Whole Life Insurance Rates For a 66 Year Old
- Updated:
As we enter our golden years, the shadow of uncertainty begins to loom large, making it crucial to have a solid protection plan in place. Life insurance can offer that very reassurance. Yet exploration of life insurance as a 66-year-old can be a potent shot of reality as dealing with ascending rates can be a challenge. This article aims to shed light on life insurance rates for individuals at the threshold of their scenic 66th, helping understand what to expect and offering strategies to secure the most affordable yet effective coverage.
Should a 66 year old get life insurance?
Whether a 66-year-old individual should get life insurance depends on their specific circumstances and financial goals. Here are some factors to consider:
- Dependents: If the person has dependents such as a spouse, children, or other family members that rely on their financial support, having life insurance can provide a safety net in case of their untimely demise.
- Outstanding debt: If the individual has outstanding debt, such as a mortgage, personal loans, or credit card debt, life insurance can help cover those obligations and prevent their family from inheriting the burden.
- Funeral and final expenses: Life insurance can help cover funeral and other final expenses, relieving the financial burden on the family.
- Estate planning: If the individual wishes to leave an inheritance or provide for a specific charitable cause, life insurance can help achieve those goals.
- Health condition: The individual’s health condition plays a crucial role in determining the availability and cost of life insurance. Pre-existing health conditions may make it more challenging to obtain coverage or might contribute to higher premiums.
It is advisable to consult with a financial advisor or an insurance professional who can assess the individual’s specific situation to determine if life insurance is a necessary and cost-effective option.
How much life insurance should a 66 year old get?
The amount of life insurance an individual should get at age 66 depends on their specific financial responsibilities and goals. Here are some factors to consider:
- Income replacement: If the person is still working and their family depends on their income, a rule of thumb is to aim for a policy that covers 5 to 10 times their annual income.
- Debts and financial obligations: Consider any outstanding debts, such as a mortgage, personal loans, or credit card debt. The coverage amount should be sufficient to pay off these debts.
- Funeral and final expenses: The policy should also include an amount to cover funeral expenses, typically around $10,000 to $15,000.
- Estate planning: If leaving an inheritance or providing for the future is important, the policy can incorporate a desired amount to achieve those goals.
Ultimately, the best approach is to assess your individual needs and consult with a financial advisor or insurance professional who can offer personalized guidance.
Should you get whole life insurance or term life insurance?
The decision between whole life insurance and term life insurance depends on your specific circumstances and goals. Here is a breakdown of the two options:
Whole life insurance:
Whole life insurance provides coverage for the entire lifetime of the insured person. It offers a death benefit and builds cash value over time. Here are some considerations:
- Coverage: The coverage provided is guaranteed, as long as premiums are paid.
- Premiums: Premiums for whole life insurance are generally higher compared to term life insurance.
- Investment component: Whole life insurance policies have a cash value component that grows over time, which can be accessed through loans or withdrawals.
- Estate planning: Whole life insurance can be used as a tool for estate planning and might offer some tax advantages.
Term life insurance:
Term life insurance provides coverage for a specified term, such as 10, 20, or 30 years. It does not have a cash value component. Here are some considerations:
- Coverage: Term life insurance provides coverage for a specific period, and if the insured person passes away within the term, the death benefit is paid out to the beneficiaries.
- Premiums: Premiums for term life insurance policies are generally lower compared to whole life insurance.
- No cash value: Term life insurance policies do not accumulate cash value, and the coverage is only active for the chosen term.
- Temporary needs: Term life insurance is often suitable for temporary needs such as income replacement during working years or paying off debts.
Ultimately, the choice between whole life insurance and term life insurance depends on your unique circumstances, financial goals, and your budget. Consider consulting with a financial advisor or insurance professional who can offer personalized guidance based on your specific needs.
Male Whole Life Insurance Rates
These two tables present the rates for whole life insurance for male non-smokers and male smokers. The rates are categorized based on coverage amounts, with options for $5,000, $10,000, $15,000, $20,000, and $25,000.
The first table shows the rates for male non-smokers. Each row represents a different insurance company, and each column represents a different coverage amount. The rates range from $30.99 to $141.61 for the $5,000 coverage, and from $58.64 to $233.50 for the $25,000 coverage.
The second table shows the rates for male smokers. Similar to the first table, each row corresponds to a different insurance company, and each column represents a different coverage amount. The rates for male smokers are generally higher compared to non-smokers, as expected. The rates range from $43.98 to $206.58 for the $5,000 coverage, and from $84.63 to $234.00 for the $25,000 coverage.
These tables highlight the difference in rates for whole life insurance based on smoking status. Male smokers generally have higher rates compared to male non-smokers across all coverage amounts. The difference in rates can be significant, with some insurance companies charging more than double for male smokers compared to non-smokers.
It is important to note that these rates are provided by different insurance companies, and the prices may vary based on individual factors such as age, health, and location. It is advisable for individuals to compare quotes from multiple insurance providers to find the best rates for their specific circumstances. Additionally, smoking status is just one of the factors that insurers consider when determining rates, and other factors such as medical history and lifestyle choices may also impact the final pricing.
Whole Life Insurance Rates for 66 year-old men
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $30 | $58 | $86 | $113 | $141 |
| American Amicable | $33 | $64 | $94 | $125 | $155 |
| CVS Health | $32 | $61 | $89 | $118 | $147 |
| Foresters | $31 | $59 | $88 | $116 | $144 |
| Liberty Bankers | $33 | $62 | $91 | $119 | $148 |
| Sons of Norway | Coverage N/A | $49 | $72 | $94 | $117 |
| Mutual of Omaha | $31 | $59 | $88 | $116 | $144 |
| Prosperity | $33 | $62 | $91 | $121 | $150 |
| Royal Neighbors | Coverage N/A | $59 | $87 | $115 | $143 |
| Transamerica | $30 | $57 | $83 | $110 | $137 |
| AIG | $48 | $94 | $140 | $187 | $233 |
| Gerber Life | $44 | $88 | $132 | $176 | $220 |
| Great Western | $49 | $97 | $144 | $191 | $238 |
Whole Life Insurance Rates for 66 year-old men (Smokers)
| company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $43 | $84 | $125 | $165 | $206 |
| American Amicable | $42 | $81 | $120 | $159 | $198 |
| CVS Health | $46 | $88 | $131 | $173 | $216 |
| Foresters | $47 | $91 | $136 | $180 | $225 |
| Liberty Bankers | $50 | $96 | $142 | $188 | $234 |
| Sons of Norway | Coverage N/A | $59 | $87 | $114 | $142 |
| Mutual of Omaha | $44 | $85 | $126 | $167 | $208 |
| Prosperity | $47 | $90 | $133 | $177 | $220 |
| Royal Neighbors | Coverage N/A | $84 | $125 | $166 | $207 |
| Transamerica | $47 | $91 | $136 | $180 | $224 |
| AIG | $48 | $94 | $140 | $187 | $233 |
| Gerber Life | $44 | $88 | $132 | $176 | $220 |
| Great Western | $49 | $97 | $144 | $191 | $238 |
Female Whole Life Insurance Rates
From the two tables presented, we can observe the rates for whole life insurance for male non-smokers and male smokers.
For male non-smokers, the rates for coverage amounts ranging from $5,000 to $25,000 vary across different insurance companies. Aetna offers the lowest rates, starting from $25.57 for $5,000 coverage and increasing incrementally to $114.54 for $25,000 coverage. The rates for other companies like American Amicable, CVS Health, Foresters, Liberty Bankers, Sons of Norway, Mutual of Omaha, Prosperity, Royal Neighbors, Transamerica, Gerber Life, and Great Western also follow a similar pattern of increasing rates with higher coverage amounts.
On the other hand, for male smokers, the rates are generally higher compared to male non-smokers. Again, Aetna offers the lowest rates starting from $32.90 for $5,000 coverage and increasing to $151.19 for $25,000 coverage. The rates for other companies vary but generally follow a similar pattern of increasing rates with higher coverage amounts.
Overall, the rates for male smokers are consistently higher than male non-smokers across all coverage amounts. This is because smokers are considered a higher risk for insurance companies due to the associated health risks of smoking. Additionally, rates also vary across different insurance companies, suggesting the importance of shopping around and comparing rates before purchasing whole life insurance.
Whole Life Insurance Rates for 66 year-old Women
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $25 | $47 | $70 | $92 | $114 |
| American Amicable | $27 | $50 | $74 | $97 | $121 |
| CVS Health | $26 | $49 | $72 | $95 | $119 |
| Foresters | $23 | $44 | $65 | $86 | $106 |
| Liberty Bankers | $26 | $47 | $69 | $90 | $112 |
| Sons of Norway | Coverage N/A | $44 | $64 | $83 | $103 |
| Mutual of Omaha | $23 | $43 | $63 | $83 | $103 |
| Prosperity | $25 | $47 | $69 | $91 | $113 |
| Royal Neighbors | Coverage N/A | $44 | $65 | $86 | $107 |
| Transamerica | $23 | $43 | $62 | $82 | $102 |
| AIG | $35 | $69 | $103 | $137 | $171 |
| Gerber Life | $33 | $65 | $98 | $130 | $163 |
| Great Western | $43 | $83 | $124 | $164 | $204 |
Whole Life Insurance Rates for 66 year-old Women (Smokers)
| $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|---|
| Aetna | $32 | $62 | $92 | $121 | $151 |
| American Amicable | $32 | $61 | $90 | $119 | $148 |
| CVS Health | $34 | $65 | $96 | $126 | $157 |
| Foresters | $35 | $68 | $101 | $134 | $166 |
| Liberty Bankers | $34 | $64 | $93 | $123 | $153 |
| Sons of Norway | Coverage N/A | $51 | $75 | $98 | $121 |
| Mutual of Omaha | $31 | $60 | $88 | $117 | $145 |
| Prosperity | $34 | $65 | $96 | $127 | $158 |
| Royal Neighbors | Coverage N/A | $63 | $93 | $123 | $153 |
| Transamerica | $33 | $64 | $94 | $124 | $155 |
| AIG | $35 | $69 | $103 | $137 | $171 |
| Gerber Life | $33 | $65 | $98 | $130 | $163 |
| Great Western | $43 | $83 | $124 | $164 | $204 |