Life Insurance Rates at Age 64 (How to Get the Good Ones)
Life insurance rates at age 64 surprise many people in their affordability. Although admittedly this depends on your health. There are also several options on types of life insurance to meet the needs of different family situations.
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How to Save Money on Life Insurance Rates at Age 64
These are easy ways that any 64 year old can save money on life insurance. While your rates are tied to your age and biological sex, you can ensure that you aren’t overcharged using these tips.
You can also use the Instant Quotes tool on the left (top on mobile) to see what your rates could be with different benefits and health classes.
Use a Life Insurance Needs Calculator
A Life Insurance Needs Calculator can prevent you from overspending on life insurance. It also tells you how much life insurance may be too little. This calculator looks at areas you may want to provide for like a mortgage, debts, children, etc.

The old method of calculating life insurance involved buying 3x to 7x your annual income. Some agents would even go as high as 20x your yearly salary. These ballpark numbers don’t work for every family.
You wouldn’t ballpark how much you need to retire. Don’t guess on your life insurance needs.
Work with an Independent Agent
Shop around. Don’t just buy the first quote that comes your way. The best way to save money on anything is to compare your options.
An independent agent can do this for you. A captive agent can only show you different types of life insurance from the same company.
There is one major problem with only seeing quotes from a single company. You’re stuck with a single set of underwriting guidelines. If the company happens to charge extra for a policy with Type 2 Diabetes, then you’re stuck paying extra.
With an independent agent, you can tell them right off the bat that you have a pre-existing medical condition. This way your agent can narrow down the options to the companies who have the best rates for any specific disease.
This brings us to the next point.
Be Upfront With Your Health Conditions
When you tell your agent about any health conditions (past or present), they can examine the best options.
Sometimes this will involve pre-screening a condition with several companies to see who will tentatively offer the best rates. This process is anonymous and effective. It prevents you from wasting your time on applications to companies to who will overcharge you.
It can be a little strange telling someone you don’t know about something as personal as medical history. Insurance agents are bound by the same privacy laws as medical professionals. They can’t share your information with anyone.
Term is Cheaper than Permanent, But Not Necessarily the Right Choice
Everybody passes on. It’s all a matter of when. Term life insurance means that you could outlive your insurance policy. It’s not necessarily a given payout for the insurance company.
Permanent life insurance lasts for life. Insurance companies will have to pay a beneficiary at some point. That means it’s more expensive. Often it can be 10x as expensive as the same benefit in a term policy.
It boils down to why you are buying life insurance. If it is to cover your family until you retire, term will likely make more sense. On the other hand, if you are looking into life insurance for estate planning, then you will want permanent life insurance.
Laying Policies Costs Less than One Enormous Policy
Occasionally we get clients in their 60s with multiple reasons for buying life insurance. This can be something like paying off debt (medical or mortgage) that should be taken care of anyway in the next several years plus estate planning.

You could get one large policy to cover both reasons for life insurance. Or you would get smaller policies tailored to your goals for life insurance. The smaller policies will cost less.
Plus, you can double up on the medical exam. Most companies will accept another life insurance medical exam performed in the last six months.
Prepare for the Life Insurance Medical Exam
If you take two weeks to prepare for the life insurance medical exam, then you can potentially boost your health class.
It’s just little things like drinking enough water, eating lots of leafy greens, and moderate exercise. Things that your doctor probably encourages you to do anyway. It is just difficult to make the habits stick.
With an immediate goal and deadline (the life insurance exam), it can be enough motivation to try out healthy lifestyle changes for a couple weeks.
The small amount of time with a healthy lifestyle can show small results in your bloodwork. If you are teetering on the cusp between health classes, this can be the boost you need to get that better health class and lower your rates 25%.
Check BMI Charts
Companies have different acceptable height and weight tables for different age groups. Make sure to be honest with your life insurance agent about your height and weight. That way they can find you the company that has the best guidelines for your build.
Age 64 is right on the verge of moving into a senior class for build charts. Studies show it’s healthier to carry a little extra weight as you age. The build charts in many companies reflect that.

However, not all companies make these distinctions in age groups. So, again, talk to your agent about it.
Term Life Insurance Rates at Age 64 – Men
The monthly rates below reflect a moderately healthy man who doesn’t smoke. We ran these as preferred. Your rates may differ.
Men | $100,000 | $250,000 | $500,000 | $1,000,000 |
---|---|---|---|---|
10-year | $48 | $110 | $214 | $420 |
20-year | $111 | $245 | $473 | $903 |
Term Life Insurance Rates at Age 64 – Women
Like the men’s life insurance rates, these reflect what a relatively healthy 64 year old woman who doesn’t smoke might pay for life insurance.
Women | $100,000 | $250,000 | $500,000 | $1,000,000 |
---|---|---|---|---|
10-year | $36 | $80 | $145 | $277 |
20-year | $74 | $168 | $314 | $610 |
Permanent Life Insurance for a 64 Year Old
The main advantage of permanent life insurance is that it lasts your lifetime. Permanent life insurance makes the most sense for estate planning or leaving something for loved ones that won’t get stuck in probate. It does cost quite a bit more than term. Plus, there are several different types to choose from.
The second most significant difference between term life insurance and permanent is the cash value accumulation. This part of your life insurance policy grows over time. It comes from a portion of the premiums you pay each month.
Your cash value allows you to borrow against your life insurance policy. It’s a minimal interest loan. (The rates vary by company but are virtually always lower than banks.) The life insurance company is holding your death benefit as collateral. If you pass away before repaying the entire balance, then your beneficiaries get your death benefit less your outstanding balance.
The reasons for taking out this loan can be anything from an annual vacation to roof repair, to paying down surprise medical bills. You can use it for whatever you want. The insurance company doesn’t ask.
Most Popular Types of Permanent Life Insurance
The type of life insurance you want will depend on your risk tolerance and financial situation.
Indexed Universal Life Insurance – is our favorite type of permanent life insurance for people with a moderate to substantial net worth. The cash value grows based on an index. Most companies have minimum growth limits.
Whole Life – is for more risk-averse families or people looking for a smaller policy. The cash value grows slowly compared to other types of permanent life insurance. It also still increases in years the stock market performs poorly.
Guaranteed Universal Life – is closer to a hybrid life insurance policy than permanent life insurance. It combines the length choice of a whole life policy with the simplicity/cost of a term one. It costs significantly less than other types of permanent life insurance.
Final Expense Insurance
If you are only looking to cover funeral costs, then consider final expense insurance. It’s an alternative to a more costly permanent policy.
Final expense policies last for the rest of your life. They provide a small death benefit between $5,000 and $20,000. This way you don’t have to set aside money or count on a surviving family member to pay for a burial or cremation.
Even at 64, final expense life insurance rates are only a handful of dollars a month.
Life Insurance with Pre-Existing Conditions

Most people have encountered some type of health concern by the time they reach their mid-sixties. Life insurance with a pre-existing medical condition adds another layer of complexity to finding the best policy for your family.
However, that complexity doesn’t necessarily equate a more difficult life insurance search for you. Remember that independent agents can shop the market for you. As long as you’re honest about your health in the initial call or email, they can take that into account.
Every company has different underwriting guidelines. If you aren’t sure how a medical condition will affect life insurance check our list of life insurance with a pre-existing condition. If you don’t see something on the list (we’re expanding it every week) give us a call at (888) 905-0333 or ask in the comments.
How Abrams Insurance Solutions Can Help
At Abrams Insurance Solutions, we work for our clients. With access to over 80 of the top-rated life insurance companies in the country, we can find life insurance for someone at any age.
Our friendly agents are always available to answer any questions. There is never any obligation to buy. If there is anything we can do to help, give us a call at (888) 905-0333.