How Much Does $250,000 Life Insurance Cost for a 68-Year-Old Man?

Immediate Answer

For a healthy 68‑year‑old man, a 20‑year term life policy with a $250,000 death benefit typically costs between $20 and $35 per month. Costs rise with health issues, smoking, or higher coverage terms.

How Term Life Works at 68

Term life insurance provides coverage for a fixed period—often 10, 15, or 20 years—without building cash value. At age 68, most insurers offer term lengths that match the policyholder's remaining life expectancy or retirement timeline.

Key Pricing Factors

• Health Status: Non‑smokers in good health receive the lowest rates; smokers can pay 2–3 times more.
• Medical History: Conditions such as hypertension, heart disease, or cancer increase premiums.
• Coverage Term: A 10‑year term will be cheaper than a 20‑year term for the same face amount.
• Policy Type: Pure term is cheaper than a level‑premium or decreasing‑benefit term.
• Insurer and Underwriting: Some carriers specialize in senior policies and offer competitive rates.

Comparing Quotes: What to Look For

When shopping for a $250,000 policy, compare the annual premium, the term length, and the underwriting requirements. Ask whether the insurer allows a medical exam or offers a simplified issue option that skips the exam.

Alternative Options for Higher Risk Applicants

If a standard term is unaffordable, consider:

• Guaranteed Issue Life: No medical exam, but premiums are higher.
• Whole Life Insurance: Provides a cash value component, though costs are significantly greater.

Calculating Your Own Quote

Use online calculators to estimate monthly payments based on your health profile and desired term. Remember that the calculator's output is a guideline; the insurer's final quote may differ after underwriting.

When to Reevaluate Your Coverage

Life expectancy and financial needs change. If you outlive your term or if your health improves, you can renew at a new rate or convert to a permanent policy.