As we live longer, life insurance is becoming a more important consideration. Many people are hoping to ensure that their families are taken care of when they're gone, and life insurance can play a critical role in that
But it's important to understand the specifics of term life insurance for those aged 65 and over, as the premiums and coverage may not be the same as for younger policyholders. In this article, we'll dive into what term life insurance looks like for those nearing retirement age, including how much they can expect to pay, any special considerations they should take into account, and how to find the best policy. Read on to learn more about term life insurance for 65-year-olds.
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20-Year Term Life Insurance Cost (Men; Age 65)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 65 | Men | No | 20 Years | $25,000 | Americo | $70 |
| 65 | Men | No | 20 Years | $50,000 | American Amicable | $108 |
| 65 | Men | No | 20 Years | $100,000 | American Amicable | $210 |
| 65 | Men | No | 20 Years | $250,000 | American Amicable | $510 |
This table outlines the monthly rates for 20-year term life insurance policies for male policyholders aged 65. The rates are from three different companies: Americo, American Amicable, and Universal American
These rates are based on the non-smoking policyholder and the coverage amounts range from $25,000 to $250,000. At age 65, the monthly rate for a $25,000 policy from Americo is $70.00. For the same coverage amount and policy length, the rate from both American Amicable and Universal American is $108.00 per month
When coverage increases to $50,000, the monthly rate for American Amicable and Universal American is still $108.00, but Americo's rate increases to $120.00. For policyholders looking for a $100,000 term life insurance policy, the monthly rate for American Amicable and Universal American is $210.00
20-Year Life Insurance Pricing (Male Tobacco; Age 65)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 65 | Men | Yes | 20 Years | $25,000 | Americo | $126 |
| 65 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $226 |
| 65 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $445 |
| 65 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $1,103 |
At age 65, a male smoker looking to purchase term life insurance can expect to pay a range of monthly premiums depending on the coverage amount and provider. For a policy of $25,000 with Americo, the monthly rate is $126
For a $50,000 policy with Prosperity Life, the monthly rate is $226; for a $100,000 policy, the rate is $445, and for a $250,000 policy, the rate is $1,103. It’s important to note that this data is for age 65, and the costs of insurance are influenced by a variety of factors, including age, gender, smoker status, term length and coverage amount. Additionally, different providers may charge different rates for the same qualities
For this reason, it’s important to compare quotes from various life insurance companies when searching for coverage.
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20-Year Term Premiums (Women; Age 65)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 65 | Women | No | 20 Years | $25,000 | Americo | $70 |
| 65 | Women | No | 20 Years | $50,000 | American Amicable | $66 |
| 65 | Women | No | 20 Years | $100,000 | American Amicable | $125 |
| 65 | Women | No | 20 Years | $250,000 | American Amicable | $301 |
This table illustrates how much a 65-year-old woman would pay for different amounts of term life insurance coverage over a twenty-year period, given each industry provider's rate. For example, through Americo, a 65-year-old woman can purchase a 20-year term life policy worth $25,000 and pay a monthly rate of $70
Through American Amicable, the same 65-year-old woman can purchase a 20-year term life policy worth $50,000 for a monthly rate of $66, or a $100,000 policy for a rate of $125, or a $250,000 policy for a rate of $301.
20-Year Term Monthly Premiums (Women Smokers; Age 65)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 65 | Women | Yes | 20 Years | $25,000 | Americo | $126 |
| 65 | Women | Yes | 20 Years | $50,000 | American Amicable | $157 |
| 65 | Women | Yes | 20 Years | $100,000 | American Amicable | $307 |
| 65 | Women | Yes | 20 Years | $250,000 | American Amicable | $751 |
At 65 years old, the cost of term life insurance for a woman smoker will vary significantly across coverage amounts and life insurance companies. According to the table provided, Americo provides $25,000 worth of term life insurance coverage for a monthly rate of $126, and American Amicable provides the same coverage for $157
If a woman smoker at 65 is looking for $50,000 in term life insurance, American Amicable provides coverage for a monthly rate of $307, whereas for $100,000 in coverage, the same company charges $751 per month. The cost of term life insurance therefore can be significant, and will vary based on the amount of coverage desired as well as the life insurance company chosen.
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