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Term life insurance policies are available for people of all ages. You will not be denied coverage just because you are above certain age. If you manage to keep yourself insurable, you will receive coverage, at least until you are 87! Only the rates will be higher.  This is because all being equal, there is a greater chance of death within the term period because of age.       

Term life pays death benefit only if you die within the term. Since a young man of good health has lesser chance of dying within the term, the term life insurance rates he is expected to pay at will definitely be lower than that at which a sixty-five year old man is expected to pay. A cursory glance at the term life insurance rates for a policy worth $500,000 shows that a sixty-five year old nonsmoker male who falls under the preferred category has to pay:
1    around $2,500 yearly for a ten-year term 
2    around $3,500 yearly for 15-year term
3    around $5,000 yearly for 20-year term
4    around $9,000 yearly for a 30-year term

I know your mind must be wondering why not to buy a policy of the value worth $500,000 even though the term life insurance rates are on the higher side. Right? But just hold one, remember the fact that to get these low rates you have to fulfill the criteria of the ‘preferred’ health category and it is obvious that everyone can’t fit into it. the above mentioned rates were only for the non-smokers the ones who smoke will obviously have different rates because they need to pay at much higher rates. Let us have a quick look at the rates for the smokers for the policy worth the same value that has been mentioned above:  
1.    around $6,940 to $9,370 for ten-year term
2.    around $9,300 to $13,000 for fifteen-year term
3.    around $13,000 to $20,000 for twenty-year term
4.    depending upon the carrier it can be anywhere between $25,000 and $44,000 for a thirty-year term.

The rates that have been presented to you in the above paragraph are for the smoker who smokes more than a packet of cigarettes per day. But this does not mean that the smokers cannot avail the facility of cheap term life insurance rates but for this they need to quit smoking but even after that will not get the rates as cheap as you would want them to be. So everyone should plan his/her life well because once when you have crossed half a century of your life it becomes almost impossible to get cheap term life insurance rates.

Moreover, if you have been money-wise smart, you should not need life coverage at such a late age. You must have made enough investment by now to replace your insurance need and to look after your family in your absence. Moreover, by now your home should be free of mortgage, your loans paid up and your children well settled. Should you die now, your bank balance should be big enough to look after your wife’s need even if she does not enjoy any pension benefit. You may at the most need an end of life insurance to finance your funeral, taxes and probate cost. Any smart person would have arranged for such expenses separately.      

Ideally, the death benefit a life insurance policy offers should replace the income earned by the insured. You do not need a life insurance policy if you do not have any income except through the ones that comes through your investments. Since a sixty-five year old man does not generally have any income except through the investments, he does not need any life insurance coverage.   

The term life insurance rates may be relatively low, but they are quite high for a sixty-five year old and so such a person should not buy such a policy and waste his money. It is better for him to try to multiply whatever spare money he has by investing it some suitable investment vehicle.

There are many reasons of not buying a life insurance policy at an early stage when you were young healthy, it may be that you started late in life, got married in the late years, never had enough money to invest, did not know about the cheap life insurance rates of a term life etc. and today you have a family to look after, many obligations to be taken care of and not a life coverage is required. In this case one should be very particular about the tenure of the policy, buy coverage only for as long as it is required and in this case if you are a smoker then you should quit smoking.

David Livingston owns an insurance business that deals primarily in life insurance. If you would like to get the most competitive term life insurance rates or to find out about the term life insurance quotes, visit his site today.