It is no surprise that to get the best coverage and lowest premiums on life insurance, a policy must be purchased while you are still young. Life insurance cost low term.
The good news is that many insurance companies still offer very affordable rates, even if you are over 65 years of age.
According to New York Life, most term life insurance policies after the age of 60 are often renewed every five or ten years. Rarely will seniors find policies that last more than ten years.
Companies simply do not want to offer long-term rates to someone who statistically is less likely to live past 80.
Purchasing life insurance for seniors is still very possible, but you must expect higher costs and lower benefit amounts. Don't wait any longer and see what you can qualify for.
Insurance companies will guarantee that your life insurance benefits can not decrease to the age of 80. After this, the companies may look into lowering your benefit amount.
Savings bank life insurance
When shopping for life insurance, you should look into policies that can be accessed early. Some insurance policies allow people over a certain age to access a portion of the money in advance if their doctor says they are terminally ill.
The money can be used to pay medical bills or other expenses. Then after you've died, the money you accessed is deducted from the insurance amount. In addition, some insurers offer a policy that you do not have to pay your monthly premiums if you are admitted into a nursing home. For as long as you are in the nursing home, your life insurance premiums are waived. For someone suddenly faced with the expense of a nursing home, this can be a godsend.
Some life insurance policies do not require a medical exam. You are required to answer a few questions about your health and your family's health history, and that's it.
Rarely are applicants into these programs denied, and you gain the peace of mind that your family will not be stuck with exorbitant funeral costs when you die.
With the advent of the Internet, purchasing life insurance has become a whole lot easier - for example if your are shopping for coverage for your parents.
There are dozens of sites that will research the best rates for you and give you a long list of companies and their average rates based on your age, height, weight, gender and answers to a few medical questions. You can then call the companies or go to their Web sites and see if they have even lower rates available.
Using the Internet, you can find a rate and benefit that fits your needs without having to really break your budget. Remember that you do not need to commit to anything. Saying no is your right!
Many seniors are under the impression that a life insurance policy is no longer possible because of their age. The good news is, even if you are over 65, over 70, over 75, or even over 80, in some cases, it's still very possible to get a policy issued.
Of course it will be more difficult than if you were in your fifties. The main thing is, you have to be in good health, not have any bad habits like smoking or drinking too much, not be overweight, not having or had have serious health issues, etc.
Average costs of a 10 year term life insurance policy for a healthy female, non-smoker.
Types of life insurance
Rates as off 07/30/2018 - average monthy costs shown - your rates will most likely be different*
* rates will depend on your specific situation, the company quoting the rates, etc. These rates are merely a rough guide.