Top 10 Best Life Insurance For Seniors Over 70 Quotes
Life insurance is one of the most reliable ways to support your loved ones after your death. But deciding which policy is right for you can be challenging.
Life Insurance for People Age 70 and Older Guaranteed issue comprehensive life insurance coverage was specifically designed to meet the needs of adults ages 50 to 85. With guaranteed acceptance, no medical exam, and up to $ 25,000 in coverage, this senior life insurance policy offers a guaranteed way to help protect your legacy.
Best Life Insurance For Seniors Over 70
What Kind of Life Insurance Should I Have? How much is enough? What is the best life insurance to have at your age?
Senior life insurance is different from company to company, it may involve a medical exam or simply answering health questions, it costs between $ 15 a month and several thousand dollars a month, and can be used for everything from paying large debts like a mortgage or cover small bills like funeral expenses.
While it is true that you will pay more for life insurance for elderly over 70 once you’ve reached your golden years, that doesn’t mean you don’t have options. In fact, for those who want to leave cash benefits for their family, or those who want to make sure their final expenses are covered, there are affordable life insurance policies.
You may be able to pay as little as $ 15 a month, or you could end up paying more than $ 1,000 a month. In this article, we’ll cover all of your options, including final expense insurance for seniors, so you can make the right choice.
What is the best life insurance for seniors?
When looking for life insurance for seniors, it’s important to ask the following questions:
- How much coverage do I need?
- What type of policy is best for my family?
- How much can I afford?
- Can I get approval for the policy I want?
You can start answering these questions by reviewing your financial situation. For example, do you have a spouse, children, or someone else who depends on you?
Do you have big bills, like your mortgage or car payment, that you will have to pay when you leave?
If someone in your life depends on you financially, you should consider a policy to protect you from unforeseen costs. Even if you believe your dependents are receiving adequate care, life insurance may be worth considering because your family may have to pay estate taxes, end-of-life medical bills, and burial costs (which can cost $ 9,000 or more).
Determining how much coverage you need depends on a variety of personal factors, including your marital status, your family size, your debts, assets, and your end-of-life goals. As a general rule of thumb, the Wall Street Journal recommends purchasing coverage equal to 8-10 times your annual income. If you have life insurance through your employer, the coverage may not be enough and it may end when you retire.
Be sure to factor in other costs as well: funeral expenses, debt repayment (like your mortgage, car loans, and credit card debt), and any medical bills associated with your death.
You can also leave a financial gift for your spouse, children, or a charity. Your needs will change over time, so review your policy periodically and verify that it meets your financial needs.
Term or full life insurance for seniors
When thinking about whether to buy term life or whole life insurance, you need to consider two things: your age and your budget. Keep in mind that as you get older, renewing a term life insurance policy will become more difficult, so whole life insurance may be a smarter option for seniors.
Term life insurance for seniors
Term insurance pays benefits only if death occurs during the life of the policy, which is typically one to 30 years. Most term policies do not offer other additional benefits.
Term policies generally come in two types: term level (where benefits remain the same throughout the policy) or decreasing term (where benefits tend to decrease over the life of the policy). Healthy men over the age of 70 can expect to pay $ 122 to $ 435 for a ten-year life insurance policy with a death benefit of $ 200,000. And healthy women will pay between $ 66 and $ 194 for the same policy.
Comprehensive life insurance for seniors
Whole life insurance, sometimes called permanent life, pays benefits regardless of when the policyholder dies, as long as the policy is still in force. Most life policies last the life of the insured, and some accumulate cash value that can spread out cash payments in the form of a loan.
Policy loans must be repaid while the policy holder is still alive or the loan amount will be deducted from the benefit at the time of death. For most traditional whole life policies, the death benefit and insurance premium remain the same for the life of the policy.
When purchasing whole life insurance for the elderly, healthy men should expect to pay between $ 1,122 and $ 2,089 a month for a death benefit of $ 250,000. And healthy women will pay between $ 934 and $ 1,801 for their life insurance policies.
You can also choose to purchase final expense life insurance for seniors, which is a type of whole life insurance. With it, you can usually avoid getting a medical exam and only have to answer a few health questions on the application. Premiums are also significantly lower. If you decide to buy this type of plan, men will pay approximately $ 43 to $ 286 for a $ 10,000 policy, while women will pay between $ 33 and $ 211.
What is the best life insurance for a 70 year old?
Guaranteed universal life insurance
According to many independent life insurance agents, Guaranteed Universal Life Insurance (GUL) is the best option for a life insurance policy for people over the age of 70 due to the guaranteed age at which the policy is valid.
What Life Insurance Is Best For Seniors?
Term of life insurance
Term life insurance is the best option for most people, including seniors, because it provides the most coverage at the lowest price, especially if you are in good health. It offers senior life insurance over 70 coverage for a specified number of years (generally 10 to 30 years in five-year increments), and the premiums are the same each year.
Why is Progressive Insurance so cheap?
Progressive is cheap because it offers a variety of discounts and equips consumers with advanced tools to get the best rates. Progressive’s Price Comparison Tool allows buyers to compare their Progressive quote to competitor’s rates, all in one place, for example.
In general, final expense insurance is usually the most affordable because you can buy a policy for as little as $ 15 a month. Final Expense Plans are perfect for seniors with fixed incomes or those who may have trouble qualifying for larger policies.
When deciding how much coverage you can afford, be sure to consider your entire budget and any future changes that may affect your finances. Some may look for the cheapest life insurance available, but many times these policies are not designed for seniors. Choose a policy with benefits that are likely to help your surviving loved ones.
The cost of your policy will depend on your gender, age, general health and the amount of coverage you are purchasing. If your goal is to make sure you don’t leave funeral costs behind for your loved ones, you just need a final expense insurance policy. But if you want to leave something else to your beneficiary, a term or lifetime plan may be better if you can afford it.
Life insurance without medical exam for seniors
Some people feel that due to their age or health they will not be approved for life insurance. But improvements in underwriting and the availability of specialized insurers that focus on covering those with the highest risk means that life insurance is available to almost everyone.
Once you have found a company and policy that meets your needs, you will be asked to complete an application. To be approved for coverage, you will need to provide certain personal information about yourself, such as your age, height and weight, any health problems you have, and any life insurance you already have. For some insurers, you may be required to complete a medical exam to qualify.
For smaller policies, some companies offer life insurance without a medical exam. Final expense insurance for seniors is generally issued based on the answers to the health questions on the application. It is important to answer all questions honestly when completing your application so that your coverage can be accurately issued. Misrepresenting the truth can result in cancellation of your policy or denial of death benefits if incorrect information is provided.
There are also guaranteed issue life insurance plans, but they are often very expensive and may not fit most budgets.
Over 60 Life Insurance
Once you turn 60, things in your life start to change and that can affect your outlook on life insurance. You may stop working, your health may begin to deteriorate, your living expenses may decrease, or you may start working on a plan to pass your business on to your heirs. All of these life changes can make you question your current life insurance policy.
For example, if you currently have term life insurance, which is valid only for a specific period, you can choose to switch to a universal life insurance policy. With this type of policy, you can reduce your death benefit as the policy ages and your circumstances change. If you initially bought the policy to cover, say, your mortgage after your death, you can reduce the death benefit as your mortgage decreases.
You will also earn interest on the accumulated cash value of the policy. And the IRS won’t take a portion of your earnings because taxes on the cash value of a universal life insurance policy are deferred. And if you leave the cash value to a beneficiary, you may not have to pay income taxes, either.
If you are a man over the age of 60, you can expect to pay around $ 336 for a universal life insurance policy with a death benefit of $ 250,000. And if you’re a woman over 60, you’ll pay about $ 281 for the same policy.
Over 65 Life Insurance
People work more these days than they used to, and if you’re over 65 and working, that means you probably have people who depend on your income. It could be your spouse, or you can take care of a sibling or other family member whose health is declining. Also, people who are 65 and older often have some type of debt, and a life insurance policy can help ensure that you won’t let loved ones pay it off.
When deciding what type of insurance is best at this age, you need to consider your life situation and your goals. If you are on a tight budget, but your goal is to make sure your loved ones don’t take on your debt when you die, term life insurance may be right for you.
You can use a term life insurance policy for a period of time for a specific purpose. For example, if you have three years of car payments left, you can purchase term life insurance for three years. That way, if you approve before making the final payment, your beneficiaries can use the life insurance policy to cancel the car.
On the other hand, if you are debt free but want to leave some cash for your loved ones, permanent or whole life insurance may be a better option.
You will experience several benefits with a comprehensive life insurance policy. Unlike term insurance, whole life insurance covers you for your entire life as long as premiums are paid. You do not have to re-qualify at any time. That’s an important benefit for seniors because the older you get, the more difficult and expensive it becomes to get a new policy (especially as your health changes).
An example of a whole life insurance policy is final expense insurance. This type of policy has lower payments designed to pay for your funeral expenses, as well as other end-of-life expenses, such as your outstanding utility bills, medical bills, and other debts. Final expense policies generate cash value, which can be loaned to the insured if needed. Final expense insurance payments are lower, as are premiums.
The price differences between a term life insurance policy and a whole life insurance policy are stark. For example, a healthy 65-year-old man will pay about $ 110 for a ten-year term policy of $ 250,000, while a whole life insurance policy with the same death benefit would cost approximately $ 1,122.84 per month. And a woman’s policy for the same death benefit is about $ 934.82 a month. Because final expense plans have such a low face amount (typically in the $ 10,000 range), monthly premiums are much more affordable, typically in the $ 50 per month range.
Over 70 Life Insurance
People over the age of 70 probably don’t have a lot of debt, but still want to take care of their loved ones. At this stage in life, whole life insurance is very expensive, which is why many people age 70 and older purchase final expense insurance. Term insurance companies won’t offer 30-year policies for 70-year-olds, but you can probably find a ten-year policy. Alternatively, final expense insurance is available and the rates are much more affordable.
Over 75 Life Insurance
Although you can still find insurance for people 75 and older, your options are fewer and more expensive. But it is always a good idea to have life insurance, regardless of age. It will allow you to leave something for your loved ones and make sure they are not left with your outstanding medical bills, income taxes, utility payments, and burial expenses.
You can still find whole life insurance for those 75 and older, but to get a policy, you have to be healthy. If you have diabetes or other chronic diseases, insurers may not approve the policy. The good news is, if you’re healthy and able to get a policy, it will stay in effect until you pass. And that means you will never have to apply for insurance again. A healthy man over the age of 75 can find a comprehensive life insurance policy for around $ 2,000 a month and a woman will pay around $ 1,800 a month.
But if you’re not healthy, you should consider two other types of 75+ insurance.
The first is guaranteed universal life insurance. This is also known as “term for life” or “term up to 110” insurance. It acts like a whole life insurance policy, except that it does not generate cash value. With this type of policy, you can select the maximum age. Most policies extend to age 121. You can qualify for a guaranteed universal life insurance policy even if you have medical conditions or a pre-existing condition. Your premium will depend on your health conditions, but a man can expect to pay $ 300 to $ 400 and a woman will pay $ 250 to $ 325.
A more affordable option is final expense insurance, a non-medical exam life insurance policy in which coverage is issued based on the answers to the health questions on the application. Healthy men 75 and older will pay about $ 123 a month for a $ 10,000 policy and women will pay about $ 101.
Over 80 Life Insurance
Because the maximum age for term life insurance is 89, people who want insurance over the age of 80 should consider purchasing whole life insurance. But to qualify for a typical policy, you must be healthy and undergo a medical exam. But since most policies do not break even for seven to ten years, they may not be your best option.
A great alternative to 80+ insurance is final expense insurance. If you don’t have significant debt and you want to make sure you leave enough for your burial expenses, this type of policy may be right for you. Men over 80 can expect to pay around $ 183 for final expense insurance, and women over 80 will pay around $ 145.
Over 85 Life Insurance
Buying life insurance above 85 becomes a bit more complicated but not impossible. It is still recommended that you buy life insurance for a few reasons. At age 85, your children may be helping you with your care, and it makes sense to leave them something to help pay for their final expense.
You can also choose to purchase an insurance policy without a medical exam as final expense insurance. These types of policies have lower death payments and that makes them more affordable. Your beneficiaries can use the money to pay for your funeral or any outstanding debt you leave. Coverage is issued based on the answers to the health questions on the application.
Men age 85 and older can get a final expense plan of $ 10,000 for $ 183 to $ 286, and women can buy the policy for about $ 136 to $ 211.
Over 90 Life Insurance
Once you reach 90, most insurance companies will not issue you a life insurance policy. You may be able to find a life insurance company to insure you, but be prepared to pay a very high premium.
What if I have a medical condition?
Even with a medical condition, most can qualify for life insurance. The life insurance company will look at your unique circumstances, review your overall health, and let you know whether or not you qualify. In some cases, you will be issued a modified plan with higher premiums.
What happens if I die after my term life insurance policy ends?
Unfortunately, a term life insurance policy is only valid for the term it covers. Therefore, if you purchase a 10-year term life insurance policy and you die three months after the term ends, your beneficiaries will not get the death benefit. When your term ends, you must renew the policy to stay covered.
What if I waited too long to get life insurance?
It’s true that getting a good life insurance policy becomes more difficult as you age, but you can get certain types of life insurance well into your 80s.
Life insurance quotes for seniors
If you’re concerned about finding an affordable life insurance policy that’s easy to qualify for, consider getting a policy from AARP Life Insurance Company. We are the leading final expense insurance company in the country and can qualify most people, even those with health problems.
We have been serving seniors and their families since 1963. Best of all, our policies do not require a medical exam, just answer health questions on our 1 page application.
- Top 10 Best Life Insurance For Seniors Over 70 Quotes.