For most insurance companies, those aged 60 and over represent a higher risk when it comes to life insurance because of additional health problems in this age group. Insurance rates are loaded accordingly.
However, many companies offer no restriction on eligibility for life insurance for those over 60 and 70, and in some cases a medical examination is not necessary. It is usual that costs increase based on whether the individual is a non-smoker or has chronic health problems.
In these times of recession, every cent counts. This article examines the approximate cost of insurance for men over 60 and 70.
Direct Life Insurance Cover for over 60s and 70s
Applying directly to an insurance company's website or bank can mean savings and discounts of up to 25%. Remember, insurance companies are competing for your business, so examine rates carefully but also take into account the reputation of the company and be sure to read the contract carefully before signing. Many insurance companies offer 10- and 15-year guaranteed term insurance cover, without imposing penalties.
If necessary, ask a reputable insurance broker for advice or find extra information on how to choose the best life insurance policy.
Life Insurance Rates at age 60
A non-smoker male aged 60, in good health, can expect to pay an annual premium of between $329 to $500 for $100 000 cover, for a ten-year term policy. The average premium falls in the $430 range, for an annual premium and this was compared between seven leading USA insurance companies.
For a 15-year term, the cheapest annual rate is $426. The more expensive insurance company will charge R674 for a 15-year term.
Life Insurance Rates age 65
In this category, a non-smoker male aged 65 can expect to pay between $611 - $795 for $100 000 life insurance cover, guaranteed for 10 years.
For 15-year term insurance, the insurance premiums will rise and the insured can expect to pay between $761 and $1123 annually.
Lowest Life Insurance Rates age 70
A non-smoker of 70 can expect to pay, for a ten-year policy, an annual premium of $1 034 to $1 367.
For 15 years term life insurance, the premiums go up to fall between $1 460 and $2 238.
Life Insurance Rates age 75
A non-smoker of 75 can expect to pay annual premiums of $1 825 up to $2 559 for a 10-year guaranteed term life insurance policy.
For 15 years term life insurance, the premiums go up to $3 500 to $4 391.
Life Insurance Rates age 80
In this age group, 10 years term life insurance cover will cost an 80 year old man $4 012 to $4 832.
Term life insurance is offered for 15 years for an 80 year old by Genworth Life Insurance only, at an annual premium of $11 253.
All quotes above are approximate only and may vary considerably. Insurance shoppers may benefit by reading about tips on getting the best life insurance over 60 and 70.
Source:
Insurance Comparison Wesbsite 1stQuote, information retrieved 22 February, 2011
Fleur Hupston - Fleur Hupston is a professional freelance writer based in Botswana, Southern Africa. From this unique perspective, she writes travel ...
