There are several variables that that need to be factored in to establish a premium price tag for your parents. The price tag depends on your gender, age, smoking status, health history, current medical condition, and prescriptions. A nonsmoking male age 60 and in good health will pay around $5700 a year for 20 year term life insurance for $1,000,000 of coverage. (Female same scenario $3900.)
Determining the price of life insurance for your parents depends on their age, health, and what type and amount of life insurance you are looking for. Most of the people who contact us for life insurance for their parents are looking for small final expense policies. This type of policy can usually be obtained with no exam and is Whole Life so that it will not end before death occurs. We also sell level premiums, meaning that the policy will not go up in price. Otherwise, there is a risk that the policy will become too expensive to hang onto until death occurs.
For this type of policy, the price is approx $100/mo for a 60 year old man buying a $15,000 Whole Life policy that will not go up in price for the rest of his life. If there is a serious health condition, this price can be much higher, and rates will be substantially higher if the applicant is much older. Of course prices are lower if your parent is younger, and there are scores of other factors to consider. An agency that specializes in Senior Life Insurance can be helpful to find your parents life insurance that does what you want it to at the best possible price.
.JPG){kind=avatar}
For this type of policy, the price is approx $100/mo for a 60 year old man buying a $15,000 Whole Life policy that will not go up in price for the rest of his life. If there is a serious health condition, this price can be much higher, and rates will be substantially higher if the applicant is much older. Of course prices are lower if your parent is younger, and there are scores of other factors to consider. An agency that specializes in Senior Life Insurance can be helpful to find your parents life insurance that does what you want it to at the best possible price.