Cheap Life Ins
Cheap life Insurance for 63 year old Mom?
We live in San Antonio TX. She is 63. She has some low dose of blood pressure medication. Nothing serious. She still works. Doesnt smoke. Any tips? We are hoping there’s $50 below for her each month. Or even less.
Life Insurance for someone at that age is not going to be cheap. The cheapest form of life Insurance is term Insurance. A question for you is why you want to Buy Life Insurance on your mom? Is it to cover her funeral expense in the future or cover the mortgage or for other reasons? At her age she can get a 15 year level term or 10 year level term. For about $50/month, she can get about $35k to $40k coverage for a 10 year level term or $25k to $30k coverage for a 15 year level term. (*Rates base on a 63 year old for a non-tobacco user.) Its not much, but its enough to pay for funeral expense if she dies during the term. There’s a probability she will live beyond 15 year term, so you should start saving money now. If you invest $100/month in mutual funds for the next 15 years and get an average annual rate of return of 6%, you will have about $30k (or with 10%, you will have about $42k). I can’t tell you what mutual funds to invest in, but I can tell you what I invest in. I invest in Van Kampen mutual funds, which is now called Invesco Van Kampen. There are many mutual fund companies out there and Invesco is just one of them.