Life insurance at age 62.
If you’re 62 years old and you do not have life insurance yet, or you’re thinking about getting additional life insurance coverage, then you’ve come to the right place. You might also be interested in our life insurance rates by age chart.
Here in this article, we’ll briefly review what a life insurance application process will look like for an average 62 year old as well provide a few “helpful hints” on what you as a consumer should be looking for in order to get the best possible life insurance for seniors rate.
With That Being Said…
The first thing that someone who has just turned 62 years old needs to be aware when applying for life insurance is that in general, most life insurance companies are going to be much more thorough with your application than they would be with someone who has yet to turn 60 years old, especially if you are looking for a million dollar life insurance policy or more. In fact, within the life insurance industry, you’ll see that once an applicant has turned 60 years of age, insurance applications will generally require that a few additional requirements be made prior to being considered for approval.
When buying life insurance in your 60s, you’ll now most likely need to:
- Complete a life insurance exam physical that will include an EKG.
- Have had a complete physical from your primary care physician within the last 2 years.
- As well as allow the release of your medical records to the insurance company.
Which will be in addition to the usual background checks that will also include:
- A prescription database check.
- A DMV and criminal background check.
- And usually a credit check to rule out any previous/current bankruptcies.
So as one can see, just by being over the age of 60, the process of being approved for life insurance can become more complicated! With that being said, let’s take a quick look at few important things you need to know before you make any decisions on buying life insurance at age 62.
Best Rates on Life Insurance at Age 62.
4 tips to help you find the lowest price on life insurance for a 62 year old:
- If you don’t know, don’t test!
- Get it now!
- Not all Carriers are the same
- Find someone who works for you and not the insurance companies
If you haven’t had a complete physical with a blood draw within the past 12 months, and you’re not currently taking any prescription medications, you really need to make sure that you apply with a life insurance company that won’t discriminate against you for not having seen your primary care physician and…..
Don’t just immediately take an physical with and insurance company!
If you do, you’re just running the risk of having an insurance company discover that you have one of the following ailments:
- high blood pressure,
- high cholesterol,
- or elevated blood sugar (see diabetic life insurance)
Because remember, once you’ve been diagnosed with any one of these conditions, you’ll usually end up having to pay more for your life insurance then you would have had, had you not been diagnosed!
Additionally, it’s important to know that insurance companies will share the information that is gathered during your life insurance application with one another. So, once one insurance company performs a medical exam on you, it’s as if EVERY life insurance company has performed a medical exam on you!
For this reason, if you’re not sure that your medical exam is going to come back perfect, don’t take one. For these clients looking for life insurance at age 60, you would be much better off by going with an alternative policy that offers coverage with a no medical option first. For more on this, see Exam v. No Exam.
TermLife2Go specializes in placing both medical and no medical term life insurance policies and have found that many of the no medical options are currently as competitive if not more competitive than those requiring full medical exams.
Give us a call today and see which option would work best for you.
Since age is typically going to be the number one factor determining the premium that an applicant will pay. So today really is the cheapest your insurance is going to ever be for you. So don’t delay!
***Now it should be noted that in some cases delaying getting coverage may make sense, for example:
- You are currently trying to stop smoking and need to wait a year to get non-tobacco rates.
- You need to wait a year to clear up a DMV issue.
- You have a pre-existing medical condition that may require a waiting period before a life insurance company will underwrite you.
However, for most 62 year olds looking to buy affordable life insurance, waiting only means one thing: your life insurance policy is going to cost more when you finally do decide to take the next step and apply.
This is particularly true for clients in their early 60’s. As a consumer, it’s important to know that each insurance company has its own rules and guidelines that it will use when underwriting an application. Some insurance companies may have use very strict guidelines when it comes to certain preexisting conditions while other carriers may not be concerned about them at all. This is why it’s really important to know which carrier to use and why!
The key to getting the best rates on life insurance at age 62 is to have options. We work with dozens of the best ranking life insurance companies.
Now the good news is that the life insurance industry is just like every other industry out there competition is always pushing insurance companies to fight for your business. As a result, different life insurance carriers take on certain “niches” in an attempt to gain market share. These niches may shift from time to time but generally life insurance companies become known within the industry to focus on certain groups.
Which brings us to our next point…variety is the key to saving money!
With so many options to choose from and so many different carriers competing for your business, it’s key for you to work with an agency that is not bound to any one specific life carrier. You need to be sure that your agent can shop your application to dozens of different life insurance carriers forcing them to compete for your business.
Only by choosing to work with an agency that represents multiple life insurance carriers can you ensure that you are getting the best policy to protect you and your family. After all…
Doesn’t it make sense to work with an agency whose sole focus is you?
Totally confused?…. Don’t be, this is where TermLife2Go steps in, as an independent agency our agents are committed only to you and your family. Our main goal is to help guide you through the process of:
- First, deciding from different types of life insurance, including term life versus permanent life insurance
- Second, determining the appropriate coverage amount.
- Looking for burial coverage? Consider final expense insurance.
- And third, determining which carrier will give you the best rate available.
By working directly with TermLife2Go you will have an assigned agent dedicated to your application. This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!
We’d like to take a moment and acknowledge that age 60, sometimes, life insurance isn’t SUPER easy to qualify for. Plus, depending on how much insurance you’re looking for, it can also be pretty expensive. We get that!
We would all love to be able to purchase a 100 million dollar term or whole life insurance policy for our loved ones, the truth is for many of us, having that “amount” of discretionary income simply isn’t available. Particularly if you’re currently nearing retirement or you’re already “working” with a fixed budget!
This is why…
We’ve also chosen to write several articles sharing some of the knowledge that we have acquired over the years working with 1000’s of clients concerning how they make a living.
Just about every time we complete a life insurance application for one of our clients, one of the first questions that we have to ask is:
“what do you do for a living?” and “what would you estimate your annual income as?
Which means that over the years, we’ve become really familiar with a wide range of different career paths and opportunities that a person can take. We’ve also been AMAZED at how many “so called” retires go on to take advantage of many the new part time employment opportunities that seem to be available now due to the ever growing “GIG” economy.
Our number one goal here at TermLife2Go is to help individuals and families secure their own financial security and independence, we wanted to share with you what we’ve learned.