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Life insurance at 64

Life insurance at 52

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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Let’s talk about Life Insurance at 64


Many 64-year-olds are unsure about life insurance. Why do I need it and how much do I need? You may have heard that life insurance at 64 will cost too much and think the premiums will be too high! Soon you’ll have some answers, plus you’ll know that life insurance at 64 can indeed be affordable.

Much of the term life insurance coverage we see for those in their sixties will not break your budget. We’ll show you some sample life insurance quotes at the end of this article so you can see for yourself.

Why do you need life insurance? Because very important people rely on you and your income. You don’t want misfortune to throw your loved ones into financial peril.

Certainly you have questions, there are many to ask about life insurance. We will look at four basic questions very briefly:

What is term versus permanent life insurance?
Why do I need life insurance at 64?
How much life insurance do I need?
How much will my life insurance cost?

What you learn here will have you ready to talk to an independent agent. You can do that today, and right here! Ogletree Financial Services can answer your questions and get you moving towards the life insurance you and your family need.

Life insurance at 64

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!


What is term versus permanent life insurance?

These are the two main types of life insurance and while they are quite different in some ways, they have one very important thing in common: the death benefit. This is the amount paid to your beneficiaries in the unfortunate event of your passing. This is the reason why we have life insurance.

The length of your insurance contract is one main difference between term and permanent life insurance. Term life insurance can be viewed as temporary, insuring a financial obligation you have that will pass.

Many people buy term life insurance to cover their lives until their children have graduated from college and are on their own. Like others in your life, your children rely on your financial support; but, once they are self-sufficient, their reliance on your income has passed.

Permanent life insurance never expires as long as you pay the premiums. If you want to make sure all your final expenses, small debts and burial costs will be taken care of when you die, then a permanent policy may be best for your needs.

The living benefits that result from interest-earning cash accounts that are connected to permanent life insurance policies compose the other main difference between term and permanent life insurance. These cash accounts earn interest tax-free like other similar investment vehicles, but with generally much easier access to your funds via cash loans and other methods.  They may also cover you with a critical illness insurance rider.

While the sample quotes we show you here are for term insurance, check out some links we have included to other articles we have where you can learn about indexed universal life (IUL) solutions to some common life insurance problems. IUL cash accounts earn interest based on the performance of common stock market indexes such as the S&P 500.

Life insurance at 64

Term life insurance is cheaper and the policies are easier to understand. Many seeking life insurance at 64 are able to take care of their family’s needs with a very affordable term policy. You and your independent agent, with the support of Ogletree Financial Services, will determine which type of policy, fully underwritten or non medical, will best meet your needs.


Why do I need life insurance?

Because people rely on you. More specifically when it comes to life insurance, people rely on your income.  If your family or others you care for will suffer financially if you pass unexpectedly, then you need life insurance.

At this point in your life, your kids may be on their own. Nice work. But, just because you no longer have to worry about the college education expenses many consider when purchasing life insurance, you still have your spouse to think of.

Many are still earning well at 64 and building for their future. Even if the worst happens to you, you want your spouse to live the comfortable retirement the two of you are planning for. A shorter-term policy could be the ticket to make certain that these plans are realized.

If you are a high-earner who has maxed other retirement savings accounts, then you are a prime candidate for a permanent policy, such as an IUL. With an IUL, you have no contribution limits. And, you have flexibility in how your funds are invested and how you can access your funds not generally available with your other cash accounts.

If you have accomplished your retirement goals, but want to enjoy these funds freely and know you will still be leaving a cash legacy to those you love, then a permanent policy will probably be the best way to meet this goal.

Okay, there are more reasons to purchase life insurance at 64 than we present here. If you have a question this article doesn’t answer, get in touch! We have the answers and expertise you want to get the life insurance coverage you need. And at the best rates available!

How much life insurance do I need?

We won’t be able to put a finger on an exact number, but we will help you understand how you might go about making this decision with your independent agent. You may need a simple term policy or a permanent policy to meet your life insurance responsibilities and goals.

The face value, or benefit, of a life insurance policy, is often thought of as cash fund that, in the unfortunate event of your passing, your family will access to meet the financial demands your income was responsible for.

You may leave a sum to your family that will earn a yearly interest that can act as a household income supplement. A supplement that will enable your family to continue the life you provide them now and plan for them to live in the future.

As an example, let’s say you plan to leave your family $350,000 and assume $300,000 would be left after your final expenses. At a very conservative interest estimate of 4%, the 300K would earn $12,000 a year. This could be enough to complement a spouse’s income and get them to their retirement years. Especially since this strategy leaves the original $300,000 to be used for other expenses.

Get the IUL experts at Ogletree Financial Services in your corner.

Life insurance for other needs such as a mortgage, a small business partnership, or a charitable donation will require a look at your personal finances. Your Ogletree Financial Services independent agent will be able to quickly address these issues.


How much will life insurance at 64 cost?

Not as much as you may have feared. Let’s get right to those sample quotes!


Following are four tables with sample monthly premiums for a 64-year-old male and female.

Life insurance at 64

  • 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.

64-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 $50.57 $104.15 $193.54 $353.50
15-year $63.66 $130.90 $248.94 $468.12
20-year $90.47 $190.65 $359.54 $696.67

64-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 $81.30 $178.50 $332.94 $642.18
15-year $107.97 $247.84 $475.21 $860.56
20-year $150.67 $354.81 $684.03 $1,299.58

64-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 $41.78 $86.41 $131.83 $226.37
15-year $50.96 $108.47 $186.62 $366.34
20-year $69.63 $148.91 $290.99 $435.44

64-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 $56.66 $126.36 $226.80 $420.77
15-year $78.11 $164.50 $311.31 $583.89
20-year $105.17 $232.09 $451.37 $854.31

Life insurance at 64

We know the information in this article is probably not everything you want to learn about life insurance. If you get in touch with an independent agent from Ogletree Financial Services, you will be in the hands of expert knowledge backed by an experienced organization.

We work with over 30 top life insurance carriers and know how to pair each client with the company that will best insure their needs at the most affordable premium.

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

What is the cost of a $500,000 term life insurance policy

A sample premium for a 20 year term policy on a 64-year old female in the standard non-tobacco health class is $451.37 per month.

How much is term life insurance for a 64 year old?

Your premium will depend on your rating with the life insurance carrier. They will look at your age, build, health, and other factors to determine which class you will fall into. An independent life insurance agent can provided you with quotes.

At what age should you get life insurance?

The younger the better, ideally age 35 and under. It is possible to get life insurance at almost any age. An independent life insurance agent can provide your with quotes.

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