Life insurance costs for seniors can vary depending on several factors, including age, health, and the type of policy. Generally, the older you are, the higher the premiums will be. Additionally, if you have any pre-existing health conditions, it may also affect the cost of your life insurance policy. Term life insurance is typically more affordable than permanent life insurance for seniors. Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years, while permanent life insurance provides coverage for the entire lifetime of the insured.
To give you a general idea, here are some average monthly premium ranges for seniors:
- Term life insurance: Seniors aged 60-69 can expect to pay around $60-$150 per month for a $100,000 policy. Seniors aged 70-79 can expect to pay around $150-$300 per month for the same coverage.
- Permanent life insurance: Seniors aged 60-69 can expect to pay around $200-$400 per month for a $100,000 policy. Seniors aged 70-79 can expect to pay around $400-$800 per month for the same coverage.
Keep in mind that these are just average ranges, and the actual cost of life insurance for seniors can vary based on individual circumstances. It's always a good idea to shop around and compare quotes from different insurance providers to find the best coverage at the most affordable price. Consulting with a licensed insurance agent can also help you understand your options and find a policy that suits your needs and budget.