Getting Life Insurance in Your 70’s. How to secure an affordable policy.
Getting life insurance in your 70s is still possible, but you will need to know certain things before you would apply for a policy. We put together this article for anyone over the age of 70 to explain what life insurance options are still available for you.
Do I still have options at my age?
There are several types of life insurance policies available for individuals over 70.
What you need to understand is how the underwriting process works for each type of policy and what it will take to qualify for a life insurance policy at your age.
There are two types of underwriting that will apply to anyone over the age of 70. These types of underwriting are known as fully underwritten and simplified underwriting.
Simplified underwriting option is great for anyone over the age of 70 who may have pre-existing conditions for past health issues. Most burial plans offer a simplified underwriting option.
Simplified underwriting will consist of seven or eight questions that the carrier will require you to answer on the application. Depending on how you answer the questions will determine if you can medically qualify.
Will I Have to Take a Medical Exam?
Having to take a medical exam will depend on how much coverage you need and the type of policy you apply for.
- Term Policy – If you are over 70 you choose to buy a term life insurance policy you will most likely have to take an exam, a few exceptions would be if you need coverage under $99,000. There are several term life insurance carriers who could waive the exam for anyone over 70 and who want less than $99,000 in coverage.
- Burial Policy – If you are over age 70, and you are looking for a burial life insurance policy, you will not be required to take an exam most carriers. The underwriting consists of the application medical questions, a prescription database check, and medical information Bureau report.
Types of Life Insurance Policies Available in your 70’s?
Term Life Insurance in Your 70’s
We have four carriers who will offer a 20-year term policy to seniors age 70. You can see them in the image below.
We have multiple term companies that will offer a 15-year term.
Available Term Lengths in your 70’s
Age 70 – 10,15 and 20-year term plans
Age 75 – 10 and 15-year term plans
Ages 76 thru 79 – 10-year term plan
- Pros – The pros of buying term life insurance for someone over 70 is that it can be more affordable than a permanent life insurance policy such as whole life or universal life insurance.
- Cons – The cons of buying term life insurance in your 70s is that you can outlive the coverage and pay in premiums for 10, 15, or 20 years and then be left with no coverage.
Should You Buy Term Insurance In Your 70’s?
Deciding to buy term life insurance in your 70s is a personal choice. It can depend on why you need the coverage, how much coverage you need, and if you are willing to risk outliving the policy.
Whole Life Insurance in Your 70’s
Whole life insurance for someone over 70 is still an option; however, it will be costly if you need higher coverage amounts.
Traditional whole life will also have more medical requirements to qualify, and you will have to go through the full underwriting process. We typically don’t recommend conventional whole life insurance to someone in their 70s unless they’re looking for just some type of burial policy, which you can read about below.
Burial Life Insurance in Your 70’s
Burial life insurance is a type of whole life insurance that offers a simplified underwriting process. It typically will not require an exam for this type of policy, and as the name suggests, people buy these plans to cover final expenses and burial costs.
- Burial insurance offers a more simplified underwriting vs. whole traditional life
- It has a maximum death benefit limit of $25,000 up to $100,000, depending on the carrier.
Guaranteed Universal Life Insurance in Your 70’s
A guaranteed universal life policy can be a perfect happy medium for someone who wants permanent coverage and lower cost versus traditional whole life policy. Guaranteed universal life will not build up any cash value as a traditional whole life policy would.
A guaranteed universal life plan can be an excellent option for someone who wants a burial policy, and they are still in perfect health for their age. They do require a little more underwriting than a burial life insurance policy would, but they can often be much cheaper than whole life and a burial insurance plan.
Best Life Insurance Companies in your 70’s
Choosing the best life insurance company in your 70 will vary depending on your situation. The best term insurance carrier for someone over 70 will be different than the best burial life insurance carrier.
You don’t have to worry, once we know what your goals are, then we can help you shop and compare over 40 companies. We would also suggest running a quote on this page so you can at least start shopping and comparing prices to get an idea of the cost of each type of policy.
See our best carriers guide here.
Life insurance for someone over the age of 70 is still an option whether you’re looking for a term policy or something more permanent to cover your burial costs.
We even have options for someone who is in very poor health and cannot medically qualify for any of the types of policies listed above. We can tell you more about these plans if you want to contact us.
The next step you would want to take would be to start shopping and comparing quotes. You can quickly run a quote on our website and compare rates side by side. A quote will give you can get an idea of what the prices will look like, and you also get the assistance to have an independent agent and expert to help guide you through the buying process.