The Best Guaranteed Life Insurance For Seniors Over 60

Written by Jeff Root

The sample rates provided in this article are based on set dollar amounts. To shop for the exact rate that you are looking for, use the quote form on this page and compare from 15 guaranteed issue carriers.

Many people looking for the best life insurance for seniors over 60 have the misconception that it will be too expensive. This thought causes them to hesitate and postpone making a purchase until they are into their 70s or even 80s, which in turn, increases the price.

What You’ll Learn

Why Get Guaranteed Life Insurance at Age 60-69?
Guaranteed Issue Life Insurance Rates for Over 60
About Guaranteed Life Insurance Without a Medical Exam
Can You Get Life Insurance Over 60 Without a Graded Period?
How To Find The Best Life Insurance For People Over 60

The Best Life Insurance For People over 60The truth is the cost of purchasing life insurance in your 60s to cover burial, cremation, medical debts, and other end-of-life financial needs is still very much affordable.

This even includes policies that do not ask any medical questions and are guaranteed acceptance.

Why Get Guaranteed Life Insurance at Age 60-69?

As seniors in their 60s become older and their health begins to decline, purchasing a policy becomes increasingly more important. This is especially true for those who are considered uninsurable by traditional insurance standards.

What we mean by this is people who are in their 60s who have a critical medical condition and need to secure a policy that does not ask any health questions whatsoever.

In this article, we will explore what it means to get a guaranteed issue policy in your 60s as well as potential costs and considerations. If you’re not in your 60s, you can learn more about guaranteed acceptance insurance at other ages.

We do always recommend too that people run through a quick and free guaranteed acceptance quote tool, so they can see what the exact costs for them would be.

Guaranteed Issue Life Insurance Rates for Over 60

To get things started, we have prepared sample rates for both males and females in their 60s. Keep in mind that these numbers are just references and can fluctuate. Another thing to note is that face amounts are available in between these figures and some carriers even go higher.

For the most accurate, up-to-date prices that fit your insurance goals, use the free quote tool on our website.

Guaranteed Issue Life Insurance Rates for Men Over 60

 $5,000$10,000$15,000$20,000
Age 60$32.40$63.17$93.75$124.33
Age 61$33.44$64.89$96.33$127.77
Age 62$34.42$66.83$99.24$131.66
Age 63$35.30$68.60$101.91$135.21
Age 64$36.31$70.61$104.92$144.18
Age 65$37.55$73.09$108.64$144.18
Age 66$38.85$75.69$112.54$149.39
Age 67$40.33$78.65$116.98$155.31
Age 68$42.38$82.75$123.12$163.50
Age 69$44.70$87.40$130.10$172.80

Guaranteed Issue Life Insurance Rates for Women Over 60

 $5,000$10,000$15,000$20,000
Age 60$23.57$45.14$66.70$88.27
Age 61$24.26$46.52$68.78$91.04
Age 62$25.05$48.09$71.13$94.18
Age 63$25.95$49.91$73.86$97.81
Age 64$26.98$51.97$76.95$101.93
Age 65$28.26$54.51$80.76$107.02
Age 66$29.59$57.18$84.77$112.36
Age 67$31.10$60.21$89.31$118.41
Age 68$32.55$63.09$93.64$124.18
Age 69$34.19$66.37$98.55$130.74

About Guaranteed Life Insurance Without a Medical Exam

The most compelling reason to purchase a guaranteed acceptance life insurance product is the lack of medical questions on the application.Couple over 60 years old with Life Insurance

Without health, medical or lifestyle questions to go over, the application takes minutes and can be done entirely over the phone without any exams or meetings.

This convenience, however, comes with a downside.

Graded Death Benefits For Seniors Over 60

Regardless of which carrier you ultimately select and purchase a policy through, all guaranteed acceptance products feature a graded death benefit period.

You might be wondering, “what is a graded death benefit period?”

Great question! And very important to understand.

The graded death benefit period is the mandatory “waiting period” that you must outlive before your full policy will be paid to your beneficiaries. For most carriers, this period is 24 months.

If death does occur during the first two years of your policy being in-force, the carriers will return the total premiums paid to date plus interest. This interest is usually around 10%.

Example Scenario of the Graded Death Benefit

Here’s an example of how it could play out.

You are a 64-year-old male with a guaranteed issue policy that is in-force starting January 5, 2018. On June 15, 2019, you pass away from health complications. At this point, you have paid 17 months of premiums at $139.23/month totaling $2,366.91.

Since you did not survive the two-year graded period, your loved ones will receive $2,366.91 plus 10% interest. The total amount in their pockets to use for burial and final expenses is $2,603.60.

Receiving this money is better than nothing, but we understand it’s not an ideal situation.

The only exception to the two-year waiting period is if death occurs by accident. This means any cause of death that was unforeseen, like a car accident. When this is the case, your beneficiaries will get the full amount of the policy and the carriers will keep the monthly premiums.

After the two-year waiting period is over, you are 100% protected for the rest of your life. After two years it does not matter what the cause of death is, your policy is guaranteed to pay out in full.

Can You Get Life Insurance Over 60 Without a Graded Period?

In short, it depends. Many people in their 60’s and in good health, can qualify for a traditional life insurance policy. If you have a high risk medical condition, however, you may need to apply for guaranteed issue life insurance. The best way to find out is to talk with an expert.

The very reason every single guaranteed acceptance insurance product includes the graded period feature is to protect themselves from those with severe, life-threatening health issues. As you can imagine from a business standpoint, insuring someone for $20,000 and paying the full amount when they will die of cancer within a year is too financially risky.

The graded period protects carriers from taking on too much risk and it also serves as a reminder that these policies are really meant as a last resort.

Should I Buy Life Insurance with a Graded Period?

A person should only consider guaranteed acceptance when they cannot qualify for a simplified-issue life insurance policy with minimal underwriting. People who fall into this category are typically inflicted with a terminal illness, are on dialysis, are in a nursing home, have cancer or possibly one of several other uninsurable medical conditions.

The only other scenario is if it’s the only policy they can afford due to having an insurable, but very high-risk health condition, such as congestive heart failure, a recent heart attack or are on oxygen.

Statistically, the leading causes of death for males and females in their 60s are cancer and heart disease. This is followed by chronic lower respiratory diseases and stroke.

Just based on these facts, if you are in your 60s, guaranteed issue may be your best option. Yet it is entirely based on your individual circumstances, not general statistics.

If you do not have any of these high-risk health conditions, then you may qualify for a simplified-issue life insurance policy. These policies do require medical questions on the application and include simple underwriting by the carrier. Your pharmacy report, credit history, and lifestyle will be taken into consideration to determine your level of insurability.

Although guaranteed acceptance policies are the most black and white in the industry, meaning there’s not a lot of room for leniency, it’s always smart to talk to an agent to determine if it’s right for you.

How To Find The Best Life Insurance For People Over 60

Shopping for life insurance in your 60s can be a stressful experience, especially if you are simultaneously dealing with health concerns, family pressures and nearing retirement. As we age, we are never sure what tomorrow will hold and purchasing insurance is one of the smartest financial decisions you can make for your family.

As you shop, you may notice that there are many products on the market and it’s difficult to determine which is best for you. It is also easy to waste a lot of time in the research phase and purchase a policy that is more expensive than necessary.

We recommend you seek out the assistance of an independent life insurance agency (like us) to discuss your individual circumstances and receive information about your options. Agencies are also able to instantly compare rates across multiple top carriers, so you will know exactly what to expect from the first phone call.

When you work with us, we can help you navigate the shopping and purchasing process, oftentimes in one phone call. Our agents have years of experience in selling guaranteed issue life insurance to all age groups and we understand the unique needs of each.

Our services are 100% free and there is no obligation to make a purchase.

Give us a call directly and speak with one of our agents today to find the best life insurance for seniors over 60 unique to your situation. Not quite ready? You can always use the free tool on our website to compare guaranteed issue life insurance rates instantly.

About Jeff Root & Guaranteed Issue Life
About Jeff Root & Guaranteed Issue Life

Jeff Root is the author of The Digital Life Insurance Agent and host of the Modern Life Insurance Selling Podcast.

Guaranteed Issue Life is a nationally licensed agency, that has helped over 1500 consumers purchase guaranteed issue life insurance. We represent over 30 life insurance companies & transact business in every state.

All content on this site has been written by life insurance experts & licensed life insurance agents.

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