If you're looking for life insurance for an 81-year-old relative or acquaintance, you may be wondering whether you'll ever find an affordable policy. After all, the cost of a given life insurance policy is based upon its policyholder's statistical risk of dying during its term. Since older policyholders have a higher statistical risk of death at any given time, it follows that their life insurance costs are liable to be higher than those for young, healthy policyholders. For this reason, many insurance companies simply don't issue term life insurance policies to senior citizens. In fact, many insurance companies refuse to issue policies to anyone who's over the age of 65.
Fortunately, it's possible to find term life insurance for someone who's over the age of 81. However, these policies must adhere to strict guidelines. For starters, they typically come with low death benefits. Although the exact upper limit may vary from provider to provider, it's unlikely that you'll be able to find an appropriate policy that carries a death benefit of more than $200,000.
In addition, these types of policies are liable to be extremely expensive. A typical 81-year-old male's $100,000 term life insurance policy might cost as much as $1,000 per month. For an 81-year-old female, a similar policy might cost as much as $800 per month.
You should begin your search for an affordable term life insurance policy at your local insurance agent's office. He or she will be able to put you in contact with a number of insurance providers that may offer reasonably-priced policies for 81-year-old individuals. In fact, some of these companies might offer policies for healthy 90-year-old individuals. Since these life insurance offerings are liable to make up just a tiny fraction of the typical life insurance provider's policy portfolio, they probably won't be advertised on television. As such, you'll need an experienced agent to point you in the right direction.
Alternatively, you might be able to find generalized pricing information at an online quote aggregator like selectquote.com or termlifeinsurancemales.com. These sites automatically shop term life insurance policies from hundreds of different providers and return the most affordable search results. If you're looking for a wide range of term life insurance quotes and don't have the time to call multiple providers directly, an online quote aggregator might be your best option. You might also be able to find targeted policy-related data at informational sites like thelifeinsuranceinsider.com.