How Much Does Term Life Insurance Cost For Seniors?

When people think of a senior citizen applying for traditional whole life insurance, for sure, they would think that there is no hope for a senior citizen for his application to be approved and processed by the life insurance provider. That is because that applicant would be considered as a high-risk individual for life insurance providers and a few of them might think that that person is just trying to take advantage of the monetary death benefit that his beneficiary will receive in case he will pass away in death.  That is the very reason why many life insurance providers will disregard a senior citizen’s life insurance application.  However, there are some companies offering traditional whole life insurance that are also offering term life insurance for seniors.  If they come across with a senior citizen applying for one, they would highly recommend term life insurance not only because it is affordable but because a senior citizen will only be protected during its term.  So, how much would term life insurance cost for people who are already in their over-the-hill age?

Term life insurance, in the name itself, is a kind of life insurance with limited term and it is up to the applicant with the help and advice of the life insurance agent which term he would choose. He can go for a one-year term life insurance, a five-year term life insurance or even something that can be high as twenty or even a thirty-year term life insurance.  This means to say that if after the term expires, the individual is no longer insured but he can choose to renew his term life insurance policy and continue to be protected by such policy.

Now, going back to how much does term life insurance cost for senior citizens, it really depends on what term the individual has chosen.  For instance, if a 68-year-old male who don’t smoke and is in good health would like to go for a 10-year term life insurance with a $750,000 insurance money, his average monthly premium is around $500.  If he decides to go for either a traditional whole life insurance or a universal life insurance with the same data or information, his monthly premiums would be, more or less, a thousand dollars.  Now, can anyone see the big difference?

The life insurance cost of a senior citizen, to end, depends on his age, his health, lifestyle and the insured money that he wants.  If he goes for lower than $750,000, of course, his premium would be lower but it can be much lower if he goes for term life insurance.