Life Insurance at 64 Years Old

64 year old couple purchasing life insurance

We specialize in helping individuals between ages 50 and 70 years old with their life insurance needs.

No matter what your health history is, you can rest assured that if you are 64 years old and need life insurance coverage, we can help you with your needs.

Clients in their 60’s come to us from everywhere on the health spectrum, from being in excellent physical condition and taking no medications, to having high risk medical impairments such as a history of cancer, stroke, or heart disease.

At your age, you essentially have every available life insurance product on the market from 10 year term to 30 year term, to whole life insurance.

Is Term or Whole Life Insurance Better at 64?

64 year old couple purchasing life insurance

“Should I be purchasing term or whole life insurance?” is a very common question I am asked.

Whenever someone asks me how long of a term length they should buy or whether they should purchase term life or whole life, I ask, “Are you purchasing this life insurance because you need it for some period of time, or because you want it for the rest of your life?”

This is an important distinction.

Most people purchase term life insurance to cover the loss of income in the event of death, and will only need it for a short period of time until they retire. 

Others don’t care if they retire or not; they want some coverage in place for as long as they live.  For these clients, I recommend whole life insurance.

Please be sure to compare a 30 year term quote to a quote for “Level to age 100” or “Level to Age 121”.  The 30 year term policy provided by Genworth is typically 40% cheaper, and will still provide coverage all the way to age 94.  That will carry most 64 year olds past their life expectancy, but you do take the risk of living past age 94 and facing a substantial premium increase at that time.

Some people jokingly tell me, “There’s no way I’m living past 80 years old!”  For them, a 30 year term would be perfect.

RELATED: 5 Critical Tips You Must Know Before Buying Life Insurance

Special Considerations at Age 64

When life insurance companies assess an applicant, they’ll consider health, smoking status, look for any hazardous hobbies, travels, or occupation, and also consider your height and weight.

Height & Weight

With regard to height/weight, all companies publish a build chart showing the maximum you can weigh to qualify for a certain rating class.  It’s important to understand that some companies use a different, more lenient build chart for people age 65 or older.

Let’s look at an example.

A 64 year old male who is 5’10 235 pounds would be classified in the Select rate class at Genworth due to build (their third best class).  However, a year later, at age 65, that same male, if he’s still the same height and weight, would be able to qualify for Genworth’s Preferred class, their 2nd best class, because Genworth uses a more forgiving build chart for individuals age 65 or older.

For most of our clients who are 64, we discuss how the knowledge that you may be able to qualify for a better rate next year can influence your decision today about what policy you apply for.

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Life Insurance Approval Tips at Age 64

Since companies may penalize for certain health ailments, be sure to use an independent agent for your needs.  You want to use an agent who knows about the special weight charts for people over 60 years old, for example, or where to take your case if you have any other medical conditions.

Also be sure your health records are in order.  For example, if you stopped smoking recently, be sure to go to your doctor and tell them so, so it’s in your records.

RELATED: Check Sample Life Insurance Rates by Age (No Personal Info Required)

Sample Term Life Insurance Rates For 64 Years Olds

Below you can see some sample term life insurance quotes for a 64 year old, male, non-smoker, as well as a female non tobacco user.  We’ve illustrated the best possible rates an applicant could qualify for, so keep in mind if you take any medications or have a history of any serious medical conditions, you may not be able to qualify for these term life insurance rates.

Best 15 Year Term Life Insurance Quotes for a 64 Year Old Non Smoker

Age    $100,000 $500,000
64 Year Old Male $839 Per Year $3535 Per Year
64 Year Old Female $529 Per year $2155 Per Year

*Quotes are subject to change, as insurance carriers commonly have price increases.

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Get A Whole and Term Life Insurance Quote at Age 64

What I recommend you do if you’re looking to purchase term life insurance at 64 years old, is to get a quote using the form on this page.

If you’re not sure what classification to use, start with “Regular”, and if you have any health concerns, be sure to call us at 888-603-2876.

*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.