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Term Life Insurance For A 75 Year Old-Are Premiums Still Affordable ?

by Brian M on December 12, 2012 · 0 comments

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Many people assume that term life insurance rates are unaffordable once you reach your mid-70’s.  Well, this may or may not be true, it’s going to depend on your health and budget.  From the life insurance company’s perspective, they are “betting” that you will live through the duration of the term.  You as the consumer are “betting” that you will not live though the duration of the term or by the time the policy expires, you will have different financial obligations that you do today.

Let’s take a look at the rates for a 75 Year Old Female seeking $100,000 of level term life insurance:

• $100,000 level term life insurance, on a 10 year term at the Super Preferred rating class =$110.57 month with Protective Life Insurance Company.

• $100,000 level term life insurance, on a 10 year term at the Preferred rating class =$128.25 month with Protective Life Insurance Company.

• $100,000 level term life insurance, on a 10 year term at the Standard Plus rating class =$172.46 month with Transamerica Life Insurance Company.

• $100,000 level term life insurance, on a 10 year term at the Standard rating class =$180.51 month with Protective Life Insurance Company.

 

Let’s take a look at the rates for a 75 Year Old Male seeking $100,000 of level term life insurance:

• $100,000 level term life insurance, on a 10 year term at the Super Preferred rating class =$157.83 month with Protective Life Insurance Company.

• $100,000 level term life insurance, on a 10 year term at the Preferred rating class =$188.80 month with Protective Life Insurance Company.

• $100,000 level term life insurance, on a 10 year term at the Standard Plus rating class =$248.67 month with MetLife.

• $100,000 level term life insurance, on a 10 year term at the Standard rating class =$270.29 month with Protective Life Insurance Company.

As you can see level term life insurance rates are very affordable, even for those at age 75.  Just make sure you compare rates and do not settle for the first company you shop with.  The truth is many insurance companies won’t offer term life insurance once you reach the age of 70, and for those that do the rates are often exorbitant.

Also, for my most of my clients over the age of 70, I like to look at the rates on what is called a No-Lapse Guarantee Universal Life Policy.  This policy is similar to a level term life policy in that the payments do not increase, however, unlike term the policy doesn’t expire.  It is more expensive the term life, however once you reach the age of seventy, it is a good idea to look at the rates to see if this policy will better fit your needs.  Also, you can go choose smaller amounts starting at; $25k, $50k, $75k, $100k on up.  The quoting engine currently doesn’t run permanent life insurance quotes.  If you would like a free permanent life insurance policy rate quote, just fill out the form information here and I will get back to you with the best rates!

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