Are you a man or woman age 70 or older, and wondering if you can still get life insurance coverage, and at affordable rates?
Depending on your health and medical history, seniors may still be able to get fairly good rates on a term life or whole life insurance policy.
Some advisers will tell you that, if you are 70 years old or older, your best bet is to try getting a 10 year term policy, or even a 15 year term.
It's obvious that obtaining a 20 or 30 year term policy at your age might not be possible, or it will be cost prohibitive.
Don't forget, there's always the option of going with a no-medical exam policy, also known as final expenses insurance. These policies pay less, but are often enough for most seniors over 70.
The best thing to do is to complete an online form so you can get in touch with a life insurance specialist that will guide you through the process of getting the best and cheapest policy for your specific case.
You may be wondering how much a typical life insurance policy costs for seniors in their seventies - here are some examples of average level term life insurance premiums for those seniors from 70 to 75. Some options are still fairly cheap and affordable.
Shown: Monthly premiums for a 10 year term policy for a non smoker senior female in fair health.
|70 year old female||$57.53||$60.30||$68.25||$107.34||$128.58||$247.15|
|71 year old female||$65.63||$64.75||$75.54||$118.68||$151.98||$274.58|
|72 year old female||$73.32||$68.72||$85.75||$132.64||$176.20||$306.72|
|73 year old female||$81.35||$75.55||$95.87||$152.21||$197.62||$352.85|
|74 year old woman||$89.62||$84.12||$108.25||$170.75||$ 224.56||$399.15|
|75 year old woman||$97.28||$92.65||$116.23||$193.67||$256.78||$454.55|
Rates for a 10-year term policy, for a senior man, non-tobacco user, in good health:
|70 year old male||$116.40||$230.15||$246.35||$405.33|
|71 year old male||$136.76||$262.75||$278.43||$462.25|
|72 year old man||$152.55||$295.55||$317.30||$525.38|
|73 year old male||$172.10||$337.45||$363.76||$604.75|
|74 year old man||$194.18||$384.45||$422.72||$702.55|
|75 year old male||$220.33||$434.20||$495.10||$821.90|
We don't show rates for those seniors, 76, 77, 78, and 79 years old. The life insurance specialist will be able to quote you these rates.
The best way to get the cheapest rates on life insurance is to compare rates from a few companies. Even if the rates won't vary a lot, some companies are more friendly towards some health issues and lifestyle options.
For example, if you are an occasional cigar smoker, some companies have low cost policies for that. Another example, some insurers are more prone than others to insure people with diabetes.
As a senior in your 70s, you may still be leading a healthy and active life. If you are not overweight, don't have any major health problems, don't smoke, don't drink excessively, your chances of getting approved for life insurance coverage and getting cheap rates go up a lot.
Ages quoted: 70, 71, 72, 73, 74, 75, 76, 77, 78, 79
Remember, life insurance is not for you, it's for your loved ones. When you reach your seventies, unfortunately, the prospects of you dying start to materialize and you start thinking about your own mortality. This is the time to think about your immediate family and if they will be unnecessarily financially burdened if you die.
You may still owe a mortgage or have personal loans. You also have to think about the costs of a funeral and burial. These could be around $20,000.
Don't be one of those parents that leaves their children with your bills for them to pay.
Can You Get Life Insurance After Age 70?
You've probably heard that you cannot get life insurance in your seventies - this is not true. It will be more difficult and won't be cheap, but you still can get it your health and lifestyle is within the life insurance parameters.
Can I Get Affordable Life Insurance At Age 75?
Yes, it's still possible. But, it will depend a lot on your health and lifestyle - do you smoke, drink, partake in dangerous activities, are overweight, etc.
What If My Life Insurance Policy Is Denied?
Which Life Insurance Is Best For Seniors?
If you can get a term life insurance policy, you will pay less and will have a higher coverage amount. Getting a whole life insurance policy may not be possible, other than a small-benefit no-medical policy.