The good news is that, not only is life insurance for seniors over 70 available but much more affordable than you think.
There are a number of reasons you may want life insurance if you are over 70, people are healthier, and living longer today, and many are still working into their mid 70’s. Life insurance companies have taken notice and are now offering options for you to get coverage at a good price.
Do you really need life insurance?
- Are your assets less than your debts?
- Are you financially responsible for another person, spouse, child, grandchild?
- Do you expect medical bills that will be passed on to your family?
- Will your family have trouble covering your funeral and burial expenses?
- Do you have a business or family business?
If you answered “yes” to any of these questions you may need life insurance.
For more information about if you need insurance read this post.
How much life insurance coverage you need?
How much do you plan on spending on your funeral and burial expenses? How much debt do you have? Income that needs replacing? Do you need to care for a disabled child? Some good rules of thumb for finding your insurance coverage needs are available here.
Are your insurance needs permanent or temporary?
If you need to cover a mortgage, debts, bills, etc… these are temporary – how long will you have these debts?
If you need to cover final expenses, care for a disabled child, estate taxes, or probate costs these are permanent.
Double check your assets and current insurance policies.
Look at your assets, and current insurance policies and see if they will cover your financial needs. Insurance is only needed if you can’t cover your insurance needs out of your own funds.
Your first priority should the permanent need – if your assets or existing permanent insurance covers these, great, if not you will want to look into permanent insurance such as whole or universal life insurance. Temporary insurance (term) insurance should be used for any temporary needs.
Get the insurance coverage you need.
Life insurance for seniors over 70 is available and there are some great options for you.
While cost of life insurance is primarily based upon age, If you are in fair health, you can still get a good deal.
If you are still employed you may be able to get discounted life insurance through your employer, but remember this coverage ends when you stop working and is only temporary.
Look at the organizations you belong to, many churches, banks, credit unions, etc… offer discounted life insurance for your temporary needs.
Look into term insurance for your temporary insurance. Term insurance is available through many companies up to age 75, and can be a great value..
Permanent insurance is also available and may be even more affordable if you are in good health. Some companies allow, discounted rates for good health, active lifestyles, and non smoking that in some cases can be your best deal.
If you are not in great health guaranteed issue insurance is available. Keep in mind the major drawbacks – no pay out for 2 years, and very expensive.
- Talk to an independent agent – they can shop around for you and get you the best value for your dollar.
- Get quotes for permanent insurance even if your needs are temporary, with the discounts available on some permanent policies the price may be better.
- Try for regular insurance with a medical exam first, even if you have health issues, you will get a better deal in general even after being rated up for your health issues.
- Guaranteed issue (acceptance) insurance is very expensive so use it as a last resort.
- Don’t wait, if you need insurance, it will not be cheaper tomorrow, it only gets more expensive as you age.
Don’t just take my word for it, other articles on life insurance for seniors over 70.
Business to community – Can Seniors Over 70 Get a Good Value on Life Insurance?