Shopping for life insurance can be difficult. Especially if you have no baseline as to what you should be paying. Of course, everyone is going to pay a different rate. But, for non-smokers, who are relatively healthy, and are choosing a term or whole life insurance policy, the rates based on your age should fall in line with these rates below.
Coverage level
On average, for a $250K life insurance policy a 66 year old will pay about $270 a month, while a 70 year old will pay about $445 per month. The rates will fluctuate for those who fall between 67 to 70 years of age.
For a policy of $500K coverage, the same 66 year old will pay about $507 per month, while a 70 year old will pay closer to $800 a month. Similarly, the rates will fluctuate for seniors who fall between the ages of 67 to 70.
And, for a $1 million policy, the average rate for a 66 year old is close to $975 a month, and for the 70 year old, it’s closer to $1670 per month. Rates will fluctuate for those who fall within these age ranges.
Men vs women
It’s not just your age, but also your gender that’s going to impact how much you pay for your monthly premium as a senior who’s shopping around for life insurance policies. For example, a 50 to 60 year old male can expect to pay about $50 per month for a $250K policy, while a female will pay under $40 per month for the same policy. For a $500K policy, this age group will pay close to $80 monthly for men, and women will pay about $65 for the same policy coverage. The 50 to 60 year old male who wants a $1 million policy will pay close to $150 per month, while the female will pay about $115 per month for the same policy.
Health factors
Your health can greatly impact how much you’ll pay for a life insurance policy as well. Especially as you get older. Some variables insurers will consider when determining your monthly premium includes if:
- You’re a smoker
- If you do drugs
- You drink alcohol regularly
- If you suffer from chronic health conditions
- You get sick regularly or take care of your health
- How much you weigh (if you’re obese or a healthy weight)
- Family history and medical conditions which you suffer from
- Any medications you are taking
- If you have had surgeries in the past (and recovered properly)
The healthier you are, being a non-smoker, non-drinker (or light drinker), and living a healthy, active life, are a few of the many ways you can reduce your premium rates when shopping for a life insurance policy as a senior.
Your insurance choice
Obviously, one insurance company is going to charge a different rate than others. If you go with the top insurer, that is going to pay out immediately upon death and offer the best coverage, you can expect to pay a higher premium than an unknown life insurance company or one which has a lackluster reputation. So, the insurer you choose is going to impact the rates you will pay as well. If you bundle your life insurance with other policies with the same insurer, this is another variable that can help reduce your monthly rates as well. So, if you do require more than one form of insurance, keep this in mind when you are deciding which insurance company you are going to purchase your life insurance policy with; if you bundle, you can save on your monthly premium.
Of course, there’s no single answer to the question how much will my premium cost? But, these are a few of the many things you will want to consider, as you are comparing insurance policies, if you are shopping for a life insurance policy as a senior. You can find discounts and find a reasonable rate, for a fairly high level of coverage. But, you do have to shop, you have to compare insurance premiums, and you have to know what the limits are in place, when the time comes for you to choose your insurance provider for your new life insurance policy as a senior.