The need for life insurance doesn’t stop when you get older. In fact, in many instances, it may actually increase. For example, those who are in their 60s and 70s will oftentimes purchase additional coverage to use for final expenses, as well as for paying off a remaining mortgage balance or for supplementing lost pension income if benefits were to cease for their spouse when they pass away.
Finding term life insurance for 65 to 69 year olds can oftentimes be difficult – unless you work with a company that has access to many different insurers who can find just the right carrier for you. Because we work with numerous life insurance companies, we can help in placing you with the coverage that you need at an affordable premium.
How Much Will Term Life Insurance Cost?
The premiums on term life insurance for 65 – 69 year olds will vary, depending on several factors. These include the following:
- Age – Age is a key criteria in pricing term life insurance. The older a person is, the higher the premium. This is because as a person ages, their life expectancy decreases.
- Gender - Gender is also a primary factor in the pricing of life insurance coverage. Because females typically live longer than males, the cost for life insurance on females is typically less as they pose less of a risk than males do to the life insurance company in terms of filing a claim while the coverage is in force.
- Length of Coverage – Term life insurance is typically purchased for a set period of time, or term, such as 10 years or 20 years. Here, the longer lengths of time will cost more in premium because the guaranteed period of coverage is longer.
- Amount of Coverage – Certainly, the a larger dollar amount of coverage will also cost more in premium than a smaller amount.
In addition, your health condition will also have a lot to do with the amount of premium that you pay on term life insurance coverage. Those who have certain health issues – and especially those whose conditions may affect their life expectancy – tend to pose a higher amount of risk to the insurance company. In return for taking on the higher amount of risk, the insurance company will charge the insured a higher amount of premium for his or her life insurance coverage.
Life insurance policies are generally placed into different rating classes. While all insurance companies differ somewhat, most will have three primary rating categories. These include Standard, Substandard, and Preferred.
Policy holders who fall into the Standard rating category are those who are generally of average health, height, and weight, and who have no adverse health conditions. Because of this, these individuals will typically pay what is considered to be an average amount of premium for their policy.
Those who possess certain health conditions – and therefore, pose more risk to the insurance company – may still qualify for coverage, however, they may also be required to pay more in premium. These individuals are usually placed into what is known as the Substandard rate class.
On the other end of the spectrum are those insureds who are in extremely good health, with no family history of adverse health issues. Because of this, these policy holders are placed into the Preferred rate class, and will usually pay a lower than average premium amount for their life insurance coverage.
When applying for term life insurance – especially in the age bracket of 65 to 69 years and over – it is likely that you will be required to take a medical exam. This typically entails submitting a blood and urine sample so that the underwriters may review for various health conditions. This will help them to make a more accurate determination regarding your life insurance coverage and premium rate.
Why Choose Term Life Insurance Coverage?
Although there are many different types of life insurance coverage to choose from, for those who are age 65 to 69, term may offer the most benefit with regard to income replacement, debt payoff, payment of final expenses, and / or the payment of estate taxes.
One reason for this is because term life tends to be much more affordable than permanent insurance. Because you are not paying for a cash value or investment component, you are only using premium dollars for pure death benefit protection. This keeps costs down significantly.
Term life insurance can also typically be applied for quickly and easily – especially if you go through a company that has access to many different insurers as we do. Because we work with many top rated life insurance companies in the marketplace, we are able to get your application in front of several carriers – speeding up the approval rate considerably.
This can also help in obtaining approval if you have been diagnosed with various health conditions. Depending on the extent of your condition, there are many insurers that specialize in underwriting high risk cases – therefore, your chances of being approved for the coverage that you need are increased exponentially.
Where to Find Term Life Insurance for 65 – 69 Year Olds
At LifeInsuranceforSeniors360.com we work with many of the top term life insurance providers in the industry – and we can help you find the coverage that best fits your specific needs. By using the rom on this page, you can immediately compare premium quotes in order to determine which coverage will best fit into your budget.
If you have any questions or concerns regarding premiums, coverage, or term life insurance in general, feel free to give us a call. We’re here to help. We can be reached, toll-free, at <XXX-XXX-XXXX>. We’ll get you the answers that you need quickly so that you can move forward with the term life insurance protection that completes your family’s overall financial plan.