Term life insurance at age sixty-three costs more than it does for younger people in their twenties or thirties, but it’s more affordable than you may think. This blog post will show you the life insurance companies with the lowest rates for a ten year term policy for a 63 year old man, at different amounts of coverage for 4 health rating categories, to help you shop for the best coverage for you & your budget.
Let us start with the lowest rates available, for individuals in excellent health, qualifying for the Preferred Plus health rate class.
$100,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Preferred Plus Rates
Cincinnati Life Insurance Company is $40.22 a month or $457 a year.
Ohio National Life Assurance Corporation is $42.47 a month or $491 a year.
TIAA-CREF Life Insurance Company is $45.43 a month or $519.21 a year.
$250,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Preferred Plus Rates
Cincinnati Life Insurance Company is $90.64 a month or $1,030 a year.
Illinois Mutual Life Insurance Company is $94.16 a month or $1,070 a year.
Western-Southern Life Assurance Company is $105.11 a month or $1,072.50 a year.
$500,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Preferred Plus Rates
Royal Neighbors of America is $157.51 a month or $1,890 a year.
Cincinnati Life Insurance Company is $174.68 a month or $1,985 a year.
Pruco Life Insurance Company (Prudential) is $185.85 a month or $2,065 a year.
Not every healthy person will qualify for each company’s Preferred Plus rates. The next best health rate class is the Preferred health rate class. Here are the best rates in this category:
$100,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Preferred Rates
Cincinnati Life Insurance Company is $47.34 a month or $538 a year.
Ohio National Life Assurance Corporation is $51.73 a month or $598 a year.
Savings Bank Life Insurance Co of MA is $56.20 a month or $646 a year.
$250,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Preferred Rates
Cincinnati Life Insurance Company is $108.46 a month or $1,232.50 a year.
MetLife Investors USA Insurance Company is $112.64 a month or $1,251.50 a year.
Pruco Life Insurance Company (Prudential) is $114.08 a month or $1,267.50 a year.
$500,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Preferred Rates
Royal Neighbors of America is $199.18 a month or $2,390 a year.
Cincinnati Life Insurance Company is $210.32 a month or $2,390 a year.
MetLife Investors USA Insurance Company is $219.06 a month or $2,434 a year.
Don’t worry about qualifying for the best health rate class. Life insurance companies have different criteria & rules to qualify for their health rate categories, and company rates vary greatly. Using the assistance of several good life insurance agents, representing multiple companies, will help you find the best company & price for you. Here are the best 10 year term Standard Plus rates:
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$100,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Standard Plus Rates
Cincinnati Life Insurance Company is $60.10 a month or $683 a year.
Ohio National Life Assurance Corporation is $63.75 a month or $737 a year.
Savings Bank Life Insurance Co of MA is $65.69 a month or $755 a year.
$250,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Standard Plus Rates
MetLife Investors USA Insurance Company is $131.09 a month or $1,456.50 a year.
Savings Bank Life Insurance Co of MA is $131.15 a month or $1,507.50 a year.
Pruco Life Insurance Company (Prudential) is $142.43 a month or $1,582.50 a year.
$500,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Standard Plus Rates
MetLife Investors USA Insurance Company is $255.96 a month or $2,844 a year.
Savings Bank Life Insurance Co of MA is $257.09 a month or $2,955 a year.
Pruco Life Insurance Company (Prudential) is $277.20 a month or $3,080 a year.
Most reasonably healthy people should qualify for the Standard health rate class. Here are the insurance companies with the best 10 year term rates for the Standard health class:
$100,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Standard Rates
Cincinnati Life Insurance Company is $69.17 a month or $786 a year.
Ohio National Life Assurance Corporation is $73.53 a month or $850 a year.
Savings Bank Life Insurance Co of MA is $77.26 a month or $888 a year.
$250,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Standard Rates
Cincinnati Life Insurance Company is $163.02 a month or $1,852.50 a year.
Royal Neighbors of America is $156.68 a month or $1,880 a year.
TIAA-CREF Life Insurance Company is $169.05 a month or $1,931.95 a year.
$500,000 10 year Term Life Insurance Policy for a 63 Year Old Male Non Smoker at Standard Rates
Royal Neighbors of America is $281.27 a month or $3,375 a year.
Cincinnati Life Insurance Company is $319.44 a month or $3,630 a year.
TIAA-CREF Life Insurance Company is $321.10 a month or $3,669.75 a year.
Rates for term life insurance for a 63 year old man vary a lot from company to company. With the information in this blog post, if you are quoted 10 year term life insurance, regardless of the health category for which you qualify, you will know if the rates you are quoted are competitive.
As you can see, the cost for a large amount of coverage can be a sizable monthly bill. When you are in your sixties, and pay a lot for term life insurance, you will find it might be more affordable, or make more sense, to buy a combination of term and permanent life insurance. Term insurance is a lot less expensive when you are young, but when you are older, the cost between term & permanent life insurance can be about the same.
Shop for the best price you can buy, so you can have the most coverage at the best rates for you. Saving cash on auto insurance can give you more money in your budget for life insurance. Do not put off saving money or buying the insurance you need.
How much life insurance does a male at age 63 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.