Whole Life Insurance Rates For a 68 Year Old
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Understanding the dynamics of life insurance and how premiums are calculated based on age is crucial when preparing for the future. In this article, we will specifically delve deep into the life insurance rates for 68 year olds, discussing every important detail, from different insurance companies’ offers to the factors affecting high or low premiums. So whether you’re looking for information for yourself or for a relative, this comprehensive guide is poised to answer all the questions you might have about life insurance at this age.
Should a 68 year old get life insurance?
Whether or not a 68-year-old individual should get life insurance depends on their specific circumstances and needs. Here are some factors to consider:
Financial obligations:
If the individual has financial obligations, such as outstanding mortgages, debts, or dependents, life insurance can help provide financial protection for their loved ones in the event of their passing. It can help cover expenses and maintain their standard of living.
Funeral expenses:
Life insurance can also help cover funeral and burial expenses, which can be significant. Having this financial burden taken care of can relieve stress and provide peace of mind for the individual and their family.
Estate planning:
If the individual wants to leave a legacy or make specific arrangements for their estate, life insurance proceeds can help ensure their wishes are carried out efficiently.
Health and insurability:
The individual’s health and insurability will impact the availability and affordability of life insurance options. It’s important to consider any pre-existing health conditions or medical issues that may affect coverage or premium rates.
Cost-benefit analysis:
The individual should evaluate the cost of life insurance premiums and determine if the benefits outweigh the expense. They can assess their financial situation and weigh the potential benefits for their personal circumstances.
Ultimately, it is advisable for a 68-year-old individual to explore their life insurance options and consult with a financial advisor or insurance professional to determine if it aligns with their needs and goals.
How much life insurance should a 68-year-old get?
Should you get whole life insurance or term life insurance?
When deciding between whole life insurance and term life insurance at the age of 68, here are some factors to consider:
Whole Life Insurance:
Whole life insurance provides coverage for the insured’s entire lifetime. The policy combines a death benefit with a savings component known as cash value. The coverage amount and premium are usually fixed for the duration of the policy.
In general, at the age of 68, the most common recommendation is to opt for term life insurance due to its lower cost. However, if an individual has substantial assets, wants to leave a large inheritance, or has specific estate planning needs, they may consider whole life insurance. In such cases, the coverage amount can vary based on individual circumstances, but often ranges from $50,000 to $200,000 or more.
Term Life Insurance:
Term life insurance provides coverage for a specified term, such as 10, 20, or 30 years. The coverage ends at the expiration of the term unless renewed or converted to a different policy. Term life insurance is generally more affordable than whole life insurance.
When deciding on the coverage amount for term life insurance at the age of 68, it is essential to consider one’s financial obligations, such as outstanding mortgages, debts, and funeral expenses. Additionally, considering any dependents and their financial needs is crucial.
While the specific coverage amount varies for each individual, a guideline often suggests getting coverage anywhere between 5 and 10 times the individual’s annual income. However, this can be adjusted based on one’s financial circumstances, dependents, and specific needs.
Ultimately, the choice between whole life insurance and term life insurance, as well as the amount of coverage, is a personal decision. It is important to consult with a financial advisor or insurance professional to assess individual circumstances and make an informed choice.
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 the coverage amount, ranging from $5,000 to $25,000, in increments of $5,000.
The first table provides the rates for male non-smokers. Each row represents a different insurance company, and each column represents a different coverage amount. The rates are listed in dollars and cents.
The second table presents the rates for male smokers. The structure and content of this table are the same as the first table, but the rates in this table are specific to male smokers.
By comparing the two tables, we can observe the differences in rates between male non-smokers and male smokers. Generally, the rates for male smokers are higher than those for male non-smokers across all coverage amounts. This indicates that insurance companies consider smoking as a risk factor for unfavorable health outcomes and therefore charge higher premiums for smokers.
Furthermore, within each category of non-smokers and smokers, there may be variations in rates among different insurance companies. For example, some insurance companies may offer lower rates compared to others for the same coverage amount and category. It is important for individuals seeking whole life insurance to review and compare the rates offered by different companies to find the most suitable and affordable option for their needs.
Overall, these tables provide a snapshot of the rates for whole life insurance for male non-smokers and male smokers. They highlight the impact of smoking on insurance premiums and the potential cost differences among various insurance companies.
Whole Life Insurance Rates for 68 year-old men
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $33 | $64 | $94 | $125 | $155 |
| American Amicable | $38 | $72 | $107 | $142 | $176 |
| CVS Health | $35 | $67 | $98 | $130 | $162 |
| Foresters | $35 | $67 | $99 | $131 | $163 |
| Liberty Bankers | $37 | $70 | $103 | $135 | $168 |
| Sons of Norway | Coverage N/A | $54 | $79 | $104 | $129 |
| Mutual of Omaha | $35 | $66 | $98 | $130 | $162 |
| Prosperity | $37 | $70 | $104 | $138 | $172 |
| Royal Neighbors | Coverage N/A | $65 | $96 | $127 | $159 |
| Transamerica | $33 | $63 | $93 | $123 | $153 |
| AIG | $51 | $100 | $150 | $199 | $249 |
| Gerber Life | $47 | $94 | $141 | $188 | $234 |
| Great Western | $54 | $107 | $159 | $211 | $263 |
Whole Life Insurance Rates for 68 year-old men (Smokers)
| Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Aetna | $49 | $95 | $141 | $187 | $234 |
| American Amicable | $47 | $90 | $134 | $177 | $221 |
| CVS Health | $51 | $99 | $148 | $196 | $244 |
| Foresters | $52 | $102 | $151 | $201 | $250 |
| Liberty Bankers | $56 | $107 | $159 | $210 | $262 |
| Sons of Norway | Coverage N/A | $65 | $95 | $125 | $155 |
| Mutual of Omaha | $49 | $96 | $143 | $190 | $236 |
| Prosperity | $52 | $101 | $150 | $199 | $248 |
| Royal Neighbors | Coverage N/A | $94 | $140 | $187 | $233 |
| Transamerica | $53 | $104 | $154 | $204 | $254 |
| AIG | $51 | $100 | $150 | $199 | $249 |
| Gerber Life | $47 | $94 | $141 | $188 | $234 |
| Great Western | $54 | $107 | $159 | $211 | $263 |
Female Whole Life Insurance Rates
The tables present the rates for whole life insurance for male non-smokers and male smokers. The rates are categorized based on the coverage amounts of $5,000, $10,000, $15,000, $20,000, and $25,000.
For male non-smokers, the rates range from $25.75 to $46.65 for the coverage amount of $5,000. As the coverage amount increases, the rates also increase proportionally. The highest rate for male non-smokers is $221.58 for the coverage amount of $25,000, which is offered by Great Western.
For male smokers, the rates range from $35.24 to $38.57 for the coverage amount of $5,000. Similar to male non-smokers, the rates increase with higher coverage amounts. The highest rate for male smokers is also $221.58 for the coverage amount of $25,000, which is offered by Great Western.
It can be observed that the rates for male smokers are generally higher compared to male non-smokers for all coverage amounts. This is because smoking is considered a risk factor for insurance companies, as it increases the likelihood of health complications and decreases life expectancy.
Some insurance companies, such as Sons of Norway and Royal Neighbors, do not offer coverage for the lowest amount of $5,000 for male non-smokers and male smokers.
Overall, the rates vary among different insurance companies for both male non-smokers and male smokers. It is important for individuals to compare the rates and coverage options offered by different insurance companies before making a decision. Additionally, factors such as age, health condition, and other personal circumstances may also affect the rates offered by insurance companies.
Whole Life Insurance Rates for 68 year-old Women
| $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|---|
| Aetna | $27 | $51 | $76 | $100 | $124 |
| American Amicable | $29 | $55 | $81 | $108 | $134 |
| CVS Health | $28 | $53 | $79 | $104 | $129 |
| Foresters | $26 | $49 | $72 | $96 | $119 |
| Liberty Bankers | $28 | $53 | $77 | $101 | $125 |
| Sons of Norway | Coverage N/A | $48 | $69 | $91 | $112 |
| Mutual of Omaha | $25 | $48 | $70 | $93 | $115 |
| Prosperity | Coverage N/A | $53 | $78 | $102 | $127 |
| Royal Neighbors | Coverage N/A | $48 | $72 | $95 | $118 |
| Transamerica | $25 | $48 | $70 | $92 | $114 |
| AIG | $38 | $75 | $112 | $148 | $185 |
| Gerber Life | $35 | $70 | $105 | $140 | $176 |
| Great Western | $46 | $90 | $134 | $177 | $221 |
Whole Life Insurance Rates for 68 year-old Women (Smokers)
| $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|---|
| Aetna | $36 | $69 | $102 | $134 | $167 |
| American Amicable | $35 | $66 | $98 | $130 | $162 |
| CVS Health | $37 | $72 | $106 | $140 | $175 |
| Foresters | $38 | $73 | $108 | $143 | $177 |
| Liberty Bankers | $37 | $70 | $103 | $136 | $168 |
| Sons of Norway | Coverage N/A | $55 | $80 | $106 | $131 |
| Mutual of Omaha | $35 | $67 | $99 | $131 | $163 |
| Prosperity | $38 | $73 | $108 | $143 | $178 |
| Royal Neighbors | Coverage N/A | $68 | $102 | $135 | $168 |
| Transamerica | $37 | $71 | $105 | $140 | $174 |
| AIG | $38 | $75 | $112 | $148 | $185 |
| Gerber Life | $35 | $70 | $105 | $140 | $176 |
| Great Western | $46 | $90 | $134 | $177 | $221 |