64 Year Old Best Life Insurance

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Life insurance for a 64 year old male or female generally calls for permanent life insurance, either Whole Life or Universal Life, for estate planning. Term life insurance, see quotes below, is the most cost effective for higher coverage amounts and the best life insurance for replacing lost income before retirement or to cover loans like a mortgage. Less expensive term coverage which one can outlive is a poor substitute for lasting value of permanent life insurance coverage.

Permanent

Guaranteed Universal Life (GUL) is much less expensive than Whole Life and locks in coverage at a fixed rate to a designated age. Lifetime Guaranteed UL locks in coverage to age 120 or beyond. See sample lifetime Guaranteed UL rates below. Click here for an overview of options and recommendations for people in their 60’s. Go here for Whole Life Insurance final expense quotes for a 64 year old man and a 64 year old woman.

Female – 64 years old

Face Amount	Monthly at Preferred Best	Monthly at Standard	Guarantee Period	Top Carrier
$25,000	$69.08	$76.06	Age 121	Pacific Life
$50,000	$109.00	$118.70		(approximate) at preferred best; Protective at standard
$100,000	$155.94	$192.13		Penn Mutual
$250,000	$378.75	$433.50		Protective
$500,000	$731.50	$848.50		Protective
$1,000,000	$1,385.00	$1,642.00		Protective
$2,000,000	$2,770.00	$3,284.00		Protective
$5,000,000	$6,925.00	$8,210.00		Protective

Male – 64 years old

Face Amount	Monthly at Preferred Best	Monthly at Standard	Guarantee Period	Top Carrier
$25,000	$73.96	$83.32	Age 121	Pacific Life
$50,000	$127.13	$131.60		Pacific Life at preferred best; Protective at standard
$100,000	$184.95	$219.30		Penn Mutual at preferred best; Protective at standard
$250,000	$428.75	$522.75		Protective
$500,000	$832.00	$1,035.00		Protective
$1,000,000	$1,586.00	$2,040.00		Protective
$2,000,000	$3,172.00	$4,080.00		Protective
$5,000,000	$7,930.00	$10,200.00		Protective

Term

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.

Female – Preferred Best – 64 year old

Face Amount	10 year Term	15 year Term	20 year Term	Age 90 Guaranteed UL
$100,000	$32.34	$41.35	$58.68	$128.50
$250,000	$59.44	$79.37	$119.24	$264.58
$500,000	$103.01	$145.52	$227.59	$499.35
$1,000,000	$197.96	$270.80	$432.22	$919.67

Female –  Standard Non-Tobacco – age 64

Amount	10 year Term	15 year Term	20 year Term	Age 90 Guaranteed UL
$100,000	$54.91	$72.68	$98.63	$155.03
$250,000	$113.91	$144.10	$204.87	$326.72
$500,000	$211.33	$279.20	$403.12	$612.80
$1,000,000	$378.04	$518.91	$770.33	$1,146.76

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Male – Preferred Best – 64 year old

Amount	10 year Term	15 year Term	20 year Term	Age 90 Guaranteed UL
$100,000	$45.82	$59.55	$85.19	$142.30
$250,000	$86.59	$111.06	$170.65	$320.43
$500,000	$159.56	$209.91	$327.86	$610.91
$1,000,000	$301.76	$391.16	$595.96	$1,140.19

Male – Standard Non-Tobacco – age 64

Amount	10 year Term	15 year Term	20 year Term	90 Guaranteed UL
$100,000	$78.46	$103.41	$139.98	$175.10
$250,000	$153.17	$215.52	$314.28	$396.13
$500,000	$296.81	$423.64	$621.93	$764.16
$1,000,000	$576.26	$770.66	$1,182.86	$1,439.23

Closer to being 65 years old?  If over 64 and a half, see age 65 quotes, since most carriers set rates by nearest age. Backdating policy up to six months to save previous age is generally permitted.  Annual mode is less expensive than monthly.

Survivor life insurance (second-to-die)  age 64 quotes

Please contact me  for a free confidential quote.  Many more options available.