Life Insurance For Seniors Over 70
Seniors age 70 and over, get prices on these typical life insurance amounts:
| $10,000 | $15,000 | $20,000 |
| $25,000 | $30,000 | $40,000 |
| $50,000 | $75,000 | $100,000 |
| $250,000 | $500,000 | Other Amount |
It can be difficult for an older man or woman in their seventies to obtain life insurance, or the costs can be prohibitive. Companies tend to become extremely selective when offering life insurance to someone who is very quickly approaching the average life expectancy (78.5 years of age). Often, a group like AARP is your biggest ally when it comes to finding affordable insurance.
Important Factors When Buying Life Insurance
There are a number of factors that must be taken into account when shopping for life insurance as a senior.
Cost effectiveness is one of the primary considerations, as seniors may be on a fixed income and need to make sure they are getting the most bang for their buck.
The level of coverage required should also be taken into account, as seniors may have specific needs or liabilities that require a certain amount of coverage.
Also, ease of access should be considered – some policies may require more paperwork or time than others, so it’s important to make sure that the policy chosen is easy to access and understand.
Don't forget, suitability according to current circumstances such as pre-existing medical conditions or existing debts owed by the insured party should also be taken into consideration when selecting a life insurance policy for seniors. It is essential to ensure that the policy chosen meets all the needs and requirements of those entering retirement age in order to ensure that they are adequately protected and provided for in their later years.
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Can I still Get Coverage Being a Senior Over 70?
As a senior, you may be wondering if you can still get life insurance coverage. The answer is yes! Even if you are over 60, 65, 70, 75, or even 80 years old, in some cases it is still possible to obtain a life insurance policy. Don't let your age discourage you from getting the coverage you need.
Seniors have a variety of life insurance options available to them, including:
1. Whole Life Insurance: Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured. It has an investment component that builds cash value over time and can be used as a retirement savings vehicle.
2. Universal Life Insurance: Universal life insurance is a type of permanent life insurance that combines flexibility with death benefit protection. It allows policyholders to adjust their premiums and death benefits over time, depending on their needs.
3. Guaranteed Issue Life Insurance: Guaranteed issue life insurance is a type of no-medical-exam life insurance policy designed specifically for seniors who may not qualify for traditional coverage due to health issues or other factors.
4. Final Expense Insurance: Final expense insurance is a type of whole life insurance designed to cover funeral costs and other end-of-life expenses. It typically has low face values (usually $5,000-$25,000) and does not require a medical exam or health questions in order to qualify for coverage.
Final Expense Life Insurance for Seniors Over 70
A great coverage option for seniors may be final expense insurance. Final expense insurance, also known as burial or funeral insurance, is a great choice for elderly individuals looking for an affordable policy with no health questions or exams. These policies are designed to cover funeral costs, but can also be used for other expenses related to death.
Final expense insurance offers many benefits that make it a great option. While traditional life insurance requires health tests and expensive premiums, final expense policies are generally cheaper and require few or no health questions.
Because of its affordability and low-hassle qualifications, final expense insurance is an excellent choice for elderly people who want to make sure their spouse will have financial support should they pass away.
With a burial policy of up to $25,000, seniors can ensure their loved ones will have enough funds available to cover any resulting expenses. Final expense life insurance provides a comprehensive solution that makes it easier for seniors over 70 to financially protect their families and take care of themselves in the future.
Average Life Insurance Costs For Men and Women In Their Seventies:
| $100,000 | $200,000 | $300,000 | $500,000 | $1,000,000 | |
| 70 Year Old Female | $58.45 | $108.11 | $157.59 | $248.05 | $481.15 |
| 71 Year Old Woman | $64.11 | $119.53 | $183.83 | $275.10 | $533.45 |
| 72 Year Old Female | $70.93 | $134.25 | $214.49 | $307.90 | $598.15 |
| 73 Year Old Woman | $80.55 | $153.29 | $242.33 | $353.85 | $689.22 |
| 74 Year Old Female | $90.15 | $171.45 | $288.71 | $398.35 | $779.95 |
| 75 Year Old Female | $101.82 | $197.79 | $341.38 | $455.55 | $889.75 |
| $100,000 | $200,000 | $300,000 | $500,000 | $1,000,000 | |
| 70 Year Old Man | $116.69 | $229.77 | $246.75 | $405.72 | $745.95 |
| 71 Year Old Male | $132.40 | $262.96 | $277.33 | $460.28 | $853.51 |
| Age 72 Male | $150.55 | $296.21 | $316.41 | $524.46 | $980.89 |
| 73 Year Old Man | $171.78 | $336.59 | $363.54 | $603.31 | $1136.35 |
| 74 Year Old Male | $194.38 | $382.26 | $421.84 | $700.54 | $1327.69 |
| 75 Year Old Man | $222.71 | $435.64 | $493.22 | $819.48 | $1,564.81 |
Example rates as off 7/8/23 - These are just example monthly premiums - the insurance company sets your exact rates.
Best Life Insurance Policies for Senior Citizens
As people approach their 70s and beyond, financial security becomes more and more important. Senior citizens over 70 can find peace of mind by getting a life insurance policy, which offer valuable death benefits as well as cash values to protect their family’s financial future. There are a few different types of life insurance that seniors can choose from, depending on their age and health status.
For senior citizens below 80 or those who are in fairly good health, guaranteed universal life insurance policies offer low premiums and a death benefit for the policyholder’s loved ones. These policies often have additional benefits, such as helping cover funeral costs or providing money for college tuition for grandchildren. Guaranteed whole life insurance is another option for seniors with pre-existing medical conditions; these policies come with set premiums so that you know exactly how much you’ll be paying each month.
Why Seniors May Need Life Insurance
One of the primary reasons to get life insurance coverage is that it helps cover funeral costs in addition to other end-of-life expenses. With funeral costs on the rise, having a life insurance policy can help cover expenses and ensure these funds are available when needed.
Along with covering funeral expenses, life insurance for those age 70 and older also offer other policy options that provide supplemental coverage for times when Medicare or other health benefits may fall short. This type of supplemental coverage can make a big difference in providing financial peace of mind during retirement years.
Term Vs. Whole Life Insurance for Seniors Over 70
Whole life insurance is a type of permanent life insurance that offers lifelong coverage so long as the premiums are paid. The premiums tend to be higher than other plans, such as term life insurance, and require health tests that can also add to cost. It builds cash value over time and allows for cash withdrawals in the form of a loan with the understanding that it must be paid back before death or will be deducted from the death benefit. Traditional whole life policies can be quite expensive, making final expense policies more affordable for most seniors in their 70s, even those with serious health conditions.
Term life insurance is a great choice if you need coverage for a fixed period of time such as 10 or 15 years. This type of policy tends to provide the most affordable rates and you can purchase hundreds of thousands of dollars in coverage. Term life is a great option if you have mortgage payments or need income replacement until retirement as these obligations become reduced over time. Be sure your term policy covers the entire period of any financial obligation you may have since finding new coverage later on will require higher rates.
Term and whole life insurance may be suitable options for older adults when coupled with final expense insurance - though they should factor in budget and coverage needs before deciding which is right for them. Ultimately, seniors should look into all types of life insurance available to find an ideal policy that meets their individual requirements while taking into account affordability and expected expenses down the line.
Some Sample Rates
Looking at sample rates through AARP, you'll find it is clear that the insurance coverage you desire dictates monthly rates. For example, a $15,000 term life policy for a woman will cost $112 a month. A $50,000 policy for a woman comes with monthly payments of $323. Meanwhile, men pay even more. A seventy-year-old man will pay $126 a month for $15,000 in coverage and a $50,000 policy costs $366 a month. You must decide how much coverage is needed and what you can comfortably afford.
Buying While Young
Obviously, the best way to purchase a life insurance policy is by starting young (30s, 40s, 50s, 60s). However, many term life policies expire after twenty years. This leaves you to purchase a new policy.
If you've purchased the initial policy in your thirties or forties, you are now faced with finding a reasonable rate at an older age. It is still possible to find a policy that works for you, but it is more difficult if you are a senior man or woman in your seventies.
Buying Life Insurance is a Lot Easier Than in The Past
With the emergence of the Internet, it has become much simpler to shop for life insurance. No longer do you need to have an insurance agent come to your home; there are now dozens of websites that will provide you with a comprehensive list of companies and their average rates based on your age, height, weight, gender, and responses to a few medical questions. You can either call the companies or visit their websites, fill out an online form, and see if they offer even lower rates.
By using the Internet, you can find a rate and benefit that meets your needs without having to strain your budget. Remember that you are not obligated to commit to anything; shopping around and saying no is your right!
Companies online do the research for you. They are linked to dozens of life insurance companies and take your questionnaire answers to find you the lowest possible rate. Once you have a suitable list, try calling the companies directly.
These online companies make money off commissions by referring you to other life insurance companies, so their ultimate goal is to get you to sign up with a policy from their site. You can often find a lower rate by calling the company directly.
If you deal directly with a life insurance agent, they might try to push you into a whole life policy in effort to keep rates from going up after five or ten years. It's a game of chance in the end. Your payments might be double what you'd pay for term life, and if you die before a term life would have been up, you've wasted that extra money. If you do not die, you will face a large jump in monthly payments when you renew.
