If you’re looking to over 60s life insurance a policy, it’s important to understand how much life insurance a month will cost. The amount you’ll pay depends on your age, health status and other factors like gender, occupation and lifestyle. We’ve used data from Policygenius to provide average monthly costs, but your specific rates will vary.
The amount of coverage you choose will also impact the premium. You can calculate how much coverage you need by multiplying your annual income by ten and adding in debt, mortgage payments, estimated future college costs and funeral expenses. You can also use our free calculator to see how much your policy will cost based on the length of term and coverage amount.
Securing Your Legacy: A Guide to Over 60s Life Insurance for Financial Peace
During the application process, your insurer will assess how risky you are to insure by performing a medical exam and reviewing your health history. This is called underwriting and will help them determine the price of your life insurance. Factors that can raise your rate include pre-existing conditions, family history of illness, weight and alcohol and drug usage. Jobs with more danger, such as miner or firefighter, may also increase your life insurance rates. Policy riders, which are add-ons that allow you to supplement your coverage in certain situations, can also add to the cost of a policy.
It’s worth the effort to find a life insurance plan that works for your budget and needs. Almost 80% of Americans overestimate the cost of life insurance, believing it costs three times more than it actually does. But finding affordable life insurance is easier than you think.