In your 60s life insurance call: (910) 328-0447
request a free confidential quote
In Your 60s Life Insurance Coverage Goals:
Lowest cost permanent life insurance:
Guaranteed Universal Life (GUL) *** or Survivorship Guaranteed Universal Life for couples.
Cash value accumulation:
Universal Life (UL), Indexed Universal Life (IUL), or Whole Life
Chronic Illness, long term care protection:
Rider on a life insurance product. Most chronic illness riders no upfront charge.
Income replacement or debt repayment: 10 or 15 year term life insurance
Small final expense plan: whole life or $25,000 Guaranteed UL
*** Guaranteed Universal Life (GUL) also called Universal Life with Secondary Guarantees (ULSG), no-lapse Universal Life, no lapse Guarantee (NLG) Universal Life, lapse protection Universal Life, Universal Life with no lapse guarantees and secondary guarantee universal life insurance is a more cost effective product, lower premiums than final expense whole for coverage amount above $10,000
Recommendations:
Guaranteed Universal Life: age 120+ guarantee
$25,000 – $50,000 Pacific Life
$100,000 + American General (guaranteed cash value accumulation)
$100,000 + refer to your specific age for lowest premium
60 years old, 61 years old, 62 years old, 63 years old, 64 years old, 65 years old, 66 years old, 67 years old, 68 years old, 69 years old
New York state products and carriers (see below for further details)
age 90 Guarantee Universal Life: Pacific Life overall lowest premium or Protective Life for catch-up premium age 91+
age 95 Guarantee Universal Life: Lincoln National lowest premiums and catch-up premiums age 96+
note: also called no lapse Universal Life, no lapse Guarantee Universal Life, lapse protection Universal Life, Universal Life with no lapse guarantees; minimum face amount $25,000; more cost effective, better premiums per 1,000 of coverage, than final expense whole for coverage amount above $10,000
Guaranteed Universal Life with Chronic Care or Long Term Care rider
American General: Accelerated Access Solution® Chronic Illness Accelerated Death Benefit Rider available on “Secure Lifetime GUL 3”
Nationwide: “Long Term Care Rider” on “Nationwide Indexed UL Protector II”
Guaranteed Universal Life with Return of Premium option:
American National guaranteed cash out rider, 50% year 15; 100% years 20 and 25, subject to a maximum of the death benefit
United of Omaha guaranteed refund option: 50% year 15; 100% years 20, 21, 22, 23, 24, 25, subject to a cap of the death benefit, “Income Advantage IUL” note: has minimum funding requirements
American General return of premium option: 20 year 50% of premium paid, 25 year up to 100% of premium paid, subject to a cap of the death benefit
Indexed Universal Life
American General “Value+ Protector III” IUL: max age 100 no lapse guarantee option; Accelerated Access Solution® chronic illness rider (US Life in NY)
Survivorship Universal Life: (second-to-die)
Nationwide for its Long Term Care Rider, one or both insured can go on claim for LTC; most carriers it’s a last survivor only benefit (carrier recommendation Survivor UL for lowest premium varies by age and health)
Whole Life
In one’s 60’s, Whole Life is generally suitable for smaller final expense plans in the $2,000 to $10,000 coverage range. For large coverage amounts, whole life is not cost effective when relatively healthy. However limited pay, 10 pay, 15 pay participating whole life is an excellent option for upper income individuals and the affluent. Pacific Life’s $25,000 Guaranteed UL product will be less expensive than a $15,000 whole life, and it has a fixed premium rate and lifetime coverage guarantee.
Whole Life:
Participating “par” whole life, dividends, increasing death benefit: Penn Mutual
Simplified issue, no blood test, inexpensive, limited health questions
$2,000 – $40,000 Mutual of Omaha: United of Omaha “Living Promise” sample quotes
Guaranteed Issue Whole Life: No, Exam, No health questions
$5,000 – $25,000 Gerber Life
Single Premium Whole Life: Assurity Life (age last birthday)
Debt Repayment
Debts such as mortgages, credit card balances, education loans and vehicle loans are most economically covered by term life insurance.
Term Life Insurance:
Protective term life/alternative to term: “Custom Choice UL” for guarantees after level benefit period
30 year term: use Protective “Custom Choice UL” fixed rate low premiums comparable to term
American General “AG Select-A-Term – non tobacco rate classifications, maximum issue ages
27 year: age 60
26 year: age 62
25 year: age 63
24 year: age 64
23 year: age 66
22 year: age 67
21 year: age 68
Note: American General: $50,000 – $99,999 face amount N/A for substandard ratings
contact me for a free and confidential quote
Sean Drummey
(910) 328-0447
email: spdrummey@gmail.com
national producer #5534308
New York state products and carriers differ due to NY state’s extensive regulations. Some carriers do not operate at all in New York state. For others the parent corporation has established a separate insurance company, often under an entirely different name, and their products have slight or more major differences.
New York Carriers Recommended:
United States Life Insurance Company in the City of New York (US Life), Corebridge Financial, formerly AIG Life & Retirement
Case Study: March 2024
Female, age 68 preferred
$83.36 monthly $25,000 level benefit age 121 Guaranteed Universal Life, Pacific Life, at preferred
$136.35 monthly $25,000 increasing benefit whole life MassMutual at standard
Guaranteed Universal Life (GUL, NLG) is very cost effective. Whole life builds cash value, increasing the death benefit and is more flexible with premium payments or reduced paid up life insurance. One dividend option is to buy paid-up additions to reduce or eliminate out of pocket premiums. True premium offset is more realistic to achieve at a reasonable age in one’s early to mid 60s.
Case Study: February 2024
Female, age 67, preferred best (variously called preferred plus, select preferred)
$84.22 monthly $250,000 benefit 10 year level death benefit period, Protective Custom Choice UL
$115.32 monthly $250,000 benefit 15 year level death benefit period, Protective Custom Choice UL
$110.92 monthly $50,000 benefit age 95 Guarantee UL, catch up ages 96-121, Pacific Life
$136.61 monthly $50,000 increasing benefit, Indexed UL, chronic illness benefit, American General
Case Study: January 2024:
Male age, 62, preferred non-tobacco
American General “Value+Protector III’ Indexed Universal Life
$2,772.02 annual ($235.47 monthly) $100,000 increasing benefit
$6,182.27 annual ($527.24 monthly) $250,000 increasing benefit
age 90 no-lapse guarantee
chronic illness accelerated death benefit rider at monthly maximum IRS benefit, currently $12,470
Case Study: January 2024:
Female, age 62, preferred plus non-tobacco
American General “Value+Protector III’ Indexed Universal Life
$2,112.35 annual ($180.95 monthly) $100,000 increasing benefit
$4,860.08 annual ($416.39 monthly) $250,000 increasing benefit
age 90 no-lapse guarantee
chronic illness accelerated death benefit rider at monthly maximum IRS benefit, currently $12,470
Case Study: January 2024
Female, Age 62, Preferred Plus non tobacco
Nationwide “Nationwide Indexed UL Protector II”
$22,525 annual $1,000,000 benefit, age 120 No Lapse Guarantee
“Long Term Care Rider”
Maximum Monthly Benefit at issue is $24,660
Benefit is the lesser of the elected percentage 4% times $1,000,000 = $40,000 or the 2024 HIPAA Per Diem is $410 times 2 times 30 = $24,600;
advantage two times HIPAA, disadvantage max monthly benefit 4% of the initial face amount, very suitable LTC protection at higher face amounts
Case Study: January 2024
Female, age, 67, preferred plus non-tobacco
American General “Value+Protector III’ Indexed Universal Life
$2,994.44 annual ($254.84 monthly) $100,000 increasing benefit
$6,866.82 annual ($584.28 monthly) $250,000 increasing benefit
age 90 no-lapse guarantee
chronic illness accelerated death benefit at monthly maximum IRS benefit, currently $12,470
Case study: November 2023
male, age 66, preferred tobacco
American General “Value+ Protector III” structure: optional chronic illness living benefit rider, monthly IRS maximum benefit
$130.87 monthly $50,000 benefit
$156.21 monthly $50,000 increasing benefit
$245.17 monthly $100,000 benefit
$288.63 monthly $100,000 increasing benefit
Case study: November 2023
male, age 68, standard non-tobacco
$395.17 monthly $150,000 benefit American General “Value+ Protector III” Indexed Universal Life, age 90 death benefit guarantee (NLG), non-guaranteed benefit to age 131, non-guaranteed cash value accumulation to age 131; expanded standard through table B; 50% Return of premium (ROP) option year 20.
$439.65 monthly $150,000 benefit Protective “Protective Lifetime Assurance UL”, age 121 NLG, partial ROP option, payout on full surrender starting year 10.
Carriers Recommended:
American General Life Insurance Co., Corebridge Financial, formerly AIG Life & Retirement
American National Insurance Company
Lincoln National Life Insurance Company
Pacific Life Insurance Company
Protective Life Insurance Company
Prudential Life Insurance Company and Pruco Life Insurance Company
United of Omaha Life Insurance Company, a Mutual of Omaha Company
last partial update: 3/8/2024