Replacing Your Employer-Sponsored Life Insurance: For  A 63 Years Old Woman.

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Years of Age

Expert Review Of The Best Life Insurance Options For  A 63 Year Old woman

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Reviewed by

Jim Tobin, CFP®

Why you can Have confidence in this review

At Workers Bequest Life Insurance, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

Most young adults don’t think about death – they’re young and often feel like they are going to live forever. They may not even consider a life insurance policy until they hit their late 30s and 40s. However, some people may not even consider, for whatever reason, a life insurance policy until they are in their 60s.

If you’re a 63-year-old woman looking to replace your Employer-Sponsored life insurance plan, you may have a few questions about the whole process, including the cost, the different types, etc. What are some of the most common questions a woman 63 years of age may have about life insurance?

Do I need life insurance at age 63?

Women often question the need for a life insurance policy, especially as they get older. That’s because people don’t want to add to their monthly debt, but you shouldn’t look at the cost of a life insurance policy as added debt.

Instead, look at a life insurance policy as a commitment to promises you have made to yourself and those you care about. What kinds of inferred guarantees do you make that you can satisfy with a life insurance policy?

  • Income replacement for your spouse
  • Debt pay-off (mortgage, credit card, medical, etc.)
  • Educational cost for your children and grandchildren
  • Funeral and burial costs

What kind of Life Insurance Policies are available at age 63?

Many women at age 63 wonder what type of life insurance policy they should get. There are four kinds to choose from, with pros and cons to consider before a decision is made. Keep in mind that the kind of life insurance policy you get will dictate the monthly premium cost.

Term Insurance – Of all four, this is the most affordable plan and offers protection for your loved ones until they reach retirement age and can draw Social Security. A term life insurance is good for a set period of time. This means when it expires, you’ll need to purchase another policy at the age you are. Also, the longer the term life insurance is set for, the higher the monthly cost.

Guaranteed Universal Life Insurance – This acts similarly to the term life insurance, and is designed to stay active until a person reaches 121. The difference between this and permanent life insurance policies is that they don’t increase in cash values. They cost more than term policies but are cheaper than whole life insurance.

Whole Life/Universal Life Insurance – This type of policy will build cash value, with the extra payment acting as an overpayment that is then saved. Since these are custom-designed policies, you must reach out to customer service departments to receive a quote.  

Burial Insurance – This is a final expense life insurance policy, which takes care of your burial and funeral expenses. Most life insurance companies have a burial policy of $30,000 or less but do not require a medical exam. Most insurers are lenient in the underwriting requirements for a burial insurance policy.

When comparing term policies against the others, you get the most protection at a great price. However, guaranteed life insurance and burial policies offer protection for longer and less money. Universal/Whole life insurance policies are more of a savings tool than a protection policy where the savings is seen in the monthly premium. 

Will My Health Qualify For A Policy At 63?

No matter what your current state of health is, you can get a life insurance policy. Of course, you may or may not get the kind of policy you want. Life insurance companies will underwrite guaranteed life and term life insurance policies based on your medical history, height and weight, prescription history and driving record.

It can take up to two months for a policy to be written and goes through strict guidelines.

If you choose a burial insurance policy, you can get a policy the same day, and the rules are relatively lenient. The cost of a burial insurance policy is typically based on a per-dollar benefit.

When it comes to a good life insurance policy, you should talk with a highly-knowledgeable independent agent such as Workers Bequest Life Insurance. Be sure you check out the underwriting assistant tool to see what your cost could be. You’ll be provided with information on what carriers are looking for from an application. 

What Will Life Insurance Cost A 63 Year Old Woman?

The monthly premium costs are going to differ based on the kind of life insurance you choose to buy. Below are a few samples of burial, GUL and term insurance policies. You can use the provided WBLI quote tool to find out what your potential costs could be for a policy.

Keep in mind that permanent policy rates are not provided, as they are customized based on personal needs.

Term Life Insurance Rates for 63 year old women

A term life insurance policy is based on 10, 15 and 20 years. There are no term rates offered for women 63 years of age at this time. (We have also included policies for Standard, Standard Plus and Preferred.)

Sample term life insurance rates for male age 63 Preferred Class with no tobacco use







10 Years






15 Years 






20 Years






Sample term life insurance rates for male age 63 Standard Class with No tobacco use







10 Years






15 Years 






20 Years






Sample Term life insurance rates for male age 63 Standard Plus Class with No tobacco use







10 Years






15 Years 






20 Years






Guaranteed Universal Life (GUL) Rates for 63 year old Woman

A GUL should be considered if you want a cheaper option to permanent cash life insurance policies. 

GUL Rates For 63 year old Male Preferred Risk, No Tobacco 

Guar. Age






Age 121












Age 90






Burial Insurance for a 63 year old woman

There are some critical differences between burial life and term/GUI policies, including:

  • Most final expense companies do not operate in all states
  • Burial policies can be written and go in effect the same day
  • The policy’s underwriting is not as strict as term/GUL policies
  • Benefit amounts range from $5,000 to $30,000

Term/GUL policies are rated as Preferred Plus, Preferred, Standard Plus and Standard. Burial policies, on the other hand, are listed as:

  • Level – Full benefits paid; no waiting period
  • Modified – Benefits are available after a certain period of time.
  • Guaranteed – Benefits limited to payment sum along with interest if death occurs within three years of policy purchase with full benefits available after three years.

What does burial insurance cost?

The cost of a burial insurance policy is usually based on the dollar per benefit for three reasons:

The policy never ends, which means the rate stays the same and the benefit stays the same.

  • No medical exam
  • Underwriting is more lenient

When you compare burial policies to term policies, they are more expensive, but that’s because they do not expire. 

Sample Burial life Insurance Rates for a 63 year old Woman

Policy Type
























How Do I Decide On a Life Insurance company?


Finding the best company for life insurance is going to be based on two things – policy preferences and your health. Carriers have a set of criteria they want people to fall into, and if your needs fit a particular carrier, then you’ll get the best policy possible.

For instance, a 63-year-old female looking for a 25-year term may not get one from Prudential. If you’re looking for a living benefits rider, then you may want to consider American National.

Each carrier weighs the health risks for potential applicants. For instance, Banner is a better option for life insurance for people with excellent health than Prudential would be. If you suffer from sleep apnea, it would be best to stick with Prudential.

The only way to get the best life insurance policy is to contact an independent agent with years of experience and works with multiple companies.


While your health problems may be a factor with final expenses, there is some leeway with the carriers. For instance, some carriers offer immediate coverage to people with COPD. Many of the burial life insurance companies operating are small, which means they do not provide services in all states. The only exception is Mutual of Omaha, which is offered in every state but New York and offers “Living Promise” burial insurance.

If you want the best possible term/GUL insurance, you need to work with an independent agent with contacts with over 50 different companies. 

Are the 63 year old male life insurance Rates accurate?

Quotes get weekly updates, and near precise. They are updated as soon as we recognize changes that need to be made… although we occasionally miss changes when they occur. An issue about accuracy is the health class applicants put in. Many people feel they are in better health than they really are, and find that the rates are higher than they were quoted.

For a "safe"  quote, be sure to go with the standard rate for your policy. You may find yourself at a better price by doing so.

Do I Need To Take An Exam?


The majority of life insurance carriers provide competitive rates without the need for a medical exam, especially if you’ve seen a doctor in the last two years. Some carriers may offer additional premium while others limit their coverage amounts without an exam. It’s best not to undergo a medical exam since it can lead to surprise health issues. A company will use your medical records, prescription history and other information to underwrite your policy, but it may take time.

Burial – This kind of insurance does not need a medical exam, only answers to questions asked on the application and history about your prescriptions.

Suicide Exclusion

Special Note: Most, if not all, companies have a suicide exclusion, regardless of the kind of policy you get. The length of the exclusion depends on where you live.

Why Use Workers Bequest Life Insurance?

You may have a lot of options to work with when it comes to agents, but not every opportunity is equal.

Carrier Direct – Of all options, this is not the one you want to go with. Most people think that it’ll save them money, but that’s not true. Your state’s DOI sets the rates, which means the terms of all companies are bound to be the same. If you’re just going with carriers, you miss out on the opportunities for other companies to get your business. You also forgo the experience of a knowledgeable agent.

Captive Agent – The above problem is applicable to a captive agent as well, except they have some flexibility when it comes to carriers other than just the employer. The difference here is that there is an incentive for the agent to sign you up with the employing carrier.

National Broker – This is a better option but still has restrictions on them. Larger brokers are independents and work with numerous carriers, but they limit the carrier number to have some power over negotiations. Besides the limit of carriers, they use call centers, so you may not speak to an experienced agent.

Independent Agents – A certified financial planner operates Workers Bequest Life Insurance, which has access to more than 50 rated "A" carriers and offers complete transparency. We will even share with you the policy pricing screen if you ask. We are in the market for the long-term, so if you ever need to make changes to your policy, we can help you at any time.

How do I apply?

To begin a life insurance policy quote, use the Workers Bequest Life Insurance  quote request tool on the homepage and hit submit. Someone will reach out to you to start the process as quickly as possible. 

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