Life Insurance?

As others have said, affordable is a relative term. I'm a few years younger than you and a rated class (below average with a few problems) and I'm looking at $200,000 of coverage (for a permanent VUL policy, which is blended down) for only about $150 month to $200 a month. I'm in the Los Angeles area and for me, that's affordable and it's extremely attractive -- Why? because I DO NOT want a term policy. My heir most definitely would prefer that the policy be in place when I do die and so do I. I don't want a moderately less costly term policy only to have it lapse about a week before I drop.

(I have a friend who became uninsurable -- heart and cancer -- a year before his term policy ended. I hate to phrase it this way, but he thankfully died two weeks before the policy he did have would have canceled. If he had died a week after it, his family would have received nothing.)

Get to an agent and get to one who is DUALLY LICENSED!!!! They're the only ones who can discuss some of the variable insurance products with you. There are some single (life licensed) agents, who are knowledgeable about equity indexed UL and those, too, are permanent policies with some guarantees that the variable stuff doesn't have. You might ask them to consider those if they fit your circumstances as well. Some others without even this knowledge will bad mouth all permanent policies, but in our age bracket there often isn't time to buy term invest difference anyway, and even in younger brackets, that ain't often the best solution. Beside, if you continue to live for another 30 -35 years -- very feasible for a woman, I think your grandkids and greatgrandkids, etc., would appareciate that policy being in force.

I just love it when people on here recommend term insurance for someone like you.

Let's see. You will apply for a $100,000 insurance policy (for example) and pay let's say $3,000 per year for 10 years. What if you don't die in that time? If your health is questionable, the insurance company probably won't issue the policy. The insurance company that issues the term policy hopes you won't die during the term. If you live past the 10 year term, the insurance company pays out nothing. You may not qualify for a term policy longer than 10 years.

You should go meet with an insurance professional to discuss your particular situation.

Insurance is for more than just replacing earned income (wages or salary). Life insurance can also benefit a surviving spouse who relies on your pension (which disappears when you die). LI can also create a nice legacy to your children or grandchildren. It helps pay estate taxes. It also makes a nice gift to your favorite charity.

Good Luck.

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For your age, buying any type of life insurance would be expensive. The cheapest type of life insurance would be term insurance. I don't know your needs, so I don't know how much coverage you should get. Or do I know if anyone is dependent on your income.

But lets say you get $150,000 coverage for a 10 year level term policy. That would cost about $835/year (assuming you are in perfect health as you claim to be.)

Learn more about the different types of life insurance here: http://finance1o1.blogspot.com

Coverage is available from a number of different insurance companies.

Shop around for term coverage if your needs are short term - 5-20 years, or universal life with a no lapse guarantee if needs are longer

There is a 2-part answer to your question. The first part is, "Can you get Insurance at age 62?" Answer, yes you can. And, if you are in good health, don't smoke or drink, have normal lipids, etc, the insurance will be less expensive if you are not in good health.

The second part is, "Will it be affordable?" The answer to that is, "it depends." Affordable is a relative term and means different things to different people. I am assuming that you have a specific need in mind and that Life Insurance will either replace lost income, or that it would pay off some debt or other obligation, in the event of your death.

What you need to do is get a few quotes from an insurance agent. Then compare the cost of the insurance with the need. At age 62, if the cost of the insurance is 3 to 5% of the need, then I would consider it affordable. If it is more than 15% of the need I might consider it less affordable.

There are many other considerations and I really suggest you contact a professional Insurance Agent or Financial Planner in your town to discuss the matter, and all the alternatives.

Good Luck,

Grampy

You sure can get life insurance if you are in good health.
Just not sure if you think 350 to 400 for $500,000 coverage for 20 years is affordable.

It all depends on your own needs and your financial conditions:
1. How much coverage do you need?
2. How long do you need to cover?
The most affordable type may be term insurance, which means, they can let you pay a fixed premium for 10, 15,, 20 or 30 years. 10 years is much cheaper that 30 years.

Buying insurance needs professional consultation. Just like the patient needs a MD first before they can the prescription from the drug store.

Try to contact New York Life, MetLife, Prudential or other company for free interview on the phone or personally. They may even give free medical exam and quote you an exact prive before you decide to buy. Signing an application does not mean that you need to buy their policy. When they deliver the policy, you have up to 30 days to decide if you want it and keep it.

Good luck.

I recommend that you visit this internet site where you can compare rates from the best companies: http://COVERAGEFINDER.NET/index.html?src=2YAvolso86opD

RE :Life Insurance?
I'm retired 62 years old, in good health. Can I get life insurance that's affordable.
Follow 11 answers

Define affordable. At 62, you're NOT going to get the same rates a 20 year old would pay. How much you get charged is going to depend on the type of life insurance, and what you want it for. If you're just looking for burial costs, it's going to be more cost effective to prepay a funeral, or just save up the money.

Hi Dianne,

I'm glad to hear you're in good health.

Yes, you should be able to get some life insurance that is affordable. It just depends on how much coverage you need and what type of life insurance you want.

Permanent life insurance will last your entire lifetime, as long as you pay the premiums. However, permanent life insurance is usually much more expensive than term life insurance.

Term life insurance provides protection for a specific number of years, usually 10, 15, 20 or 30 years.

So, it depends on how long you need the coverage. If you have money saved to pay for final expenses, you may only need the life insurance for a specific number of years to meet your goals.

One way to find affordable life insurance is to compare quotes from several life insurance companies, because rates may vary by up to 50% or more between insurers.

By comparing rates from several insurers you may save some money. Also, by choosing to pay your premiums annually, rather than on a monthly basis you may save some money. Also, consider buying your policy before your birthday to try for lower rates.

You can request free, no obligation quotes for life insurance at efinancial - https://www.efinancial.com/smartquoteefc.aspx?source=389-707

You fill out one form and they give you up to 12 instant quotes from top-rated insurers. If you like your quote, you can even apply online with no obligation.

Dianne, I hope that helps! Best of luck to you finding affordable life insurance.

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