Life Insurance for Baby Boomers

Life insurance for baby boomers is a terrific asset to have on your side. Life insurance can help replace lost income, pay off a mortgage, and pay for any incurred final expenses. While the conception is that life insurance for seniors is expensive, this is not necessarily true. Compare rates online to get the most affordable baby boomer quotes.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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The Rundown

  • Life insurance rates increase with age
  • Coverage can replace lost income and help your family in the event of your death
  • Baby boomers can find an affordable yet effective life insurance policy

Is life insurance for baby boomers worth it? Many seniors who think they are too old to start a life insurance policy can still get great coverage. There’s even life insurance for the terminally ill.

We will go over everything you will need to know to buy life insurance either for yourself or for the baby boomer in your family.

Prior to diving into life insurance for baby boomers, type your ZIP code into our free and helpful tool above. With it, you will find the most affordable life insurance quotes in your area.

Do I need life insurance as a baby boomer?

Some individuals genuinely do not need life insurance. People who have paid off their home, have no dependents, and have no significant other to assist financially typically don’t need life insurance. However, this does not apply to the majority.

If you have a loved one or dependents, a life insurance policy is a necessity. It helps cover final expenses when the time comes so your family isn’t left with a surplus of debt in conjunction with their grief.

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How much is life insurance?

While an older individual is right in assuming their rates will be higher than someone in their 30s, it’s not difficult to buy life insurance for baby boomers at an affordable price.

Let’s take a look at a table that shows 10-year term life insurance rates for baby boomers offered to men and women of various ages.

Average Monthly 10-Year Term Life Insurance Rates for Seniors based on Age, Gender, and Death Benefits
Age & GenderAverage Monthly Rates for $250,000 Death BenefitsAverage Monthly Rates for $500,000 Death BenefitsAverage Monthly Rates for $750,000 Death BenefitsAverage Monthly Rates for $1,000,000 Death BenefitsAverage Monthly Rates for $2,000,000 Death Benefits
60-Year-Old Female$56.86$102.37$149.34$189.50$373.49
60-Year-Old Male$76.12$138.64$204.05$255.08$504.64
70-Year-Old Female$172.38$295.61$440.76$556.17$1,089.38
70-Year-Old Male$242.02$444.63$664.29$846.83$1,676.36
80-Year-Old Female$722.74$1,375.68$2,061.10$2,573.20$5,086.77
80-Year-Old Male$927.86$1,776.11$2,661.75$3,455.01$6,901.88
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As you can see, life insurance quotes increase the older the insured gets.

Furthermore, gender plays a role. Life insurance quotes over 50 for men will leap by hundreds of dollars when they hit their 70s and 80s.

The same is true of life insurance quotes over 60 for women, but the leaps are lighter. In fact, across the board, men pay more than women for life insurance.

Which companies offer baby boomer quotes for life insurance?

When you’re comparing all of these life insurance companies, it’s good to start on a confident footing. Organizations like A.M. Best and the Better Business Bureau allow you to have confidence in your chosen insurer.

Life Insurance Companies with the Highest Ratings
CompaniesBetter Business Bureau (BBB)A.M. BestJ.D. Power
AIGA+A718
AXA EquitableA+A+752
Banner LifeA+A+N/A
BrighthouseA+A+N/A
Guardian LifeA+A++760
John HancockA+A+739
Lincoln FinancialA+A+744
Mass MutualA+A++780
MetlifeB-A+780
Mutual of OmahaA+A+766
NationwideA+A+806
Pacific LifeA+A+N/A
Principal FinancialA+A+774
ProtectiveA+A+742
PrudentialAA+770
SBLIA+A+N/A
TransamericaA+A+720
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As you can see, there are companies like Guardian Life and Mass Mutual that hold high marks not just from the BBB and A.M. Best, but J.D. Power as well.

Don’t let your search stop here. Type your ZIP code into our free and helpful tool below to compare quotes before you buy life insurance for baby boomers.

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