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Compare life insurance for 62-year-olds

Rates and term options are limited once you reach your next birthday.

At 62, you’re still eligible for life insurance, but you’ll want to apply sooner rather than later — especially since you’re edging towards the cut-off for most term life policies. You might also run into limitations if you have a health condition, though you’re probably in a good position to pay the higher premiums for seniors at this stage of your working life.

What’s the best life insurance policy for 62-year-olds?

We recommend: Term life insurance

Most 62-year-olds choose a term life policy. It’s the cheapest option, and it offers protection for your family for a set period. For seniors, 10 or 15 years usually suffices. But if you’re looking for a 25-year policy, you have a short window to sign up; the cut-off for most insurers is 63.

To leave a sizable legacy or use life insurance for estate planning purposes, you can explore a permanent policy. These policies are more expensive, but they offer lifelong protection.

Our top pick: New York Life

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Finder Rating: 4.5 / 5


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$100,000 – $25,000,000
Coverage range
18 – 90 years
Issue age
Any term length between 10 years and 20 years
Term lengths
New York Life's product lineup caters to seniors in a few ways. The insurer sells term life policies in terms between five and 20 years, with the option to convert to a permanent policy before a specific deadline. It also has a long list of riders to choose from, and doesn't disclose its maximum coverage limits — making it a good choice for those who need larger policies. If you have a preexisting health condition, New York Life has a guaranteed universal life policy that doesn't require a medical exam.
Coverage range $100,000 – $25,000,000
Term lengths Any term length between 10 years and 20 years
Issue age 18 – 90 years
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How much does life insurance cost for 62-year-olds?

Life insurance is tailored to the individual. While age is a major consideration across the board, insurers put more of an emphasis on health conditions, family history, occupation and sometimes even hobbies. This means the rates between men and women of the same age can vary.

For a 62-year-old man in perfect health, our research suggests the average cost of $500,000 of coverage in a 20-year policy is around $291.94 a month. Meanwhile, for a woman, the same coverage costs $208.90 a month on average. If you are a smoker, expect to pay three, even four times as much.

AgeM/W$250,000 policy$500,000 policy$1,000,000 policy
Rates are provided by Quotacy based on 20 year term policy, and valid as of April 2021 in all states except Montana.
To get a better idea of how costs differ per age, compare senior rates with those of different age groups or compare to life insurance for 63 year olds.

What’s the cheapest life insurance for 62-year-olds?

After assessing rates from 12 major carriers, we found Protective charged the cheapest rates for a 62-year-old non-smoking man, with an estimated premium of at $264.74 a month. The most cost-effective option for a non-smoking 62-year-old woman is a policy with Legal & General America with estimated monthly premiums at $179.80 a month. Keep in mind these premiums are based on individuals in perfect health. If you smoke, that rate might climb to $1399.10 for a man with Protective and $626.02 for a woman with Legal & General America.
Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

Need help? Talk to a customer specialist


Estimated monthly costs for a 62-year-old for a $500,000 term policy

Monthly costs of a 20-year, $500,000 term life policy for a 62-year-old in good health compared tao 62-year-old smoker rates.

Companyman, non smokerwoman, non smokerman, smokerwoman, smoker
AIG Life Ins (American General)$265.10$204.80$885.38$652.48
Banner Life (Legal & General America)$289.42$179.80$880.20$626.02
Cincinnati Life$289.08$213.84$1,023.00$744.48
John Hancock$277.56$218.61$1,491.61$846.26
Securian (Minnesota Life)$296.12$190.84$956.56$587.40
Pacific Life$264.77$181.72$939.67$728.45
United of Omaha$351.53$252.20$1,211.96$805.18
Rates are provided by Quotacy based on 20 year term policy, and valid as of April 2021 in all states except Montana.

Compare life insurance companies for 62-year-olds

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
18 - 85 years old
10, 15, 20, 25, 30 years
Depends on provider and policy
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
Everyday Life
20 - 75 years old
10, 15, 20, 25, 30, 35 and 40 years.
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
Haven Life
18 - 64 years old
10, 15, 20, or 30 years
No exams for some applicants
Fill out a quick online application and get approval in minutes with up to $3 million in coverage.
JRC Life Insurance
18 - 85 years old
10, 15, 20, 25, 30, 35, 40 years to lifetime/age 121
May be required
Compare policies up to $10 million from 45+ top insurance companies with the click of a button.
Nationwide life insurance
18 - 80 years old
10, 15, 20 and 30 years
Get term, whole, universal or no-exam life insurance with up to $1 million in coverage.
18 - 80 years old
10, 15, 20, 30 and 40 years
Depends on provider and policy
Score the lowest rate on life insurance by comparing no obligation quotes from 14+ companies online. No contact info, no spamming.

Compare up to 4 providers

How much life insurance do I need around age 62?

At age 62, you’re probably nearing retirement or enjoying the freedom that comes with it already. This puts you in a unique position compared to if you were buying life insurance just five or 10 years earlier.

When you’re calculating your life insurance needs, consider the following factors: outstanding debt, dependents and end-of-life expenses. For a more accurate picture of how much life insurance you need to take out, use our calculator.

What’s my risk of passing away at 62 years old?

You’ve made a lot of memories in your time, and you can expect to make many more. According to our life expectancy data, if you’re a typical, healthy 62-year-old man, your risk of dying within the next five years is 7.24%. For women, the number is a little lower at 4.48%.

To put this into context, let’s look at the average life expectancy in the US. A man who turns 65 can expect to live until 84.3, and a woman is likely to live to age 86.6. These are averages; around a quarter of 65-year-olds will hit their 90th birthday.

When underwriting policies, life insurance carriers take your age and health into account. As a healthy 62-year-old, you may still have a good chance of qualifying for coverage with most insurers, though you may want to sign up soon to lock in the best rate.

Odds of passing away for a 62-year-old

Within the next…ManWoman
5 years7.24%4.48%
10 years16.88%11.14%
20 years46.85%35.28%
30 years85.27%75.51%

Bottom line

A relatively healthy 62-year-old can qualify for coverage and preferred rates. While life insurance is more expensive at this age, you still have solid options. Many seniors opt for a 10-, 15- or 20-year term policy, which gives their families and businesses a sense of financial security in case something happens to them. Permanent policies are attractive for those interested in estate planning. They build cash value and allow you to access that money while you’re still alive.

Before settling on a policy, check out our comprehensive guide to life insurance and compare providers.

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