Average Life Insurance Costs For Seniors
A 67 year old male senior can expect to pay around $80 per month ($960 per year) for a $100,000 life insurance policy for a term of 10 years. Because women pay less, a 100K 10-year policy for a female will cost, on average, $55 monthly ($660 per year). Get your own rates here.
Believe it or not, being of senior age is still a good time to shop for life insurance.
Sure, rates won't be as cheap as when you were 50, but it can still be affordable.
It's important to shop around and deal with insurance professionals specializing in dealing with seniors.
Getting a life insurance quote is easy. In some cases, simply answer a few easy questions, then you will get your instant quote.
Choose an amount for your life insurance policy:
Seniors and Elderly Persons Can Still Buy Life Insurance
It used to be that buying life insurance for an elderly person over 65 years of age was difficult, well... the times have changed - now getting a policy issued for seniors is fairly easy.
A few things seniors should consider:
- After your age, your health will be the determining factor for your qualification.
- Risk factors are also critical - do you smoke, drink heavily, are obese or overweight, have diabetes, have heart disease, sleep apnea, etc.
- Do you take part in dangerous activities, like sky diving, scuba diving, race car driving, etc. Probably not, but you never know - some elderly folks are very adventurous.
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Planning in Advance
Those who already purchase life insurance early in life - e.g. 40s and 50s - have an easier time obtaining a policy during their senior years, plus it will be a lot cheaper.
However, if you had a policy that expired, or coverage through an employer, and you choose not to maintain the policy after retirement, you will encounter some problems.
A life insurance policy won't be as affordable for someone purchasing insurance at the age of sixty-five (65) or older, as opposed to a younger person. For example, a male non-smoker in the state of Delaware, 5'11", 170 pounds will probably pay between $185.71 and $339.26 per month for $300,000 in coverage for a 15 year term life insurance policy.
Those premiums are a little high for an average senior citizen. Even, if the face value decreases to $100,000 the premium will vary from $67 to $122.93. These numbers are based on a non-smoker; those who are smokers are subject to pay a higher premium - usually 2 to 3 times more.
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Average monthly rates for a 10-year term policy, for a woman, non smoker, in good health:
| $25,000 | $30,000 | $40,000 | $50,000 | $100,000 | $200,000 | $300,000 | $500,000 | |
| 65 Year Old Female | $30.23 | $34.99 | $44.94 | $54.88 | $47.25 | $88.92 | $105 | $165.13 |
| 66 Year Old Female | $33.24 | $38.92 | $50.17 | $61.41 | $50.42 | $90.47 | $115.73 | $179.24 |
| 67 Year Old Female | $36.43 | $42.52 | $55.46 | $67.91 | $54.34 | $92.20 | $125.50 | $197.27 |
| 68 Year Old Female | $39.81 | $46.73 | $60.59 |
$74.44 | $59.76 | $99.55 | $137.78 | $219.96 |
| 69 Year Old Female | $43.07 | $50.66 | $65.82 | $80.98 | $67.59 | $102.67 | $145.55 | $242.24 |
| 70 Year Old Female | $51.33 | $60.61 | $79.20 | $97.58 | $79.67 | $107.39 | $155.78 | $285.56 |
| 71 Year Old Female | $59.69 | $70.60 | $92.41 | $114.22 | $89.44 | $172.45 | $210.96 | $328.57 |
| 72 Year Old Female | $67.99 | $80.76 | $105.69 | $130.82 | $101.46 | $132.55 | $212.50 | $306.65 |
| 73 Year Old Female | $76.31 | $90.63 | $119.00 | $147.46 | $114.09 | $221.79 | $273.10 | $450.10 |
| 74 Year Old Female | $84.61 | $100.50 | $132.38 | $164.05 | $126.55 | $250.33 | $311.94 | $512.85 |
| 75 Year Old Female | $98.87 | $117.74 | $155.26 | $192.78 | $143.82 | $279.99 | $357.57 | $590.85 |
Average senior female rates as off 10/27/2024 - your average monthly insurance costs will most likely vary.
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Average monthly premiums for a 10-year term policy, for a man, non-tobacco user, in good health:
| $100,000 | $200,000 | $300,000 | $500,000 | |
| 65 year old man | $63.55 | $123.62 | $142.44 | $234.75 |
| 66 year old man | $71.23 | $137.14 | $157.62 | $258.10 |
| 67 year old man | $82.38 | $155.15 | $172.88 | $283.50 |
| 68 year old man | $92.75 | $177.52 | $191.75 | $315.87 |
| 69 year old man | $104.78 | $203.76 | $215.90 | $356.15 |
| 70 year old man | $116.40 | $230.15 | $246.35 | $405.13 |
| 71 year old male | $136.75 | $262.25 | $278.33 | $462.25 |
| 72 year old male | $152.55 | $295.95 | $317.20 | $525.38 |
| 73 year old male | $172.00 | $337.25 | $363.76 | $604.25 |
| 74 year old male | $194.18 | $384.45 | $422.42 | $702.25 |
| 75 year old male | $220.32 | $434.20 | $495.10 | $821.40 |
Average senior male rates as off 10/27/2024 - your average monthly premiums will most likely be different.
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Buying Life Insurance Early in Life Can Save You Money
It is a good idea to buy or start looking for term life insurance protection early in life, preferably before reaching the age of forty (40), to avoid paying higher premiums when you become older. This is the time most insurance companies charge higher rates on policies. So, if you want a low cost policy, get your quotes early.
For seniors this poses a major financial hardship, especially if they live on a fixed income. Often, certain organizations can help with expenses, such as AARP (American Association for Retired Persons), which offers several discount insurance policies for their senior members.
The bottom line is, getting whole or term life insurance is a lot cheaper when you are younger and healthier.
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How Much Coverage Should a Senior Get?
As a senior, how much coverage you should get, depends on the reason you are getting life insurance coverage to begin with. Are you looking to just have your final expenses covered (funeral, cemetery, cremation, church, etc.), in this case a low amount like $10,000 to $25,000 may be enough.
If you are looking to leave your heirs some tax-free money to pay estate taxes, your debts, or to leave them in good financial position, then a larger amount may be needed - $100K, $200,000, half-million, 1 million, etc.
Only you can make this determination. If you are not sure, speak to your spouse, children, lawyer, or financial advisor.
What is The Best Life Insurance for Seniors?
Choosing the Correct Policy
The best option for seniors and the elderly with no coverage would be to buy a senior term life insurance policy. In general, most insurance companies don't provide level term coverage to seniors for more than 15 years, therefore wouldn't be worth considering whole life insurance or permanent life insurance.
Other insurance companies refuse to underwrite policies for anyone over the age of 65 unless it is a conversion policy; even so, some companies have concerns based on a person's age.
Those who have not reached retirement age should take all these facts into consideration, to avoid leaving their family with added expenses. Read your policy carefully and make sure you understand it well. Be certain that your family knows how to find the policy and what the coverage is.
If your parents (mom and dad) are elderly, it may be a good idea to obtain a life insurance policy on them to help with burial expenses and final expenses.
What If I Get Denied Life Insurance Coverage
Don't be discouraged if you've been turned down for life insurance coverage before, many insurance companies still write policies for people aged 60, 65, 70, 75, and even 80. So, just apply and see if you'll get approved for a policy.
What is a guaranteed issue life insurance policy?
You may hear this type of life insurance mentioned by friends and family and on TV ads all the time, what is it you may ask.
This type of policy is guaranteed to be issued regardless of your current or past health. You can't be declined coverage. The caveat is, that this type of life insurance offers a much lower death benefit and higher premium costs - it probably won't be cheap!
It's often used by seniors to cover final expenses like funeral costs, medical bills, pay debts, etc.
It's also referred to as "No Medical Life Insurance".
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