What’s the Best Life Insurance for a 62-Year-Old Male?

Clifford PendellWritten by Clifford Pendell
mature man in suit smiling at meeting

You did it - you’ve worked your butt off the past 30+ years, and are finally on your way to retirement.

With that said, it’s now more important than ever to ensure you have a life insurance policy in place in case something were to happen. We won’t lie, obtaining affordable rates at age 62 is undoubtedly more challenging compare to age 30, but it’s not impossible!

At JRC, we work with 63 different life insurance companies, and have no doubt we can find a company that fits your needs.

This article will explore the best types of life insurance for a 62-year-old male. We've also included sample quotes for each form of coverage.

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Term vs. Permanent Life Insurance

The first thing to consider is your needs. Do you require coverage for just a few years, or are you seeking lifetime coverage?

Imagine you don’t have plans to leave an inheritance, but you still have a portion of your mortgage to pay off. You'd rather not allocate all your retirement funds for that purpose, so you opt for a 10 or 15-year term policy. In this scenario, a term life insurance policy would make more sense.

If you're seeking longer-term coverage and wish to leave money behind after you pass, without depleting your retirement funds, permanent life insurance might be a better option.

Another reason people purchase permanent life insurance is if they have a lifelong dependent, such as a special needs child. A permanent policy can help fund a life insurance trust specifically designed for the financial needs of their child.

Perhaps you don’t have a lifelong dependent but want to leave money behind for your family to help cover your funeral expenses. We all know funerals aren’t cheap, and any finance support that we can provide to our loved ones would surely help out. Permanent life insurance policies could be an excellent fit for that purpose.

One last reason why you may want to opt for a permanent life insurance policy would be if you have a large estate that is taxable. As of 2024, if your estate is worth less than $13.61 million (or $27.22 million for couples), it won’t be taxed. However, if your estate value exceeds that amount, it is subject to taxation. Having a payout from the permanent policy may protect your family from having to sell property or belongings to pay the taxes.

Within permanent life insurance, there are a few different types of policies, with the two main ones being whole life insurance and guaranteed universal life insurance (also known as GUL). We’ll explore these two in the following section.

Whole vs. Guaranteed Universal Life Insurance

So, you’ve decided that a permanent policy would work better for you, but you're unsure which type to choose - whole life or guaranteed universal life?

Whole life insurance has been popularized by TV commercials and famous celebrities advocating for it, but what does it really entail? Essentially, it is a type of permanent life insurance policy with an investment component, also known as cash value accumulation. This means that when you pay your monthly premiums, a portion of it is set aside in a separate account.

This accumulation in this account is interest-bearing, so the cash value will increase over time. However, the growth is rarely matches the extent portrayed by celebrities and TV. In reality, the accumulation is typically minimal. Additionally, it’s important to note that whole life insurance is generally the most expensive option when compared to GUL and term, and coverage it typically limited to $50,000.

If you aren't in very good health, however, whole life may be your best option. You don't have to take a medical exam to qualify, and they tend to be more lenient with health issues compared to term and GUL.

So, how does guaranteed universal life insurance differ? We often describe GUL as a hybrid of term life and whole life. It offers longevity, like whole life, but instead of being in effect for a specific number of years like term life, GUL extends until a certain age - such as 90, 95, 100, 105, 110, or even 121.

In terms of cost, it is more expensive than term life, but less expensive than whole life. GUL has a death benefit, similar to both whole and term life, but it does not contain the investment component found in whole life.

We generally recommend guaranteed universal life insurance over whole life. However, it's important to remember that each case is unique. We encourage you to contact one of our independent agents to determine which type of policy is right for you!

Sample Rates for a 62-Year-Old Male

Now, let’s address the question on everyone's mind: How much is it going to cost? We’ve outlined sample rates for term life insurance, guaranteed universal life, and whole life insurance coverage. These rates are based on a non-smoking 62-year-old male in good health.

Term Life Insurance Sample Rates

Term Length$250,000 Coverage$500,000 Coverage$1,000,000 Coverage
10-Year$69.41$127.31$240.76
15-Year$88.61$165.46$312.26
20-Year$135.50$245.01$462.56

*Displayed monthly rates are accurate as of 12/19/2023 and are provided for illustrative purposes only.

Guaranteed Universal Life Insurance Sample Rates

To Age ...$250,000 Coverage$500,000 Coverage$1,000,000 Coverage
90$292.50$555.00$1,030.00
95$334.75$650.50$1,243.00
100$359.00$697.50$1,334.00
110$373.00$724.50$1,385.00

*Displayed monthly rates are accurate as of 12/19/2023 and are provided for illustrative purposes only.

Whole Life Insurance Sample Rates for a Non-Smoking Male

$20,000 Coverage$30,000 Coverage$50,000 Coverage
$78.76$115.59$189.25

*Displayed monthly rates are accurate as of 12/19/2023 and are provided for illustrative purposes only.

How Can I Increase My Chances of Getting Affordable Rates?

So, what can you do to increase your chances of getting great rates on your life insurance policy? Here are a few pointers:

  1. Exercise - this should come as no surprise, but it has numerous benefits and can undoubtedly improve your overall health.
  2. Eat a healthy, balanced diet - this goes hand in hand with exercising. 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 hazardous hobbies - if your hobbies include skydiving, bungee jumping, or anything else deemed dangerous, 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.

Questions? We Can Help!

Still not sure which type of life insurance policy is right for you? We get understand - it can be very confusing. That's why we’re here to help! JRC Insurance Group has assisted thousands of families and businesses with their life insurance needs, and we can help you too. With access to dozens of companies and their guidelines, we’re able to save our clients time and money.

Our agency is licensed in all 50 states and is 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.

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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Written by:

Clifford Pendell

Clifford Pendell

Managing Partner and Co-founder

Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.

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Questions From Our Visitors

Some of the questions we received from our website visitors:

Paul Dennis:

I am 70 yr Male NS have minimal congestive heart failure non ischemic since 2015. Had neck cancer in 2016 and in remission . Is there any chance for life insurance. There used to be a guranteed issue that a person had to live a min of 3 years before it would paid

Randy McClintickRandy McClintickChairman & Co-founder

Hello, Mr. Dennis, Thank you for contacting JRC Life Insurance and visiting our website. Yes, we should have some options for you. JRC works with 40 leading life insurance companies including those offering guaranteed issue (sometimes called "non-med") policies. Most have a 2-year period where you're covered for accidental death, and any money paid in would be refunded if you were to die within that period. Afterwards you're fully covered with death benefit and premium cost guaranteed not to change. Call JRC at (855) 247-9555 and an agent licensed for your state will help review your best pricing options. Best Regards, JRC Life Insurance Services

Kelvin Bolton :

Looking for @ $200,000 term life for 64 male non tobacco usage, no meds.

Clifford PendellClifford PendellManaging Partner and Co-founder

Hi Kevin, thanks for leaving a comment on our site. We need some addtional details to provide you with an accurate quote. Please call us at 855-247-9555. We represent 63 top-rated insurers, and in just a few minutes we'll be able to advise you of your best options.

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