Affordable Life Insurance Protection for Your Family
If you’re a senior citizen looking for life insurance you may be wondering how much it will cost you to get insured for life insurance.
It’s a very important question to consider, especially since many of us seniors live on a budget and want to make our money go as far as possible.
The Premium is the price charged for a life insurance policy.
Premiums are determined based on your rate per $1,000 of life insurance, multiplied by the amount of insurance you need.
For Example: If your rate is $3 per $1,000 and you need $10,000 of life insurance, your premium would be $30 per month, since $3 X $10 = $30.
A $10,000 life insurance policy would pay out $10,000 to the beneficiary you choose, upon your death.
There is usually no federal income tax owed on death benefits paid out on a life insurance policy.
Before comparing prices on life insurance, we’ll explain a few options for seniors: Term Life, Permanent Life, and Guaranteed Life Insurance.
Term Life Insurance
This type of life insurance is the lowest priced; however, it is temporary protection lasting for up to 20 years for seniors.
Usually, you may choose a policy duration (Term) of 10, 15, 20, 25 or 30 years for term life insurance coverage.
The shorter your policy duration (term) for coverage, the lower your annual cost for life insurance.
However, seniors may be limited to term options of 10, 15 or 20 years, depending on their age and health. Request a free quote.
Permanent Life Insurance
This type of life insurance provides lifetime protection, lasting for your entire life. It pays out a death benefit upon your passing, and it builds up some cash value inside the policy, from which you may take a loan, if needed.
Permanent life insurance usually costs more than term life. Request a free quote.
Guaranteed Acceptance Life Insurance
These are life insurance policies that guarantee your approval for coverage, even if you have been declined by other insurers. That means, even if you have health problems, you can get insured for life insurance.
These plans are available for people between the age of 45 to 85. There’s no health exam required, and you won’t have to answer any medical questions. Request a free quote.
How to Save Money on Senior Life Insurance
Buy Now – Rates on life insurance increase with age, so you’ll want to lock-in the lowest price possible while you are younger, instead of waiting and paying a higher premium later on.
Compare Rates – Rates do vary by insurance company, so it’s a good idea to compare prices from several insurers before choosing your life insurance policy.
Annual Payment – You can pay your premiums monthly or annually, but the overall premium per year is lower if you choose to pay premiums once per year, because there is an added service fee built-in for monthly premium payments. So, you will save money by paying your premiums once per year – annually.
Get Healthy – Improve your overall health to qualify for a lower rate on your life insurance policy. That means, lose weight and lower your cholesterol, as well as, start exercising and eat healthy.
Quit Smoking – Smokers pay up to 5 to 10 times more for the same amount of life insurance compared to non-smokers.
How Much Does Senior Life Insurance Cost?
To find out how much your life insurance plan will cost, just request a free quote for life insurance.
You can choose from the options listed below. Just click on a link, fill out a Quote Request Form, and you will receive your free life insurance quote.
It’s quick and easy, and there’s no hassles.
Senior Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Highly Recommended – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.