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Life insurance at 66

Life insurance at age 55.

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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Many people are surprised at the amount of folks in their 60s purchase a life insurance policy. But we definitely suggest it if you’re 66 years old and still have dependents who rely on your support. If your goal is to share the fruits of your life’s labor with the ones you love, a life insurance policy is the best way to be certain that goal is met.

Don’t start worrying about high prices yet, you may be surprised at what our sample rates show. Many people who buy life insurance in their sixties are interested in shorter term policies that can be remarkably affordable.

Let’s look at a few very basic questions about life insurance:

What is the difference between term and permanent life insurance?
Do i really need life insurance at the age of 66?
Is there a certain amount of insurance i should buy?
Whats the actual cost of a monthly premium at my age?

Just a bit of reading to cover some essentials, then some sample quotes. Next step – reach out to one of our independent advisors here at Ogletree! If you don’t see the information you are looking for here, the answers and life insurance coverage you need are available right now!

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!
Life insurance at 66

What is term versus permanent life insurance?

There are two primary differences between term and permanent life insurance: the length of your contract and the cash accounts that are only connected to permanent policies.

Term life insurance has a particular length of contract, after which your insurance expires. Some life insurance concerns will pass, such as a large debt that you will eventually pay off.

Permanent life insurance never expires. So as long as you are paying the monthly premiums, your beneficiary will receive the death benefit of your policy. If you want to make sure all your final expenses are taken care of or leave an inheritance, a permanent policy will be your best bet.

Now to the cash accounts that are part of all permanent life insurance policies. Three main varieties of permanent life insurance are whole life, universal life and variable life. These policies are much more involved than term contracts, and differ according to how the funds in your cash account accumulate interest and how you can vary the structure of your premiums, policy face value and other provisions of your contract.

Permanent life insurance provides a death benefit that does not expire and when structured correctly can be an important part of your financial portfolio.

We are IUL experts at Ogletree Financial. IUL, or indexed universal life, is a type of permanent life insurance with a cash account that generates interest by tracking a stock market index you choose, with no danger of your account sustaining a loss, even if the index you choose declines.

Life insurance at 66

The quotes in this table are for term insurance, but if you would like to learn more about IUL, check out some links we have included to articles about this dynamic life insurance product.

Why do I need life insurance at 66?
Because the income you provide is so important to the ones you love. There are other reasons to be sure, but it is usually concern for family that leads someone to purchase life insurance coverage.

At 66, your household is most likely just you and your spouse. You kids may be on their own, but that doesn’t mean you don’t need life insurance. Imagine you pass away and your salary is gone, who will suffer financially? These are the people you want your life insurance to support if you pass away.

Your income’s support of your household would surely be missed. Life insurance can make certain the comfort this financial support provides will never go away.

Have you reached your retirement goals? If not, then you don’t want your premature death to keep your spouse from living their golden years as the two of you have planned.

4 Minutes to a Better Retirement using Indexed Universal Life Insurance
Little known secret to get more pension income at retirement
Six Reasons to use IUL in Retirement Planning
IUL used for Retirement?

Do you have any significant debt? Life insurance can make sure this will never become your family’s debt.

Indexed Universal Life for Mortgage Protection?

Often a small business partnership will consider life insurance. The death of a partner can create a financial nightmare for the surviving partner(s) and the deceased’s family. Years of hard work could end in bankruptcy.

Funding buy sell agreements with indexed universal life insurance


Cost of insurance at age 66 Your reasons for purchasing life insurance may not be mentioned here. Don’t worry! Ogletree Financial can still help you get the best rates available for the life insurance you need. You may be looking for life insurance with critical illness benefits or a no exam life insurance policy.  Just tell us your concerns and we will find the best carrier for you.

How much life insurance do I need?
If you are only concerned about your final expenses, small debts and taxes, then a very small policy will be all you need, maybe a $25-50 thousand face policy value will take care of everything. These policies are very inexpensive and if you get in touch with us right now, you could be submitting an application today.

Many clients are interested in larger policies that will replace their income, pay off debts and prepare their spouse for retirement. You’ll have to do some homework here, and if you’re not sure what you should be studying, your independent agent will show you the way.

Some clients buying life insurance at 69 employ an income replacement approach to estimating your coverage needs. Would your spouse need all or just part of your income to continue is your present lifestyle? Have you finished saving for your retirement?

Let’s imagine that you have decided that your spouse would need a small income supplement of $15,000 a year to sustain the standard of living you both enjoy today and you estimate that the benefit your spouse would receive if you were to pass away would earn at a 5% interest rate.

A $300,000 face value policy would provide the nest egg necessary to provide the income your spouse needs and leave the original 300K intact for retirement and other important expenses. For a 66-year-old female with a preferred plus health rating, the premium on a 10-year policy would probably be less than $150 a month. For the same woman with a standard health rating, the premium would probably be less than $200 a month.

Maybe your spouse’s salary is plenty if you were to pass away and you are more concerned with a large loan you are paying off and funds for your retirement plans. Your calculations would focus on these needs as opposed to your income.

You’ll have to take a serious look at your books to determine the correct amount of life insurance coverage for you and your family. Let’s look at some sample premiums to wrap up this quick introduction to life insurance at 66.

How much does life insurance at 66 cost?
The rates for some of the life insurance policies most commonly purchased by those in their sixties are not budget-breakers. The important thing is to get the coverage in place that you need, and know that Ogletree Financial Services can make sure you pay the lowest rates available.

Life insurance premiums depend on an underwriting process where the risk of insuring your life is assessed. You are placed in a health category with other clients who are deemed to be a similar risk for a person of your age and sex, two of the primary drivers of your life insurance premiums.

Following are four tables with sample monthly premiums for a 66-year-old male and female.

  • These are term life insurance quotes
  • For non-smokers
  • These are preferred plus health category and one for a standard health category.
  • Term lengths of 10, 15, and 20 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.
  • Sampled quotes gathered in August of 2016.

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


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


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


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


Life insurance at 66

That’s all we have for you here! Next step, get in touch with us and take care of the life insurance coverage you and your family need.

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

How much is term life insurance for a 66-year old?

Your premium will depend on your health rating. Insurance companies will look into several factors including your age, health, and build. An independent insurance agent can provide you with quotes from several different insurance carriers.

At what age should you get life insurance?

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

What is the cost of a $500,000 term life policy for a 66-year old?

Sample monthly premiums for standard non-smokers on a 15-year term policy are: $381.38 for a female and $602.31 for a male.

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