Your Monthly Premium per $25,000 of coverage
Annual premium rate per $25,000 unit (non reduced value)
For amount of insurance to $100,000
| Male | Female | |||
|---|---|---|---|---|
| Age as of November 1* | Non-Smoker** | Smoker | Non-Smoker** | Smoker |
| 66 - 72† | $185.40 | $330.00 | $126.60 | $195.60 |
| 73 - 74† | No premium charge | |||
| 75 | Coverage Terminates | |||
Special discounted term life premium rates for insureds born on or before November 1, 1951
Annual premium rate per $25,000 unit (non reduced value)
For amounts of insurance over $100,000
| Male | Female | |||
|---|---|---|---|---|
| Age as of November 1* | Non-Smoker** | Smoker | Non-Smoker** | Smoker |
| 66 - 72† | $166.80 | $297.00 | $113.94 | $176.04 |
| 73 - 74† | No premium charge | |||
| 75 | Coverage Terminates | |||
Important information about your premium rates:
Premiums are calculated based on your age and applicable rate as of November 1 each year.
**Non-smoker rates apply to individuals who, at the time of application, have not used tobacco, nicotine, or cannabis mixed with tobacco in any form whatsoever within the last 12 months and who have provided satisfactory evidence of insurability.
†The premiums shown are for renewal of existing coverage only. The value of each unit of insurance reduces on the November 1st coincident with or following your 66th birthday by 10% every year.
| Age (as of November 1) | Value of each $25,000 unit |
|---|---|
| 66 | $22,500 (90% of $25,000) |
| 67 | $20,000 (80% of $25,000) |
| 68 | $17,500 (70% of $25,000) |
| 69 | $15,000 (60% of $25,000) |
| 70 | $12,500 (50% of $25,000) |
| 71 | $10,000 (40% of $25,000) |
| 72 | $7,500 (30% of $25,000) |
| 73 | $5,000 (20% of $25,000) |
| 74 | $2,500 (10% of $25,000) |
| 75 | Terminates unless qualify for Paid-Up Benefit |
Why the drop in value at age 66?
One of the benefits of purchasing Term Life Insurance is that it offers a cost-effective option to people seeking life insurance coverage when they are younger. However, this also means that rates increase with age. By decreasing the unit value for those older than 66, rather than increasing the premium rate, we can offer a reasonably priced product for a smaller amount of coverage. The reduction schedule was designed to provide an affordable solution for those who don’t need as much coverage once their children are grown and their mortgage is paid off.