Although the whole life insurances aren’t all that popular simply because some Americans like to not purchase life insurance, instead, put their money in savings. Whole Life Insurance is likely to be the best option for seniors who don’t have much savings but they want to leave something behind.
If you’re over 70 and looking for whole life insurance, you need to decide whether it’s worth to build up cash value. We strongly recommend not getting whole life insurance if there will be times where you need to borrow money from the value of the policy. After all, it’s your money that was saved in there and paying interest on the money that you’ve saved up is a little bit off.
This is certainly one of the main reasons why people are now shy away from purchasing whole life insurance policies. Also, borrowing against the value of the policy reduces the death benefit by how much you borrow. However, if you don’t want to risk not being subjected to age or medical problems that will prevent you from getting another life insurance, whole life insurance can be an option.
Is Whole Life Insurance worth it?
Life insurance is only worth it when you still want to get life insurance but can’t get term life insurance according to many sources. It is strongly believed that there is no point in purchasing whole life insurance when you’re in your 60s. Instead, Term Life Insurance can be a better option if you have a little bit of savings.
Since the term life will also grant your loved ones with a death benefit, you may want to look the other way from whole life insurance.
Term Life Insurance for Seniors Over 60
Seniors who are in their 60s have a better time compared to the ones in their 70s with term life insurance. Here is how much you are likely to pay on average for your term life insurance policy.
Males Over 60
- $1,300 for $250,000
- $2,400 for $500,000
- $4,650 for $1,000,000
Females Over 60
- $900 for $250,000
- $1,700 for $500,000
- $3,300 for $1,000,000
Keep in mind that these are just the average numbers and other benefits and extras you get from your policy can be totally different than the estimated numbers we’ve given.