The life insurance quotes I have seen for a 10 yr term for $150,000 are $180 a month.
Does that seem right? Anyone know a cheaper life insurance plan? Basically I inherit the house while my relative gets the cash, so it's all fair. I would make the payments and leave my relative as the beneficiary.
A one year term life insurance would be cheaper - but the price is only guaranteed for one year. Then if you renew the coverage the rate will increase each year.
If you're looking for life insurance for a 60 year old, at the same price as a 30 year old, it doesn't exist.
Life insurance rates increase with age, and your health condition.
You may want to consider a 20 year level term life insurance plan, or a policy that lets you renew at the current rate.
Your father may live to be 100, but if he keeps smoking, the odds are that he will not make it to 80. His chances of living until 70 are fairly good, If you have to renew in 10 years, the rate will be higher. That's why a 20 year term life plan may be something to consider.
First, ask yourself, why does he need life insurance? The most common reason to purchase life insurance is to protect the income stream for surviving beneficiaries.
If nobody is dependent upon your father's income, it doesn't make much sense to purchase life insurance. Why not place the money that would be spent on life insurance into a mutual fund or some other investment each month?
However, you can compare free term life insurance quotes from several leading life insurance companies to find the lowest rate from over 70 top insurers to help you save money on your father's term life insurance policy.
Here's an article that review life insurance for people over 60 to help you learn more about your options for life insurance for your father.
Insurance without any Medical Exam,
Just a Few Health Questions.
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