Finding coverage in your 60’s can pose some problems. However, the key to finding the right policy at the right price is to have options. At TermLife2Go, we work with dozens of top rated best life insurance companies.
We focus on each niche in order to align our clients with the best company offering the lowest life insurance rates by age based on that specific client’s need. Give us a call today and see how we can save you time and money on life insurance at age 63.
Life insurance at age 63.
If you’re 63 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. In this article we’ll briefly review what a life insurance application process will look like for an average 63 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 rate on life insurance at age 63.
Best Rates on Life Insurance at Age 63.
This article will cover the following topics:
- If you don’t know, don’t test!
- Get it now!
- Not all Carriers are the same
- Find an agency that is working for you
For clients seeking the best rates on life insurance for seniors it is important to point out that 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. Further—don’t immediately take a physical with an insurance company!
If you do, you’re 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 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 63, 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.
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 63 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.
Quotes are based on a preferred plus rate class
Quotes are based on a preferred plus rate class
This is particularly true for clients in their early 60s. 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! Because you want the most life insurance age 63 friendly company available (yes, age is a niche—some companies cater to older clients and some do not).
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, choosing the best type of life insurance, whether it be Cash value whole life versus Term life insurance.
- Second, determining the appropriate coverage amount.
- Need to cover final expenses? Consider burial insurance.
- And third, determining which carrier will give you the best rate available on life insurance for a 63 year old.
Some additional information to be aware of
When searching for the cheapest life insurance at age 63 it is important to know that 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.
In fact, within the life insurance industry, you’ll see that buying life insurance in your 60s will generally require that a few additional requirements be made prior to being considered for approval, especially if you are looking for a million dollar life insurance policy or more. For example, 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.
Multiple of income
Finally, another issue that should be brought to the attention of anyone aged 63 or above is something that is called “multiple of income”. This is a tricky issue simply because it has nothing to do with the health of an applicant, rather it focuses on how much insurance a person can qualify.
More specifically, most insurance companies are only going to allow a 63 year old to purchase up to 10 times their “earned” annual income. Meaning, that if you want to purchase a $250,000 life insurance policy, you will need to be able to demonstrate that you “earn” at least $25,000 dollars annually.
That doesn’t sound all that difficult?…
Well what if you’re retired and are no longer earning a salary? See this is where things can quickly become complicated because insurance companies are going to want to differentiate between “earned” income like a salary, and “unearned” income like stocks, bonds, retirement pensions, rental income, etc, etc…Basically speaking, if your income would continue on for your loved one after you’ve died, then that income will be considered “unearned” income and will not be considered in determining how much insurance you can qualify for. Yeah right!
No really, we encounter this issue all the time, which is why it’s so important to first apply for life insurance while you’re still working and…“Pick an insurance agency that knows the in’s and out’s of “Earned Income justification” intimately!
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! This is why it is so important to choose an agency that can align you with the most life insurance age 63 friendly company out there—an agency such as TermLife2Go!
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.