Although many people don’t expect to still need term life insurance in their 50s, 60s or even 70s,there are many reasons why someone might still want coverage. Many Americans still have a mortgage balance in their retirement years and want to make sure they have affordable term life insurance that can cover that debt, or perhaps just leave something to their spouse or children should they pass. In this blog post I’ll cover the best term life insurance options for seniors, including how long a term you can get, which term life companies to consider, minimum coverage amounts that are available, and no medical exam term life insurance options. Compare quotes right below this paragraph, or keep reading for more on term life insurance over 60.
Term Life Over 60 – What Term Options Do I Have at this Age?
Most people over age 60 don’t necessarily look for the longest term options available since those are also more expensive than a shorter term option. When you are over 60 the most economical term life will be a 10 or 15 year policy. However if you are buying a smaller policy for example a $25,000 policy which Transamerica offers, than you may want to consider longer term options since pricing may still be affordable. Here is a breakdown of term life options available for those over 60.
- Age 60-65: 10 year, 15 year, 20 year and 25 year term is available
- Age 66-70: 10 year, 15 year and 20 year term
- Age 71-79 – 10 year available, and Transamerica offers up to 15 year for ages 71-78
- Age 80: 10 year term life available
The figures above are general guidelines and depending on the coverage amount or if you are a smoker the term options may vary. If you get a quote on our website you can see what is specifically available for you based on coverage amount and smoker or non smoker status.
No Medical Exam Term Life Insurance for 60 and Over
There are a few options for no medical exam life insurance even if you are over 60.
ANICO Term Life
American National Life Insurance (ANICO) offers no exam term life insurance up to age 65. You can apply for coverage from $50,000 up to $250,000.
Fidelity Life also offers no medical life insurance up to age 65. With Fidelity Life coverage available is $25,000 to $250,000
Transamerica No Medical Exam Options
Transamerica offers no medical exam to those over 60 as well. For age 60 you can get up to $99,999 of term coverage with no exam. For ages 61-70 you can get $25,000 up to $50,000 of term insurance without an exam.
In terms of pricing American National and Transamerica are more competitive than Fidelity Life, however with Fidelity Life you get a decision within 24 hours. A decision with ANICO will take anywhere from 7 days up to 1 month, and with Transamerica a decision will take about 3-4 weeks. The reason ANICO and Transamerica take longer is that ANICO may order your doctor’s records as part of their decision process and Transamerica will definitely order your records. Fidelity Life doesn’t order your doctor’s records, which is why they can make the quickest decision. We can help you shop all 3 options and figure out which is the best for you.
Which Carriers have the Best Term Life for Over 60?
If you are looking to get a smaller policy of $25,000 or $50,000 Transamerica is a great choice because their term coverage starts at a minimum of $25,000. You can also get $25,000 of coverage with Fidelity Life, and ANICO offers coverage starting at $50,000.
If you are looking for larger policy like $100,000 or $250,000 of coverage than it is worthwhile comparing pricing. Let’s take a look at an example of a 65 year old male applying for 10 year term at Standard Non Smoker Rates. I’ll list which companies have the best pricing:
- Protective Life: $87.86 Monthly
- American National 87.96 Monthly
- Banner Life $89.16 Monthly
- SBLI $91.26 Monthly
- Transamerica 94.06 Monthly