As you reach your retirement years, chances are you've been planning for a secure financial future. One important item you may be considering is term life insurance
But when life insurance companies use age to help determine quotes for customers, the thought of taking out a policy can become overwhelming. It can be difficult to predict what kind of rates you'll be offered and how much coverage you're eligible for. In this article, we'll aim to provide you with the knowledge necessary to help you decide if term life insurance is right for a 63-year-old and how much of a premium you can expect to pay.
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20-Year Term Life Insurance Cost (Men; Age 63)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 63 | Men | No | 20 Years | $25,000 | Americo | $64 |
| 63 | Men | No | 20 Years | $50,000 | American Amicable | $91 |
| 63 | Men | No | 20 Years | $100,000 | American Amicable | $176 |
| 63 | Men | No | 20 Years | $250,000 | American Amicable | $410 |
This table is a valuable resource for quickly measuring the cost of life insurance coverage for a 63-year-old man. As expected, the cost of life insurance increases as the amount of coverage increases
A 20-year term life insurance policy with $25,000 of coverage from Americo, for example, costs $64 a month. A policy with $50,000 of coverage from American Amicable costs $91 a month. A $100,000 coverage plan from American Amicable costs $176, and for those looking for more coverage, a $250,000 policy from American Amicable will cost $410 per month.
20-Year Life Insurance Pricing (Male Tobacco; Age 63)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 63 | Men | Yes | 20 Years | $25,000 | Americo | $112 |
| 63 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $200 |
| 63 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $394 |
| 63 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $973 |
The table above gives us a picture of what the monthly premiums may be for a twenty-year term life insurance policy for a 63-year-old male smoker. To begin, Americo offers a $25,000 policy that has a monthly rate of $112
Prosperity Life, on the other hand, offers different coverage amounts, such as $50,000 with a monthly rate of $200 or $100,000 with a monthly rate of $394, and a $250,000 policy with a monthly rate of $973.
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20-Year Term Premiums (Women; Age 63)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 63 | Women | No | 20 Years | $25,000 | Americo | $64 |
| 63 | Women | No | 20 Years | $50,000 | American Amicable | $56 |
| 63 | Women | No | 20 Years | $100,000 | American Amicable | $106 |
| 63 | Women | No | 20 Years | $250,000 | American Amicable | $246 |
This table shows the monthly premiums for a 20-year term policy for women of age 63. The three insurance companies featured are Americo, American Amicable, and Protective Life
The table looks at the coverage offered by each company, with Americo offering $25,000 in coverage, and American Amicable offering $50,000, $100,000, and $250,000 in coverage. For Americo, a 63-year-old woman would pay a monthly premium of $64 for the 20-year term. For the same coverage from American Amicable, the monthly rate decreases, with $56 for a $50,000 policy, $106 for a $100,000 policy, and $246 for a $250,000 policy
Therefore, the greater the amount of coverage, the higher the premium. For Protective Life, the rates were not listed in the table.
20-Year Term Monthly Premiums (Women Smokers; Age 63)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 63 | Women | Yes | 20 Years | $25,000 | Americo | $112 |
| 63 | Women | Yes | 20 Years | $50,000 | American Amicable | $136 |
| 63 | Women | Yes | 20 Years | $100,000 | American Amicable | $266 |
| 63 | Women | Yes | 20 Years | $250,000 | American Amicable | $631 |
This table shows the monthly premiums for 20-year term life insurance policies for an 63-year-old female who is a smoker. The companies listed are Amerco and American Amicable
For a $25,000 policy, the monthly rate is $112; for a $50,000 policy, it is $136; for a $100,000 policy, it is $266; and for a $250,000 policy, it is $631.
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