Navigating the Ultimate Life Insurance Choices for Seniors Over 60
Evaluating Costs and Benefits
When considering life insurance, it is essential to weigh the costs against the potential benefits. Premiums can vary significantly based on the type of policy, the coverage amount, and the applicant's age and health. For example, a healthy 65-year-old might pay around $100 per month for a $250,000 term life policy, while a whole life policy with the same coverage could cost several times more4.
The benefits of having life insurance as a senior include peace of mind knowing that final expenses will be covered, the ability to leave a financial legacy, and providing financial support to a surviving spouse or dependents. For many seniors, these benefits outweigh the costs, especially if they are concerned about leaving debts or financial burdens behind.