For those looking to find affordable rates for life insurance over 65, there are some factors that you’ll need to take into account.
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Do I Need Life Insurance after 65?
Your need for life insurance will depend in large part on your overall financial state. However, even for those who are well off it pays to look into life insurance to cover funeral expenses, outstanding debt, and even leaving behind a legacy for children or grandchildren.
While many factors go into life insurance premiums, a typical healthy male at the age of 65 can expect to pay from $100 to $150 per month for term life insurance that offers from $100,000 to $250,000 of benefits if purchased from a major insurance company. However, keep in mind that the rates may vary and if you require less coverage the premiums may be dramatically lower. Click here to get the exact quotes from top insurance providers in the USA.
Factors that Determine Life Insurance Premiums:
As mentioned earlier, there are a number of factors that go into the premiums you pay for your life insurance. For example, the life insurance for 65 year old male is higher because men tend not to live as long and live less healthy than women. The overall factors that go into determining your premiums are as follows;
– Amount of Benefit
While there are other factors, the five mentioned here are the most prominent. For those in good health and who lead a healthy lifestyle, some life insurance policies are offered at affordable rates.
Tips to Obtain an Affordable Rate
There are a number of ways to get a more affordable rate for life insurance for over 65. Here are just three that you can use to lower the overall premium.
Exercise: A little exercise can go a long way when it comes to controlling your weight and improving your overall state of being. The good news is that your training efforts can consist of walking, swimming, or similar light activities to keep the muscles toned and the heart healthy.
Eat Healthy: Eating right is crucial to staying healthy as it provides what the body needs to fight off infections, colds, flu, viruses, and even certain forms of diseases. Eating a balanced diet means you still get to enjoy most of the food you love, you are just mixing it in with delicious, healthy foods as well.
Avoid Bad Habits: If you smoke, kicking the habit can save you a considerable amount of your life insurance premiums. You’ll need to find out what other bad habits insurance companies recognize to raise your rates so that you can avoid them and pay less.
Remember, you’ll need to be smart in choosing the right amount of life insurance for your needs. The better you estimate what is needed to cover funeral expenses, outstanding debt, and leaving behind a legacy if you desire will mean paying a lower premium for life insurance for 65 and older.