By the age of 65, it is likely that you have purchased life insurance. But in some cases, a lot of Americans haven’t. At this age you most likely need it but risk the prices being extremely high.
Many still have debts and mortgages to pay off, and some still have family dependent on them.
Luckily, you can still have many options for life insurance at the age of 65!
When you are retiring, the choice for life insurance isn’t as obvious as a married couple expecting a child.
At this age do you still need life insurance? If so how much?
To answer the first question, yes, you most likely do need life insurance.
To figure out how much is simple, it’s just adding some numbers together.
First what is the cost of funeral expenses? The most to look at is $10,000 but most don’t spend that much.
Now let’s look and see if you have any unpaid debts. Your family will need money to cover unpaid bills and debts.
You may also find yourself wanting to donate to one of your favorite causes. Life insurance is great way to give back to your favorite organizations.
Adding these together will help get an excellent idea of how much to spend on life insurance.
But keep in mind there are still many options.
The cost of a term policy at 65 may not be as high as you think…
A women aged 65, with good health and looking for 20 year term for $100,000
- Protective Life- $79 a month
- Prudential- $92 a month
- Genworth Financial- $81 a month
- Banner Life- $80 a month
- Transamerica– $83 a month
A man aged 65, wanting a 15 year policy for $250,000
- Banner Life- $149 a month
- Genworth- $149 a month
- North American– $145 a month
- Protective Life- $149 a month
- SBLI- $151 a month
Changing To Permanent Coverage
If you are age 65 or older, you may have thought of permanent life insurance. You never know what the future holds, could be many more amazing years!
With permanent life insurance your loved ones will be covered when you pass, this can help with costs left over from you or to help with their own personal costs. With the right permanent life insurance you can end up paying less than other kinds of plans, such as whole, if done properly!
We like to recommend Guaranteed No-Lapse Universal insurance, this policy will guarantee that you will be covered for the rest of your life. And it’s also cheaper too!
Examples of No-Lapse Rates
“Martin is 65 years old and he is looking for a $125,000 in coverage. He has excellent health and qualifies for Preferred Plus rates. He is now offered $221 and $260 monthly rates.”
“Betty is 65 year old woman, she has bills that need to be paid and wants $150,000 or more in coverage. She like Martin is in great health and doesn’t smoke. She too qualifies for Preferred Plus rates. She is then offered $217 and $271 rates per month.”
“Jenny is 66 and wants $100,000 in coverage. She is healthy but not in excellent health. She only qualifies for Preferred Rates instead. She is offered $149 and $189 a month.”
We have many ask us about AARP?
AARP is mainly for senior citizens who have significant health issues.
AARP offers term life insurance for the ones who qualify. These policies don’t require medical exams, which can be helpful for many. This sounds great but AARP does fall short in terms of term life insurance.
Here is why…
- You are only limited to $50,000 or $100,000.
- Rates go up every five years.
- Healthy people tend to pay more than with other policies.
AARP is popular however for their marketing. They send out so much promotions that it is heard everywhere. Doesn’t mean that it is the best for you though.
Affordable Life Insurance for You
At the age of 65 you are bound to pay more for life insurance rather than a younger individual. But there are ways to get cheaper insurance.
An experienced agent can help you find the lowest price and walk you through what best fits you and your family.
So remember to look out for better options!