Dear Money Guy,
My wife and I are in our mid-sixties (in terms of age), and I hate to say it, but we don't have life insurance policies. I know that we should, and I am getting more and more worried about it. I asked my wife, "what is the average price of life insurance?" but she didn't know.
Going through death is difficult enough without having to be concerned with the financial disaster is causes. My wife means the world to me, and I want to make sure she has a good life if anything should ever happen to me.
Question: What is the average price of life insurance for senior citizens?
Looking forward to your response.
- William P.
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Hello William,
Don't let anyone tell you otherwise: it is never to late to get life insurance. Just the costs of a normal funeral can run between $3000 to $15,000. Ouch!
But that's nothing compared to the long term effect that death causes. If you are the only one bringing in income, death can be devastating to the loved ones you leave behind. Good job on finally getting some coverage.
What is the average price of life insurance for senior citizens?
Coming up with an "average" price is kind of difficult, but there are some things to keep in mind.
Being a senior citizen, your monthly premiums will be at the top of the scale. Why? Because there's a much greater chance of something happening to a person in their sixties, as opposed to a person in their twenties. Life insurance is a business based off of probability.
The greater the probability of something happening to you, the more in life insurance premiums you will pay. Factors like age, smoking habits, and pre-existing medical conditions can drastic influence what you'll pay each month.
Your best bet is to get a few free quotes from life insurance companies, and then compare against each other. Many times the insurance company can give you a quote instantly.
Here are two life insurance companies that provide you with free quotes online:
1. NetQuote
2. Mysurance
Once you get your quotes back, compare the financial payout you would get and the monthly premiums you are responsible for. You may be very surprised at the difference.
Regards,
The Money Guy
What Is The Average Price Of Life Insurance For Senior Citizens