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Life insurance at 68

Insurance at age 68

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 in their sixties are surprised to learn that many people their age are purchasing life insurance. Once the kids are out on their own, your obligations are done, right! Wrong. People you love still rely on your support. Life insurance at 68 is the best way to be sure they can still rely on this support, even if you are gone.

Cost may be a concern. You’ll probably be surprised at how affordable life insurance at 68 can be. Many looking for life insurance at 68 buy shorter term policies. When you are checking out the sample quotes at the end of this article, notice how affordable these policies can be.


Insurance at 68 If you know nothing about life insurance, you can feel safe with an independent agent from Ogletree Financial Services as your guide. Spend a few minutes with this short primer and you should know a few of the basics. Here’s four questions we will discuss briefly to explain some of the basics:

What is term versus permanent life insurance?
Why do I need life insurance at 68?
How much life insurance do I need?
How much will my life insurance cost?

This may not be what you want to know. Get in touch with us! We can answer any questions you have and get you started today toward the life insurance your family needs.

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  • Give us call at 1-800-712-8519!
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Life insurance at 68

What is term versus permanent life insurance?
This is a common question. Term and permanent life insurance have a death benefit. The death benefit is the sum paid to your family when you pass away. There are a couple of key differences between term and permanent life insurance.

First, term life insurance is temporary. Permanent insurance is permanent. The “term” of term insurance is the duration of your contract.

Not all life insurance needs will last until you die. If you are insuring for a large debt you wouldn’t want to leave to your family, or you are insuring for your household until your children are on their own, the need for life insurance to cover those particular needs will eventually pass.

If you want your life insurance to cover your final expenses, critical illness, leave an inheritance, or bestow a gift to your favorite charity, then a permanent policy will probably best meet your needs.

The second big difference between term and permanent life insurance are cash accounts. Cash accounts are connected only to permanent policies. You may or may not be interested in this aspect of life insurance. Permanent life insurance is more expensive with more complicated policies, but these cash accounts and the “living benefits” that accompany them can transform your life insurance coverage into a powerful financial tool.

One particular type of permanent life insurance, indexed universal life (IUL), allows your cash account to generate tax-free interest based on a stock market index you choose, such as the Dow Jones or the NASDAQ. What is nice is that even if the index you choose loses value, your cash account will not suffer a loss.

This article is primarily concerned with basic term insurance here but we are IUL experts here at Ogletree Financial Services. We have included several links to articles we have written this exciting life insurance product, if you are interested.

Life insurance at 68

Why do I need life insurance at 68?
Your reason for needing life insurance may just be that you love your family and you know they rely on you and your income. You are proud of what you provide for them and no matter what happens to you, you want to make absolutely certain that their quality of life will never suffer.

Now, your kids are certainly on their own by now, so your life insurance needs are not the same as when you were thirty-five. You and your spouse are still a household, a household that relies on your income. Your income supports your day-to-day lives together and your plans for retirement. Life insurance protects these plans for your spouse.

4 Minutes to a Better Retirement using Indexed Universal Life Insurance

Six Reasons to use IUL in Retirement Planning

If you are a partner in a small business, life insurance may be a good idea. The unexpected death of a partner can lead to financial turmoil for the deceased’s family, the surviving partner(s), and the business. Life insurance can be a safeguard for all the parties involved in this unfortunate situation.

Funding buy sell agreements with indexed universal life insurance

If you have a significant debt that you are still paying off, life insurance can make sure this doesn’t become your loved one’s responsibility if you pass away.

Indexed Universal Life for Mortgage Protection?

Anywhere you have a financial responsibility you would want to continue in your absence, life insurance is necessary.

How much life insurance do I need?
This question is beyond the depth of this short article, but we’ll do some ball park calculations to give you a sense of what this number may be for you.

A common strategy is to multiply your income by some factor, I’ve heard 3 to 30 and more. The problem here is that there is no analysis of your family’s finances and goals or how your life insurance would support these goals if you were gone. This is why the assistance and support of an independent agent from Ogletree Financial Services is so important.

Income replacement is a common way to arrive at the proper amount of life insurance coverage. Your income, or at least some significant portion of your income, goes to supporting your family. If you die unexpectedly, how would your family proceed? Financial distress on top of grief is what we are trying to avoid.

There is some level of income that you and your independent agent can calculate that you feel will allow your family to continue the in the standard of living you now provide. This number can vary widely, of course, let’s use $20,000.

You want your life insurance benefit to be able to generate this $20,000 every year in interest. If we use a conservative interest rate of 4%, the required benefit would be $500,000. Very importantly, this strategy leaves the original benefit you leave intact for other important family expenses.

Other life insurance demands will require an examination of that need, whether it be a large debt, an inheritance or a business partnership. Your independent agent will lead you through this process.

How much does life insurance at 68 cost?
It’s no secret that life insurance gets more expensive every year you wait to purchase your policy, but you may be surprised at how well a life insurance policy for you and your family can fit into your budget. Policies today offer no medical exam underwriting for policies up to $1,000,000.

Life insurance at 68

You will be placed in a health category (or risk rating, risk category etc.) by insurance underwriters. The terminology varies, but the categories range from standard to preferred or preferred-plus. There are several classes in this range and often separate classes for smokers.

Your health category will depend on a variety of factors: age, sex, health and family health history, tobacco use, occupation, recreational activities and more, will all factor into how a life insurance company will judge the risk of insuring your life.

If you are concerned about how your health will affect your ability to get the life insurance you need, we can help you at Ogletree Financial. We represent over 30 top insurers and if you have high blood pressure or any other health disorder, we know who to talk to for the best rates. We deal with “impaired risk” life insurance every day and we can take care of you too.

Following are four tables with sample monthly premiums for a 68-year-old male and female.

  • 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, 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.
  • These sample quotes were gathered in August of 2018.

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


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


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


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


Life insurance at 68

Well, that’s a few of the basics. Now your move is to get in touch with an independent agent from Ogletree Financial. You can get the answers you need and submit an application today!

Getting started is easy!

Frequently Asked Questions

What is the cost of a $500,000 term life insurance policy for a 68 year old?

Sample premiums for a 10-year term policy, standard non-tobacco ratings, monthly premium: Male=$515.82 & Female=$314.77.

How much is term life insurance for a 68 year old?

Your premium will depend on your rating with the life insurance carrier. They will look at several factors including age, health, and build. An independent life insurance agent can provide you with quotes from several different 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.

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