Average Cost Of Life Insurance For Men and Women 65 And Over
Even if you are a male or female age 65 or older, obtaining life insurance coverage is possible and can still be affordable. Depending on your health status and lifestyle, you may be able to get low cost rates on a term life or whole life insurance policy.
If you are sixty five years of age or over, your best choice is to go with a 10 year term or 15 year level term insurance policy.
As you can understand, obtaining a 30 year term policy at your age might not be possible, or you won't be able to afford the premiums.
Choose an amount for your life insurance policy:
Examples of Life Insurance Costs For Those Over Sixty Five
You may be wondering how much does a typical policy cost for a senior - here are some examples of average level term life insurance premiums for those over sixty five years of age. Some of the options have somewhat cheap pricing.
Shown: Monthly insurance premiums for a 10 year term policy for a non smoker woman in good health at different ages 65+.
| AGE | $25,000 | $50,000 | $100,000 | $200,000 | $300,000 | $500,000 | $1,000,000 |
| 65 year old female | $36.82 | $41.72 | $38.35 | $66.92 | $81.06 | $148.80 | $287.23 |
| 66 year old female | $39.95 | $43.46 | $43.57 | $73.55 | $87.59 | $162.46 | $315.23 |
| 67 year old female | $45.05 | $46.43 | $47.87 | $81.00 | $93.42 | $177.62 | $345.71 |
| 68 year old female | $49.20 | $50.03 | $53.42 | $87.53 | $100.37 | $194.67 | $378.85 |
| 69 yeas old female | $53.46 | $55.33 | $58.20 | $96.58 | $111.47 | $221.56 | $428.73 |
| 70 year old female | $57.53 | $60.20 | $68.01 | $107.62 | $128.68 | $247.00 | $480.52 |
| 71 year old female | $65.43 | $64.85 | $75.54 | $118.68 | $151.48 | $274.08 | $532.47 |
| 72 year old female | $73.32 | $68.72 | $85.55 | $132.64 | $175.00 | $306.90 | $597.25 |
| 73 year old female | $81.25 | $75.74 | $95.77 | $151.79 | $197.62 | $352.77 | $688.00 |
| 74 year old female | $89.22 | $84.10 | $108.05 | $170.55 | $ 224.46 | $398.25 | $778.94 |
| 75 year old female | $97.05 | $92.65 | $116.23 | $193.67 | $256.47 | $454.58 | $888.55 |
Example rates as off 05/12/2023 - your rates will most likely vary. This is just a rough guide. The underwriting company will decide your exact rates.
Over 65? Get Your Own Life Insurance Rates!
How To Get The Best Life Insurance Rates at 65 And Over?
There isn't an answer that fits all individuals, as rates can vary quiet a lot from senior to senior. But, there are tried and true things you can do to improve your chances of getting the best rates:
- The number one thing you can do is to compare rates from different insurance companies - luckily, this is very easy to do online. If you shop around, most likely, you'll still be able to find an affordable life insurance policy that will cover all your needs.
- Because not all situations are the same, sometimes it's best to work with a life insurance agent that works with several different insurance companies. Don't use an agent that is exclusive to one company.
- Review your policy every couple of years to ascertain if it still meets all your needs.
- Don't lie on your life insurance application. This can delay approval and even cost you more.
Over age 65? Get Your Own Life Insurance Rates!
Should I Look Into Funeral and Final Expense Insurance?
Final expense insurance is a good option if you need a life insurance policy that's easier to be approved for and is affordable.
This type of life insurance is also known as funeral insurance, because, like the name implies, it's designed to be used to pay for burial, cremation, and funeral costs.
The caveat is, that the death benefit is usually low - around $5,000 to $25,000 - and it may be just enough to cover these end-of-life expenses.
Still Working At Age 65 Plus?
As a 65 year old senior, you may still be working full time and leading a healthy life full of possibilities. If you are in good health, you should still expect many productive years ahead of you, working and saving money for your loved ones, since people are living much longer lives these days.
If you are a parent, life insurance can safeguard your loved ones from money issues in the event of your death. When you reach age sixty five and over, unfortunately, you start thinking about your own mortality and the real possibility you may not be around much longer. This is the time to think about your immediate family and their financial well being.
Typical life insurance rates for a 10-year term policy, for a senior man, non-tobacco user, in fairly good health:
| Age | $100,000 | $200,000 | $300,000 | $500,000 |
| 65 year old male | $63.53 | $123.52 | $142.24 | $234.75 |
| 66 year old male | $71.25 | $137.24 | $157.45 | $258.20 |
| 67 year old male | $82.38 | $155.35 | $172.78 | $283.55 |
| 68 year old male | $92.75 | $177.62 | $191.25 | $315.57 |
| 69 year old male | $104.63 | $203.56 | $215.85 | $356.35 |
| 70 year old male | $116.55 | $230.75 | $246.45 | $405.86 |
| 71 year old male | $136.85 | $262.85 | $278.37 | $462.95 |
| 72 year old male | $152.45 | $295.77 | $317.25 | $525.68 |
| 73 year old male | $172.13 | $337.25 | $363.70 | $604.55 |
| 74 year old male | $194.25 | $384.45 | $422.47 | $702.65 |
| 75 year old male | $220.32 | $434.20 | $495.15 | $821.46 |
Average prices as off 05/12/2023 for a senior male from 65 to 75 - your actual monthly premiums will most likely be different.
65 and over? Get Your Own Life Insurance Rates!
My customers often ask me questions like: "Can you buy life insurance after 65 years of age?"; "How much is whole life insurance for a 65 year old?" ;"Can I get life insurance over 65"; "Isn't sixty five and over too old to get life insurance?" - I tell them, NO, people nowadays can get a policy into their eighties. It all depends on your health and if you live a risky lifestyle - you smoke, drink too much, you are obese, have health issues, etc.
Ages quoted: 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75
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