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Term Life Insurance For Seniors

by Scott G on December 14, 2012 · 1 comment

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Best Term Life Insurance For Seniors 60 (Sixty) and Over

Life insurance is essential for young adults who need to protect their children, future income earrings and financial obligations such as the mortgage.  Although seniors are at a different stage of life, the need for life insurance can be just as great.   Not only do many seniors have those same concerns as young adults but now they begin to think more about paying for final expenses, estate protection and preserving their legacy.

Where do I begin when obtaining life insurance for a senior?

The first thing I recommend is to sit down and think about your needs and goals. Do you just need to protect you income or mortgage loan for the next 10, 15 or 20 years or do you have other needs?   What is your budget for life insurance? Keep in mind that a permanent policy is going to cost more than term policy.

Different types of life insurance for seniors

-Level term life insurance provides coverage at a fixed rate of payments for a specific period of time, typically 10, 15 or 20 year term.

-Guaranteed No-Lapse Universal Life (UL) is a form of permanent life insurance with an ability to build cash value.  The payments are fixed like term but the policy is permanent and guaranteed to pay out as long as you make the premium payments.

Let’s take a look at the sample rates for each.

Sample rates for a 60 year old female at the preferred rating class on a level term life insurance policy:

$100k 10 year level term $325.98 per year with Protective Life Insurance Company

$150k 10 year level term $459.00 per year with Savings Bank Life Insurance Company of MA

$200k 10 year level term $583.00 per year with ING ReliaStar Life Insurance Company

$250k 10 year level term $602.50 per year with Savings Bank Life Insurance Company of MA

Sample rates for a 70 year old female at the preferred rating class on a level term life insurance policy:

$100k 10 year level term $797.99 per year with Protective Life Insurance Company

$150k 10 year level term $1,171.99 per year with Protective Life Insurance Company

$200k 10 year level term $1,545.98 per year with Protective Life Insurance Company

$250k 10 year level term $1,557.34 per year with Protective Life Insurance Company

Sample rates for a 60 year old female at the preferred rating class on for a No-Lapse Universal Life Policy (UL) guaranteed level rate to age 121

$100k $1,413.35 per year with Protective Life Insurance Company

$150k $2,074.27 per year with American General Life Insurance Company

$200k $3,155..48 per year with American General Life Insurance Company

$250k $3,366.64 per year with American General Life Insurance Company

Sample rates for a 70 year old female at the preferred rating class on for a No-Lapse Universal Life Policy (UL) guaranteed level rate to age 121

$100k $2,612.60 per year with Banner Life Insurance Company

$150k $3,843.90 per year with Banner Life Insurance Company

$200k $5,5075.20 per year with Banner Life Insurance Company

$250k $5,753.20 per year with Protective Life Insurance Company

See what level term life insurance rates you qualify for.  Also, if you would like a free quote on a no-lapse universal life policy to age 121, just fill out the form below and I will get back to you a.s.a.p. with the best rates.

*Rates as of 12/14/2012 at the preferred rating class. The information in this post is for informational purposes only and is not a guarantee of rates and insurability.  Rates and eligibly are subject to the underwriting guidelines of the insurance companies and state in which you live.

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Gina March 10, 2013 at 9:02 pm

You don’t typically think of someone over the age of 60, or even 70, wanting to buy term life insurance but believe it or not, it’s more common than you think.Now you’re probably wondering what type of insurance carrier is going to approve someone for a term policy for x number of years. Believe it or not, there are a few but it does depend on your age, obviously, your health, obviously, and also the state that your reside in,This is just another prime example of working with an independent insurance agent that can explore multiple options to get you the best and cheapest term life coverage you deserve.

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