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Age 62

call: (910) 328-0447
contact me

 

Focus is generally on permanent life insurance for a 62 year old: Whole Life or Universal Life for estate planning.  Term life insurance serves well for shorter time period needs and more economical large coverage amounts for debts like a mortgage or to replace lost income before retirement.


Permanent

Guaranteed Universal Life (GUL) is much less expensive than Whole Life and locks in coverage with a no lapse guarantee at a fixed rate to a designated age. GUL sample quotes: fixed premium, lifetime permanent life insurance, no lapse guarantee to age 120. Please refer here for a full range of product and carrier recommendations for those in their 60’s.  See here for Whole Life final expense quotes ages 60 to 69. See below for 62 year old term life insurance quotes.

 

Female – 62 year old

 

Face Amount Monthly at Preferred Best Monthly at Standard Guarantee Period Top Carrier
$25,000 $43.00 $57.00  Age 120 (approximate)
$50,000 $81.00 $93.20 (approximate) at preferred best; Symetra at standard
$100,000 $133.00 $163.00 (approximate)
$250,000 $304.65 $386.05 Symetra
$500,000 $589.35 $752.15 Symetra
$1,000,000 $1,158.70 $1,484.30 Symetra
$2,000,000 $2,317.40 $2,968.60 Symetra
$5,000,000 $5,290.50 $7,138.00 Symetra

 

 

Male – 62 year old

 

Face Amount Monthly at Preferred Best Monthly at Standard Guarantee Period Top Carrier
$25,000 $50.00 $69.00  Age 120 (approximate)
$50,000 $94.00 $109.21 (approximate) at preferred best; Symetra at standard
$100,000 $156.00 $198.46 (approximate) at preferred best; Symetra at standard
$250,000 $363.68 $466.20 Symetra
$500,000 $707.35 $912.40 Symetra
$1,000,000 $1,394.70 $1,804.80 Symetra
$2,000,000 $2,789.40 $3,609.60 Symetra
$5,000,000 $6,389.50 $8,691.00 Symetra

 

 

Term

Lowest price is the obvious primary consideration for choosing term life. The quality feature to term is the carrier’s conversion to permanent options. Ask about the product’s age limit of term conversion and current conversion to permanent products. Protective Life overall best for conversion, though other carriers should be evaluated to tailor to individual goals.  American National has a chronic and critical illness rider to their term insurance that merits consideration. Below gives the price range for best health, preferred best to average health, standard, for non tobacco users.

 

Term and Age 90 Fixed Premium Guaranteed UL  quotes

 

Female – Preferred Best – 62 year old

Face
Amount
10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $27.02 $35.55 $47.14 $114.00
$250,000 $51.04 $68.47 $100.47 $240.00
$500,000 $93.30 $123.89 $185.20 $451.00
$1,000,000 $172.17 $235.37 $347.21 $871.00

 

Female –  Standard Non-Tobacco – 62 year old

Amount 10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $46.29 $59.51 $79.41 $153.00
$250,000 $91.84 $129.88 $180.91 $305.00
$500,000 $172.48 $250.33 $353.27 $606.00
$1,000,000 $315.31 $454.97 $650.12 $1,151.00

 

 

Male – Preferred Best – 62 year old

Amount 10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $37.08 $50.23 $69.72 $132.96
$250,000 $76.00 $105.16 $145.91 $314.98
$500,000 $143.25 $196.00 $274.54 $621.15
$1,000,000 $270.12 $355.00 $537.50 $1,222.20

 

Male – Standard Non-Tobacco – 62 year old

Amount 10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $64.26 $85.03 $116.69 $168.85
$250,000 $144.37 $191.29 $265.47 $405.85
$500,000 $263.69 $372.30 $516.64 $807.00
$1,000,000 $506.82 $673.50 $995.92 $1,551.82

 

 

Closer to being 63 years old?  If over 62 and a half, see age 63 quotes, since most carriers set rates by nearest age. Backdating a policy up to six months to save previous age is generally permitted.

 

Please contact me for a free and confidential quote.  Many more options available.

life insurance age 62
Licensed Agent: Sean Drummey
phone:  (910) 328-0447
email:   spdrummey@gmail.com

 

 

Lower premiums available on Guaranteed UL plans with the no lapse guarantee to age 90, age 95, age 100, age 105, age 110 or whatever age designated. Catch up premium options available with some plans.  Contact me for details.

Carrier and Product quoted:
Symetra Life Insurance Company: “Symetra Classic UL 120”

trend:  Four major carriers are increasing Guaranteed Universal Life (GUL) premiums in the fall of 2016.  Symetra’s GUL premiums remained unchanged.

 

What happens if I work and get Social Security retirement benefits?   “If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016 that limit is $15,720.”

 

last revised: 10/6/2016  – quotes given as approximate are to the nearest dollar; non tobacco rates; rates subject to change; quote accuracy or completeness not guaranteed