term-life insurance

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Retiringteacher
Posts: 19
Joined: Mon Aug 03, 2015 12:34 am

term-life insurance

Post by Retiringteacher » Wed Jan 18, 2017 4:48 pm

What is a typical price to pay per month for term life insurance for a 63 year old man with two adult children and no spouse? My boyfriend has the option of porting $74,000 of term life for $74 a month. This sounded high to me based on what I pay a year for my group term-life insurance. We would appreciate any help with deciding if this coverage is needed or where to look for other options. Thank you.

MI_bogle
Posts: 271
Joined: Mon Aug 01, 2016 3:56 pm

Re: term-life insurance

Post by MI_bogle » Wed Jan 18, 2017 4:48 pm

http://www.term4sale.com

plug in whatever you want and you'll have all your answers

We'd need a lot more information to make any informed response to you (namely, his health, and the length of the term)

and as far as is the coverage needed, we'll need more info there too: how old are the kids? do they rely on him financially? Does anybody rely on him financially? What are his other assets? Is he still working? Debts? etc

Ace$
Posts: 32
Joined: Wed Jan 11, 2017 11:07 am

Re: term-life insurance

Post by Ace$ » Wed Jan 18, 2017 5:29 pm

I'd first evaluate if there is a need for life insurance. With no children or spouse dependent on his earning ability, he seemingly only needs enough to bury himself.

BruDude
Posts: 2616
Joined: Thu Dec 30, 2010 12:28 am
Location: Las Vegas

Re: term-life insurance

Post by BruDude » Wed Jan 18, 2017 5:34 pm

Doesn't seem unreasonable. If it's a group policy that's being converted then the premiums may go up at age 65, age 70, age 75, etc. Better check on that. A 10-year term policy for a 63-year-old at $74k would be around $70/mo for someone in average health (Standard health rating). A 10-year $100k policy is also about $70/mo for a Standard health rating. What he would actually pay on buying a new policy is heavily depending on his actual health and what rating he can qualify for.

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