Life insurance is an essential part of financial planning and should form a crucial component of any retirement strategy. In the past, many retirees have relied heavily on traditional life insurance products, such as term life insurance, which offer a variety of protections against unexpected economic and health issues
But how much is term life insurance for 61-year-olds? Let’s take a closer look at what affects term life insurance prices for this age group and how to get the best protection.
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20-Year Term Life Insurance Cost (Men; Age 61)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 61 | Men | No | 20 Years | $25,000 | Americo | $58 |
| 61 | Men | No | 20 Years | $50,000 | American Amicable | $77 |
| 61 | Men | No | 20 Years | $100,000 | American Amicable | $148 |
| 61 | Men | No | 20 Years | $250,000 | American Amicable | $342 |
The table shows the cost of 20-year term life insurance for a 61-year-old man with no smoking history. Coverage ranges from $25,000 to $250,000, with American Amicable and Americo offering the policies
For a man of this age, the lowest monthly rate is $58 for the $25,000 coverage from Americo. American Amicable charges $77 a month for the same coverage, but has plans up to $250,000 coverage which carries a $342 monthly premium.
20-Year Life Insurance Pricing (Male Tobacco; Age 61)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 61 | Men | Yes | 20 Years | $25,000 | Americo | $99 |
| 61 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $175 |
| 61 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $342 |
| 61 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $844 |
For a 61-year-old male tobacco user seeking a 20-year term life insurance policy, rates can significantly vary by company. With Americo, for example, a 61-year-old male smoker would pay an average monthly rate of $99 for a term life insurance policy of $25,000
For the same age, gender and smoking status, Prosperity Life offers an average of $175 a month for a term life insurance policy of $50,000. As the coverage amount increases, so too does the cost. A policy of $100,000 through Prosperity Life, for example, averages $342 monthly, while a policy of $250,000 averages $844 monthly.
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20-Year Term Premiums (Women; Age 61)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 61 | Women | No | 20 Years | $25,000 | Americo | $58 |
| 61 | Women | No | 20 Years | $50,000 | American Amicable | $48 |
| 61 | Women | No | 20 Years | $100,000 | American Amicable | $90 |
| 61 | Women | No | 20 Years | $250,000 | American Amicable | $205 |
The table above demonstrates the expected costs of a 20-year term life insurance policy for a 61-year-old woman who does not smoke. In total, three life insurance companies were included in the table: Americo, American Amicable, and American Amicable. For the Americo company, the monthly rate for $25,000 of coverage is $58, for $50,000 of coverage is $48, for $100,000 of coverage is $90, and for $250,000 of coverage is $205. For the American Amicable company, the monthly rate for $50,000 of coverage is $48, for $100,000 of coverage is $90, and for $250,000 of coverage is $205.
20-Year Term Monthly Premiums (Women Smokers; Age 61)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 61 | Women | Yes | 20 Years | $25,000 | Americo | $99 |
| 61 | Women | Yes | 20 Years | $50,000 | American Amicable | $118 |
| 61 | Women | Yes | 20 Years | $100,000 | American Amicable | $230 |
| 61 | Women | Yes | 20 Years | $250,000 | American Amicable | $538 |
This table shows the monthly premiums for a 20-year-term life insurance policy for a 61-year-old woman who is a smoker. The policies range from $25,000 to $250,000 in coverage and are from two companies, Americo and American Amicable
For a $25,000 coverage through Americo, the monthly premium is $99. For a $50,000 coverage through American Amicable, the monthly rate is $118. For $100,000 coverage through American Amicable, the monthly rate is $230
And for $250,000 coverage through American Amicable, the monthly rate is $538.
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