How to get term life insurance after your policy expires

  @Money February 10, 2014: 4:06 PM ET
term life

There are ways to find reasonably priced term life insurance after the age of 60.

NEW YORK (Money Magazine)

Can you stay insured if your term life policy ends at age 60? -- Joseph Laudadio, Lower Gwynedd, Pa.

Just get ready to pay up. A new term life policy is likely to cost you five to seven times more than it would a 40-year-old, says Scott Witt, a national insurance adviser and actuary.

Yet even if your health isn't perfect -- you have elevated cholesterol, say -- you should have good options.

You can get by with a shorter term and lower coverage than you could have 20 years ago, since your mortgage is probably smaller and your children are closer to independence.

A useful tool for gauging your insurability is the health analyzer at Term4Sale.com, where you can also get quotes.

Related: Annuity payments - income for life

Should you have a major ailment such as diabetes, an insurance broker may be able to find you a willing underwriter.

Is your health very bad? You're probably out of luck: Quotes, if you can get any, will be astronomical. To top of page

Send your questions to Ask the Expert.


Annual premiums for a 60-year old
A 20-year $500,000 term policy, about $750 a year if you're 40, is pricier if you're 60. But you can still trim costs.
Coverage: $500,000 Coverage: $250,000
20 year $4,800 N/A
10 year $2,550 $1,375
NOTE: Prices of annual premiums are for a nonsmoking male of average health. SOURCE: Scott Witt
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