The premium for a life insurance policy is based on the rate per $1,000 of coverage multiplied by the amount of insurance needed.
So, if the rate is $20 per thousand and you need $25,000 of life insurance, the premium or cost for one year for life insurance would be 20 X 25 = $500.
The rate charged for life insurance for a senior will vary depending on the person's age, health, gender and tobacco use, among other risk factors taken into account when calculating the life insurance rate.
That's why it's important to compare prices on life insurance from several of the leading insurance companies, in order to help you find the most affordable policy.
Find out how much life insurance costs for a senior.