Whole life insurance for a 63 year old is 3 different products the first product is final expense insurance which is burial insurance or funeral insurance. These policies have coverage amounts that range from $2,000 – $40,000 designed specifically for final expenses. Final expense insurance pays for your funeral costs so your family does not have to pay them when you die.
Funeral costs range between $10,000 – $15,000 which means if you do not have final expense insurance your family will be responsible for coming up with this money. This is why final expense insurance pays the final expenses so you don’t have to. The other 2 whole life insurance products are Indexed Universal Life Insurance and Guaranteed Universal Life Insurance. These plans offer amounts of $50,000 – $1,000 or more but they are hard to qualify for, require a medical exam, and mainly are used for their cash value.
In addition to this for that type of whole life insurance at age 63 it can take between 10 – 20 years to build any kind of substantial cash value. This is why the best life insurance for a 63 year old either male or female is final expense insurance if your goal is to pay final expenses.
Related: Burial Insurance Age 60
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Whole Life Insurance for 63 Year Old Female
Whole life insurance for a 63 year old female is cheaper than it is for males since females are expected to live longer. Life insurance companies offer lower life insurance rates to women because of this fact. This means a permanent life insurance policy is 10% – 20% more affordable than permanent life insurance for a male at age 63.
In addition to this the life insurance rates will never increase for either a male or female when it comes to permanent life insurance. All permanent life insurance policies have this to lock in your life insurance policy premium rate for the life of your policy as long as the premiums are paid and coverage does not lapse. In addition to this the death benefit amount for permanent life insurance will never decrease which means the plan will stay level until you die. This guarantees your loved ones will get the death benefits to pay your funeral expenses.
Can I Get Whole Life Insurance at Age 63?
Yes, you can get whole life insurance at age 63 even if you are in poor health. Life insurance for seniors and funeral expenses does not require a medical exam because they are simplified issue life insurance policies. That means all you have to do is answer a few health questions and the life insurance company will look at your medical history and prescriptions. If you are in good health according to the life insurance company application you will be approved.
Now if you are in extremely poor health and cannot qualify for a permanent life insurance policy without a waiting period then guaranteed issue life insurance policies are your best option.
Guaranteed Issue Life Insurance
This type of coverage does not have health questions or require a medical exam. Approval is guaranteed however there is a 2 year waiting period before death benefits will be paid to your beneficiary. It is what is called a graded whole life policy. Once you are out of the 2 year wait the full death benefit will be paid to your beneficiary. When that happens your family can pay the funeral expenses with that death benefit.
Now life insurance policies with no waiting period are the much more affordable life insurance option. That being said if you cannot qualify for life insurance policies with no medical exam and a few health questions then it is safe to say you will not qualify for anything else such as guaranteed universal life insurance because those policies do perform a medical exam. If simplified underwriting disqualified you the medical exam will do the same thing.
Guaranteed final expense coverage is life insurance for seniors with current cancer, HIV, Dementia, Nursing home confinement, etc. Very extreme health conditions. All of those conditions and more are health questions on the senior life insurance applications.
How Much Life Insurance Do I need at Age 63?
You need $10,000 – $20,000 in life insurance at age 63 this will cover final expenses. Taking into account extra burial expenses is important when selecting your coverage amount for your life insurance policy. The amount of coverage determine’s your life insurance rates which is why picking the right death benefit to line up with your end-of-life expenses is important.
A death benefit of $5,000 will not cover a full service funeral such as a casket etc. $5,000 would only cover a cremation. This is why you need a high death benefit to incase you miss any extra expenses.
These expenses could be:
- Left behind medical bills
- Credit card debts
- Unpaid loans
Keep in mind you can also get a pricing list from your local funeral home to give you a better idea of the amount of death benefit you will need. Once you know exactly how much life insurance coverage you need for your death benefit amount easier it will be to look at your life insurance options.
Final Expense Insurance Sample Rates
We have provided sample life insurance quotes for male and female age 63 below. This table will show you the best life insurance options with available companies. The life insurance quotes come directly from our quoting tools to provide the most accurate rate based on a $10,000 death benefit. These are final expense whole life insurance policies that do not require a medical exam to qualify.
Best Life Insurance Companies Age 63
The list below is our top recommendations for life insurance at age 63 each company offers final expense policies that are permanent insurance. They will accept you without having to do medical exams or blood tests. Their final expense policies never increase in price and never decrease in benefits.
If you have health issues you can still buy life insurance with these companies our agents will assist you in picking the right company if you have health issues. These companies provide the best life insurance for a burial.