Term life insurance is the most commonly purchased life insurance policy type. It is without a doubt the most affordable life insurance but it is only for a temporary period of time. Luckily, you have the option to choose from 10 to 30-year policies.
Term-life insurance is generally a lot cheaper compared to a whole life insurance. However, insurance companies mostly have an age limit for term-life insurance. The older you are, the harder it gets to have a term-life insurance policy.
In most cases, term life insurance at age 60 and over is very hard to get. But if you don’t smoke or have any preexisting conditions, a 20-year term life insurance shouldn’t be a hard thing to get. On the other hand, you most definitely would want to have 30-year life insurance rather than a 20-year one. If that is the main object for you—it might be challenging to get one.
Cost of Term Life Insurance at Old Age
As mentioned above, the older you have the harder it gets to purchase a term life insurance policy and so does the costs. There is a significant difference between how much one can pay for term life insurance at 50 years old and 60. Especially in 30-year term life insurance policies. The monthly premiums jump to a significant amount over a period of time with term-life insurance as you age.
With that said, the age limit isn’t an issue with term-life insurance policies as much as the cost of monthly premiums. If you want to pay a fixed amount every month for life insurance, consider getting a whole life insurance policy. You can learn about the key differences between a term and a whole life insurance policy from here.
As for the insurance companies, we suggest getting quotes from every insurance company possible. Almost all major insurance companies have a life insurance company but there are a large number of insurance companies that only offer life insurance. Even if you pay $10 less for premiums, it can add up to a significant amount over time. After all, a term life insurance policy is going to last you at least 10 years.