If you are looking for life insurance in your sixties, you should consider permanent life insurance, which pays at whatever age you die, instead of term life insurance, which most likely will expire before you die. If you are in poor health, you probably will not be able to qualify for term life insurance, but you may be able to qualify for permanent life insurance, such as Final Expense Life insurance.
However, if you are in good health, a term life insurance policy can give you more coverage to protect you until you retire, or pay off debt, and may be what you need.
Term life insurance at age 61 costs much more than it does when you are in your twenties or thirties, but it is more affordable than you think. This blog post will show you the companies with the best rates for a ten year term life insurance policy for a 61 year old man, at various amounts of coverage across four health rate categories, to help you shop for the right coverage for you and your budget.
Let’s start with The lowest rates available, for people in the best health, whom qualify for the Preferred Plus health rate category.
$100,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Preferred Plus Rates
Cincinnati Life Insurance Company is $33.44 a month or $380 a year.
Ohio National Life Assurance Corporation is $35.21 a month or $407 a year.
TIAA-CREF Life Insurance Company is $37.50 a month or $428.56 a year.
$250,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Preferred Plus Rates
Cincinnati Life Insurance Company is $73.26 a month or $832.50 a year.
Illinois Mutual Life Insurance Company is $76.78 a month or $872.50 a year.
Pruco Life Insurance Company (Prudential) is $79.65 a month or $885 a year.
$500,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Preferred Plus Rates
Cincinnati Life Insurance Company is $140.80 a month or $1,600 a year.
Primerica Life Insurance Company is $157.23 a month or $1,655 a year.
Lincoln National Life Insurance Company is $149.52 a month or $1,680 a year.
Not every healthy person will qualify for each company’s Preferred Plus rates. The next best health rating category is the Preferred health rates. Here are the best rates in this category:
$100,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Preferred Rates
Cincinnati Life Insurance Company is $38.81 a month or $441 a year.
Ohio National Life Assurance Corporation is $41.95 a month or $485 a year.
Savings Bank Life Insurance Co of MA is $43.59 a month or $501 a year.
$250,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Preferred Rates
Cincinnati Life Insurance Company is $87.12 a month or $990 a year.
Savings Bank Life Insurance Co of MA is $87.87 a month or $1,010 a year.
MetLife Investors USA Insurance Company is $91.94 a month or $1,021.50 a year.
$500,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Preferred Rates
Cincinnati Life Insurance Company is $167.20 a month or $1,900 a year.
Savings Bank Life Insurance Co of MA is $170,52 a month or $1,960 a year.
MetLife Investors USA Insurance Company is $177,66 a month or $1,974 a year.
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$100,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Standard Plus Rates
Cincinnati Life Insurance Company is $49.72 a month or $565 a year.
Ohio National Life Assurance Corporation is $52.94 a month or $612 a year.
Savings Bank Life Insurance Co of MA is $54.38 a month or $625 a year.
$250,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Standard Plus Rates
Savings Bank Life Insurance Co of MA is $94.83 a month or $1,090 a year.
MetLife Investors USA Insurance Company is $105.21 a month or $1,169 a year.
Cincinnati Life Insurance Company is $114.40 a month or $1.300 a year.
$500,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Standard Plus Rates
Savings Bank Life Insurance Co of MA is $184.44 a month or $2,120 a year.
MetLife Investors USA Insurance Company is $204.21 a month or $2,269 a year.
Cincinnati Life Insurance Company is $222.20 a month or $2,525 a year.
Most healthy people should at least qualify for the Standard health rates. Here are the companies with lowest ten year term life prices for the Standard health rate class:
$100,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Standard Rates
Cincinnati Life Insurance Company is $57.02 a month or $648 a year.
Ohio National Life Assurance Corporation is $60.81 a month or $703 a year.
Savings Bank Life Insurance Co of MA is $62.38 a month or $717 a year.
$250,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Standard Rates
Cincinnati Life Insurance Company is $132.66 a month or $1,507.50 a year.
Primerica Life Insurance Company is $146.78 a month or $1,545 a year.
TIAA-CREF Life Insurance Company is $138.93 a month or $1,587.83 a year.
$500,000 10 year Term Life Insurance Policy for a 61 Year Old Male Non Smoker at Standard Rates
Primerica Life Insurance Company is $273.60 a month or $2,880 a year.
Cincinnati Life Insurance Company is $258.72 a month or $2,940 a year.
Royal Neighbors of America is $247.94 a month or $2,975 a year.
Rates for term life insurance for a man age 61 vary greatly. With the information above, if you are quoted a life insurance company, regardless of the health category for which you qualify, you will know if the rates are competitive.
Shop for the best deal you can purchase, so you can have the most coverage at the best price for you. Saving money on car insurance can give you more money in your budget for life insurance. Do not put off saving money or buying the insurance you need. Start shopping now!
How much life insurance does a man age 61 need? Please leave a comment on my facebook page. Or, e-mail me at help@smartshopyourcarinsurance.com if you have questions and would like my help. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.