Whole Life Insurance Rates For a 73 Year Old
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Understanding the scope and details of life insurance, especially for those in the later years of life like 73 year olds, can feel overwhelming. The complex number game of rates and policy values entails an in-depth analysis. This becomes even more crucial as most people at the age need a fail-proof financial backup. This article sets out to alleviate the complexities, delving deeply into the knitty-gritty of life insurance rates for 73 year olds guided by real insights, expert advice, and beneficial tips. Add a golden touch to your golden years without any financial concern!
Should a 73 year old get life insurance?
Life insurance is a personal financial decision that depends on various factors, including individual circumstances and goals. While obtaining life insurance at the age of 73 is generally more difficult and more expensive, it may still be a viable option for some individuals.
Here are a few considerations to help determine if life insurance is right for a 73-year-old:
- Financial obligations: If the individual has financial obligations, such as outstanding debt or dependents, life insurance can help provide financial protection for their loved ones.
- Funeral expenses: Life insurance can cover funeral and burial costs, relieving the financial burden on family members.
- Estate planning: Life insurance can be utilized as a component of estate planning, providing liquidity to cover estate taxes or leaving a financial legacy for beneficiaries.
- Health condition: The availability and cost of life insurance can be impacted by health conditions. It is recommended to compare different policies and consult with insurance professionals to assess options.
- Affordability: The cost of life insurance tends to increase with age. It’s important to consider whether the premiums are affordable and fit within the individual’s budget.
Ultimately, the decision to get life insurance at 73 depends on the individual’s unique circumstances and goals. Consulting with a financial advisor or insurance agent can provide further guidance and help determine the most suitable course of action.
How much life insurance should a 73 year old get?
The amount of life insurance an individual should get at the age of 73 depends on their specific financial circumstances and goals. Below are some factors to consider when determining the appropriate coverage:
- Funeral expenses: A common recommendation is to have coverage that is sufficient to cover funeral and burial costs, which can range from $7,000 to $12,000.
- Debt and financial obligations: If the individual has outstanding debt, such as a mortgage, personal loans, or credit card debt, it is advisable to have enough coverage to pay off those obligations.
- Income replacement: Some individuals may want to include an income replacement component to provide financial stability for their loved ones. The appropriate amount would depend on the individual’s income level and the needs of their dependents.
- Final expenses: Aside from funeral expenses, having additional coverage to account for final medical bills and estate settlement costs can be beneficial.
It’s recommended to speak with a financial advisor or insurance professional who can provide more personalized assistance in determining the appropriate coverage amount tailored to the individual’s specific financial situation.
Should you get whole life insurance or term life insurance?
The choice between whole life insurance and term life insurance depends on various factors, including the individual’s needs, budget, and goals.
Whole Life Insurance:
- Provides coverage for the entire lifetime of the insured individual.
- Offers a cash value component that grows over time, which can be used for loans or withdrawals during the policyholder’s lifetime.
- The premiums are generally higher compared to term life insurance.
Term Life Insurance:
- Provides coverage for a specific term, such as 10 years, 20 years, or 30 years.
- Does not accumulate cash value as whole life insurance does.
- Typically has lower premiums compared to whole life insurance.
- Is well-suited for individuals with specific needs over a designated period, such as outstanding mortgages, income replacement during working years, or dependence on children.
The type of insurance that best fits a 73-year-old individual would depend on their specific financial circumstances, future needs, and budget. Consulting with an insurance professional can help determine the most suitable option.
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 divided into different coverage amounts, ranging from $5,000 to $25,000.
Looking at the tables, we can observe that the rates for male non-smokers are generally lower compared to the rates for male smokers. This is expected because being a smoker is considered a risk factor by insurance companies, which leads to higher premiums.
Among the companies listed in the tables, we can see that the rates vary. For example, Aetna, CVS Health, and Transamerica offer relatively lower rates for both non-smokers and smokers, while AIG and Gerber Life offer higher rates.
The rates also increase as the coverage amount increases, which is also expected. Insurance companies charge higher premiums for a higher coverage amount to compensate for the increased risk and potential payout.
It is important to note that Sons of Norway and Royal Neighbors have “Coverage N/A” listed for the $5,000 coverage amount. This means that these companies might not offer coverage for this specific amount.
Overall, these tables provide a comparison of rates for whole life insurance for male non-smokers and smokers. It is important for individuals to consider their own circumstances and needs when selecting an insurance plan.
Whole Life Insurance Rates for 73 year-old men
Company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
---|---|---|---|---|---|
Aetna | $44 | $86 | $128 | $169 | $211 |
American Amicable | $49 | $95 | $141 | $187 | $233 |
CVS Health | $46 | $90 | $133 | $176 | $220 |
Foresters | $48 | $94 | $139 | $185 | $231 |
Liberty Bankers | $49 | $93 | $138 | $182 | $227 |
Sons of Norway | Coverage N/A | $70 | $103 | $135 | $168 |
Mutual of Omaha | $46 | $89 | $132 | $175 | $218 |
Prosperity | $51 | $100 | $148 | $196 | $244 |
Royal Neighbors | Coverage N/A | $91 | $136 | $180 | $225 |
Transamerica | $44 | $86 | $127 | $168 | $210 |
AIG | $68 | $134 | $200 | $266 | $332 |
Gerber Life | $63 | $125 | $187 | $249 | $311 |
Great Western | $73 | $144 | $215 | $286 | $356 |
Whole Life Insurance Rates for 73 year-old men (Smokers)
company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
---|---|---|---|---|---|
Aetna | $68 | $133 | $198 | $262 | $327 |
American Amicable | $60 | $117 | $174 | $231 | $288 |
CVS Health | $71 | $138 | $206 | $273 | $341 |
Foresters | $73 | $143 | $214 | $284 | $354 |
Liberty Bankers | $75 | $145 | $215 | $286 | $356 |
Sons of Norway | Coverage N/A | $84 | $123 | $163 | $202 |
Mutual of Omaha | $66 | $130 | $193 | $256 | $320 |
Prosperity | $71 | $140 | $208 | $276 | $344 |
Royal Neighbors | Coverage N/A | $131 | $196 | $261 | $325 |
Transamerica | $71 | $140 | $208 | $276 | $344 |
AIG | $68 | $134 | $200 | $266 | $332 |
Gerber Life | $63 | $125 | $187 | $249 | $311 |
Great Western | $73 | $144 | $215 | $286 | $356 |
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.
In the first table, the rates for male non-smokers range from $33.38 for $5,000 coverage to $154.06 for $25,000 coverage. The rates vary across different insurance companies, with Mutual of Omaha offering the lowest rates and Great Western offering the highest rates.
In the second table, the rates for male smokers are generally higher compared to male non-smokers. The rates range from $46.36 for $5,000 coverage to $219.01 for $25,000 coverage. Again, the rates vary across different insurance companies, with Mutual of Omaha offering the lowest rates and Great Western offering the highest rates.
It is important to note that Sons of Norway and Royal Neighbors do not provide coverage for $5,000 in the first table and do not provide coverage for $5,000 or $10,000 in the second table for male non-smokers. Similarly, Sons of Norway and Royal Neighbors do not provide coverage for $5,000 in the first table and do not provide coverage for $5,000 or $10,000 in the second table for male smokers.
Overall, these tables provide an overview of the rates for whole life insurance for male non-smokers and smokers from different insurance companies. The rates vary based on the coverage amount and the insurance company. Customers can use these tables to compare rates and make informed decisions when selecting a whole life insurance policy.
Whole Life Insurance Rates for 73 year-old Women
$5,000 | $10,000 | $15,000 | $20,000 | $25,000 | |
---|---|---|---|---|---|
Aetna | $34 | $65 | $97 | $128 | $159 |
American Amicable | $38 | $72 | $107 | $142 | $176 |
CVS Health | $36 | $68 | $101 | $133 | $166 |
Foresters | $36 | $69 | $102 | $135 | $168 |
Liberty Bankers | $38 | $72 | $107 | $141 | $175 |
Sons of Norway | Coverage N/A | $61 | $89 | $117 | $144 |
Mutual of Omaha | $33 | $63 | $93 | $123 | $154 |
Prosperity | $37 | $71 | $105 | $139 | $174 |
Royal Neighbors | Coverage N/A | $66 | $99 | $131 | $163 |
Transamerica | $33 | $63 | $93 | $123 | $153 |
AIG | $52 | $103 | $153 | $204 | $254 |
Gerber Life | $48 | $96 | $144 | $192 | $239 |
Great Western | $65 | $127 | $190 | $252 | $315 |
Whole Life Insurance Rates for 73 year-old Women (Smokers)
company | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
---|---|---|---|---|---|
Aetna | $47 | $90 | $134 | $178 | $221 |
American Amicable | $44 | $85 | $125 | $166 | $207 |
CVS Health | $49 | $94 | $140 | $185 | $231 |
Foresters | $49 | $95 | $141 | $187 | $233 |
Liberty Bankers | $48 | $92 | $136 | $180 | $224 |
Sons of Norway | Coverage N/A | $69 | $101 | $133 | $165 |
Mutual of Omaha | $46 | $89 | $132 | $175 | $219 |
Prosperity | $50 | $97 | $144 | $190 | $237 |
Royal Neighbors | Coverage N/A | $90 | $134 | $177 | $221 |
Transamerica | $49 | $95 | $141 | $187 | $233 |
AIG | $52 | $103 | $153 | $204 | $254 |
Gerber Life | $48 | $96 | $144 | $192 | $239 |
Great Western | $65 | $127 | $190 | $252 | $315 |