The best life insurance for a 64 year old is final expense insurance which is also known as burial insurance or funeral insurance. It is a whole life insurance policy with a smaller coverage amount between $2,000 – $40,000 in most cases. It is designed to last your entire life with premiums that never increase and a death benefit that never decreases.
In this article we will go over the cost of final expense insurance for a 64 year old as well as exactly why final expense insurance is the best life insurance option for seniors age 64 and over. We will also discuss the best life insurance companies to get life insurance coverage with.
Table of contents
- Can a 64 Year Old Get Life Insurance?
- How Much is Life Insurance at Age 64?
- Best Life Insurance Companies at this Age
- Whole Life Insurance and Term Life Insurance The Difference
- Health Conditions, Qualification, Waiting Period vs Non-Waiting Period
- What Life Insurance Does for You at Age 64
Can a 64 Year Old Get Life Insurance?
Yes, a 64 year old can get both term life insurance and a whole life insurance policy. That being said you need to be able to qualify for life insurance coverage with the life insurance company. Remember any life insurance that is not final expense insurance is going to require a medical exam if you want the lowest life insurance rates for that product. If you were to elect a non-medical exam term life insurance policy you will be overpaying by a large margin.
How Much is Life Insurance at Age 64?
Below you are going to see sample final expense life insurance quotes for a 64 year old male and female. These life insurance quotes come directly from our quoting technology for final expense insurance products. These life insurance rates are for a $10,000 whole life insurance policy with no medical exam to give you an idea of how much final expense insurance will cost for you at 64 years old.
How much is a Life Insurance Policy on a 64 Year Old Woman?
Women always get lower rates than men when it comes to life insurance it does not matter if it is a term life insurance policy or final expense insurance. The lowest life insurance rate for final expense is $37.72 for a female age 64 in perfect health for a $10,000 whole life insurance death benefit.
Life Insurance for 64 Year-Old Male
The best life insurance for a 64 year old male is final expense life insurance because as we have mentioned there is no medical exam and the whole life insurance is permanent life insurance. All other types of life insurance will make you take a medical exam and at the age 64 if you have health issues you will get an extremely high rate or be denied life insurance.
This is why at your age you are better off with permanent life insurance policies.
How Much is Life Insurance for 64 Year Old Man?
Whole life insurance with no medical exam for a 64 year old man non smoker for $10,000 in coverage is between $40 – $50 for the best life insurance rates available. Again this is for burial insurance to protect your family from funeral costs.
Best Life Insurance Companies at this Age
To get the best life insurance for your burial you will want to work with a high rated life insurance company like the ones we have listed below. Each company offers permanent life insurance and depending on your health our agents would assist you with applying. These companies all offer whole life insurance with simplified underwriting.
Their life insurance policies will last your entire life with rates that never increase.
Burial Insurance Companies
- Mutual of Omaha
- Prosperity Life Insurance
- Aetna Final Expense Insurance
- Transamerica Life Insurance
- AIG Life Insurance
- Guarantee Trust Life Insurance
These companies have solid reputations for their life insurance policies they provide whole life insurance that pays a quick death benefit to your family when you die. Your family uses this money to pay for your funeral and other end of life expenses.
Whole Life Insurance and Term Life Insurance The Difference
Whole life insurance is meant to last your entire life to guarantee that your family receives the death benefit. Now when it comes to senior life insurance you need to realize that your health issues are a big factor in getting approved or denied. This is why in most cases it is better to apply for a life insurance policy with simplified underwriting.
That means no medical examinations required to be approved for the death benefit. Now if you believe you are in good health and want to take a paramedic examination then there are some differences you should know about.
Whole Life Insurance
The other whole life insurance options would be the following:
- Guaranteed Universal Life Insurance
- Indexed Universal Life Insurance
These types of whole life insurance offer much bigger death benefit amounts of $100,000 and higher cash value but they can be hard to qualify for. If you do qualify it can be much more affordable life insurance for the death benefit amount. We would only recommend guaranteed universal life insurance for clients that believe they need more than $100,000 in life insurance for a 64 year old.
This is usually to cover a mortgaged home or other asset with a loan on it to make sure if you die suddenly it can be paid off for your family. If you do not have any of these big expenses to cover than you do not need whole life coverage like guaranteed universal life insurance with this big of a death benefit.
Term Life Insurance
Term life insurance is a temporary policy that only lasts up to 20 years for a 64 year old which means if you bought term now it would expire at age 84 which means you would almost no whole life options to convert it to. This means you would spend all that money for years on term life insurance, reach age 84 and the term life insurance expires and you have to pay extremely high premiums at your age for senior life insurance.
Yes, term life insurance can be much more affordable life insurance in the short term but in the long term when you outlive it you will not have many options. In addition to this a whole life insurance policy will be much more expensive at age 84.
How Much Life Insurance do I need at Age 64?
- Universal Life Insurance – For $100,000 or more in debt
- Burial life insurance – For $10,000 or more in end of life expenses
Health Conditions, Qualification, Waiting Period vs Non-Waiting Period
We are going to breakdown this down as simple as possible when it comes to life insurance for seniors.
Burial Whole Life Insurance Policies
Accepts most even moderate health conditions you can get life insurance with a heart condition at Prosperity life. It is simplified underwriting which means burial companies only do a 2 – 3 year look back on health conditions in most cases. The only conditions they will not accept are HIV, Alzheimers, Organ Transplant, Kidney Dialysis, and Current Cancer.
Regular Whole Life Insurance Policies
Applicants must be in optimal health and the carrier order’s a paramedic examination for coverage in most cases. minimal medications such as high blood pressure medications can be acceptable. Other health conditions such as recent heart attacks or mental health conditions will not be accepted or kicked to higher monthly premiums.
- No Waiting Periods
Term Life Insurance Policy
Optimal health required and in most cases will require a paramedic examination. They will either deny or increase the rate due to recent health conditions within the last 5 years depending on the insurance company.
- No Waiting Periods
Guaranteed Issue Life Insurance
This is a whole life policy for final expenses with no paramedic exams or health questions on the application. Approval is guaranteed for this life insurance policy because it is designed for seniors in poor health.
What Life Insurance Does for You at Age 64
Senior life insurance can cover a lot of different expenses you may leave behind. The most common final expenses are:
- Medical Bills – Unpaid medical bills for your time at the hospital for treatment.
- Funeral Expenses – The total amount of expenses left behind for your burial.
- Unpaid Debts – Car loans, Credit Card Debt, Mortgage and other loans.
Your family can use your life insurance policy’s face amount to pay any of the above-mentioned expenses. This is why senior life insurance is designed to give your family peace of mind knowing that if something happens to you they will be taken care of by the insurance company.