As we age, the question of how much life insurance is needed becomes more pressing. Knowing exactly how much is needed to financially protect your loved ones can be complicated, depending on many factors
One of these factors is age. As an individual reaches their mid-60s, their life insurance premiums may start to look a bit different than that of someone much younger. In this article, we will address the specific question: how much is term life insurance for 67-year-olds? We will provide comprehensive guide to understanding how premiums are calculated, what costs to factor in and where to get the best deals
Let's get started.
20-Year Term Life Insurance Cost (Men; Age 67)
This table is an illustrative example of rates for a 20-year term life insurance policy for a 67-year-old male who does not smoke. The rates can vary significantly depending on the amount of coverage, with Americo providing coverage up to $250,000
For a $25,000 policy, the monthly rate is $86; for a policy of $50,000, the monthly rate increases to $164; and the cost of a $100,000 policy is $320. If the man wishes to purchase a $250,000 policy, the monthly rate is $788.
20-Year Term Premiums (Women; Age 67)
The table above indicates the monthly premiums of term life insurance for a woman aged 67. The cost of the policy depends on the amount of coverage, however we can see that the cost increases based on the amount of coverage purchased
For instance, an Americo policy for $25,000 costs $86/month, while a policy for $250,000 costs $788/month. Additionally, coverage is offered for terms of 20 years with no indication of smoker status being a factor for the premiums listed. These figures can help provide an estimate for a woman at the age of 67 looking to purchase life insurance and give insight into the different coverage options and costs at this time.