What are The Best Life Insurance Options For  A 60 Year Old Man?

Hard as it is to believe, you really are age 60. if you are like me you are wondering "how'd that happen?

Nonetheless, it did, and looking for life insurance at 60 can mean very different things to different people. 

For some. life insurance at age 60 is about helping ensure that a legacy is left for their kids and grand kids. For others, it's about protecting the lifestyle of a spouse. And for still others, it's simply making sure that your loved ones are not stuck with a funeral and burial bill.

We have structured this article to answer the most common questions from 60 year old men seeking life insurance. You can easily jump around by using the quick navigation links. 

Do I need life insurance at age 60?

Deciding the question "do I need life insurance at age 60?" is really all about your income, assets, obligations (current & future) and how you'd want things to go if you weren't around. 

Some of the common concerns we hear are:

• Educational expenses for children and grandchildren 
• Covering the outstanding mortgage balance
• Income stream for surviving spouse's retirement years
• Funeral and Burial Expenses

Even though there are multiple programs to find the perfect amount of insurance, at the Bequest Mutual we recommend using a simple formula. We do this because we understand that for the vast majority of people, budget will dictate the "perfect" amount.  The formula we use, L.I.F.E. can be seen here. 

What kind of Life Insurance is Best at age 60?

Deciding what type of life insurance is  best is really dependent on why you need or want the coverage. 

If you simply want to reach retirement age with protection for family members who rely on your income, term is the right choice.

If you want to leave a financial legacy that will provide for heirs regardless of when you pass, then guaranteed universal life is probably the best deal.

If you are looking for an investment alternative, whole life or indexed universal life fits the bill.

Lastly, if you simply want to make sure your loved ones are not burdened by your burial costs, then burial insurance is the right move.

This article will focus on term and burial insurance as they are the most commonly purchased. If you'd like to learn more about whole life or GUL, just reach out.

Term Life Insurance for 60 year old men

Once you have decided that you need life insurance, and decided that term is the type that fits your need, you will probably have a few questions about pricing, companies and conditions. 

Below you will see samples of pricing, a discussion about "best companies" and existing health conditions. 

Are the 60 year old male life insurance Rates accurate?

Yes the rates are accurate.

The quote tool is updated regularly and the rates are legitimate. However, much like a computer program that is "garbage in > garbage out", you need to use the correct health rating.

This can be problematic as most people don't really know. This is a good reason to speak with an independent agent. Alternatively, a generally safe way to proceed is to use Standard class to price coverage and hope to be pleasantly surprised.

Sample Rates for a 60 year old man

Sample rates for male age 60 Preferred Class no tobacco use

Sample rates for male age 60 Standard Class no tobacco use

Note that the samples above were for non smokers. Tobacco use has a significant negative affect on rates. For accurate rates with tobacco use (not just smoking), use the quote tool.   

As people age, some carriers show more leniency for specific conditions in which the applicant is compliant with treatment. These applicants can often be classified  below "preferred" but above "standard".

This classification is known as  "Standard Plus" .

Below are "Standard Plus" examples that are common:

• Sample rates  for men aged 60 with type 2 diabetes

• Sample rates  for men aged 60 with  sleep apnea

• Sample rates  for men aged 60 20 lbs. overweight  

I have existing health conditions...How Do I Decide On a Life Insurance company?

How to Navigate an  existing health condition and how to pick the "best" company are intimately intermingled questions. 

The truth is that different carriers have different risk profiles for specific conditions.

That is to say, Lincoln Financial maybe more apt to make an offer to an applicant with a history of colon cancer than Principal. However, Principal is likely to make a better offer than Lincoln on an applicant with sleep apnea.

This is a long winded way of saying that the "best" carrier for you depends on your individual circumstance.

Provided the financial ratings are good (we only offer carriers with 'A" or better ratings), your decision will come down to  the underwriting niches of a particular carrier and your policy preferences.  

When we speak of policy preference, we are referring to riders and term lengths that vary from carrier to carrier. 

Guaranteed Universal Life (GUL) Policy for 60 year old man

While this article is focused on term life insurance and burial life insurance, it seems only practical to post the rates for GUL policies. 

Note that these are the base policies that run to age 121  (really), if you'd like to "dial down" the age that the policy is guaranteed to you have that ability. Just give us a call to discuss your best GUL options.    

GUL Rates For 60 year old Male Preferred Risk, No Tobacco 

GUL Rates For 60 year old Male Standard Risk, No Tobacco

Last in this section is a quick word about underwriting of term and GUL policies. Carrier underwriting of term policies can take anywhere from 1-8 weeks depending if you opt for an exam or the carrier requests an attending physician's statement from your carrier. This is important to consider if time is of the essence or you just hate needles. In either case the no exam option is the preferred route.