As individuals turn 62 they typically find themselves in a place of transition, making the most of their retirement or enjoying the fruits of their labor. In either scenario, life insurance is often a must-have for those who want to provide security for themselves and their families
That's why it's important to understand the costs and implications of term life insurance for those aged 62 and up. In this article, GetSure will provide a comprehensive view of the important factors that go into determining life insurance costs for individuals in their sixties. We'll discuss different types of life insurance, the associated risks and premiums, and the steps to take if you're looking to purchase the right policy for you
Read on to learn more about term life insurance for 62-year-olds.
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20-Year Term Life Insurance Cost (Men; Age 62)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 62 | Men | No | 20 Years | $25,000 | Americo | $61 |
| 62 | Men | No | 20 Years | $50,000 | American Amicable | $84 |
| 62 | Men | No | 20 Years | $100,000 | American Amicable | $161 |
| 62 | Men | No | 20 Years | $250,000 | American Amicable | $375 |
The table above shows the cost of 20 year Term Life Insurance for men aged 62, who are non-smokers. Americo offers a $25,000 Coverage policy at a monthly rate of $61 while American Amicable offers a $50,000 coverage policy at a monthly rate of $84 and a $100,000 coverage policy at a monthly rate of $161, and finally, a $250,000 coverage policy at a monthly rate of $375.
20-Year Life Insurance Pricing (Male Tobacco; Age 62)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 62 | Men | Yes | 20 Years | $25,000 | Americo | $106 |
| 62 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $187 |
| 62 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $368 |
| 62 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $909 |
This table shows the cost of 20-Year Term Life Insurance for a 62-year-old male smoker. The table shows the insurance company, total coverage, and monthly rate
Americo is offering a $25,000 policy for $106 a month. Prosperity Life is offering $50,000 of coverage for $187 a month, $100,000 of coverage for $368 a month and $250,000 of coverage for $909 a month. These prices indicate that the cost of life insurance increases as the coverage amount increases, reflecting the higher risk and associated costs that come with larger policy amounts.
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20-Year Term Premiums (Women; Age 62)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 62 | Women | No | 20 Years | $25,000 | Americo | $61 |
| 62 | Women | No | 20 Years | $50,000 | American Amicable | $52 |
| 62 | Women | No | 20 Years | $100,000 | American Amicable | $98 |
| 62 | Women | No | 20 Years | $250,000 | American Amicable | $222 |
When considering term life insurance for female policyholders aged 62, the premiums vary depending on the company, coverage amount and policy term. In the table above, term life insurance from Americo is priced at $61 per month for a $25,000 policy, $52 per month for a $50,000 policy and $98 per month for a $100,000 policy
Those same policies from American Amicable are priced at $52 per month for the $50,000 policy, $98 per month for a $100,000 policy and $222 per month for a $250,000 policy.
20-Year Term Monthly Premiums (Women Smokers; Age 62)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 62 | Women | Yes | 20 Years | $25,000 | Americo | $106 |
| 62 | Women | Yes | 20 Years | $50,000 | American Amicable | $127 |
| 62 | Women | Yes | 20 Years | $100,000 | American Amicable | $247 |
| 62 | Women | Yes | 20 Years | $250,000 | American Amicable | $576 |
When it comes to term life insurance, the cost isn't necessarily determined by age alone. Factors like gender, smoker status and the amount of coverage desired all contribute to the final monthly premium rate
The table above shows the monthly premiums for a 20-year term life insurance policy from Americo and American Amicable for a female smoker at the age of 62. Amerco has the lowest monthly rate in the table at $106 per month for $25,000 of coverage. American Amicable has a higher premium at $127 per month for $50,000 of coverage
Both companies have similar premiums for greater coverage amounts of $100,000 and $250,000 with American Amicable being again the higher-valued option.
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