We are living in such an unexpected world where nothing goes as planned. And as time passes, the risk of unwanted things happening increases because our lifestyle and health become polluted. Taking a term life insurance for seniors over 65 is not only possible, but necessary. At this stage, the financial security of families is the most important thing that matters.
However, many things are used as a financial security like pension, retirement benefits, and other employee-sponsored plans, but term life policies are not for your living from which you can withdraw money, but it is for your spouse and family to manage such situations like debts, financial crises, strong economic back, etc. Let’s discuss this concern.
Why Seniors Over 65 Should Consider Term Life Insurance?
Many people think that after a certain age or at an older age, life insurance policies are expensive; that’s not completely true. Term life insurance for seniors over 65 is expensive than for younger applicants, but it is still not too expensive; it can be purchased to get an affordable deal.
Also, there are many features that a term life insurance plan encloses. According to the National Center for Health Statistics, the average life span of a human being is 77.5 years in the USA. Understanding the basics and aligned information is a vital part of getting the best-fit term life insurance policy.
Some important points might be beneficial :-
- Cover final costs like funeral costs, burial costs. This will help you family to not get burdened with such unexpected expenses.
- Pay off remaining debts, mortgages, loans, and credits so that you can only live a legacy not some financial crises to your family.
- If you die in the term period and do not have a decent amount of saving then a term life insurance can help in making a legacy to give to your loved one’s.
- A good amount of coverage is given to the beneficiary.
Can Seniors Over 65 Qualify for Term Life Insurance?
Seniors over 65 years can easily get a term life with affordable prices and after-life benefit coverage. Early actions can leverage good results, but the chances become narrower as age increases. Also, your eligibility as an ideal applicant depends on current age, health status, Lifestyle (smoking, drinking, etc.), desired coverage amount, and term length.
Qualifying for a term life insurance policy does not depend on your age, but many factors affect the eligibility of an applicant. Some policies offer the no-medical-exam option for starting coverage option which can be a great match to get a good insurance policy. Getting a insurance in a affordable pricing range affected by many factors, like health, coverage amount, term length, etc.
Cost of Term Life Insurance For Seniors Over 65
The cost of the monthly premiums depends on the coverage amount and term length, sometimes also on the riders used.
It is also true that the coverage amounts become limited as the age increases. The estimated cost per month is mentioned :-
| Age | Term Length | Coverage | Monthly Premium (Approx.) | |
| 65 | 10 years | $100,000 | $180 – $230 | Click Here |
| 70 | 10 years | $100,000 | $350 – $450 | Click Here |
| 75 | 10 years | $50,000 | $450 – $550 | Click Here |
These monthly data are an estimation based on various sources and can be incorrect, so consult a reputable insurance company before taking any action.
Need coverage beyond 65? Explore your best options with our guide to Term life insurance for seniors over 75.
Factors Affecting Term Life Insurance Cost For Seniors Over 65
There are some factors which affect the cost of term life insurance for seniors over 65 :-
- Age: With the increasing age, the premiums rise significantly. Generally, men tend to have low life expectancy than women, so the premiums cost more.
- Medical History: If the applicant has some difficult medical history like diabetes, heart disease, or cancer, it increases insurance costs. Insurers also check your prescription and family medical history.
- Lifestyle: Pursuing bad lifestyle may increase the amount of monthly premiums.
- Coverage amount and term length: Based on the coverage amount and the term length you choose, the insurer calculates premiums using a pre-defined formula.
- Insurance Provider: Different insurance providers follow different criteria to calculate the cost of the insurance policy.
Some Best Term Life insurance For Seniors Over 65
- Mutual of Omaha
- AIG
- Transamerica
- Banner Life
- Mass Mutual
- Guardian Life
- New York Life
Choosing The Right Term Life Insurance For Senions Over 65
- Determine Your Coverage Needs : Understand your needs, like for what reason or aim you’re purchasing a term life insurance policy.
- Choose A Term Length : Select the required term length to reduce the monthly premiums.
- Compare Quotes : Consult with independent brokers and compare multiple policy plans to get the best insight.
- Medical or No-Medical Exam : Policy with the medical exam in the underwriting process offers low premiums as compared to the one with no medical exam. So, if you have good health, then go for the medical-exam policy.
Conclusion :-
Term life insurance is one of the best insurance policies that offers many benefits with affordable monthly premiums. Also, term life insurance for seniors over 65 becomes crucial to safeguard your family’s financial stability when you pass. Debts, loans, mortgages, legacy building, and even funeral costs, all can be included in insurance policy benefits.
It is true that the premiums are higher as compared to younger applicants, but at this point, securing the future is the most important thing that matters. With multiple companies to choose the best fit term policy to live your life with confidence and peace.
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Frequently Asked Questions
How much is term life insurance for a 65 year old?
It depends on various factors like coverage amount, term length, age, etc. Generally, from $170, the monthly premiums start at the age of 65.
Who has the best term life insurance for seniors?
Many insurance companies are available; based on your requirements and budget, you can choose one. Mutual of Omaha is considered one of the most advised companies.
Should seniors get whole life or term life insurance?
Term life insurance is the most suggested option because of its term-based nature; the cost of premiums decreases as compared to whole life insurance.
What happens to term life insurance at the end of the term?
At the term period, if the policyholder dies, then the beneficiary is entitled to the coverage amount, but in case the policyholder is still alive and the term period ends, then the policy will end. In term life insurance, no cash value is accumulated.
Is term life insurance worth it at age 65?
Term life insurance can be an ideal choice if you are over 60 or 65 years old. With a fixed term period, you can get the cheapest policy with low monthly premiums.
