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Life insurance at 62

Life insurance at 62

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

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Life insurance in your sixties is as important as it is when you are in your thirties.

The financial obligations you have now are just as important as the ones you had then. Life insurance at 62 is how you can be sure that the plans you have worked hard for, year after year, are realized, even if you are gone.

One of the common misconceptions we hear is “I’m about to retire, life insurance is a waste of money at this point,” which couldn’t be further from the truth. You age doesn’t determine your need for life insurance. You could be 80 years old and still need a large life insurance policy.

Sometimes cost is a concern when someone seeks life insurance at 62. You may be surprised. Many your age are looking for shorter term policies that can be very affordable.

You don’t want your passing to create a financial burden for those you love the most. Ogletree Financial Services can lead you to your goal of a financially secure future for your family.

Life insurance at 62

This article is just a quick introduction to get you ready to speak to an independent agent. We’ll quickly look at four basic questions about life insurance:

What is term versus permanent life insurance?
Why do I need life insurance at 62?
How much life insurance do I need?
How much does life insurance at 62 cost?

We may not be answering the questions you want answered. Give us call at 1-800-712-8519 and in no time you will be talking to one of our knowledgeable independent agents who can get you answers right now!

What is term versus permanent life insurance

Term and permanent, the two main types of life insurance, essentially have one thing in common and a few things that are quite different. Which type of policy you decide on will be determined by a thorough look at your family’s particular life insurance needs.

Life insurance at 62

What term and permanent life insurance have in common is the essence of all life insurance, the death benefit. The death benefit is the amount your beneficiary receives if you pass away. This why people buy life insurance.

Main difference number one is the length of your contract. Permanent life insurance will not expire as long as you pay your premiums. Term life insurance has fixed contract length, although some term policies can actually be converted to permanent insurance.

Not all life insurance needs require coverage until you die. For those seeking life insurance at 62, a simpler and less expensive term policy will often be the best fit your family’s life insurance needs.

Main difference number two: the cash accounts connected to permanent life insurance policies. Permanent life insurance is definitely more expensive than term. But the reason why this is true is because while part of your premium pays for your death benefit, the rest goes to a cash account that earns tax-free interest.

Consequently, permanent life insurance policies have what are known as living benefits. These benefits have to do with the very easy access you have to these funds, largely through loans to yourself made against your cash account. Loans that may be applied to any financial need you see fit.

Term life insurance is straightforward death benefit coverage, permanent can become an integral part of your financial portfolio and retirement planning. If you want to learn more, check out these articles:

An even quicker way to get this taken care of is to talk to an independent agent today.

Why do I need life insurance at 62?
Life insurance at 61

Well, you could say the reason you need life insurance is your family. Certainly, it is probably concern about their lives that has led you here. This is of course not the only reason people buy life insurance, but it is unquestionably the dearest and most important.

If you were to pass away without a life insurance policy in place, there is a good chance the ones you love the most would suffer financially. Your income is probably very important to the quality of life you provide your family.

How the loss of your income would affect your family depends on your unique household. Typically, those looking for life insurance at 62 have children who have graduated from college and are on their own.

Maybe not, though. It would certainly be important for your life insurance coverage to deal with these financial obligations if they still exist.

Life insurance at 62 is often about your spouse and the plans the two of you have for your retirement years. For many, their sixties are still high-earning years and the money you are making now is very important to how you and your love will be spending your retirement years.

The day-to-day financial needs of your family that your salary takes care of are always a most important consideration. Consultation with your independent agent will determine your family’s life insurance needs.

If you have significant debt or plan on making a move soon and will be entering into a mortgage, life insurance is a common way to make sure these commitments don’t fall upon your family if you pass unexpectedly.

Indexed universal life (IUL) is an exciting type of permanent life insurance that many of our clients are interested in. We have quite a few IUL articles if you would like to learn more.

Indexed Universal Life for Mortgage Protection?

If you are a partner in a small business, then you may want to consider life insurance as a way to protect your interest in something you have worked hard to build.

Funding buy sell agreements with indexed universal life insurance

There’s a little about what and why, now for how much.

How much life insurance do I need?

You will need talk to an independent agent to get to some concrete figures, but we will get you started here. Arriving at a number for a child’s education, your debt, your interest in a small business or any other life insurance demand requires a little digging that we can’t do right here.

Life insurance at 62

The most basic strategy to figure how much life insurance someone needs is to simply multiply their yearly salary by ten, or 15, or some other factor. We’ll explain something similar to this, but understand that knowing how your life insurance will work for you and your family is a very important part of arriving at the dollar amount of life insurance you need.

Imagine the face value of your life insurance policy as a nest egg that will provide for your family in your absence. It is common to settle on a yearly income your family would need to supplement their household after you have gone, and of course enjoy the life you all live now and plan to live in the future.

To arrive at a face value amount, divide this yearly amount by an interest rate you are sure these funds could earn. A conservative estimate is 4%. If the yearly supplement you decide on is $20,000, the math is $20,000 ÷ 0.04 = $500,000. Consider that this strategy leaves the original amount you leave your family untouched, to be used for other important family expenses.

Alright, now to the premiums you can expect to pay for the coverage you need.

How much will life insurance at 62 cost?
Life insurance at 62

As you check out these sample quotes, you should notice that the ten and fifteen-year term policies, that work well for many seeking life insurance at 62, have premiums that are very reasonable. An independent agent from Ogletree Financial Services can explain the details of how this investment can protect your family.

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

  • The sample quotes shown here are for term life insurance and are all fully underwritten.
  • These quotes are for non-smokers (smokers life insurance rates will be higher)
  • 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.

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


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


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


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


Life insurance at 62

You are ready to talk to a professional independent agent. You have a basic understanding of some key life insurance concepts and an idea of how the life insurance coverage you need can fit into your family budget.

Shopping for life insurance can be a long journey. You will have to make some difficult decisions, like what type of plan to buy and how much coverage to purchase. If you’re overwhelmed at the idea of having to purchase your life insurance policy, let us do some of the work for you.

Not only can we bring you a lot of quotes for your life insurance, but we can also answer any questions you might have about life insurance. We have experience working with all kinds of clients and companies. If you need help, we are more than willing to answer questions and clear up any confusion.

Ogletree Financial Services is ready today to get you through a process you may not be looking forward to, but know must get done.

Nobody wants to think about dying, but not planning for it is a terrible mistake. It could leave your family with a massive financial burden.

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!

Frequently Asked Questions

Why would I need life insurance at age 62?

If you are still working and have others dependent on your income, your death would leave them unprepared for daily expenses, mortgage payments, college tuition, and other debt. Consult with an independent life insurance agent to determine your needs.

How much does life insurance cost at age 62?

A sample monthly premium for a $500,000 20-year term policy at standard non-tobacco rates would be $353.27 for a female and $523.24 for a male. These are sample rates, yours would depend on your personal underwriting by the insurance company.

How much life insurance do I need at age 62?

The most basic strategy to figure out how much life insurance someone needs is to simply multiply their yearly salary by ten, or 15, or some other factor. Contact a qualified independent insurance agent to fine tune your numbers – Ogletree Financial Services.

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