Life Insurance for Elderly over 70 Years Old?
You have successfully raised your children, your retirement is secured, and you do not have any debt along with enough savings for you and your partner, luckily you are safe. You do not need an insurance policy for any sudden or unexpected expenses.
But what if you have financial responsibilities like raising a family, paying for kids’ college, or paying a mortgage? Do you think how your family will manage these costs in case of your untimely demise? Well! To tackle this situation and secure your family’s financial future, buying life insurance would be the best option. But then there is another case, how to decide which insurance policy is for you and which one is better.
No worries guys! We are here for you. In this blog post, we will discuss all the necessary aspects of life insurance especially for elderly people. Many people think that after getting older they do not get an insurance policy, but that’s not the case. Read the blog post to clear up your confusion.
Is there any life insurance policy for seniors over 70?
Just because you are 70 or above does not mean you would not buy a life insurance plan. The coverage cost may increase with increasing years, but many insurance companies offer policies for older adults, even if they are not in the best health condition.
Being older, finding a reasonable senior life insurance policy can be difficult compared to when you were young. But regardless of age, getting an insurance plan can be a great way to help your family cover your final expenses. So, explore the available options, and compare various plans and their prices to get the right life insurance when you are over 70.
Also Read: Life Insurance for Seniors: Secure Your Future With Reliable Coverage
What are the available life insurance policy options for older people?
Several options are available for elderly people according to their age, health, coverage options, and financial goals. Term life insurance will be available to your 70 and sometimes 75 (some insurers offer flexibility) but you have to go through a medical exam while buying it.
If you are older or have some extreme health issues, you have to go for options that usually do not demand a medical exam like simplified and guaranteed life insurance policies.
However, permanent life insurance will be an option for you if you are in good health and want long-life protection from some huge expenses. You can also opt for final or burial insurance which is a good option for aged people as it comes with a low premium and covers your funeral expenses.
What is the average cost of life insurance for seniors over 70?
You might be surprised to know that the cost of life insurance coverage is affected by some factors. These may include your age, gender, health condition, and the type of policy you choose.
Yes! You read it right, gender also affects insurance costs as women usually live greater than men. That’s why here we give you an average annual estimation cost of life insurance for men and women separately.
Annual Insurance Cost for Men
| Age | Term: $50,000 – $250,000 Benefit | Whole: $50,000 – $250,000 Benefit | Guaranteed Universal: $50,000 – $250,000 Benefit | Final Expense: $5,000 Benefit | Final Expense: $10,000 Benefit |
| 70 | $600 – $2.330 | $280 – $16,320 | $2,580 – $9,830 | $490 | $970 |
| 75 | $1,140 – $4,060 | $3,750 – $22,440 | $9,840 – $10,850 | $685 | $1,350 |
Annual Insurance Cost for Women
| Age | Term: $50,000 – $250,000 Benefit | Whole: $50,000 – $250,000 Benefit | Guaranteed Universal: $50,000 – $250,000 Benefit | Final Expense: $5,000 Benefit | Final Expense: $10,000 Benefit |
| 70 | $480 – $1,770 | $2,300 – $13,440 | $2,180 – $6,125 | $380 | $730 |
| 75 | $840 – $2,640 | $2,940 – $18,450 | $6,140 – $8,850 | $505 | $970 |
Note that all of these coverage costs are a general estimation from Lincoln Heritage Funeral Advantage and do not apply to any particular insurer.
What is the best insurance policy for seniors in 2023?
Here is a comparison of some famous coverage plans for people over 70, offered by different insurance companies.
1- Guardian Life
Guardian Life is the best plan as it offers flexible payments. It provides whole-life plans that can be paid up by age 65, 95, 99, and 121. However, if you want to go for other types of permanent coverage, you may consider Guardian’s universal and variable universal life policies that are valid up to age 85.
2- Northwestern Mutual
If you have the potential to earn dividends from your policy, you should go for Northwestern Mutual. In that case, you will be eligible to get dividends, which the company has paid out for years.
3- MassMutual
The policy stands best for older applicants as there is no limit on how much term life coverage you can get in MassMutual. It may suit you best if you are looking for a considerable payout for your insurance beneficiaries.
4- New York Life
New York Life offers you the best coverage range as compared to other policies. Moreover, based on your policy type and financial needs, you can choose payouts anywhere from $25,000 to millions with this plan.
5- State Farm
State Farm provides you with great customer satisfaction with wide and customizable coverage. You can increase coverage by yourself or another person via a term rider. It would be beneficial when you want to buy a small coverage for your partner but not a separate policy.
6- USAA
If you are not willing to take any medical exam, USSA offers you a plan named guaranteed issue, underwritten by Mutual of Omaha. You do not have to answer any health-related questions to qualify for policy and it gives you the best coverage flexibility.
What does a life insurance policy cover for you?
Life insurance policies help you and your loved ones to cover out-of-pocket expenses when the insured passes away for things like:
- Funeral or burial cost
- Cremation cost
- Service arrangements
- Other end-life expenses.
Along with covering funeral costs, life insurance helps you to pay for several other expenses. These are:
- Medical bills, nursing home care, or any other healthcare expense.
- Death benefit for your partner’s or children’s daily life expenses.
- Personal loans including mortgage loans, car loans, and paying down credit cards.
- Housing payments for your family.
- A legacy for your children to make a down payment on a house or pay down debts.
Final Thoughts
While getting an insurance policy for seniors over 70 might be difficult to find initially, if you go through available options in the market, you will certainly get something according to your needs. This guide also helps you and makes things easy for you to understand.
Furthermore, you can also work with an agent or professional insurance advisor to cut down the prices and help you through the process. With his help, you can get life insurance quotes from various insurance companies that make it easy for you to sort out the right plan.