Term Life Insurance for Elderly

Term life insurance is the simplest type of life insurance that you can get. Your coverage is for a specific death benefit amount that you choose and it lasts for a certain time period, or term. The term can be anywher from 1, 5, 10 years, 15 years, 20 years, or 30 years. It is also the least expensive life insurance coverage. If you are considering term life insurance for elderly, then the term that you qualify for will depend on your age.

Most term policies provide coverage until the age of 90. If you live beyond that age, your coverage would end. For example, if you are 80 years old, then the maximum term you can qualify for is a ten year term. If you are 60 years old, then you can qualify for up to a thirty year term.

The cost of term life insurance depends on several factors. Some examples of what carriers look at are:

1. Your Age: The older you are, the higher your premium will be.

2. Your Health: If you are in great health then you can qualify for the lowest rates, also known as the preferred or super preferred rates. If you have some minor health issues such as high blood pressure or high cholesterol, then you may qualify for standard or regular rates. If you have a history of major health problems like a heart attack, stroke, or cancer then your premium will be "rated up," which means you'll pay more than the average person, or you may not qualify at all. Keep in mind that if you do have some more serious health issues, then you might want to consider a guaranteed issue whole life insurance policy instead of term life because everyone is approved.

3. Your Sex: With all other things being the same, men pay more for life insurance than woman because they have a lower life expectancy. This is purely from actuarial data.

4. Your Smoking Status: Smokers can pay as much as two to three times more for life insurance than non-smokers. Most carriers will not consider you a non-smoker until you've been smoke free for at least 12 months.

5. Your Driving Record: If you've had an excessive number of moving violations or a DUI, then you are considered high risk. Most carriers will deny coverage or charge you a higher premium because of that.

If you are thinking about buying term life insurance for elderly, then be sure to keep in mind that term life insurance is not permanent insurance. If you want coverage that will last for your entire life, then you may want to consider burial insurance, which is a permanent whole life insurance policy.