Term Life Insurance for Seniors

One of the reasons why life insurance is attractive to many is that it’s completely free of taxes which allows you to put aside a sum of money. Among a few of the main types of life insurances, term life insurance is the most popular option for many.

Just as you call it, it’s for a temporary period which lasts for 10, 20, or 30 years on average. Since life insurance is highly related to death and diseases, how much you pay on average highly depends on your age. One thing to keep in mind is that most insurance companies has an age limit starting from 75, but the most common age is 85.

So if you want to purchase life insurance regardless of the type for a senior over 80, you may have a hard time and the insurance company may ask for medical documents explaining the current health along with papers that state the medical history of the senior.

How much is term life insurance for seniors?

When calculating the price of life insurance for a senior, age, gender, and medical history plays the majority of the role rather than which life insurance company you go to. Although it may seem a bit off, the insurers are likely to offer different premiums for women and men with same age, same health condition, and overall same medical history. This is because men tend to have a smaller life expectancy compared to women.

Again, age is a huge player in the price of life insurance premiums. Here is the average life insurance costs for the year 2020 for age groups starting from 40 to 60 which will give you an idea of the cost of the insurance.

Term Life Insurance for Senior Males

Age Coverage Amount20-year30-year
40$250,000
$500,000
$1 million
$220
$360
$620
$350
$630
$1,200
AgeCoverage Amount20-year30-year
50$250,000
$500,000
$1 million
$480
$900
$1,650
$830
$1,540
$3,100
AgeCoverage Amount20-year30-year
60$250,000
$500,000
$1 million
$1,300
$2,450
$4,670
No availability

Term Life Insurance for Senior Females

AgeCoverage Amount20-year30-year
40$250,000
$500,000
$1 million
$190
$310
$510
$290
$510
$920
AgeCoverage Amount20-year30-year
50$250,000
$500,000
$1 million
$400
$710
$1,300
$630
$1,190
$2,160
AgeCoverage Amount20-year30-year
60$250,000
$500,000
$1 million
$920
$1,690
$3,310
No availability

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