What’s the Best Life Insurance for a 64-Year-Old Male?

older gentleman using his tablet “When I’m 64…,” oh wait, this isn’t a Beatles song!

On a serious note, let’s talk about searching for life insurance as a 64-year-old male. As you probably guessed, life insurance rates tend to increase as you get older, but this age, in particular, is crucial when it comes to term life insurance - but we’ll delve more into that in a second.

This article will explore the best types of life insurance for a 64-year-old male. We've also included some sample quotes for each type coverage to assist you comparing your options.

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Term Life Insurance

Before you make any decisions, you need to consider your specific needs when purchasing a life insurance policy. If you’re seeking temporary coverage, perhaps to coincide with a mortgage or protect your children until they become independent, then term life insurance is likely the best option.

What is a 'term'? In the life insurance world, a term refers to the duration your policy is in force, during which your premiums are guaranteed to remain the same. Term policies usually last for 10, 15, 20, 25 or 30 years, depending on the option you choose.

You might not be aware of this, but if you’re considering purchasing a term life insurance policy, ages 63-65 are the last ages at which you can apply for a 25-year term. While most companies stop offering these term lengths to applicants at age 63 or 64, a few, such as Transamerica, extend the option for a 25-year term up until age 65.

Whether you're on the brink of retirement and desire coverage until age 90, or if this is the last insurance policy you ever want to buy, if you’re 64 and seeking 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 or cash accumulation. These policies are the most expensive among term, whole, and guaranteed universal life insurance options, and typically provide coverage of up to $50,000. One advantage 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 refer to as a 'hybrid' of term life and whole life. Similar to whole life, it can provide permanent coverage. However, like term life insurance, it allows the policyholder to customize their coverage. Instead of being guaranteed for 10 to 30 years, with GUL, your coverage remains in force until a certain age (such as 90, 95, 100, 105, 110, or even 121).

The cost of GUL falls in the middle of the two - less expensive than whole life, but more expensive than term. Unlike whole life, however, GUL typically requires a medical exam for approval.

While we often recommend guaranteed universal life insurance over whole life, it's important to remember that each case is unique. 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 mentioned earlier, it’s imperative to act swiftly if you’re in your 60s and considering life insurance. After age 70, life insurance rates surge 15-17% each year, making coverage 2-3x more expensive!

Below are sample rates for a term life, guaranteed universal life, and whole life policy for a 'preferred best,' non-smoking 64-year-old male.

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 improve your chances:

  1. Exercise – this is pretty self-explanatory, but exercising has so many benefits, and can undoubtedly improve your overall health.
  2. 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?
  3. Stop smoking – another no-brainer. Quitting may not only improve your rates, but it will vastly improve your health as well.
  4. 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.
  5. 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 prices from 63 highly-rated insurers. With 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 toll-free call 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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Leave your question below and one of our insurance agents will give you a detailed answer.

Questions From Our Visitors

Some of the questions we received from our website visitors:

Jill Wright:

My mother is wanting to get life insurance so I am trying to help her. I’m not sure where to go to get it.

Clifford PendellClifford PendellManaging Partner and Co-founder

Hi Jill, thanks for reaching out to us. We can help you determine the best options available for you mother. Please call us at 855-247-9555 to speak with one of our experts.

Ron Kosanovich:

I’m 64 and will turn 65 next month. I want to get a term life insurance policy for between $350K and $500K.

Clifford PendellClifford PendellManaging Partner and Co-founder

Hi Ray, we're happy to help. If you're in good health, you can expect to spend about $135 a month for a 10-year term with $350,000 of coverage. For 20 years, about $270. If you need coverage for longer than 20 years, you might want to consider a GUL. These policies offer fixed rates and level coverage until the age of 90 of later. Either way, it's best to call us so we can review your options and provide you with some accurate quotes. Toll-Free: 855-247-9555.

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