It may seem difficult to acquire affordable life insurance after turning 70, yet many seniors do so. A life insurance policy may serve several purposes, including providing for a spouse’s financial needs, protecting a loved one’s funeral costs, and leaving a lasting legacy.
When you’re 70 years old, it can be difficult to obtain reasonable and dependable life insurance. This article will walk you through the process, covering the top providers, important policy kinds, and helpful hints.
Why It’s Crucial to Have Life Insurance After 70
Life insurance can continue to cover you far into your 70s and beyond. It can:
You can: * Leave an inheritance or a donation to charity* Help pay off debts or medical bills* Support loved ones financially * Pay for a funeral and burial
You and your loved ones may rest easy with the correct policy.
Life Insurance Options After the Age of 70
1. Insurance for Final Expenses
These insurance usually do not need a medical evaluation and cover lower sums (\$2,000-\$25,000) for funeral and burial expenses.
2. **Life Insurance with a Satisfaction Guarantee**
Guarantees admission without medical tests or inquiries, but often has a waiting time before benefits kick in.
3. **Simplified Issue Life Insurance** Includes a health questionnaire but does not need a medical exam. Quicker approval and typically lower rates compared to assured issuance under conventional underwriting.
4. **Life Insurance for Term**
Not all seniors over the age of 70 may be eligible for this type of coverage, but it may offer cheaper rates for a set period of 10–15 years.
5. **Whole Life Insurance** — The fifth option is a permanent policy that builds cash value with set premiums. It provides security for the rest of your life, but it’s not cheap.
Top Companies for Seniors Over 70 to Purchase Life Insurance from
* **Omaha Mutual**
Renown for its no-medical-exam guaranteed-issue and ultimate expense policies. It provides coverage for amounts up to forty thousand dollars.
* **New York Life via AARP**
Provides members with simpler applications and, in most instances, no tests for term and whole life insurance up until the age of 80.
* **Colonial Penn** focuses on easy-to-apply, fixed-premium, guaranteed-acceptance insurance for seniors (up to age 85).
For those between the ages of 50 and 80, **Gerber Life** offers exam-free guaranteed issue whole life insurance.
* **Transamerica** provides plans that cover up to \$50,000, including ultimate expenditure and streamlined issue options.
Advice on Obtaining Life Insurance After the Age of 70
Get your application in early: Rates go up as people get older, so it’s best to act quickly.
If you want to keep your health insurance claims from getting denied, you need to **be honest about your health**.
* **Analyze different quotations:** The cost and underwriting standards of various insurers might vary greatly.
Focus on your real objectives and don’t purchase more coverage than you need; instead, think about your coverage needs.
* **Find the regulations that prohibit exams:** Consider a simpler or assured issue policy if you’re dealing with health concerns.
If you need assistance navigating your options, it is recommended that you work with a professional agent who specializes in senior life insurance.
What to Anticipate From the Application Procedure
Asking about your age, way of life, and medical history is standard practice for most doctors. This is usually accomplished with a brief questionnaire for rules that do not need a test. A medical exam and other underwriting stages may be necessary for traditional term or whole life insurance.
Last Reflections
It is possible to get life insurance after the age of 70 provided you are prepared. There are a number of excellent providers that focus on serving seniors, whether you are looking for a basic guaranteed acceptance insurance or an extensive whole life plan. Get the coverage that best suits your requirements at a price you can afford by following the advice above.