62-Year-Old Term Life Insurance Rates

It depends on how much coverage you want, the term length, and your health. A realistic benchmark at 62: about $127.70/mo for a healthy man or $87.25/mo for a healthy woman buys $400,000 of 10-year coverage at preferred (best) rates. Less coverage or a shorter term costs less; the tables on this page show every combination for your age.

At 62, a healthy non-smoking man pays about $154.58/mo for a $500,000 10-year term policy at the best (preferred) rates, or about $232.95/mo at standard rates. A 15-year term runs about $209.96/mo; a shorter term costs less. Smoking is the biggest swing — the same policy is about $658.26/mo at smoker rates. See the table on this page for every coverage and term at 62.

At 62, a $1,000,000 10-year term policy costs about $288.67/mo for a healthy non-smoking man and about $201.95/mo for a healthy non-smoking woman, at preferred rates. Carriers will issue $1M of term at 62 when your income supports it — underwriting at this age generally allows up to about 10× annual income, so roughly $100,000+ of annual income justifies it. A shorter term costs less, a longer term more.

A lot — often two to three times the non-smoking rate, though the gap narrows at older ages. At 62, $400,000 of 10-year coverage runs about $191.44/mo at a standard non-smoking rate versus about $565.01/mo at smoker rates — roughly 3.0× more. Carriers treat smoking as one of the single biggest rating factors, because the mortality difference is large.

For most people, yes — term life is the most affordable way to cover a time-bound need, such as a mortgage, a business loan, or income for the people who depend on you: at 62, about $127.70/mo for a healthy man or $87.25/mo for a healthy woman covers $400,000 on a 10-year term. You're buying coverage for a set period rather than forever, which fits a need that has an end date. If your need is lifelong — final expenses or estate planning — permanent insurance is the better fit.

Many things can disqualify you from life insurance, including drug use, lack of income, medical issues, multiple DUIs, and more. The diseases that can lead to an outright decline are the ones with high near-term mortality: active or recently-treated cancer, advanced heart disease (a recent heart attack, moderate-to-severe cardiomyopathy, or coronary artery disease with complications), a recent stroke or any stroke under age 50, cirrhosis, COPD that requires oxygen, kidney failure on dialysis, HIV, an organ transplant, diabetes with significant complications, and dementia. Most chronic conditions that are diagnosed and managed — type 2 diabetes, high blood pressure, asthma, a past cancer in remission, hepatitis C, thyroid conditions — do not disqualify you; carriers underwrite them every day.

Yes — and it may not even raise your rate. Underwriters care whether your blood pressure is controlled, not whether you take medication to control it. Treated, well-controlled blood pressure is one of the situations carriers specifically allow into their best rate classes: as a rule of thumb, average readings under about 135/85 can reach preferred rates.

Yes, if it's extremely high or uncontrolled. Controlled high blood pressure — even if it takes one or more medications — is one of the conditions carriers actively welcome, often at preferred rates. Underwriters look at your average readings over the past two years; well-managed numbers (broadly, under the mid-150s/90s) are accepted, and under 140/90 can still earn preferred pricing. A denial for blood pressure alone happens when readings are high and not under control, which signals untreated cardiovascular risk.

Usually not too much — as long as it's treated and you're using your CPAP or other treatment. Mild to moderate sleep apnea that's managed (for example with a CPAP) and shows good compliance can still qualify for a carrier's better rate classes, sometimes even preferred. Sleep apnea only becomes a problem when it's severe AND untreated, which can lead to a decline. So the single most useful thing you can do for your rate is be on treatment and use it consistently.

Rarely. Type 2 diabetes is one of the conditions carriers are most experienced at insuring. A decline generally happens only when diabetes comes with significant complications (kidney, eye, or nerve damage, or related heart disease) or when blood sugar is very poorly controlled. Well-controlled diabetes — especially adult-onset — can qualify for standard or even better-than-standard rates. So the diagnosis itself doesn't deny you; uncontrolled diabetes with complications does.

Usually not. Carriers use a height-and-weight ('build') chart, and the allowances are more generous than people expect — someone 5'10", for instance, can weigh into the 260s and still qualify for a standard rate, and into the 280s and still be insurable. Higher weights don't trigger an automatic decline; they move you to a 'rated' class that's individually priced. Build is also a spot where carriers grant a one-inch height credit to nudge you into a better class. So weight affects your rate far more often than whether you can get covered at all.

Yes. Multiple carriers offer term life policies to 62-year-olds, though the available term lengths are shorter and premiums are substantially higher than at younger ages. 10- and 15-year terms are the most commonly available. 20-year terms may be offered by some carriers. Coverage amounts up to $1 million or more are still possible with full medical underwriting and good health.

Most carriers offer 10-year and 15-year terms through age 65. Some offer 20-year terms up to age 60 or 65. Terms of 25 or 30 years are rarely available past 60. The tables above show which term lengths have pricing for your age—if a cell shows “N/A,” it means carriers in our dataset didn’t offer that combination.

Final expense (or burial) insurance is a different product—it’s typically a small permanent policy ($5,000–$25,000) designed to cover funeral costs and minor debts, with simplified underwriting and no medical exam. It’s useful if you can’t qualify for term life or only need a small amount. But if you’re in reasonable health and need $100,000 or more in coverage, term life is still more cost-effective per dollar of protection.

Three things matter most: health class, coverage amount, and term length. To qualify for the best rates, make sure any chronic conditions are well-controlled, maintain a healthy weight, and avoid tobacco. Choose only the coverage amount you actually need—over-insuring raises your premium unnecessarily. Pick the shortest term that covers your obligations. And compare across carriers—rate differences between companies can be significant at this age, which is exactly what these tables are designed to help with.