Quora Answer: Is Getting Cheap Life Insurance in Your 60’s Impossible?

The following is my answer to a Quora question: “Is getting cheap life insurance in your 60’s impossible?”

Once you have passed the median age of life expectancy wherever you are, insurance becomes progressively more expensive.  The only way to secure cheap insurance is to secure coverage as young as possible.  The premiums are calculated based on the age at inception less from life expectancy.  As such, the younger you are, the cheaper the regular premiums will be.

An alternative to securing adequate insurance relatively cheap is to get a group health plan.  Due to portfolio pricing of the premiums, the premiums are cheaper the greater number of younger people there are.  In some places, such as Singapore, you can register a company, and as long as you have a minimum of five persons, regardless of their relationship to you, you can buy a group health policy.  The company may even be dormant, and that is irrelevant to the insurer.  In Singapore, after the first policy year, pre-existing conditions are covered.  This is an added advantage.