiving, bungee jumping, or anything else dangerous in your free time, you’re definitely at risk of receiving higher rates.
- Lose weight – If you are at an unhealthy weight for your height, you’ll most likely receive higher rates on your policy. Losing just a little bit of weight could definitely help when it comes to saving some money. (Note: there are some companies who are more lenient with build than others.)
Questions? We Can Help!
Still not sure which type of life insurance policy is right for you? We get it, it can be very confusing. That’s why we’re here to help!At JRC Insurance Group, we have helped thousands of families and businesses with their life insurance needs, and we can help you too! Our agency is licensed in all 50 states and we’re independently owned and operated.
As a non-partial, no-fee brokerage, our goal is match our clients with the best life insurance options available by shopping and comparing rates from 63 highly-rated insurers. By having access to dozens of companies and their guidelines, we’re able to save our client’s time and money.
Most importantly, our services as completely free, and there is no cost to apply for coverage. Give us a call toll-free today at 855-247-9555, or you can request a free quote online to compare rates and options from dozens of insurance companies in less than a minute.
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