When we reach our 70s, life insurance may not be at the front of our minds – but understanding how much term life insurance could cost us could be more important than we realize. After all, life insurance is all about providing financial security to our loved ones in the event of our death
In this article, we'll cover the basics of term life insurance, risks and considerations for those aged 70 and over, and what the potential cost of such a policy might be.
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20-Year Term Life Insurance Cost (Men; Age 70)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 70 | Men | No | 20 Years | $25,000 | Americo | $117 |
| 70 | Men | No | 20 Years | $50,000 | Americo | $226 |
| 70 | Men | No | 20 Years | $100,000 | Americo | $445 |
| 70 | Men | No | 20 Years | $250,000 | Americo | $1,100 |
The table shows the cost of 20-year term life insurance for a 70-year-old male who is not a smoker. The cost varies based on the amount of coverage
For example, for a $25,000 coverage, the cost is $117 per month. For $50,000 of coverage, the cost is $226 per month. For $100,000 of coverage, the cost is $445 per month
And for $250,000 of coverage, the cost is $1,100 per month.
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20-Year Term Premiums (Women; Age 70)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 70 | Women | No | 20 Years | $25,000 | Americo | $117 |
| 70 | Women | No | 20 Years | $50,000 | Americo | $226 |
| 70 | Women | No | 20 Years | $100,000 | Americo | $445 |
| 70 | Women | No | 20 Years | $250,000 | Americo | $1,100 |
The table above reveals the cost of term life insurance premiums for 70-year-old women. The specified term period is 20 years and the premiums are from a single company—Americo
The table shows that the premium for a $25,000 term life insurance policy is $117. When the coverage increases to $50,000, the monthly rate goes up to $226. If you’re looking for a $100,000 policy, the premium is $445, and for $250,000 coverage, the monthly rate is $1,100
Premium prices tend to increase with age, and this table is no exception.
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