After the age of 65, you might expect it to be impossible to find a term life insurance policy. The truth is that there are many companies who will offer decent insurance coverage for an increased premium.
Purchasing your life insurance while you are young is often the most affordable path to take. However, term life insurance policies always last for a certain length of time - called the policy term.
If you purchased a twenty-year policy when you turned 30, you will need new coverage when you turn 50. The same is true if you purchased a 30-year policy when you turned 35. You are now 65 and need coverage. This coverage will offer new rates, and often they are high!
A man who is aged 65, weighs 180 pounds and stands 5’ 11” tall will find many insurance companies willing to offer him up to a fifteen-year policy. A search of willing insurance companies includes Genworth, West Coast Life, AIG, Transamerican, and RBC Insurance.
A $200,000 fifteen-year policy will cost between $200 and $280 per month. Dropping the term to ten-years drops the quotes to between $146 and $200 per month.
A 67-year-old woman who is 5’ 10” tall and weighs 160 pounds will find fifteen-year policies for between $130 and $155 per month. If she drops the term to ten-years, the policy premiums drop to $77 to $107 per month. These rates assume there is a clean family history and that health is good.
Again, it is less expensive to sign up earlier, however. Purchasing a $250,000 ten-year policy at the age of 50 drops the premium to $21 to $30 per month. If you can buy your term life insurance earlier, do so!
There are ways to save. While there are companies like Globe Life who will offer you insurance without a medical exam, it is far less expensive to have the brief medical exam completed.
For life insurance medical exams, a registered nurse comes to your home and takes a few measurements and readings. Expect them to request a urine sample, blood sample, weight reading, height reading, and blood pressure reading.
They will next ask you a few questions regarding your family’s health history. This visit is simple and takes less than twenty minutes.
If you missed your chance, do not give up hope. A number of outstanding companies definitely understand your predicament. They will work hard to find you affordable insurance that meets your financial needs!
Examples rates for a woman, non-smoker, in good health:
|Woman 65 years of age||$38.05||$66.72||$81.16||$148.85||$287.20|
|Female 66 years of age||$42.29||$73.23||$87.69||$162.34||$315.10|
|Woman 67 years of age||$47.72||$80.35||$93.92||$177.65||$345.67|
|Female 68 years of age||$53.25||$87.73||$100.49||$194.35||$379.45|
|Woman 69 years of age||$58.50||$97.10||$111.45||$221.20||$429.35|
Rates as of 1/15/17 - your average rates will most likely be different. This is only meant as a rough guide.