Life Insurance For 62 Year Old Man
Permanent whole life insurance for a 62-year-old man is very affordable. Permanent protection lasts a lifetime without the danger of terminating.
What’s the best life insurance for a 62-year-old senior?
At this point in your life and career, you are still very eligible for term life insurance. Term life insurance can easily provide greater coverage amounts at cheaper premiums.
Term insurance bands will terminate at some point in the near future and you could be left uninsurable and with no coverage protection for your family.
Combining an add on final expense policy to an existing term policy may just be the smart choice to make.
Monthly Life Insurance Costs
What company provides the best value for 62-year-olds?
Let’s take a $25,000 whole policy as an example. Our state of the art quoting systems review all the top carriers. Based on our research, a 62-year-old man can get a $25,000 whole life permanent policy for $114 a month from Mutual of Omaha. If you are still smoking, that policy may cost you closer to $162 a month.
Another carrier that may be a good fit for your unique situation may be Liberty Bankers Life. Liberty Bankers is a good choice when faced with medical conditions like diabetes. If you are a senior male age 62, the Liberty Bankers rate is very competitive at $118 a month.
$10,000 Life Insurance: Male Age 62
|Carrier||Monthly Cost||Annual Cost|
|Mutual of Omaha||$47.90||$538.20|
|Liberty Bankers Life||$50.06||$541.20|
Case Study 62-Year-Old Male
With final expense whole life insurance, you’ve got many choices. Every carrier has a niche, and every policy has its benefits. Ultimately, the best funeral life insurance policy for you depends on your own financial needs, budget and plans. As a senior, there can be large policy price swings between different levels of coverage that are based on health.
Let’s consider the case of a 62-year-old nonsmoking man.
If he is interested in purchasing a policy to pay off debt, cover his funeral expenses and replace income when he passes away, he may consider a simple 10-year term life policy with $100,000 of coverage.
According to our research, AIG, one of the top carriers may offer him a rate of $75 a month for $100,00 in term life coverage.
To give his family the funds they need, he might consider increasing his total coverage to $125,000 by selecting an additional $25,000 whole life permanent policy. In the event that the term life policy expires, he will still have the protection of the whole life policy for the rest of his life.
The Last Word
A healthy 62-year-old can easily qualify for coverage and standard life insurance rates. Whole life insurance is more expensive at this age but provides life long protection. Many 62-year-old senior men will settle for a 10-year term policy, which gives their families and loved ones the peace of mind and feeling of financial security in case something happens to them.
About Choice Senior Life
Permanent whole life policies are attractive for those who have smaller financial needs and are just looking for final expense coverage. They build cash value and allow you to access that money while you’re still alive through terminal illness riders.
We’re a free, full service, state-appointed Life Insurance Agency that specializes in affordable Final Expense Coverage. We have access to a huge database of the top final expense insurance companies. Trusted ones you know like AIG, Royal Neighbors, and Mutual of Omaha.
All of our companies have the most competitive prices, so you can rest easy knowing you’ll be getting the right funeral insurance policy at the lowest price. We want to make sure you get the coverage that best suits your needs, not ours. Come start a conversation with us here and find out how we can help you keep your family protected. We would be glad to help you discover the best life insurance for seniors.