A man can expect to live for 76.4 years on average, while a woman can expect to live for 80.5 years on average. Due to improved healthcare, the number of people living over the age of 70 has increased dramatically in recent years; yet, as we get older, our health might alter suddenly and unexpectedly.
For many elderly people, this means that they are worried not just about their own mortality but also about the mortality of their loved ones, who might need to be protected in the event that something were to happen to them suddenly.
Insurance plans like whole life insurance can give seniors piece of mind because they offer coverage up until death or disability, regardless of age, and long-term investment growth choices like dividends and loan interest.
Can You Get Life Insurance After Age 70 That Is Affordable
Yes, you can still get coverage!!!
One, purchasing term life insurance for seniors over the age of 70 is never too late to safeguard your loved ones. The best premium for life insurance for a 70-year-old man or woman will depend on their overall health and their current prescription drug regimen.
Overall, getting life insurance after the age of 70 is very doable, but this is not the time to put off getting coverage. For instance, between the ages of 70 and 75, your monthly premium will rise by 50% to 75%.
In actuality, this pertains to ultimate expense insurance, universal life insurance, and term insurance. Also, there will be a 50% rise in assured issue whole life insurance. Above all, you should purchase life insurance earlier than at 70 rather than later than at 75.
Also, because you are statistically within ten years of mortality when you are over 70, life insurance companies will rate you more stringently. It will be more challenging for you to obtain the best rate for the appropriate coverage levels at this age because of the natural body ageing process and the emergence of health problems.
What Type of Life Insurance is Best for Seniors Over 70
What is the best paying life insurance for seniors over 70?
Well, that depends on your objectives. A term life insurance coverage would be useful if you have any unpaid debts that you don’t want to leave behind. You can only cover perhaps 10-15 years, though.
Universal life should be avoided above all else since there isn’t enough time (20–30 years) for the investment mechanism to grow. Age-related cost increases are the only thing that occur, and the investment component contributes nothing to make up the difference. Hence, the death benefits are reduced or your price increases.
Then there is whole life, which includes simple whole life policies that cover funeral or ultimate expenses. They are typically used to pay for end-of-life expenses between $1,000 and $50,000. These kinds of policies are permanent ones that don’t call for exams. They are frequently referred to as life insurance for seniors over 70 without a medical exam and can be authorised immediately over the phone, which makes them quite practical.
We specifically suggest the following 4 policy kinds for adults in their 70s:
1. 10-Year Term: Are you still active and in good health after 10 years? The least expensive term life insurance for seniors over 70 may be available to you if you are medically underwritten! If you need insurance for more than just a funeral, choose this option! Some providers include benefits for the living in the coverage. Contact us if you want the most affordable life insurance for seniors over 70!
2. Guaranteed Issue: You will always be accepted, regardless of how terrible your health is. No medical examination or health-related questions are necessary. Although it can be expensive, you’ll undoubtedly leave money for your loved ones. Typically, this kind of insurance covers funeral costs.
3. Simplified Issue: This kind of insurance does not require a medical examination. Simply complete a questionnaire about your medical background to apply. Although admission isn’t guaranteed, it is more likely than regulations that demand a medical exam. This is sometimes referred to as senior life insurance for terminal expenses.
4. Burial Insurance And/Or Final Expense: These plans will pay for your funeral and other final costs so that your family is relieved of that burden. These plans typically have face values between $2,000 and $50,000. Mutual of Omaha is the carrier we always use. They offer “Living Promise,” the greatest product available for life insurance for senior citizens, a final expense policy.
Finding a life insurance policy that is both affordable and of high quality for people who are 70 years old and older is crucial. Thus, if you’re wondering which life insurance option is ideal for seniors over 70, you’ve come to the correct spot.
If so, consider if your family would be able to cover your funeral costs or any final medical costs. If not, life insurance may be able to help. Give me a call for a free private consultation: 855-380-3300
My aim is to bring you comfort of mind!
The Facts And Rates About Over 70 Life Insurance Comparison
What is the price of life insurance for a 70-year-old?
Below, we compare individuals between the ages of 70 and 74. Also, we will contrast the rates for men and women. These will be the greatest options for women and men who are 70 years old and older who need term life insurance.
You may also inquire as to which life insurance providers are the greatest for persons over the age of 70. It can be challenging at times, which is where an impartial agent will help.
You see, every life insurance provider has various rules, build diagrams, underwriting specialties, and pricing. Most importantly, you need to be paired with a carrier that focuses on your particular health profile.
Furthermore, whole life insurance for seniors over 70 will be more expensive than a 10, 15 year term when it comes to rates. The insurance provider is aware that they will be writing a check for a whole life policy in light of this. Another important fact is that at age 70, they stop offering 30 year terms and accidental death insurance.
Term Life Insurance Rates for Age 70-74
The greatest life insurance for a 70-year-old, whether she is a man or a woman, will depend on her general health and her use of medications.
Your rate will primarily depend on your age, health, build, medications, and way of life. Your rate will also vary depending on whether the term is completely underwritten or requires no medical examination.
Determining rates for a male and female for $100,000 and $250,000 over terms of 10 and 15 years is what we’ll do now.
DISCOVER OUR GO-TO SENIOR CARRIER THAT IS A PRICE BUSTER BY CONTACTING US!
Again, this is the greatest rate on the market. Nevertheless, if you would like a free consultation to determine your correct rating class, please complete this pre-qualification form (CLICK HERE), and one of our agents will contact you to discuss your alternatives.
Or, you can contact us by completing the quote form on the right.
Burial Insurance Rates For Age 70-74
What is the best price for seniors aged 70 to 74 on funeral insurance?
Above all, having a final expense/burial insurance policy is the best method to prevent leaving your loved ones with an unexpectedly high payment.
Final expenditure insurance is a streamlined whole life policy that can provide coverage right now, yes, the same day! Well, if you can meet the medical requirements, generally.
These are, all things considered, the most affordable rates. Here is our pre-qualification form (CLICK HERE), and we will be in touch to discuss YOUR best options if you want a free consultation to help you find the best rate.
Overall, buying life insurance can be highly frustrating due to the confusion involved. It doesn’t have to be so difficult, I’m here to tell you.
In truth, if you work with the appropriate agent, obtaining life insurance is rather straightforward. For instance, expertise in determining which insurer will pay for a particular health condition that all the others will not.
Instead, by knowing the best strategy for YOU, our clients will succeed in obtaining the appropriate coverage. We have hundreds of customers who can attest to the fact that we are experts in the senior market over 70.
We are looking forward to talking with you about your life insurance needs and putting you in the best possible possibilities.