Whole Life Insurance Rates For a 64 Year Old
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Finding the perfect life insurance policy becomes even more crucial as we move ahead in years. At 64, you’ve garnered wealth, started families, and made big investments – making the purchase of a good life insurance policy both imperative and daunting due to the range of costs involved. Read on to gather critical information to better evaluate life insurance rates for individuals aged 64.
Should a 64 year old get life insurance?
Whether a 64-year-old should get life insurance depends on their individual circumstances and needs. Here are some factors to consider:
- Financial responsibilities: If the individual has dependents, such as a spouse, children, or grandchildren who rely on their income, having life insurance can provide financial support for them in the event of their death.
- Outstanding debts: If there are any significant unpaid debts, such as a mortgage, loans, or credit card bills, life insurance can help cover those expenses without burdening the surviving family members.
- End-of-life expenses: Life insurance can also help cover funeral and burial costs, which can be a significant financial burden on loved ones.
- Existing savings and investments: If the person has accumulated a substantial amount of savings and assets, they may not require life insurance as much as someone with fewer financial resources.
- Overall health: The individual’s health and life expectancy also play a role in determining the need for life insurance. If they have any chronic illnesses or a shorter life expectancy, having coverage can be beneficial.
Ultimately, it’s crucial for a 64-year-old to assess their specific financial situation and consult with a financial advisor or insurance agent who can provide personalized advice regarding the necessity and type of life insurance that best suits their needs.
How much life insurance should a 64 year old get?
The ideal amount of life insurance coverage for a 64-year-old varies based on individual circumstances. Here are some guidelines to consider:
- Income replacement: As a general rule of thumb, aim for a coverage amount equal to 5-10 times your annual income. For example, if your annual income is $60,000, your life insurance coverage could range from $300,000 to $600,000.
- Financial obligations: Take into account any outstanding debts, such as mortgage payments, car loans, or credit card balances. Ensure that your life insurance coverage is sufficient to settle these obligations so as not to burden surviving family members.
- Final expenses: Consider the costs of funeral and burial arrangements, as well as any other end-of-life expenses. Typically, coverage in the range of $10,000 to $20,000 is reasonable for covering such expenses.
Should you get whole life insurance or term life insurance?
The suitability of whole life insurance versus term life insurance depends on your specific needs and preferences. Here’s a brief overview:
- Whole life insurance: Provides lifelong coverage and includes a cash value component that grows over time. Premiums are higher compared to term life insurance. Whole life insurance may be beneficial if you require lifetime coverage and want to accumulate cash value.
- Term life insurance: Offers coverage for a specified “term,” typically 10, 20, or 30 years. Premiums are generally lower compared to whole life insurance. Term life insurance may be a suitable choice if you have specific financial obligations that will diminish over time, such as paying off a mortgage or raising children.
Ultimately, the decision between whole life insurance and term life insurance depends on your financial goals, budget, and coverage needs. Consulting with a financial advisor or insurance agent can help determine the best option for you.
Male Whole Life Insurance Rates
These two tables present rates for whole life insurance for male non-smokers and male smokers. The rates are broken down by different coverage amounts, ranging from $5,000 to $25,000.
One observation from the tables is that the rates generally increase as the coverage amount increases. This trend is consistent for both non-smokers and smokers. This makes sense because as the coverage amount increases, the insurance company is taking on a higher risk, which results in higher premium payments.
Another observation is that the rates for smokers are consistently higher than the rates for non-smokers. This is expected because smoking is associated with higher health risks, which increases the likelihood of a claim being made. Therefore, insurance companies charge higher premiums to offset the potential higher payout.
Additionally, the tables show that different insurance companies have slightly different rates for the same coverage amount. This is because each company determines its own pricing based on factors such as their underwriting standards, risk assessment, and profit goals. Therefore, it can be beneficial to shop around and compare rates from different insurance companies to find the most competitive pricing.
Lastly, it’s important to note that two companies, Sons of Norway and Royal Neighbors, have “Coverage N/A” listed for the $5,000 coverage amount for male non-smokers. This means that these companies do not offer that specific coverage amount for non-smokers. It’s unclear why these specific companies have this limitation, but it may be worth considering other coverage options if $5,000 is the desired coverage amount.
Whole Life Insurance Rates for 64 year-old men
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $29 | $54 | $80 | $106 | $132 |
| American Amicable | $30 | $57 | $85 | $112 | $139 |
| CVS Health | $30 | $56 | $83 | $109 | $136 |
| Foresters | $29 | $55 | $81 | $108 | $134 |
| Liberty Bankers | $30 | $55 | $81 | $107 | $132 |
| Sons of Norway | Coverage N/A | $45 | $66 | $86 | $106 |
| Mutual of Omaha | $28 | $53 | $78 | $103 | $129 |
| Prosperity | $29 | $55 | $81 | $107 | $133 |
| Royal Neighbors | Coverage N/A | $54 | $80 | $106 | $132 |
| Transamerica | $28 | $53 | $78 | $103 | $128 |
| AIG | $44 | $86 | $128 | $171 | $213 |
| Gerber Life | $41 | $81 | $121 | $161 | $201 |
| Great Western | $45 | $87 | $130 | $172 | $215 |
Whole Life Insurance Rates for 64 year-old men (Smokers)
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $39 | $76 | $112 | $149 | $185 |
| American Amicable | $38 | $73 | $108 | $143 | $178 |
| CVS Health | $41 | $79 | $117 | $155 | $193 |
| Foresters | $43 | $83 | $122 | $162 | $202 |
| Liberty Bankers | $45 | $85 | $126 | $167 | $207 |
| Sons of Norway | Coverage N/A | $55 | $80 | $105 | $130 |
| Mutual of Omaha | $39 | $75 | $111 | $147 | $184 |
| Prosperity | $42 | $81 | $119 | $158 | $197 |
| Royal Neighbors | Coverage N/A | $76 | $113 | $149 | $186 |
| Transamerica | $42 | $81 | $120 | $159 | $198 |
| AIG | $44 | $86 | $128 | $171 | $213 |
| Gerber Life | $41 | $81 | $121 | $161 | $201 |
| Great Western | $45 | $87 | $130 | $172 | $215 |
Female Whole Life Insurance Rates
These tables present the rates for whole life insurance for male non-smokers and male smokers from various insurance companies. The rates are categorized based on the amount of coverage ($5,000, $10,000, $15,000, $20,000, and $25,000).
Upon analysis of the tables, several observations can be made:
1. There is variation in rates among different insurance companies: The rates for each coverage amount differ across different insurance companies. For example, the rate for $5,000 of coverage for male non-smokers ranges from $21.28 to $33.36 across the different insurance companies. This indicates that each company has its own pricing strategy and factors that determine the rates.
2. Smokers generally have higher rates: Comparing the rates for male non-smokers and male smokers, it can be observed that the rates for smokers are generally higher. For example, the rate for $10,000 of coverage for male non-smokers ranges from $39.16 to $64.73, while for smokers, it ranges from $54.36 to $77.93. This is expected, as smokers are considered to have higher health risks and mortality rates compared to non-smokers.
3. Rates increase with the coverage amount: Within each category of non-smokers and smokers, the rates generally increase with the amount of coverage. For example, for non-smokers, the rate for $5,000 of coverage ranges from $21.28 to $33.36, while for $25,000 of coverage, it ranges from $92.47 to $158.81. This reflects the increased risk for the insurance company as the coverage amount increases.
4. Some insurance companies do not offer coverage for certain amounts: It can be observed that for some coverage amounts, such as $5,000 for Sons of Norway and Royal Neighbors, coverage is not available. This could be due to various factors, such as the company’s pricing strategy or specific product offerings.
Overall, these tables provide a comparison of rates for whole life insurance for male non-smokers and smokers across different insurance companies. The rates are affected by factors such as the coverage amount, smoking status, and the individual insurance company’s pricing strategy. It is important for individuals to consider their specific needs and budget when choosing an insurance company and coverage amount.
Whole Life Insurance Rates for 64 year-old Women
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $23 | $44 | $65 | $85 | $106 |
| American Amicable | $24 | $46 | $67 | $88 | $110 |
| CVS Health | $24 | $46 | $67 | $88 | $110 |
| Foresters | $22 | $42 | $61 | $81 | $100 |
| Liberty Bankers | $24 | $43 | $62 | $82 | $101 |
| Sons of Norway | Coverage N/A | $40 | $58 | $76 | $94 |
| Mutual of Omaha | $21 | $39 | $57 | $75 | $93 |
| Prosperity | $23 | $42 | $62 | $81 | $101 |
| Royal Neighbors | Coverage N/A | $41 | $60 | $80 | $99 |
| Transamerica | $21 | $39 | $56 | $74 | $92 |
| AIG | $33 | $64 | $96 | $127 | $158 |
| Gerber Life | $30 | $61 | $91 | $121 | $151 |
| Great Western | $40 | $77 | $115 | $152 | $190 |
Whole Life Insurance Rates for 64 year-old Women (Smokers)
| $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|---|
| Aetna | $30 | $57 | $84 | $111 | $138 |
| American Amicable | $29 | $56 | $82 | $108 | $135 |
| CVS Health | $31 | $59 | $87 | $115 | $143 |
| Foresters | $33 | $63 | $94 | $124 | $154 |
| Liberty Bankers | $31 | $58 | $85 | $112 | $139 |
| Sons of Norway | Coverage N/A | $48 | $69 | $91 | $113 |
| Mutual of Omaha | $28 | $54 | $79 | $105 | $131 |
| Prosperity | $31 | $59 | $86 | $114 | $142 |
| Royal Neighbors | Coverage N/A | $58 | $86 | $114 | $142 |
| Transamerica | $30 | $57 | $85 | $112 | $139 |
| AIG | $33 | $64 | $96 | $127 | $158 |
| Gerber Life | $30 | $61 | $91 | $121 | $151 |
| Great Western | $40 | $77 | $115 | $152 | $190 |