for age 62 life insurance call: (910) 328-0447
request a quote
The best life insurance for a 62 year old male or female is generally permanent life insurance, either Whole Life or age 121 Guaranteed Universal Life, for estate planning. Term life insurance works well for shorter time period obligations like to replace lost income before retirement. Term is more economical for larger coverage amounts to cover a mortgage or debt repayments.
Please refer here for a full range of product and carrier recommendations for those in their 60’s. See here for Whole final expense quotes ages 60 to 69. See at the bottom of this page for 10 ,15 and 20 year term life insurance quotes, and age 90 Guaranteed UL quotes for a 62 year old male and a 62 year old female.
Permanent Life Insurance
Guaranteed Universal Life (GUL) is much less expensive than Whole Life and locks in coverage with a no lapse guarantee at a fixed rate to a designated age. GUL sample quotes: fixed premium, lifetime permanent life insurance, with no lapse guarantee (NGL), Universal Life with Secondary Guarantee (ULSG) to age 121.
How much does guaranteed life insurance cost?
Female – 62 year old
| Face Amount | Monthly at Preferred Best | Monthly at Standard | Guarantee Period | Top Carrier |
| $25,000 | $64.47 | $70.92 | Age 121 | Pacific Life |
| $50,000 | $99.00 | $106.15 | (approximate) at preferred best; Protective at standard | |
| $100,000 | $140.20 | $170.41 | Penn Mutual | |
| $250,000 | $338.50 | $384.25 | Protective | |
| $500,000 | $654.00 | $752.50 | Protective | |
| $1,000,000 | $1,240.00 | $1,459.00 | Protective | |
| $2,000,000 | $2,480.00 | $2,918.00 | Protective | |
| $5,000,000 | $6,200.00 | $7,295.00 | Protective |
Male – 62 year old
| Face Amount | Monthly at Preferred Best | Monthly at Standard | Guarantee Period | Top Carrier |
| $25,000 | $68.80 | $77.35 | Age 121 | Pacific Life |
| $50,000 | $116.73 | $117.45 | Pacific Life at preferred best; Protective at standard | |
| $100,000 | $165.28 | $195.70 | Penn Mutual at preferred best; Protective at standard | |
| $250,000 | $379.75 | $467.25 | Protective | |
| $500,000 | $737.50 | $918.00 | Protective | |
| $1,000,000 | $1,411.00 | $1,787.00 | Protective | |
| $2,000,000 | $2,822.00 | $3,574.00 | Protective | |
| $5,000,000 | $7,055.00 | $8,935.00 | Protective |
Term Life Insurance Age 62
Lowest price is the obvious primary consideration for choosing term life. The quality feature to term is the carrier’s conversion to permanent options. Ask about the product’s age limit of term conversion and current conversion to permanent products. Protective Life overall best for conversion, though other carriers should be evaluated to tailor to individual goals. American National has a chronic and critical illness rider to their term insurance that merits consideration. Below gives the price range for best health, preferred best to average health, standard, for non tobacco users.
How much does term life insurance cost? Below are sample quotes for two rate classifications, best health and average health, showing the normal cost range.
Female – Preferred Best – Age 62
| Face Amount |
10 year Term |
15 year Term |
20 year Term |
Age 90 Guaranteed UL |
| $100,000 | $27.62 | $33.53 | $45.62 | $118.87 |
| $250,000 | $47.92 | $63.82 | $92.88 | $241.02 |
| $500,000 | $88.05 | $116.08 | $178.43 | $451.48 |
| $1,000,000 | $161.25 | $219.16 | $338.65 | $834.37 |
Female – Standard Non-Tobacco – Age 62
| Face Amount |
10 year Term |
15 year Term |
20 year Term |
Age 90 Guaranteed UL |
| $100,000 | $46.01 | $59.36 | $80.22 | $140.80 |
| $250,000 | $96.88 | $122.18 | $162.44 | $291.65 |
| $500,000 | $163.49 | $220.26 | $316.41 | $555.11 |
| $1,000,000 | $300.85 | $418.61 | $593.34 | $1,036.68 |
Male – Preferred Best – 62 year old
| Face Amount |
10 year Term |
15 year Term |
20 year Term |
Age 90 Guaranteed UL |
| $100,000 | $38.68 | $47.35 | $68.36 | $130.90 |
| $250,000 | $73.21 | $96.99 | $135.50 | $292.02 |
| $500,000 | $133.81 | $178.60 | $258.72 | $554.47 |
| $1,000,000 | $258.41 | $331.92 | $491.83 | $1,032.95 |
Male – Standard Non-Tobacco – 62 year old
| Face Amount |
10 year Term |
15 year Term |
20 year Term |
Age 90 Guaranteed UL |
| $100,000 | $63.49 | $82.34 | $110.52 | $158.40 |
| $250,000 | $124.19 | $167.03 | $237.86 | $360.08 |
| $500,000 | $258.62 | $324.83 | $466.39 | $692.38 |
| $1,000,000 | $452.73 | $605.62 | $898.69 | $1,302.53 |
Closer to being 63 years old? If over 62 and a half, see age 63 quotes, since most carriers set rates by nearest age. Backdating a policy up to six months to save previous age is generally permitted.
Hybrid Life – Chronic Illness benefit (see Hybrid Life – Long Term Care Insurance)
(unable to perform 2 out of 6 activities of daily living or severe cognitive impairment)
Case Study, January 2024:
Male age, 62, preferred non-tobacco
American General “Value+Protector III’ Indexed Universal Life
$2,772.02 annual ($235.47 monthly) $100,000 increasing benefit
$6,182.27 annual ($527.24 monthly) $250,000 increasing benefit
age 90 no-lapse guarantee
chronic illness accelerated death benefit rider at monthly maximum IRS benefit, currently $12,470
Case Study January 2024:
Female, age 62, preferred plus non-tobacco
American General “Value+Protector III’ Indexed Universal Life
$2,112.35 annual ($180.95 monthly) $100,000 increasing benefit
$4,860.08 annual ($416.39 monthly) $250,000 increasing benefit
age 90 no-lapse guarantee
chronic illness accelerated death benefit rider at monthly maximum IRS benefit, currently $12,470
Case Study January 2024
Female, Age 62, Preferred Plus non tobacco
Nationwide “Nationwide Indexed UL Protector II”
$22,525 annual $1,000,000 benefit, age 120 No Lapse Guarantee
“Long Term Care Rider”
Maximum Monthly Benefit at issue is $24,660
Benefit is the lesser of the elected percentage 4% times $1,000,000 = $40,000 or the 2024 HIPAA Per Diem is $410 times 2 times 30 = $24,600;
advantage two times HIPAA, disadvantage max monthly benefit 4% of the initial face amount, very suitable LTC protection at higher face amounts
Please contact me for a free and confidential quote. Many more options available. Other non tobacco rate classifications are preferred and standard plus.
Licensed Agent: Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
national producer #5534308
Lower premiums available on Guaranteed UL plans with the no lapse guarantee to age 90, age 95, age 100, age 105, age 110 or whatever age designated. Catch up premium options available with some plans. Not shown are the two mid range rate classifications: preferred and standard plus rates, nor the substandard rates: table 2 to table 8 or the tobacco rates. Contact me for details.
Carriers and Products quoted:
Protective Life Insurance Company : “Protective Lifetime Assurance UL”
The Penn Mutual Life Insurance Company: “Penn Mutual Guaranteed Protection UL”
Pacific Life Insurance Company: “PL Promise Guaranteed UL”
What happens if I work and get Social Security retirement benefits?
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, that limit is $21,240
Protective Life notably lowered their Universal Life (UL) rates effective March 13, 2023.
3/6/2024 updated quotes – non tobacco rates; rates subject to change; quote accuracy or completeness not guaranteed