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Just because youre older doesnt mean you cant find a life insurance policy that meets your needs. The cost of coverage can increase with age, but many insurers will accommodate older adults, even if they’re not in the best of health. Here are our top picks for seniors looking for term or whole life insurance policies.

When deciding which insurers to include in our list, we took into account NerdWallets star ratings for each company, as well as policy features like the maximum issue age.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair, so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners and heres how we make money.

How Much Does Life Insurance Cost For A Family Of Four

We’ve found that the average cost of life insurance is about $147 per month for a term life insurance policy lasting 20 years and providing a death benefit of $500,000. You should think of this number strictly as a baseline your own rates for life insurance will change depending on your age, the insurer you choose and the amount of coverage you purchase.

Average Cost Of Life Insurance : Rates By Age Gender

How much a month is life insurance? Life insurance premiums are based on several factors, including your age, health, and the amount of coverage you purchase.How do I get the best price for life insurance?What is a reasonable amount of life insurance?

How Does A $25,000 Guaranteed Universal Life Insurance Policy Work? A $25,000 guaranteed universal life insurance policy is a permanent life

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How Much Are Life Insurance Rates For Seniors

Those buying life insurance in their 80s can pay over $1,000 a year for a $10,000 or $20,000 final expense or guaranteed issue policy. So youll skip the medical exam in exchange for high rates on low coverage.

Most insurers stop offering term life insurance at 75 or 80 years old, and permanent policies stop around age 75. However, each insurer has its own approval guidelines, so you may get approved with one insurer and not another.

Its All About You We Want To Help You Make The Right Life Insurance Coverage Choices

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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our life insurance industry partnerships dont influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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  • Buying $250,000 in term life insurance is inexpensive
  • Factors like age, gender, and overall health will affect your rates
  • Term life insurance is only good for a certain amount of time before the policy expires

If youre wondering How much does $250,000 in life insurance cost?, youve come to the right place.

This article will go over life insurance rates for $250000 in term life insurance, the best companies for this benefit amount, and how to qualify for those rates.

Some life insurance shoppers may be looking for greater amounts of coverage. However, a $250,000 life insurance policy is a very common and very important purchase.

Why?

The death benefit is to protect your beneficiary from financial hardship. This type of coverage will assist your family and is pretty inexpensive.

Before you buy $250,000 in life insurance, shop around to find the best deal. Enter your ZIP code now to compare $250,000 life insurance quotes today.

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Average Cost Of A $250000 Term Life Insurance Policy By Term Length

The term length is how long your policy will last before expiring, with the most common term lengths at 10, 15, 20 and 30 years.For a 20-year term, the cheapest life insurance provider is Transamerica at $12.15 per month on average, while Prudential offers the most expensive average life insurance at $33.89 per month.

The average cost of a $250,000 life insurance policy by term length:

  • 10-year term: $14.76 per month
  • 15-year term: $16.42 per month
  • 20-year term: $18.09 per month
  • 30-year term: $26.09 per month
Average Monthly Rates for $250,000 Coverage for Different Term Lengths

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  • $412.96

Advantages And Disadvantages Of Cash Value Life Insurance

The cash value component serves as a living benefit for policyholders from which they may draw funds. The life insurance net cash value is what the policyholder or their beneficiary has left over once the insurance company deducts its fees or any expenses incurred during the ownership of the policy. There are several options for accessing funds. For most policies, partial surrenders or withdrawals are permissible but these can reduce the death benefit.

Taxes are deferred on earnings until withdrawn from the policy and distributed. Once distributed, earnings are taxable at the policyholders standard tax rate. Some policies allow for unlimited withdrawals, while others restrict how many draws can be taken during a term or calendar year. Some policies limit the amounts available for removal .

Most cash value life insurance arrangements allow for loans from the cash value. Much as with any other loan, the issuer will charge interest on the outstanding principal. The outstanding loan amount will reduce the death benefit dollar for dollar in the event of the death of the policyholder before the full repayment of the loan. Some insurers require the repayment of loan interest, and, if unpaid, they may deduct the interest from the remaining cash value.

Cash value may also be used to pay policy premiums. If there is a sufficient amount, a policyholder can stop paying premiums out of pocket and have the cash value account cover the payment

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Final Thoughts On $25000 Whole Life Insurance Quotes

I will say if youre younger than 50, we can still get you $25,000 in whole life insurance programs.

I just start at 50 because most of the people I deal with are over 50.

But hey, if youre well under 50, you can qualify for $25,000 in whole life insurance coverage in most cases, and its very likely that youll pay less too.

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The average cost of life insurance is $26 a month. This is based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. But life insurance rates can vary dramatically among applicants, insurers and policy types.

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How Can You Save On Term Life Insurance

Once you decide on the type of life insurance you want to purchase, the next step is getting the best deal. Some ways to save money are:

  • Try a different amount of insurance Changing the amount of coverage you get will change your rates, so work with some numbers to find the best coverage at the rate you can afford.
  • Check to see if your job offers coverage Sometimes life insurance is offered through your employer. The group plan can be cheaper and may not include a medical exam.
  • Get healthy Quit smoking and do what you can to improve your health.
  • Consider multiple policies Depending on the amount of coverage you are looking for, it may be cheaper to carry more than one policy to equal the coverage you want.
  • Shop around for coverage Each company will charge a different rate for coverage, so be sure to get quotes from multiple companies.

These are just a few ways to save for your life insurance. Speak with an insurance agent for even more ways to save.

Average Cost Of A $250000 Life Insurance Policy

Rates are on the lower end for policies around $250,000, especially if youre young, healthy and a non-smoker. The average cost of a 20-year term, $250,000 policy for a healthy 30-year-old is $14.89 a month for a man and $13.06 for a woman. Expect your rates to differ based on your gender, age, health, lifestyle, occupation and the policy length you choose.

Age

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Why You Should Let Choice Mutual Help You

If youre looking for a $25,000 whole life funeral insurance policy, we would argue that you could not find a better agency to help you get the best policy at the lowest rate.

Here are the three main reasons we make that claim.

1) We Are Independent And Have Over 15 Companies To Choose From

Every insurance company underwrites differently. For this reason, we represent lots of them, so we can compare offers to find which one is best for you. Basically, we do the shopping around for you.

2) Whole Life Coverage Is All Do We

We specialize in whole life and final expense insurance. Its literally all we do. We dont deal with term life or other forms of life insurance.

You can trust that when youre dealing with us, youre dealing with thoroughbred experts.

3) You Are Our Sole Objective

Our philosophy is very simple. Its to always ensure we get you the best deal possible regardless of which insurance company its from. We wont push you to a company that pays us more.

You can trust that we will always place your interests above ours.

Here are some real reviews from very satisfied customers.

Give us a call and let our friendly agents show you why so many have chosen to work with us.

Well answer your questions, make unbiased recommendations and let you decide on your own time if and when you buy. We dont pressure anyone.

  • Compare prices from 15+ carriers
  • Access no-waiting-period plans
  • Never get spam or robo calls

How Gender Affects The Cost Of $250000 Life Insurance

Life Insurance Policy Illustration Sample

Females normally live longer than their male counterparts, so they usually pay a little less for life insurance.

For example, looking at 20-year term life insurance, heres how gender affects quotes:

  • At age 30, males pay 14% more, or $24 more per year than females.
  • At age 40, males pay 11% more, or $24 a year more than females.
  • At age 50, males pay 31% more than females, which is $120 a year more.
  • At age 60, males pay 43% more than females, which comes to $408 a year.

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Life Insurance Costs By Policy Amount

We analyzed rates for $250,000 life insurance compared to $100,000 up to $1 million.

Our analysis found that:

  • A $500,000 life insurance costs 56% more for males and 50% more for females than $250,000 life insurance. Thus, for around 50% more, your beneficiaries would get double the payout.
  • Increasing coverage from $250,000 to $750,000 will cost 106% more for males and 71% more for females. This doubles the cost for males, and not quite as much for females, but triples your coverage amount.
  • Upgrading from $250,000 life insurance to a $1 million life insurance policy costs 150% more for males and 107% for females.

What If I Need More Coverage

I typically hear this question when a client wants more coverage, but they cant currently afford it.

Luckily, the answer is relatively easy.

Buy what you can now because you can always add more coverage later.

It is a good idea to have some kind of life insurance on the books, no matter the amount. It provides some level of security, and you can always build it up later when you have the funds to do so.

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The Average Cost Of A Life Insurance Policy Is Between $40 And $55 Per Month But Costs Vary Based On Insurance Type And Your Health History

For example, if you have a $250,000 policy and withdraw $25,000, your beneficiaries will only receive a $225,000 death benefit from your policy. If you already have other life insurance or are able to switch to a less costly term life policy, cashing in may be the best option for you. We’ve found that the average cost of life insurance is about $147 per month for a term life insurance policy lasting 20 years and providing a death benefit of $500,000.

How Much Does $250000 In Term Life Insurance Cost

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What if your annual salary is approximately $50,000 per year, and you pass away? To determine how much life insurance you need, the general rule is to buy life insurance that is seven to ten times your salary.

If you have children around the age of 13, a $250,000 life insurance policy will cover the amount of income youd be making until they reached the age of 18.

What if you have younger children? $250,000 is still an excellent choice.

If your annual salary is around $30,000 a year, and you have young ones, your life insurance benefit could protect them for the remainder of their childhood.

People will commonly buy this amount of term life insurance if they are married and have children. The death benefit can be used to cover the mortgage and loss of income.

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Whats The Best Way To Shop For $250000 Term Life Insurance Policies

Shopping online using a free quote tool can help you to quickly and easily compare rates on life insurance policies, right from home.

Online tools like the one here give you access to multiple life insurance companies, with no commitment to any particular company.

If you have any pre-existing conditions, you may need to speak with an insurance expert regarding your condition and how it could affect your insurance application and the types of life insurance terms you need.

What Is The Average Cost Of Life Insurance For Seniors

Life insurance gets progressively more expensive as you get older. For example, a 60-year-old might pay between $100 and $200 per month for $25,000 worth of guaranteed issue whole life insurance coverage, while a 70-year-old might pay $160 to over $300 per month for the same coverage.

The good news is that if you’re willing to answer health questions on your application and undergo a medical exam, that cost could decrease substantially, especially if you’re in good health. This is one reason why it’s crucial to contact multiple insurance companies to compare life insurance quotes before buying.

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Can You Have Two Life Insurance Policies

Can You Have Multiple Life Insurance Policies? Theres no rule issued by life insurance companies that disallows you from owning multiple life insurance policies. And there are some scenarios where it may make sense to do so. Or, you may opt to own both a term life policy and a permanent life insurance policy.

How Do You Qualify For A $25000 Whole Life Insurance Policy

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If youre looking for a life insurance plan that has the minimum coverage of 25 thousand dollars, then this is just what you need. This underwriting process will be fast and easy with no medical exams required!

Its important to remember which questions can affect wherein price range or if therell even be an offer on the table so read carefully before answering any question some may seem vague but rest assured they have specific meanings behind them because how else do we know if something counts as being healthy enough?

Below are the three possible outcomes when qualifying for a 25,000 permanent life insurance policy.

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$25000 Is An Uncommon Policy Size

There are only a handful of companies that offer no exam life insurance for $25,000 .

The most popular life insurance carriers offering $25,000 of no exam term life insurance:

Mutual of Omaha

Mutual of Omaha, a highly-rated life insurance company, offers competitive rates for $25,000 of term life insurance through their Term Life Express product.

A summary of Mutual of Omaha Term Life Express important features:

  • Application wait time tends to be longer typically a couple of weeks.
  • Some applicants wont need to participate in a phone interview. For example:
  • If you are younger than 61, and your policy is for less than $250,001, you are only randomly selected for a phone interview.
  • Life insurance is issued to applicants between the ages of 18 65.
  • Term policies are offered at 10, 15, 20, and 30-year term lengths.
  • Excellent riders are included with your policy purchase :
  • Accelerated Death Benefits
  • Waiver of Premium
  • Common Carrier Death Benefit
  • Additional optional riders can be added to your policy for an extra cost .
  • Term policy can be converted into a permanent policy .
  • Two health classes are offered Standard and Standard Tobacco for their no exam life insurance.
  • Phoenix Life Insurance Company

    Phoenix Life Insurance Company, a popular no exam life insurance carrier, offers $25,000 term policies through their no exam product is called, Phoenix Safe Harbor.

    A summary of Phoenix Safe Harbor important features:

  • Unemployment
  • Fidelity Life Insurance Company

    Who Needs A 500000 Life Insurance Policy

    Below is a list of people that probably should get a $500,000 term life policy with no physical exam required:

    A Stay At Home Spouse

    You might not realize this, but a stay at home spouse does a priceless job, and for them to not have life insurance is a bad idea. They keep a household moving by keeping food on the table, raising the kids and keep their working spouse level headed.The loss of a stay at home spouse could create all sorts of financial problems that you might never think about. Things like who is going to keep the house clean or watch the kids or give you motivation or pick out your clothes for work?You would need to take time off of work to deal with the grief as well and might even need to have counseling. A $500,000 term life no exam policy would not only help cover their final expenses but also help with paying the house off and help with keeping your home in order.

    Single Parents

    Small Business Owners

    As a small business owner, we are responsible for the lives of our families and sometimes the lives of other people’s families.Having a life insurance policy is the best gift we can give to our family and our business. What happens if you pass away and your spouse only knows how to run 25% of your business.The business could immediately fail without you. However, if you had a five hundred thousand dollar life insurance policy payout to your family, they could survive.They could hire someone that knows how to run the business while they deal with their grief.

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