Seniors: Find Low-Cost Life Insurance for $13/Month in Your Area
Life insurance is critical for providing your loved ones with a financial safety net if you pass away. One issue, however, is that many seniors end up being charged high premiums for life insurance, which may make life insurance an unaffordable option. Fortunately, seniors could pay as little as $13 per month for life insurance if they’re eligible. If you need to find low-cost life insurance, here’s what you need to know.
What to Know Before You Buy
Having a life insurance policy is sometimes essential if you want to protect your family’s financial well-being. But even if life insurance is a must-have, that doesn’t mean you should purchase a policy without doing some due diligence.
Before you select life insurance coverage, you need to know:
- How much coverage you require
- Whether you want term or whole life insurance
- How much you can spend on premiums
- Whether you’re open to a medical exam
Those factors can play a significant role in the equation, including which insurance options you ultimately want to explore and how much they’ll cost. If you need to keep premiums down, choosing term life insurance over whole usually helps. Similarly, limiting the coverage to $250,000 could make getting a monthly premium as low as $13 per month a possibility.
Top Providers to Choose From
The top life insurance providers typically have reputations for competitive pricing and excellent customer service. Plus, they offer a variety of life insurance policies, allowing seniors to find one that meets their needs at a price point they can afford.
Northwestern Mutual has several life insurance policy options for seniors. Term life policies can cost less than $1 per day, though the exact cost varies depending on age, health, coverage amount, and other factors.
State Farm has life insurance policies for seniors that don’t require medical exams. Additionally, there are several programs available (either with or without medical exams), including whole, universal, and term life. Term life policies can cost as little as $15.02 per month for $250,000 of coverage. There’s also a guaranteed final expense insurance option for up to $15,000.
Ethos offers whole life insurance policies that cover individuals up to the age of 85 and doesn’t require a medical exam, giving you access to up to $30,000 of coverage in minutes. Plus, the rate won’t increase over time, and you can cancel at any time. With Ethos term life insurance, which you can access up to age 65, you can renew up to the age of 80. For $1 million in coverage, you could spend as little as $1 per day, which is very affordable.
AIG Direct offers term life insurance policies worth up to $250,000 for as little as $13 per month, and the company offers a savings of up to 45% when compared to similar insurers. They also have a Guaranteed Issue Whole Life Insurance program for seniors under the age of 80, with rates as low as $21 per month for $5,000 in coverage.
Check to see if you’re eligible for low-cost life insurance programs and find offers in your area below.
