The cost of Term Life Insurance for a 65 year old will depend on the following:
1) The gender of the applicant. At age 65, men pay much higher premiums than women.
2) The length of the term. There is a big difference between the price of 10 year Term and 20 year Term at age 65 because mortality rates rise so much as we age.
3) The health of the applicant. Health conditions can make a huge difference in premium.
For a 65 year old woman in excellent health, a 10 year term policy of $100,000 can cost as little as $35/mo. For a male of the same health, the rates jump up about $20/mo. For a 65 year old male with standard health, that same policy would cost about $90/mo. If you extend it to 20 year term, the price is nearly double.
Shopping among multiple carriers can be of great benefit at age 65, because the variances in premium are greater than when you were younger. Some companies even give preferential underwriting to older persons. Please feel free to contact me if you would like me to research your best rate from the many companies we carry.
Insurance Concierge, M&G Insurance, Lake Oswego Oregon
I'll add to the above that it also depends on the state you live in, your medical condition and how long you want the policy for. Purchasing a Whole Life or IUL policy at 65 probably wouldn't be your best move. *smile*
That being said...For a "Preferred" male, non-tabacco living in Oregon on a 10 year Term plan:
$100,000 Death Benefit: $64-$220/mo. depending on the company
$250,000 Death Benefit: $130-393/mo. depending on the company
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1) The gender of the applicant. At age 65, men pay much higher premiums than women.
2) The length of the term. There is a big difference between the price of 10 year Term and 20 year Term at age 65 because mortality rates rise so much as we age.
3) The health of the applicant. Health conditions can make a huge difference in premium.
For a 65 year old woman in excellent health, a 10 year term policy of $100,000 can cost as little as $35/mo. For a male of the same health, the rates jump up about $20/mo. For a 65 year old male with standard health, that same policy would cost about $90/mo. If you extend it to 20 year term, the price is nearly double.
Shopping among multiple carriers can be of great benefit at age 65, because the variances in premium are greater than when you were younger. Some companies even give preferential underwriting to older persons. Please feel free to contact me if you would like me to research your best rate from the many companies we carry.
That being said...For a "Preferred" male, non-tabacco living in Oregon on a 10 year Term plan:
$100,000 Death Benefit: $64-$220/mo. depending on the company
$250,000 Death Benefit: $130-393/mo. depending on the company
As you can see it's best to shop around.