A 40-year-old, non-smoking man in outstanding health would pay simply $31 monthly for a 20-year term policy for $500,000. Compare that rate to the exact same 40 years of age who acquires an entire life insurance policy for $500,000. His expense would be $639 monthly! While term is often the ideal choice if you're under age 60 and desire to safeguard your household versus the loss of your income, elders can likewise use term life insurance coverage to pay for funeral and final expenditures.

Since you can buy a twenty years term policy at age 65 and a 10 year term policy as much as age 75, most of my customers have actually covered these needs using term life insurance coverage. A long-term plan could also be utilized for last expenditures however the expense is prohibitive. A 65-year-old male would pay $416 each month for just $100,000 of coverage and once again, that's assuming he's in terrific health and is a non smoker.

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