A 40-year-old, non-smoking man in excellent health would pay just $31 per month for a 20-year term policy for $500,000. Compare that rate to the exact same 40 year old who purchases a whole life insurance coverage policy for $500,000. His cost would be $639 monthly! While term is generally the right option if you're under age 60 and want to secure your household against the loss of your income, seniors can also utilize term life insurance coverage to pay for funeral service and last costs.

Because you can buy a twenty years term policy at age 65 and a 10 year term policy up to age 75, the majority of my customers have actually covered these requirements utilizing term life insurance coverage. A permanent plan could likewise be used for final expenditures but the expense is excessive. A 65-year-old guy would pay $416 each month for only $100,000 of protection and once again, that's assuming he's in terrific health and is a non smoker.

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