Life Insurance For 76 Year Olds: Get Help Here!
last updated on March 7, 2022Are you 76 years old and looking for more information about life insurance? Or perhaps you wish to purchase insurance for your elderly parent? Then you’ve come to the right place!
In this article, you can read everything about choosing the right life insurance for your age regardless of your financial situation and your health condition.
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Do I need life insurance if I’m 76 years old?
All senior citizens should have life insurance in place. There are several reasons why you would want to take out insurance if you are 76 years old:
- To cover your final expenses. Covering final expenses is the most common reason why 76 year olds purchase life insurance. Many seniors have little or no savings when they retire, and their insurance coverage is not enough to pay for funeral and other final expenses. Life insurance can help you take that burden off the shoulders of your loved ones.
- To pay off debt. At the age of 76, you may want to buy life insurance to pay off debt including mortgage or credit card debt.
- To compensate for lost income. Many 76 year old seniors buy life insurance to replace the loss of income after the death of their spouse who was the primary earner.
- To leave a legacy for your loved ones. You may also want to take out a life insurance policy so that you’ll be able to leave money behind to your family members.
What are coverage options for 76 year olds?
There are several different life insurance options to choose from when you’re 76 years old:
Whole life insurance
Whole life insurance is the insurance type we usually recommend to our senior clients. This type of insurance will never cancel due to your age or your health as long as you are paying premiums. In other words, you can’t outlive whole life insurance.
Our life insurance carriers offer “simplified issue” underwriting. This means that you qualify for their whole life insurance without having to take a medical exam or give blood. You will only be asked a few simple health questions when you apply.
What’s more, whole life insurance rates never increase, and you qualify for first day full coverage. This is especially important for seniors who are on a fixed income.
Universal life insurance
Universal life insurance is a great life insurance option if you are 76 years old and in good health. If set up incorrectly, guaranteed universal life insurance for seniors may cancel prior to death. Otherwise, universal life is permanent and you can’t outlive it.
Term life insurance
Many believe that term life insurance for seniors is the best option for seniors when it comes to life insurance. But term life guarantees coverage only for a certain number of years. You may end up outliving the policy and you’ll then be left with no insurance at all. This is the reason that most 76 year olds prefer not to get term life insurance.
In addition, term life insurance is difficult to qualify for. Most seniors over 60 years who apply for term insurance get denied due to their age or health issues or they refuse coverage because of high premiums.
What if I still want term life insurance?
If you are interested in purchasing term life insurance, we can still find a suitable policy for your needs. We’ll choose an insurance carrier who is easier on underwriting and help you get a quality policy suitable for 76 year olds.
Will I need a medical exam?
No, you don’t always need to have a medical exam to qualify for life insurance when you are 76 years old.
You may want to consider the “simplified issue coverage”. With this type of life insurance, you only have to answer a couple of questions about your medical history. There is no need for a medical exam. Unlike many other life insurance programs, this option for 76 year olds is very quick and simple. And the best part is, you’ll have your application approved almost immediately.
What if my health is not good? Can I still qualify for a life insurance policy?
Yes, even if your health isn’t good, you may still qualify for a life insurance policy.
At Buy Life Insurance For Burial, we offer several life insurance options for 76 year olds who have one of the following illnesses or conditions:
- Heart issues
- Cancer
- Mental health disorders
- Lung diseases such as COPD
- Diabetes
- Neurological disorders like Parkinson’s or lupus
- etc.
And you can qualify even if you have advanced pre-existing conditions. The insurance type called no questions asked whole life insurance is available for policyholders until the age of 80.
Can I afford life insurance if I am on a fixed income?
Many of our senior customers have limited resources and can’t afford expensive premiums. If this is your case, we’ll work with you to adjust the price to fit your budget. We’ll make sure that you get exactly the policy you need at an acceptable price.
What insurance carriers can you recommend for coverage on 76 year old seniors?
It depends on your individual circumstances. Every life insurance company is different and has unique health requirements, so not every carrier or policy will suit your needs equally.
At Buy Life Insurance For Burial, we represent top-rated national insurance carriers. This allows us to always recommend the best coverage options at the lowest price.
Can I get coverage for my 76 year old parents?
We have helped many customers get burial insurance and life insurance coverage for their elderly parents.
You can get life insurance for your parents who are 76 years old and make payments for the policy premiums from your account. However, your parents must be able to sign the policy. The only exception to this rule is if you have the power of attorney.
I get mail from AARP, Colonial Penn, and see many television commercials about burial insurance. Why shouldn’t I buy life insurance from them?
Although AARP and Colonial Penn have been advertising their final expense burial insurance for seniors, there are a few things you should know before you consider buying from them:
AARP life insurance policies cancel at the age of 80. This means you risk losing your AARP term life insurance coverage in the near future.
And that’s not all.
The term life insurance plans proposed by AARP go up in price every 5 years. So your coverage will end up becoming very expensive. Many seniors have to drop their AARP plans because the premiums get too high over time.
Clearly, this may not be the ideal life insurance for you.
Colonial Penn life insurance is a life insurance company endorsed by Alex Trebek, the host of Jeopardy. If you read the fine print, you’ll see that their “guaranteed acceptance” doesn’t cover a natural death in the first two years.
So this may not be the best product for your needs either.
At Buy Life Insurance For Burial, we can help you get you a much better policy that starts immediately without the need to wait or risk outliving the coverage.
How can I contact you for a free life insurance quote?
Getting a free quote from us is easy.
All you need to do is call us at 888-626-0439. If we’re unavailable, leave us a voicemail and we’ll get back to you as fast as we can. It will take us between 10 and 15 minutes to provide you with a free quote.
Alternatively, you can request a quote online. If you’re on your smartphone, click the button at the top to request a free quote.
If you’re on your computer, fill out the information to your right and click “submit”. You’ll get several price options from us and we’ll follow up with you to see if you’re happy with the quote.