What is the term life insurance for someone 50 years old?
Posted on May 27, 2008 under Insurance Information |Looking for about $300k for 20 years. — Thanks.
Should be –> What is the 'best' term life insurance for someone 50 years old?
Financial Answer Guy -
Male - 50 - Never Smoked - Excellent Health - Pittsburgh, PA
Can I ask who (what company) has the $56 per month policy?
Thanks for all the answers so far……
Financial Answer Guy - Is there an email address I can reach you at?
Thanks…..
May 27th, 2008 at 4:29 am
For a non-smoker without any health issues, a 50 year old male would be $79.80 a month for $300,000 of 20 year term.
May 27th, 2008 at 4:29 am
You are missing alot of information necessary to give you an accurate quote. Premiums are based on age, sex, smoking status, health and state of residence. State of residence is indirectly involved in that insurance products are available on a state by state basis.
For example, the best available non-smoker rates for a 50 year old male in Pennsylvania for a $300,000 20 year level term policy are $56 per month.
Be very careful when getting quotes. Often in an effort to close a sale an insurance salesman (or website) will quote a 20 year level term product that only has a 10 year premium guarantee, or they might quote you a rating class (preferred best, preferred, etc…) that they know you have little chance of qualifying for in an effort to appear cheaper than their competition.
Find a financial planner in your area that specializes in insurances to help you. Avoid captive life insurance salespeople and run away from anyone uses a "multiple of salary" approach to determining your need for coverage. If you happen to be in the greater Philadelphia area, let me know.
UPDATE:
Actually the top five companies that I deal with all came up at $56 -$58 per month. Check into First Colony, Reliastar(ING), Banner, American General or Lincoln. Remember, the premium rates I mentioned represent the best possible underwriting class from these companies. You will need to pass health underwriting with flying colors to qualify.
Hey, do what you can to keep the Pens in the Burgh. Let me know if you need any further help with this.{the insurance, that is} I am licensed in PA.
May 27th, 2008 at 4:29 am
You can get a wide range of rates and coverages. Check out the site below to get a good comparison quote from 5 different companies.
May 27th, 2008 at 4:29 am
Term Life insurance is not for everyone…why are you looking for it? Also…there are more questions to ask to get you the right answer…
Lets make sure you get the right policy. 
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