Life insurance at 61

Life insurance at 61 is more common than you think. The vast majority of people in their sixties either have life insurance coverage or know they need it. Just because the kids are on their own and the mortgage is paid off doesn’t mean life insurance isn’t for you.

If you have financial obligations that would create a burden for others if you were to die unexpectedly and want to learn how life insurance coverage can correct this, then you are in the right place.Life insurance at 61

Maybe you are worried about the premiums. You probably don’t need to be. For many purchasing life insurance at 61, a shorter term policy with a very reasonable premium is all they need.

This article will consider, very briefly, four common questions about life insurance at 61 that beginners need to know about. You don’t need to read a book to get started with an independent agent.

What is term versus permanent life insurance?
Why do I need life insurance at 61?
How much life insurance do I need?
How much will life insurance at 61 cost?

Your question may not be answered here. Maybe this too basic for you. Check out the sample quotes at the end of the article and give us a call. We have the answers at Ogletree Financial Services.Life insurance at 61

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!

What is term versus permanent life insurance?
The basic types of life insurance, term and permanent, have one very important thing in common, the death benefit. If you die while you have term or permanent life insurance coverage in place, your beneficiaries will receive the proceeds of your policy.

For many seeking life insurance at 61, a simpler and cheaper term policy is what they are looking for. Term life insurance covers financial obligations that will pass. Most who purchase term life insurance at 61 obtain shorter policies, maybe 10 or 15-year.

While term coverage expires, permanent life insurance is just that, permanent. Some clients want to be sure their coverage extends until they pass away, often to take care of burial expenses and other final costs.

Beyond length of contract, term and permanent coverage have another big difference. When you buy a permanent life insurance policy, it is accompanied by an interest-earning cash account. Part of your premium goes to the death benefit and part goes to the cash account.

Living benefits refer in part to the access to cash accounts granted clients that is generally less complicated and costly than other savings vehicles such as IRAs and 401Ks. The ability to use these accounts to address important expenses encountered at any time is important to many people.

The quotes we show in this article are for term coverage, but if you are interested in a permanent policy, look for some links we have included in this article. They discuss permanent life insurance solutions that could apply to someone seeking life insurance at 61.

Life insurance at 61Why do I need life insurance at 61?
There are actually many reasons for someone to look to life insurance at 61. We can only discuss a few here, but we note some more in our handy infographic and we are always ready to answer any questions you have at Ogletree Financial Services. 1-800-712-8510.

Income replacement is the main consideration for many people who seek life insurance at any age. Your salary can be very important to those you love, and if it were to suddenly go away, financial burden may be the result.

How or who may be affected depends on your personal circumstances. You might still have children who will be attending college soon. Getting them through this crucial part of their life is not only important, but expensive, causing many to include these costs in their life insurance calculations.

What about your spouse? How would the loss of your income affect their lives now? And the retirement you are planning together?

If you are still building towards your retirement goals, then life insurance may be doubly important. The benefit your spouse would receive would allow them to live in the standard you have built together and still look forward to the retirement you are counting on.

If you are a partner in a small business, life insurance may be important to guard against the possibly devastating affects the unexpected death of a partner can have.

Funding buy sell agreements with indexed universal life insurance

Also, if you any large debts or if you have plans to make a move in the future and a mortgage will be necessary, life insurance can take care of these financial responsibilities. You don’t want to leave these debts for your loved ones to deal with after you are gone.

How much life insurance do I need?
Okay, there is no way for us to determine the amount of life insurance coverage you will need in this short article. But, we can start your investigation. An investigation that you can continue with an expert independent agent before you even leave this webpage.

Again, we will talk about income replacement. It is usually not the case that your full yearly incomeLife insurance at 61 would be necessary to take care of your loved ones. Some family expenses will disappear if you pass early.

How much additional income would your spouse need to continue as you both live now, if you were to pass away? What about their career and salary? Would they move to a smaller home? Your independent agent can help you with all there is to consider.

Some recommend a very simple formula: 10 times your yearly income. While this method may work, it does not consider anyone individually. What if you have worked hard and at 61 you make $135K a year. Our simple formula would tell you to buy a $1,350,000 life insurance policy. There is more than a good chance that you do not need that much life insurance at 61.

Let’s say you would want a yearly income supplement to your spouse of $20,000. Your number could be more or less. You want the benefit of your policy to be able to earn this amount in interest. So we divide by a conservative rate we think the nest egg you leave will generate. We’re using 4%, you and your independent agent can discuss these figures.

$20,000 ÷ 0.04 = $500,000

And notice that this strategy leaves the $500,000 initial benefit intact to be used in retirement or for other important expenses.

For a small business partnership, you must put a dollar amount on your interest in the business. And your partners. Then, policies are purchased on the other partner(s) with the benefit being used to pay the deceased’s family for their loved one’s interest in the business, in this case of this unfortunate event.

There is a lot to consider, right? Let’s look at some sample quotes and wrap up this tutorial!

Life insurance at 61

How much does life insurance at 61 cost?
If you are 61 and in excellent health, your life insurance coverage can be very affordable. Call the experts at Ogletree Financial Services to be sure.

At Ogletree Financial Services we represent over thirty top insurers. We can appraise your particular risk and select the best life insurance carrier for you and your family.

Four tables are set up here with some sample monthly premiums for a non-smoking, 61-year-old male and female. The sample quotes shown here are for term life insurance. There is a table for a preferred plus risk rating and one for a standard risk rating.

  • Term lengths of 10, 15, 20, and 25 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown.
  • These are only sample premiums, your premium will be based on how your unique risk is assessed by life insurance underwriters.
  • These sample quotes were gathered in July of 2016.

61-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $38.41 $76.25 $139.54 $253.79
15-year $46.88 $92.68 $175.08 $330.75
20-year $62.65 $132.26 $242.55 $474.37
25-year $111.76 $233.68 $438.47 $824.69

61-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $61.34 $133.56 $252.49 $467.45
15-year $77.09 $172.50 $332.07 $613.55
20-year $105.09 $237.04 $460.86 $892.06
25-year $143.07 $324.94 $636.55 $1,258.06

61-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $27.85 $53.11 $92.88 $171.07
15-year $34.17 $68.68 $125.34 $222.65
20-year $44.71 $90.52 $171.06 $327.16
25-year $86.76 $167.94 $311.31 $597.20

61-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $43.67 $89.01 $157.78 $291.85
15-year $55.12 $119.00 $228.81 $416.85
20-year $72.54 $162.10 $314.61 $580.91
25-year $122.83 $270.66 $513.72 $969.15

Life insurance at 61

Your understanding of the basic life insurance concepts is all you needed to get you on your way. You have seen how affordable the life insurance coverage you need can be. Act now and get this done! Ogletree Financial Services is ready to be your guide to the peace of mind life insurance can bring.

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!
About Ogletree Financial Services
About Ogletree Financial Services

As independent life insurance agents, we specialize in finding the best life insurance rates and policies for our clients.  Our customers are located all over the USA.  If you would like a personalized life insurance quote, you can start here on our website or give us a call at 1-800-712-8519.

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