Life Insurance rates for people in their early 60s can be quite affordable. Some people think it’s too late to find affordable rates, but that certainly is not the case. This article will look specifically at guaranteed universal life insurance rates for 60 year olds. We will also address some concerns people face when considering life insurance options at age 60.
To check out instant rates for term insurance, including *all the term periods, AND Guaranteed Universal Life insurance, please use the quoting tool on this page.
*Carriers do not offer 30-year term products to people in their 60s. With a GUL, you have the option of “dialing-in” a guaranteed age of 90, 95 or longer. A GUL guaranteed to age 90 would essentially be a 30-year level term policy for a 60 year old. The sample quotes below show a guarantee age to 100 or a “40-year” level term policy.
If you are just exploring options and want more information on Guaranteed Universal Life (aka, Term for Life), then please read our review of this product here. Also, we cover the pros and cons of guaranteed universal life in an article here.
Underwriting Classifications Determine Rates
The rates in the tables below are for Standard Non-Tobacco and Preferred Non-Tobacco underwriting classifications. Typically, there are four non-tobacco classes and two tobacco classes. If you are in excellent health, then you could qualify for the “Preferred Best” rate. Those rates are lower than Preferred rates.
Furthermore, if you have any chronic health conditions, it would be best to consult with us first. Underwriting guidelines vary among carriers, so we want to make sure you receive the most accurate quotes possible.
For the most accurate and current rates, please use our quote engine. The sample rates are accurate, but rates fluctuate on a weekly (and sometimes daily) basis.
Affordable Guaranteed Universal Life Insurance Rates for 60 Year Olds
Male
- Preferred Non-tobacco (Second best rate class) and Standard Non-tobacco (average to good health).
- Guaranteed age: 100.
- Monthly rates rounded to nearest dollar.
| Male Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 60 year old – Preferred | $87 | $143 | $336 | $663 |
| 60 year old – Standard | $101 | $168 | $405 | $800 |
Female
- Preferred Non-tobacco (Second best rate class) AND Standard Non-tobacco (average to good health).
- Guaranteed age: 100.
- Monthly rates rounded to nearest dollar.
| Female Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| 60 year old – Preferred | $74 | $120 | $281 | $540 |
| 60 year old – Standard | $84 | $141 | $323 | $638 |
Term for Life ♦ Term to Age 100 ♦ Term that Doesn’t Expire
Guaranteed universal life insurance is often called other names, such as “term that doesn’t expire”, “Term for Life”, and “Term to 100”. GUL is built on the universal life “chassis” and is a permanent product. Because almost all permanent products have an investment (or cash value) component, people see the universal life name and think, “this product will be expensive due to the investment component.”
Guaranteed universal life insurance is a lot less expensive than Whole Life insurance. It is also very different from the other kinds of universal life products because it simply is not designed to build cash value. It is very similar to term life insurance, so that’s why people in our industry have “nicknamed” GUL as term insurance.
Caution: Term for Life and Term that Doesn’t Expire can be misnomers. Outliving a GUL policy is possible if a lower guaranteed age is selected. We recommend GULs guaranteed to age 100 (term to 100) or higher. Most carriers allow you to select a guarantee age between 90 and 121.
No-Lapse Universal Life – Another name for GUL
A couple of carriers have named their GUL products as “No-lapse universal life” to distinguish it from the other universal life products they offer. The “no-lapse” name underscores one of the main characteristics of this product: It will not lapse as long as the guaranteed level premiums are paid.
It’s Not Always Either/Or With Life Insurance
The Internet is full of interesting article debating the merits of term versus permanent life insurance. The problem is that usually they equate permanent insurance with cash value insurance. They fail to recognize that not all permanent insurance is designed to build cash value. You might be wrestling with the decision between term or guaranteed universal life insurance.
We don’t think it’s always an “either/or” situation – either term or GUL. Many times, a term policy or two will suffice. Other times, it could be best to have a portion of your coverage in term and the rest in permanent. For example, if the total need for life insurance at the age of 60 is $300,000, you might consider a 75%/25% split between a 10-year term and GUL. Everyone’s situation is different.
Consider Laddering Term with Guaranteed Universal Life
We actually wrote an article that speaks directly to the concept of laddering life insurance. This strategy allows people to “step down” their coverage as the need for life insurance diminishes. You can read about laddering life insurance here. The idea of going from a large amount of life insurance – $1 million for example – to nothing overnight, can be unsettling. The laddering strategy prevents this from happening and can be a smart and cost effective way to structure your life insurance policies.
What to Consider When Selecting A Guaranteed Universal Life Policy
Of course, shopping for the lowest rate is very important. We understand that and will help you find the lowest-cost policy based on your age, health, etc. However, rates are only one criterion. We also look at the following criteria:
- Company Financial Ratings
- Riders Offered
- Policy Provisions
Selecting a company with strong financial ratings should be a high priority. Companies with low financial ratings have a much higher probability of insolvency…and that’s something that nobody wants to deal with.
Almost all carriers offer riders. These are optional benefit offered at an extra cost. Some riders may be worthwhile; others are not. We can help you determine which riders provide good value and could make sense for you.
Some carriers offer very good policy provisions (built-in benefits) at no extra cost. A few companies offer a Chronic Illness Benefit and a Return of Premium Benefit. These provisions can certainly make a difference in which company you select.
Concluding Words …
We hope you found this article informative. We realize that a lot of information was shared, so if you have any questions, please don’t hesitate to call us for advice or customized quotes.
