The lowest premium on senior whole life is usually $15. But the cost for you is determined by how much death benefit you buy and your exact age, gender, smoker status, etc.
You can pull up free rate quotes for many of the lowest priced senior whole-life companies right here http://newburyfinancial.com/senior_burial_insurance
All these companies will lock your rate in for life with full guarantees. You can find cheaper premiums if you allow them to give you non-guaranteed rates. I do not recommend that.
Senior Life Insurance is generally referred to as "final expense insurance" or "burial insurance". These are smaller policies that do not require an exam and normally are Whole Life so that they stay in effect until the time of death. Some allow you to pay the premium all at once, or for a limited time, while others require that you pay the premium to age 100.
Some Senior Term Life is offered, and some Senior Whole Life policies do not guarantee that the premium stays level. With both, there is a risk of the policy becoming unaffordable before death occurs.
However, Seniors are not restricted to getting burial insurance policies. Persons of advanced age can get any amount of medically underwritten coverage for which they qualify financially and health-wise. Senior Life Insurance will not be as low priced as life insurance for younger persons, but by shopping with a number of carriers you can find the most affordable senior life insurance available.
Life Insurance for the elderly can be costly, but it really all depends on gender, age, smoking status and health condition. A nonsmoking preferred male 61 desiring to secure a 20 year term life insurance coverage will pay around $7,000 in annual premiums, it could 30% more if coverage was to age 100.
The cost of life insurance for seniors is much higher than for persons in their 20's and 30's, because the mortality rates for seniors are much higher than for young adults. However, if you are a senior person in good health, or with a very well controlled health condition, there are companies that will cater to you. E.g. Getting type 2 diabetes at age 70 could enable you to still get Preferred rates with a few companies, whereas that would not be likely if you got type 2 diabetes at age 20.
If you are a senior in good health and you want more coverage than just for your funeral, it can be worth it to use a medically underwritten policy. But be prepared to have an EKG, answer simple questions to test memory (e.g. who is the president of the US), and have all your medical records reviewed. Using an agency that specializes in senior life insurance can help you jump all the hurdles to get your best rate.
For small, no exam final expense policies, the rates for seniors will depend a lot on your age and whether you are male or female. You can expect to pay from $50/mo to $200/mo for a burial policy, on average.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Search the Internet for “mortality graph.” You will see a steep curve showing the increasing probability of death as a person matures. This is directly reflected in premiums. On the other hand seniors pay into their programs for a shorter period of time. Permanent insurance usually costs less than the death benefit, particularly for standard individuals. The problem with term insurance in older years is that it is not always available and often expires before the insured.
When buying life insurance at any age the premiums are always based on mortality tables. The average mortality rate is age 81 for women and 79 for men. The closer to that age the higher the premiums will cost. For the most part depending on the face amount and the term of insurance you can expect to pay in the $100s per month.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Life insurance is all mathematics. A senior is closer to their end of life than a young person so obviously the risk is much greater. In addition to the increased mortality in a senior’s current age group there are also fewer years to collect money to pay death benefits as life expectancy is also closer. However, it is still cheaper than trying to fill the economic whole created by death and should be considered as long as companies will accept you.
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You can pull up free rate quotes for many of the lowest priced senior whole-life companies right here http://newburyfinancial.com/senior_burial_insurance
All these companies will lock your rate in for life with full guarantees. You can find cheaper premiums if you allow them to give you non-guaranteed rates. I do not recommend that.
Some Senior Term Life is offered, and some Senior Whole Life policies do not guarantee that the premium stays level. With both, there is a risk of the policy becoming unaffordable before death occurs.
However, Seniors are not restricted to getting burial insurance policies. Persons of advanced age can get any amount of medically underwritten coverage for which they qualify financially and health-wise. Senior Life Insurance will not be as low priced as life insurance for younger persons, but by shopping with a number of carriers you can find the most affordable senior life insurance available.
If you are a senior in good health and you want more coverage than just for your funeral, it can be worth it to use a medically underwritten policy. But be prepared to have an EKG, answer simple questions to test memory (e.g. who is the president of the US), and have all your medical records reviewed. Using an agency that specializes in senior life insurance can help you jump all the hurdles to get your best rate.
For small, no exam final expense policies, the rates for seniors will depend a lot on your age and whether you are male or female. You can expect to pay from $50/mo to $200/mo for a burial policy, on average.
Search the Internet for “mortality graph.” You will see a steep curve showing the increasing probability of death as a person matures. This is directly reflected in premiums. On the other hand seniors pay into their programs for a shorter period of time. Permanent insurance usually costs less than the death benefit, particularly for standard individuals. The problem with term insurance in older years is that it is not always available and often expires before the insured.