How can seniors save the most on life insurance? Here are five strategies to help you save the most on life insurance

5. Choose term life insurance

Whole life insurance may offer lifetime protection and a cash value component, but it comes at a high price—often five to 15 times the cost of a term policy. For example, a 70-year-old buying $100,000 in whole life insurance often costs $500 or more per month, while a term policy might only cost $100 per month. For seniors, term life insurance offers a more affordable way to get necessary coverage without paying for additional life insurance that they may not need.

Finding affordable life insurance as a senior isn’t about saving money but about making informed, strategic choices. With these strategies and an understanding of the numbers behind them, you’ll be able to navigate the world of life insurance with confidence. Remember, in the world of life insurance, knowledge, timing, and a little savvy can result in significant savings.