Life Insurance For Senior Citizens

The older you are the higher your life insurance premiums will rise. Purchasing life insurance when you are younger saves money, yet term life policies will expire in twenty or thirty years leaving you to find life insurance for senior citizens. No matter how early you've planned, there is the chance, unless you've purchased whole life, that you will be shopping for life insurance in the latter years of your life.

AARP works with New York Life to offer reasonably priced life insurance to AARP members. This is one of the best ways to purchase life insurance in your advancing years. There are, however, other routes.

You can use the Internet to your benefit. Many insurance Web sites take your information and compare them between dozens of insurance companies. You can then contact the different insurers and see if there are even lower rates. Internet sites of this nature run on commissions, so often the insurance companies are extremely competitive in order to boost business. If you need life insurance, the Internet is one of the best places to start.

New York Life offers life insurance policies for up to $50,000 for seniors. The rates for women are always lower. A fifty-year-old woman (non-smoker) can expect to pay approximately $10.50 a month, while a comparable man would pay $13.50. Insurance policies with New York Life require renewal every five years. Rates go up every renewal, so it really pays to shop around carefully. Look at the rate differences:

$10,000 in Coverage:

• Age 55 to 59 - $14 (Female) or $18 (Male)
• Age 60 to 64 - $20 or $25
• Age 65 to 69 - $27 or $32
• Age 70 to 74 - $40 or $45

$20,000 in Coverage:

• Age 55 to 59 - $25 (Female) or $32 (Male)
• Age 60 to 64 - $37 or $46
• Age 65 to 69 - $51 or $60
• Age 70 to 74 - $76 or $85

$40,000 in Coverage:

• Age 55 to 59 - $46 (Female) or $60 (Male)
• Age 60 to 64 - $70 or $87
• Age 65 to 69 - $98 or $116
• Age 70 to 74 - $147 or $167

$50,000 in Coverage:

• Age 55 to 59 - $56 (Female) or $75 (Male)
• Age 60 to 64 - $86 or $108
• Age 65 to 69 - $121 or $144
• Age 70 to 74 - $183 or $207

The higher your benefit amount, the more you will end up paying. Before settling on any insurance policy, it is helpful to calculate exactly how much money your loved ones would need to carry on in case of your death. Usually, by this time you are carrying only a low mortgage, if at all, and your cost of living expenses are not the same as when you were younger.