A 40-year-old, non-smoking man in exceptional health would pay simply $31 per month for a 20-year term policy for $500,000. Compare that rate to the same 40 year old who acquires an entire life insurance policy for $500,000. His cost would be $639 monthly! While term is nearly constantly the right choice if you're under age 60 and desire to secure your family versus the loss of your earnings, senior citizens can likewise use term life insurance to pay for funeral and last expenditures.

Since you can buy a twenty years term policy at age 65 and a ten years term policy up to age 75, most of my clients have actually covered these needs utilizing term life insurance. A permanent plan might likewise be utilized for final costs but the cost is prohibitive. A 65-year-old man would pay $416 per month for just $100,000 of protection and again, that's presuming he remains in great health and is a non smoker.

faye wesley jonathan