In today's fast-paced world, planning for the future and protecting loved ones is increasingly important. As life expectancy continues to increase, many people are looking for ways to help ensure their families are taken care of financially in the long run
One of the most popular methods of protecting a family’s financial security is to purchase term life insurance. It's important for individuals of all ages to understand the basics of term life insurance, especially those nearing retirement age. In this article, we'll explore how much term life insurance policies cost for 66-year-olds, and how you as a 66-year-old can find the right policy to fit your needs
Let's get started.
20-Year Term Life Insurance Cost (Men; Age 66)
The table above offers a glimpse into the cost of term life insurance for men aged 66 with no smoking history. Comparing the three separate levels of coverage -- $25,000, $50,000, and $100,000 -- the monthly rate increases along with the coverage
For a 20-year term, the rate for the $25,000 plan is $77, for the $50,000 plan is $147, for the $100,000 plan is $287, and for the $250,000 plan is $706. This indicates that, from a purely economic standpoint, larger coverage plans are more expensive than smaller coverage plans. The insurer listed is Americo.
20-Year Term Premiums (Women; Age 66)
The data in the table above addresses the cost of 20-year term life insurance premiums for women aged 66 who do not smoke. The company in this example is Americo, and the monthly premiums depend on the amount of coverage
For a $25,000 coverage amount, the monthly cost is $77. For $50,000 coverage, the monthly cost rises to $147, and for $100,000 coverage, the monthly cost is $287. The highest coverage amount in this table is $250,000, for which the monthly cost is $706.