A 65 year old man can expect to pay, on average, around $65 per month for a 10-year term life insurance policy with a death benefit of $100,000. On the other hand, a 65 year old woman would pay around $40 per month for the same policy. Get your own rates here.
Even if you are a male or female age 65 or older, obtaining life insurance coverage is possible and can still be affordable.
Depending on your health status and lifestyle, you may be able to get low cost rates on a term life or whole life insurance policy.
Over 65? Get Your Own Life Insurance Rates!
If you are sixty five years of age or over, your best choice is to go with a 10 year term or 15 year level term insurance policy.
As you can understand, obtaining a 30 year term policy at your age might not be possible, or you won't be able to afford the premiums.
If premiums are too expensive, one option you have, is to go with a final expense life insurance policy. These are affordable and easy to get, althought, don't have a high death benefit.
You may be wondering how much does a typical policy cost for a senior - here are some examples of average level term life insurance premiums for those over sixty five years of age. Some of the options have somewhat cheap pricing.
Shown: Monthly insurance premiums for a 10 year term policy for a non smoker woman in good health at different ages 65+.
AGE | $25,000 | $50,000 | $100,000 | $200,000 | $300,000 | $500,000 | $1,000,000 |
65 year old female | $36.72 | $41.82 | $38.25 | $66.82 | $81.46 | $148.70 | $287.53 |
66 year old female | $39.95 | $43.46 | $43.57 | $73.55 | $87.49 | $162.46 | $315.73 |
67 year old female | $45.05 | $46.43 | $47.87 | $81.10 | $93.42 | $177.62 | $345.21 |
68 year old female | $49.25 | $50.13 | $53.62 | $87.53 | $100.37 | $194.67 | $378.55 |
69 yeas old female | $53.46 | $55.33 | $58.23 | $96.98 | $111.47 | $221.66 | $428.23 |
70 year old female | $57.53 | $60.20 | $68.01 | $107.62 | $128.58 | $247.00 | $480.52 |
71 year old female | $65.43 | $64.85 | $75.54 | $118.98 | $151.48 | $274.18 | $532.47 |
72 year old female | $73.32 | $68.72 | $85.55 | $132.64 | $175.20 | $306.90 | $597.35 |
73 year old female | $81.25 | $75.74 | $95.37 | $151.79 | $197.62 | $352.57 | $688.10 |
74 year old female | $89.22 | $84.10 | $108.05 | $170.45 | $ 224.46 | $398.65 | $778.74 |
75 year old female | $97.15 | $92.65 | $116.23 | $193.67 | $256.47 | $454.48 | $888.75 |
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Example Quote: A 70 year old woman, non-smoker, in good health, and with no bad medical history could pay around $75 per month for a 10-year term life insurance policy in the amount of $100,000. For comparison, a 75 year old woman with the same circumstances could pay around $116 per month for the same policy.
There isn't an answer that fits all individuals, as rates can vary quiet a lot from senior to senior. But, there are tried and true things you can do to improve your chances of getting the best rates:
Over age 65? Get Your Own Life Insurance Rates!
Final expense insurance is a good option if you need a life insurance policy that's easier to be approved for and is affordable.
This type of life insurance is also known as funeral insurance, because, like the name implies, it's designed to be used to pay for burial, cremation, and funeral costs.
The caveat is, that the death benefit is usually low - around $5,000 to $25,000 - and it may be just enough to cover these end-of-life expenses.
Get a quote on final expense insurance!
As a 65 year old senior, you may still be working full time and leading a healthy life full of possibilities. If you are in good health, you should still expect many productive years ahead of you, working and saving money for your loved ones, since people are living much longer lives these days.
If you are a parent, life insurance can safeguard your loved ones from money issues in the event of your death. When you reach age sixty five and over, unfortunately, you start thinking about your own mortality and the real possibility you may not be around much longer. This is the time to think about your immediate family and their financial well being.
Typical life insurance rates for a 10-year term policy, for a senior man, non-tobacco user, in fairly good health:
Age | $100,000 | $200,000 | $300,000 | $500,000 |
65 year old male | $63.53 | $123.52 | $142.24 | $234.75 |
66 year old male | $71.25 | $137.24 | $157.45 | $258.20 |
67 year old male | $82.38 | $155.35 | $172.78 | $283.55 |
68 year old male | $92.75 | $177.62 | $191.25 | $315.57 |
69 year old male | $104.63 | $203.56 | $215.85 | $356.35 |
70 year old male | $116.55 | $230.75 | $246.45 | $405.86 |
71 year old male | $136.85 | $262.85 | $278.37 | $462.95 |
72 year old male | $152.45 | $295.77 | $317.25 | $525.68 |
73 year old male | $172.13 | $337.25 | $363.70 | $604.55 |
74 year old male | $194.25 | $384.45 | $422.47 | $702.65 |
75 year old male | $220.32 | $434.20 | $495.15 | $821.46 |
Over 65? Get Your Own Life Insurance Rates!
Example Quote: A 70 year old man, healthy, non tobacco user, and not a heavy drinker, could pay around $116 per month for a 10-year term life insurance policy in the amount of $100,000. In comparison, a 75 year old man with the same circumstances could pay around $220 monthly for the same life insurance coverage.
My customers often ask me questions like: "Can you buy life insurance after 65 years of age?"; "How much is whole life insurance for a 65 year old?" ;"Can I get life insurance over 65"; "Isn't sixty five and over too old to get life insurance?" - I tell them, NO, people nowadays can get a policy into their eighties. It all depends on your health and if you live a risky lifestyle - you smoke, drink too much, you are obese, have health issues, etc.
Ages quoted: 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75
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