At the age of the sixty six looking for life insurance can be a difficult task. The insurance company is going to look at dozens and dozens of different factors to determine how much they are going to charge you for insurance protection. One of the biggest factors that they are going to look at is your age. The older that you are, the more that you’re going to pay for your insurance protection. Regardless of your age, it’s possible to get affordable life insurance protection for your family.
Health hopefully isn’t deteriorating too much but regardless, insurance companies place a higher level of risk on this age and you will see that in the premium.
This is why it is so important to get life insurance as soon as possible if you are still healthy so that you will be protected from higher rates. Regardless of how much your life insurance is, it is something that provides you with the peace of mind you need to continue living a full and happy life.
Coverage for a 66 Year Old
If you are sixty six, chances are you will only need life insurance for another 10 years in extreme cases. This is true because of the fact that life insurance replaces lost income in the event that anything should happen to you. After retirement, life insurance really does not serve much of a function.
The best option for someone who only needs insurance for a certain number of years is term life insurance. Term life insurance is great for many people at this age because it is also relatively affordable considering the value that you receive from it. If you need more extensive or permanent insurance, whole life insurance is most likely for you.
What are the rates for a 66 year old?
The life insurance rates for a person over 60 are largely dependent on the health and ability of the policy holder. Many factors are considered when determining what rates you will ultimately pay. Do not be fooled by Internet quotes as these are typically for the most healthy of applicants.
If you have any special circumstances, you will most certainly receive a different quote. Navigating the life insurance world can be a daunting task but the countless hours of research will be well worth it when you are finally covered by a policy that works for you.
Here are some sample quotes at the Preferred rating for a $250,000 policy:
| Sex | 10 Year | 20 Year | 30 Year |
|---|---|---|---|
| Male | $145.06/month | $200.16/month | $294.88/month |
| Female | $87.06/month | $119.68/month | $194.81 |
What Risk Tables Does a 66 Year Old Operate On?
If you have a serious illness, your rates will almost certainly be much higher. This could be diabetes, heart disorders, and other critical diseases. You can still get standard cheap term life insurance even with some of these health problems. If you are considered a healthy adult, you hopefully will be able to secure good life insurance at an affordable rate.
Getting Cheap Life Insurance for 66-Year-Olds
If you are a sixty six year old it may be a good idea to get the help from a qualified life insurance agent, though we really recommend this at any age, even if you are 50 and seeking life insurance. They know how to navigate through the world of life insurance and can most likely find you the best rates for the type of policy that you need. Although it may be more time consuming upfront, the peace of mind that you will receive with a good policy will be well worth it.
You wouldn’t buy the first car you test drove, why would you buy the first life insurance plan you see? We give everyone the same advice, compare plans. Not only will it save you money, but it will ensure you have the best plan possible.
The quickest way to compare multiple plans at once is to partner with an insurance expert, like our agents. We aren’t tied to one carrier, we have partnerships with over 50 carriers.
Calculating your Life Insurance Needs
Not only can we help you find the most affordable policy, but we can help calculate your insurance needs. Your family is going to inherit your debts, you want to leave them with enough insurance to pay those off.
There are two main categories you need to review when buying life insurance. Determining your family’s insurance needs is simple. Take your unpaid expenses and combine them with your paycheck. It’s that simple. Your life insurance plan should accomplish two main objectives: pay off your debts and replace your income. If it can do those two things, it’s big enough.
Getting Life Insurance for 66-Year-Olds
The older you get, the more expensive your insurance premiums become. Just because you’re older than you once were doesn’t mean you have to break your savings account to protect your family.
Source: goodfinancialcents.com