| Many people believe that term life insurance is | | | | noticed. After all, according to the Department of |
| only for younger people who are making sure | | | | Health and Human Services, a man who is already |
| their spouses, kids, and home mortgage will be | | | | 70 years old can expect to live an average of |
| paid for if they pass away. However, people are | | | | over 13 more years, and a woman can expect to |
| enjoying longer and more productive lives these | | | | live over 15 more years. These are average, and |
| days. After all, in 1900 a person could expect to | | | | a life insurance company will take an individual's |
| live an average of 47 years. By 2005, that figure | | | | health history into account. So you can certainly |
| had increased to over 77 years! insurers take | | | | find insurers who will cover a reasonably healthy |
| longer life spans into account. | | | | seventy year old until age 80. |
| Furthermore, all of the obligations that we had | | | | In fact it is sort of an irony of age related |
| planned on taking care of before retirement age | | | | statistics that arriving at a certain age, makes it |
| do not always vanish as planned. Sometimes | | | | more probably that the individual will survive many |
| people get to be 65, and they still have | | | | more years. For instance, according to actuarial |
| mortgages to be paid, spouses to support, and | | | | tables, a 50 year old man would have an average |
| even find that their kids still need help. So, just as | | | | life expectancy of about 78. But a 70 year old |
| people are living longer now, their need for life | | | | man, by virtue of having survived that milestone, |
| insurance extends well into the senior years. | | | | can expect to survive until 83. Of course, no table |
| Another reason older people may want a term | | | | can predict individual lifespans, but the insurance |
| life insurance policy is to cover a business deal or | | | | companies do a very good job of predicting |
| an essential employee in a company. If large sums | | | | average lifespans for the large group of people |
| of money are paid out for a contract, and a | | | | that they insure. |
| senior citizen will be needed to perform that | | | | The cost of a moderate term life policy should |
| contract, a party to the contract may want to be | | | | not put you off either. For $100,000 in term life, a |
| sure that their investments are covered. | | | | 70 year old woman who has good health habits |
| Now an older person will probably need to look at | | | | and reasonably good health could find rates less |
| policy terms of 15 years or less. I doubt that | | | | than $40 a month. Men's rates will be slightly |
| many insurers would offer a 30 year term life | | | | higher in the same age and health class. Now large |
| insurance policy on a 70 year old, because than | | | | policies, in the millions of dollars, may cost a couple |
| they would be insuring that life until age 100. If | | | | of hundred dollars a month, so it would be |
| you want coverage until age 100, than you need | | | | important to consider how much life insurance you |
| to look at whole life insurance instead. | | | | really need to cover any debts or obligations. |
| But people are living longer, and insurers have | | | | |