The beauty of life lies in your decisions. Death, an ultimate truth, never knocks your door and asks for permission. So, did you plan something for those moments?
The best remedy to ensure happiness for your family after you are gone is to have life insurance. This is why most of the US citizens consider taking life insurance plans as soon as they begin to settle.
However, it’s never too late, even though you are a 62-year-old individual. Here you will find an approximate cost of life insurance at age 62 to help you travel to another world with ease.
Life Insurance Affordability at Age 62
Being a senior citizen, you must have thought about getting a life insurance plan. But the fear of affording premiums might have backed you out. Well! It is not that difficult if you choose a wise plan. So, the answer is yes!
You can afford life insurance at age 62, but it depends on the amount and type of coverage you opt for. However, one of the main factors behind the pricing of coverage plans is the age, gender, and health of an individual, which will be discussed briefly as you carry on reading this article.
So when it comes to affordability, you have to be a smart shopper. It is just like comparing the prices of a selected item from the market. The survey permits you to choose the best quality product within your range.
Likewise, several companies are offering different plans. Therefore, a little research can help you buy the best life insurance at a minimum premium cost.
Cost of Life Insurance at Age 62
First things first, you have to understand that the cost of life insurance for a 62-year-old individual depends upon several factors.
However, on broadly classifying, there are two main elements, which decide the overall cost of life insurance at your age.
- Health Condition
If you are male and with good health, then you will have to pay a different premium, as compared to another male, who has minor health problems. Furthermore, a healthy female will be charged differently in contrast to the unhealthy female.
So, below is all the essential information about the life insurance standard (normal) rates for a 62-years-old male and female, considering him or her in sound health. It is a monthly expense with an approximate cost.
However, you must keep in mind that the pricing can fluctuate as per your life insurance provider’s policies.
So, go ahead!
10 Years Life Insurance Cost for Male at Age 62
Here we are mentioning an estimated price and benefit amount.
If you are a 62 years non-smoker male with excellent health; and you choose a 10-year plan to receive the amount of $50,000. Then your monthly premium is likely to be around $32.
Being a healthy male, if you pick a 10-year-plan with an aim to have an amount of $100,000 at the end of the term. Then you must prepare yourself to pay a premium of $42 every month.
In the same way, as a non-smoker male, you can receive an expected amount of $250,000 after 10 years by paying a monthly premium fee of about $88.
For a $50,000 payout in 10 years, the amount that is due is around $171.
For a million dollars insurance payout, a male is bound to pay $313.
Read Also: Life Insurance for Over 80
15 Years Plan for Males at Age 62
As a male, you can enjoy a payout of $50,000 by paying $44 per month.
If you wish to increase the payout to $100,000, then you must be paying a minimum cost of $60 each month. And at the end of the tenure, you can get the amount.
For a $250,000 insurance reward, you are required to bear a monthly cost of about $125.
If you wish to have more payout than the previous amount, then the next option for you is to have a life insurance benefit of $50,000 at an affordable rate of $244.
Lastly, at the age of 62, you can purchase a $1000,000 return policy on a 15 years term. And to do so, your monthly expense would be $485.
20 Years Plan for Males
You can get a benefit of $50,000 on your life insurance by paying $59 for 20 years every month.
On the contrary, a payout of $100,000 can be expected as a 62-year-old non-smoker and healthy individual. For that, you may need to make your mind of paying the monthly dues closer to $80.
For getting $250,000 on completing a 20-year insurance plan, you must plan to invest $175 per month.
An amount of $500,000 on a monthly cost of $337 for 20 years seems reasonable at the age of 62.
And if you think all the above-mentioned outcomes won’t satisfy your patience. Then a monthly payment of $661 will bring one million dollars on your table at the age of 20 years.
Standard Cost of Life Insurance for Males at Age 62 per Month
|Cost per Month for 20 Years||$59||$80||$175||$337||$661|
|Cost per Month for 15 Years||$44||$60||$125||$244||$485|
|Cost per Month for 10 Years||$32||$42||$88||$171||$313|
10 Years Plan for Females at Age 62
For a payout of $50,000 after 10 years, you have to pay $22 every month.
If you want to keep an amount of $100,000 after 10 years of paying on your life insurance policy, then the monthly price for that is $28.
To receive an amount of $250,000 at the end of your 10th year of insurance, all you need to do is planning to invest $64 each month.
$500,000 after the completion of 10 years seems good enough! But before you pick this plan, assure your financial position because you need to pay $116 every month for the next 10 years.
Yes! An amount of $1000,000 seems great at $213 monthly expenditure for a female.
15 Years Plan for Females at Age 62
Just like you have to pay for the 10 years insurance plan, so in the same way, you have to pay $32 every month as an insurance expense for the payout amount of $50,000 at the end of the 15th year.
Paying $38 at the end of every month for a compensation of $10,000 seems like a great decision for a female.
As a female, if you wish to attain a bit heavier amount from your 15 years insurance policy, then you are asked to pay an amount around $82 per month.
$500,000 is a pretty good amount at a cost of $154, which you have to take out of your wallet every month.
A million-dollar after the expiry of the period of 15 years at a fee of $291 is surely enough for you and your family.
20 Years Plan for Females at Age 62
At age 62, if you are looking 20 years ahead, then the best option for you is to get a payout of $50,000. However, the monthly investment is higher than the rest of the tenures. So, you can expect a monthly bill of $41 if you wish to go with this insurance policy.
Being a 62-year-old woman, you can save an amount of $100,000 by paying $53 to your insurance company each month for two decades.
For a benefit of $250,000, you may need to pay $119 for the next 20 years.
Nevertheless, you can always choose to have maximum amounts from your 20 years insurance agreement. So for $500,000 payout, your total monthly expense is somewhere around $223.
Finally, for $1000,000 till the end of the final year of the insurance, you might need to transfer a monthly investment of $434 in your insurance account.
Standard Cost of Life Insurance for Females at Age 62 per Month
|Cost per Month for 20 Years||$41||$53||$119||$223||$434|
|Cost per Month for 15 Years||$32||$38||$82||$154||$291|
|Cost per Month for 10 Years||$22||$28||$64||$116||$217|
Factors Affecting the Cost at This Age
Despite the gender and health condition, there are several other factors, which you must consider before reaching out to any insurance company. These factors have a huge impact on your monthly premium.
- Tobacco consumption
- Health and prescription history
- Criminal record
- Driving record
- Professional record
These are some of the vital attributes, which help the insurance policymakers to think of the most suitable premium for you.
So, make sure you have clean records. And most importantly, if you are smoker, then the chances are high that you might need to pay a high monthly cost for your insurance. This is why it is better to quit smoking, as it can damage you in many ways.
Planning for a life insurance policy signifies the fact that you care for your family. Unquestionably, the cost of life insurance for males and females at age 62 is distinctive, but it plays the same role.
Most of the premiums are cost-effective. And you can select the most suitable one according to your budget. This decision will not only help you to live with happiness, but it will also ensure a peaceful death when the time will come.