Life insurance at 63

Many people think that 63 is too late in life to buy life insurance. “There’s no need for it now, I waited too long … it will be too expensive.” All not true. Life insurance at 63 is a smart move and we can help you today!

If people you love will endure financial hardship if you pass away unexpectedly, then you need life insurance. It’s that simple. They are the reason you work hard to begin with, so don’t let decades of labor and savings be dashed by misfortune.

We are only here to answer a few basic questions here:

What is the difference between term and permanent life insurance?
Why do I need life insurance at 63?
How much life insurance do I need?
How much does life insurance at 63 cost?

Life insurance at 63If you know a little bit about these topics, you’ll be more than ready to talk to one of our independent agents. Life insurance is for your family and their future. You can easily get started today!

What is the difference between term and permanent life insurance?
These are the two main types of life insurance and first of all, they have one important thing in common: the death benefit. This is the amount paid to your beneficiaries if you pass away. This is the basic purpose of life insurance.

One difference between term and permanent life insurance may be obvious: the length of contract. Term life insurance expires after the end of the “term.” Permanent life insurance does not expire as long you pay your premiums.

Many clients considering life insurance at 63 settle on the simpler and cheaper term coverage. Others prefer the lifelong coverage and “living benefits” of a permanent policy.

Living benefits are a product of interest-earning cash accounts associated with permanent life insurance policies. Interest is earned tax-free and your funds can be freely accessed via policy loans and other benefits linked to these cash accounts.

Conversation with an independent agent will help you sort out what type of policy is best for you. The sample quotes we show here are for term insurance, but if you are interested in permanent life insurance, check out some of the links we provide to articles about a type of permanent coverage called indexed universal life (IUL).

Why do I need life insurance at 63?
To put it most simply, if someone depends on you, and more specifically, if someone depends on your income, then you need life insurance. If you are considering life insurance at 63, this almost certainly means your spouse, or maybe your children are not yet on their own.

Without you and your income, your loved ones would probably experience financial problems that may greatly reduce their standard of living. This in addition to their great sorrow over the loss of a spouse or parent. Life insurance can make sure that this scenario will never fall upon your family.

At 63, you are probably earning well and have retirement and savings plans you have nurtured for decades. You may not quite be there yet, and if your income were to disappear, your spouse may not be able to live out their golden years as the two of you are planning.

Six Reasons to use IUL in Retirement Planning
IUL used for Retirement?

Life insurance at 63Partners in a small business will often use life insurance policies to protect their hard work in the event that one partner dies unexpectedly. What do you do about the deceased’s interest in the business? Life insurance can be part of a plan that acts as a financial safety net for the business, it’s partners, and the families of the partners.

Funding buy sell agreements with indexed universal life insurance

If you have a move planned in the future and will have mortgage, or if you have a significant amount of debt, life insurance should be considered. If you were to pass away, the responsibility for these liabilities could end up in the laps of your family. Not a good way to ease an already emotionally difficult situation.

Indexed Universal Life for Mortgage Protection?

If you do still have children in your household, what about college? Many clients feel that providing for this important part of their children’s lives is extremely important and make sure their life insurance coverage addresses this responsibility they feel towards their children.

4 key features of Indexed Universal Life for College Planning

You may have different plans for your life insurance coverage. A few more reasons people but life insurance are noted in the infographic right here. You and your independent agent will sort through the personal details of your household and locate the life insurance needs you want to target.

How much life insurance do I need?

Well, this is something else you will work out with your independent agent. We’ll look at a way to get in the ballpark here. How much life insurance you need to cover your debts or a small business, or send a child to college depends on your household. Every client is unique.

Often, clients consider the benefit of their life insurance policy, the amount paid to their family upon their passing, to be a nest egg to provide for their loved ones when they are gone. This nest egg earns interest that can function as a supplemental income to your family.

With your independent agent, you decide upon a yearly income you want the benefit you leave to earn. You want to use a conservative interest rate that you are sure that the funds will generate.

Let’s say your spouse works, your children are on their own, and $15,000 in supplemental yearly income will be sufficient toLife insurance at 63 maintain the household the two of you have worked together for years to build and maintain.

4 Minutes to a Better Retirement using Indexed Universal Life Insurance

If you choose a conservative interest rate of 4%, then the nest egg you need to leave your spouse is $15,000 ÷ 0.04 = $375,000. It is important to note that this strategy leaves the original benefit untouched, to be used for retirement, medical costs, or other important expenses.

A 63-year-old man who qualifies for a preferred-plus health category could get a 10-year $375,000 term life policy for less than $150 a month.

Basically, you want to make sure that your unexpected death will not deal a financial blow to anyone you love and care for.

We have just scratched the surface of how life insurance at 63 can be an important part of your financial needs and goals. Not seeing what you need to learn? Ogletree Financial Services is here to help!

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!

How much will life insurance at 63 cost?
If you are 63 and in good health, your life insurance coverage should not break your budget. The experts at Ogletree Financial Services can help you make sure. We represent over thirty top insurers and we can select the best life insurance carrier for you and your family.

Following are four tables with sample monthly premiums for a 62-year-old male and female.Life insurance at 63

  • The sample quotes shown here are for term life insurance.
  • These quotes are for non-smokers.
  • There is a table for a preferred plus health category and one for a standard health category.
  • 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 monthly premiums, your premium will be based on how your unique risk is assessed.
  • These sample quotes were gathered in July of 2016.

63-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 $45.85 $93.77 $175.08 $315.21
15-year $57.52 $115.39 $221.35 $417.37
20-year $80.24 $169.24 $317.54 $615.36
25-year $144.28 $331.21 $580.33 $1,129.17

63-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 $74.65 $160.39 $303.53 $578.17
15-year $96.07 $221.37 $421.60 $763.28
20-year $133.96 $312.81 $600.66 $1,149.93
25-year $188.31 $417.28 $822.10 $1,633.47

63-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 $38.15 $75.25 $118.42 $208.22
15-year $46.28 $97.56 $168.05 $324.62
20-year $62.11 $132.47 $257.68 $483.02
25-year $123.87 $227.84 $486.04 $957.04

63-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 $51.90 $116.64 $208.22 $386.21
15-year $71.88 $148.97 $280.17 $517.56
20-year $95.37 $206.63 $399.54 $750.30
25-year $166.95 $351.75 $685.43 $1,335.91

Life insurance at 63

You now have a rudimentary understanding of some important life insurance principals and how affordable life insurance at 63 can be. The time to get insured is now and Ogletree Financial Services is ready.

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.

This entry was posted in Quotes By Age. Bookmark the permalink.

Leave A Reply