Senior Life Insurance Price History Policy: What You Need to Know?
Life insurance is a crucial aspect of financial planning,but its price makes many people hesitate to buy insurance.According to MoneyGeek, seniors could expect to pay anywhere from $199 to an astonishing $667 monthly for life insurance. But now, budget-conscious policies starting at just $12 per month are turning the tables below!
Factors That Affect Life Insurance Premiums
The cost of life insurance premiums can vary depending on various factors, such as:
Age: Generally, the younger you are when you purchase a policy, the lower your premiums will be.
Health: Your overall health and any pre-existing conditions can impact the cost of your life insurance premiums.
Occupation: Certain jobs or hobbies that are considered high-risk may result in higher premiums.
Smoking and Drinking Habits: Tobacco use and excessive alcohol consumption can lead to higher premiums.
Type of Policy: Permanent life insurance policies tend to have higher premiums compared to term life insurance policies.
ompanies Offering Cheap Monthly Life Insurance for Seniors
1. Progressive - $16 per month
Progressive, widely recognized for its auto insurance, offers life insurance policies starting at $16 per month for seniors. These policies are designed to be flexible, accommodating different coverage needs and budgets. Progressive stands out for its range of options, including term and permanent life insurance, providing seniors with choices that can adapt to their changing circumstances. Additionally, their online tools and customer service make policy management straightforward, appealing to seniors who value convenience and accessibility in managing their insurance needs.
2. USAA - $15 per month
USAA provides life insurance for seniors starting at $15 per month, catering specifically to military members and their families. Their policies are tailored to offer financial protection and peace of mind, with a focus on flexibility and affordability. USAA is known for its exceptional customer service and comprehensive coverage options, which include term, whole, and universal life policies. They also offer additional benefits like military severe injury coverage, making them a preferred choice for veterans and their dependents.
3. State Farm - $15 per month
State Farm offers life insurance policies for seniors with premiums starting at $15 per month. Renowned for its customer service, State Farm provides a range of life insurance products, including term, whole, and universal life options. Their policies are customizable, allowing seniors to select coverage that best fits their needs. State Farm's strong reputation, combined with the ability to bundle insurance products, makes it a popular choice among seniors looking for reliable and comprehensive coverage.
4. AARP - $12 per month
AARP, in partnership with New York Life, offers life insurance policies for seniors starting at $12 per month. These policies are specifically designed for older adults, featuring easy qualification processes and no medical exams. AARP's plans are ideal for seniors seeking affordable coverage with minimal hassle. While benefits and availability may vary based on age and health conditions, AARP's policies are a popular choice for their simplicity and accessibility.
5. Choice Mutual
Choice Mutual specializes in whole life insurance for seniors, offering flexible rates based on individual circumstances. For instance, a $5,000 policy costs about $11 per month for a 35-year-old female and $12 for a male. Their policies focus on covering final expenses and offer fixed premiums with no expiration age. Choice Mutual is suitable for seniors seeking straightforward, lifelong coverage without the worry of policy expiration or increasing premiums.
6. Australian Seniors Life Insurance
Coverage Amounts: From $10,000 to $200,000.
Eligibility: Available for individuals aged 45 to 79.
Key Features:
No medical exams required; applicants only answer eight health questions.
Immediate coverage for death and terminal illness.
20% advance payout for funeral costs.
Triple benefit for accidental death (up to $600,000).
Starting Premiums: Generally lower premiums available for non-smokers.
7. NobleOak Life Insurance
Discounts: Offers a 17% lifetime discount for Seniors Card holders.
Coverage Options: Up to $25 million for ages 16-69 and up to $500,000 for ages 70-74.
Key Benefits:
Quick advance of $15,000 for funeral expenses.
Claims processed within an average of five business days.
Overall Value: Recognized as one of Australia’s most awarded direct life insurers.
8. MetLife Protect
Monthly Premiums: Starting around $20.94 for basic coverage options.
Coverage Amounts: Various options available, typically up to $500,000.
Key Features: Flexible policies that can be tailored to individual needs.
9. Encompass Protection Life Cover
Monthly Premiums: Starting at approximately $21.00 for basic coverage.
Target Market: Designed specifically for seniors, with easy application processes.
Summary of Average Premiums
While specific premiums can vary based on age, health status, and coverage amounts, here are some average monthly premiums based on recent data:
For males over 60, premiums can range from about $97.97 to over $120.13, depending on the insurer and coverage amount.
For females over 60, premiums are generally lower, starting around $63.15.
10. Mutual of Omaha - $12 per month term life insurance
Mutual of Omaha's term life insurance for seniors is priced around $12 per month. They offer a range of policy options, including whole and universal life, with a focus on affordability and flexibility. Known for its customer-focused approach, Mutual of Omaha provides personalized service to help seniors find the right coverage. Their policies are characterized by stability and reliability, appealing to seniors seeking straightforward and cost-effective life insurance.
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