As people enter middle age and beyond, life insurance is an important financial consideration that's often overlooked. While it's true that a 64-year-old has fewer years left to live than those decades younger, it doesn't mean that term life insurance isn't important for those in the later stages of life
In fact, many families rely on life insurance to cover final expenses and loved ones who are left behind. In this article, we'll explain why, even at 64 years old, buying term life insurance can be a wise decision and how you can determine what policy and coverage is best for your specific situation.
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20-Year Term Life Insurance Cost (Men; Age 64)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 64 | Men | No | 20 Years | $25,000 | Americo | $67 |
| 64 | Men | No | 20 Years | $50,000 | American Amicable | $99 |
| 64 | Men | No | 20 Years | $100,000 | American Amicable | $192 |
| 64 | Men | No | 20 Years | $250,000 | American Amicable | $459 |
At age 64, men can purchase a 20-year term life insurance policy with a variety of coverage amounts and prices. The table above highlights the coverage amount and respective prices offered by two of the leading life insurance companies, Americo and American Amicable
Starting out with coverage of $25,000, men aged 64 can purchase a 20-year term policy from Americo for a monthly rate of $67. If a $50,000 coverage amount is desired, then American Amicable will bill a rate of $99 per month. Doubling the coverage to $100,000 will result in a monthly rate of $192 for American Amicable
Finally, for the highest coverage of $250,000 with American Amicable, men aged 64 will be billed a monthly rate of $459.
20-Year Life Insurance Pricing (Male Tobacco; Age 64)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 64 | Men | Yes | 20 Years | $25,000 | Americo | $119 |
| 64 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $213 |
| 64 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $419 |
| 64 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $1,038 |
This table displays the monthly rates for life insurance based on age, gender, smoker status, term, and coverage amount. For a 64 year-old male tobacco smoker, insurance company Americo offers 20-year term life coverage of $25,000 for $119 per month
Meanwhile, Prosperity Life offers the same 20-year term life coverage for $50,000 for $213 per month, $100,000 for $419 per month and $250,000 for $1,038 per month.
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20-Year Term Premiums (Women; Age 64)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 64 | Women | No | 20 Years | $25,000 | Americo | $67 |
| 64 | Women | No | 20 Years | $50,000 | American Amicable | $61 |
| 64 | Women | No | 20 Years | $100,000 | American Amicable | $115 |
| 64 | Women | No | 20 Years | $250,000 | American Amicable | $273 |
The table above illustrates the cost of 20-Year Term Life Insurance for a 64-year-old woman who does not smoke from two companies; Americo and American Amicable. For a coverage of $25,000, Americo charges a monthly rate of $67
American Amicable offers term life insurance for $50,000 at a monthly rate of $61 and for $100,000 at a monthly rate of $115. For the highest coverage of $250,000, American Amicable charges a monthly rate of $273.
20-Year Term Monthly Premiums (Women Smokers; Age 64)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 64 | Women | Yes | 20 Years | $25,000 | Americo | $119 |
| 64 | Women | Yes | 20 Years | $50,000 | American Amicable | $146 |
| 64 | Women | Yes | 20 Years | $100,000 | American Amicable | $286 |
| 64 | Women | Yes | 20 Years | $250,000 | American Amicable | $690 |
The table above is a summary of premium rates for term life insurance policies for female smokers aged 64. These policies are for 20 year terms and coverage ranges from $25,000 to $250,000
The rate for a $25,000 policy from Americo is $119 per month, while the rate for a $50,000 policy from American Amicable is $146 per month. For $100,000 coverage, the rate with American Amicable is $286 per month, and for the highest coverage amount of $250,000 the rate is $690 with the same insurer.
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