Life Insurance for People Over 60
Life insurance for people over 60 can range in cost significantly from company to company.
Insured over 60 have a choice between term coverage, which starts off lower in cost and increases as the insured gets older, and permanent life insurance, which starts off at a higher cost but never increases as the insured gets older.
The following is sample pricing for 60- and 65-year-old, male non-smokers:
Depending on the insurer he chooses, our 60-year-old, male non-smoker has the following premiums to choose from:
$100,000 of Term 10 from BMO Insurance costs $51.57 a month.
$100,000 of Term 20 from AXA Insurance costs $109.17 a month.
$100,000 of 15-Pay Whole Life coverage Union of Canada costs $291.45 a month.
For the 65-year-old, male non-smoker, the plan could cost the following:
$100,000 of Term 10 with BMO insurance costs $84.69 a month.
$100,000 of Term 20 with AXA insurance costs $183.69 a month.
$100,000 of Whole Life 15-Pay coverage with Union of Canada costs $377.63 a month.