But how much does life insurance cost at that age?
Actually, term life insurance would offer you the most affordable protection with options lasting for a "Term" (duration) of 10, 15, or even 20 years of protection.
Since term life is temporary coverage, it costs a lot less than permanent life insurance coverage.
The cost of your term life policy will be based on several factors including your age, gender, health and tobacco use. In addition, your occpation, hobbies, lifestyle, driving record and other personal risk factors will be taken into consideration when developing your rate per $1,000 of term life coverage.
Also, the type of term policy, duration of coverage, and amount of life insurance will impact your premium for term life insurance.
The younger and healthier you are, the lower your rate. In addition, the shorter the term, and/or the lower the amount of term life insurance, the lower your premium.
Learn more about the cost of term insurance for people 65 and older.