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The Topic Of Today’s Post Is Best Term Life Insurance For Seniors 75 And Over
Are you a senior who is 75 or older? Are you trying to find term insurance for yourself or a loved one? Stick around and read this post. The goal here is to show you what your options are.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on best term life insurance for seniors over 75. Enjoy!
Here Is An Overview Of Our Discussion On The Best Term Life Insurance For Seniors 75 And Older:
- How Does Term Life Insurance Work For Seniors Over 75?
- Stories From The Field
- Reasons Why Seniors Over 75 Purchase Term Life Insurance
- Term Life Insurance Options Available For Seniors Over 75
- Insurance Riders – Definitions And Types Available.
- Exam Or No Exam?
- How Much Term Life Insurance Coverage Can A Senior Over 75 Qualify For?
- What If Health Is Bad?
- How To Qualify
- Top 10 Reasons Why People Buy Burial Insurance
- Case Study Examples
- Next Steps
How does term life insurance work for seniors over 75?
Let’s talk about term insurance in generic terms, to make sure that we are on the same page here. We want to know how term life insurance works for seniors over 65.
Term insurance, by definition, is a life insurance product that provides a death benefit over a pre-determined period of time. Generally, premiums will remain the same during the term for which you buy the plan. If it’s a 10-year term, they stay the same for 10 years. If it’s 15, it’s 15, so on and so forth.
Term Insurance is known as one of the best ways to get the most coverage for the least premium spent. When I say that, if you are looking to get as much coverage as you can, term insurance is pure insurance. There is no cash value component or anything like that, as with a lot of other life insurance products. It’s just straight insurance.
Once you are approved, the idea of term insurance is that for seniors over 75, it pretty much works like any other term insurance product. You die within the term period of time, the coverage amount is paid out to your beneficiary.
If you would like to find out what you might qualify for and what your monthly rate might be, give us a call at (888) 626-0439.
A quote takes 10 minutes or less and you will be under no obligation to buy from us.
Stories from the field
In today’s story I want to convey the importance of getting the best quality deal for life insurance that you possibly can.
By sharing this story I hope to relay how working with a broker like us at Buy Life Insurance for Burial gives individuals the best chance of getting quality life insurance in place to relieve financial burdens from loved ones.
I got a referral from my father, who had a short stint selling insurance himself, for a gentleman down in Albany, Georgia. We will call him Mr. Jones.
Mr. Jones was 85 years old and a retired school teacher and veteran. My dad had already written a nice plan for him, but Mr. Jones had recently gotten married and wanted to add to his plan.
Ultimately he wanted to leave money for his kids and wife to take care of financial expenses. There was only one problem. Mr. Jones had a history of strokes and was taking blood thinners.
After doing a health analysis I determined we could qualify Mr. Jones for first day coverage that would cover both natural and accidental death.
Mr. Jones was especially glad that we were able to get first day coverage because he was well aware that many companies out there require a 2 to 3 year wait period for coverage to take affect.
He signed paperwork on a hot day in May and by Thanksgiving of the same year I got the sad news that Mr. Jones had passed away. While it is always unfortunate to hear about a client passing, I was releived that we had been able to get him first day coverage.
This meant we were able to provide a full death benefit to his wife and kids. Though I can’t guarantee that everyone reading this will qualify for life insurance coverage, I can’t stress enough the importance of trying to get first day coverage.
We don’t know when our final day on earth is going to be. It’s not for us to know when our time is up. However, we need to take steps to prepare as adequately as possible to make sure when that day does come that we are prepared.
Working with a broker like us at Buy Life Insurance for Burial gives applicants the best possible chance of getting quality, affordable coverage in place.
Why should seniors over 75 consider term life insurance?
I will share with you, as examples, some reasons that I have run into why you would want to own term insurance if you are a senior over 75.
Funeral expenses: Maybe you are concerned about the rising costs of being buried or cremated, or any costs associated with a funeral. You want a policy to cover that. A term life insurance plan for seniors over 75 can do that.
Another driver is income replacement. I know stories of couples where one worked and had a pension, but it did not transfer upon death to the surviving spouse. They opted for that to not happen.
There is a need to replace that income upon passing. The lifestyle of the surviving spouse would have to dramatically change. You can buy a term insurance plan to cover that period of time if it were to actually happen.
Another reason is a gift of love. Maybe you want to leave money behind to a daughter or son or a grandchild. You want to help them out. My grandfather did that for my mother and it helped out tremendously.
Perhaps you owe money on a mortgage. You want to protect against that mortgage having to be assumed by your surviving spouse. You want to keep the house in the family or just pay off the thing altogether. When you pass away, if you pass before you pay it off, a term life insurance plan is perfect for that or some other kind of debt pay down.
Options for Term Life Insurance for seniors over 75
I will talk to you about what is actually available. Then we will show you some prices. Most commonly, what you are going to run into is a 10-year term insurance product as you get up there in age.
The availability of much else becomes less and less. There are sometimes the options for 15-year terms. If you need to have coverage beyond a 15 year period of time, we can do what is called a universal life plan.
This kind of acts like a term plan, you just design it to cover how much time you need. Maybe to 95 or 100, that kind of thing. Let’s take a look at some prices and samples of coverage amounts.
To demonstrate here, I will show you rates for a 75-year-old, for females and males, non-smoker, $400,000 in term life insurance. We will look at 10 and 15 years. I will demonstrate what this universal life plan does and better define what that means.
We are looking at a 75-year-old male, non-smoking, 15-year term, $100,000 in coverage. This is a small sampling of the companies that I represent. You are looking at monthly premiums of upper $200’s to lower $300’s.
These are all for preferred rates. Your rates may be higher than this. Understand that if you have less than ideal health, they can get substantially higher.
The idea here is not to tell you what you will qualify for at all. The idea is to give you an idea of what to expect. If you wanted to lower your coverage amount, you can always look at a 10-year term. Change the length of time that you are covered and that will in return lower the price to a certain extent.
We are looking at different price points. You have got, for example, Sagicore, Legal & General, Banner Life, Cincinnati Life. Different options.
Here, we are looking at a female, 10-year, $100,000 term, same companies. If we ratchet that up to a 15-year term, the price goes up correspondingly, as you are covered for a longer period of time.
Again, this is totally unrelated to what you would qualify for. I will show you a price point beginning.
Here, we are looking at what is called a no-lapse universal life plan. The concept behind these plans is that it is permanent protection that lasts well beyond the 10 or 15-year term life limit. As long as you pay the premiums, you have the coverage in force.
They do cost more than a term plan, but you never have the risk of outliving it. If your needs require permanent protection and you do not want to take the risk of outliving it, these are options for you.
If you would like to get a customized quote, give us a call at (888) 626-0439 or send us a request using the box found on the left-hand side of the screen.
You’ll speak to an expert in the field who can give you more information regardling what type of life insurnace might be right for your particular circumstances, budget, and goals.
For example, for a male, $100,000 in coverage, we are looking just at about $400 a month for a no-lapse universal life plan.
For a female, $100,000 in coverage, depending on the company you are looking at, monthly premiums are between the $340’s to $370’s. These are preferred rates, they may be higher.
We can go down the list here and you can see the prices do go up based on whether you are the standard rate or preferred. That tells you where your risk category is and how your health interplays with that.
Riders – What they are and why consider them
We have taken a look at some of the options that there are for term life insurance as well as covering beyond a 10 or 15-year term period. Now, let’s look at some potential riders and define what a rider is on an insurance policy.
Basically, think of them as an add-on. You pay a little bit extra in premiums, but you get these additional benefits that ride on the policy if that makes sense.
The kind of riders that may be available to you, depending on the company, include a critical illness plan. Here, if you are diagnosed with a stroke, heart attack or cancer, there is a lump sum payment, paid out to you while you are alive.
Potentially a return of premium plan may be available. Here, if you pay into a plan for a certain amount of years, you get your premiums back. That does cost an additional fee.
There is an accelerated death benefit plan, where you are diagnosed as terminally ill and a portion of the face amount of your coverage is paid to you while you are still alive. You can use the money whilst alive.
There are also nursing home riders that pay a benefit if you are confined to a nursing home under certain terms and conditions. The key thing here is to show you that there are ways to improve your policy using riders if you like that kind of thing. They will cost additional amounts.
Exam or no exam?
You may be wondering if you should get an exam. Is an exam expected when you apply for a term life insurance product if you’re a senior, 75 or older? In my experience, it depends on your health and how much coverage you are getting.
To define an exam, it usually includes a physical and typically blood and urine analysis. Some carriers just require a signature. They will check your records and give you an instant decision or some kind of phone interview, but a lot of these companies are going to potentially ask you for an exam.
Why? Because at your age it’s potentially more concerning, especially as you get more and more coverage.
Sometimes the $25,000 and the $50,000 amounts will not require an exam. If the state of your health is sufficient, they will just pull the medical records and take some time to look at attending physician’s statements. Your doctors will review their notes to make determinations on health, but taking an exam is something you may have to be prepared for.
If that is the case, with my services it’s very simple. We just correspond with the local representative. They come to your home or you go to their facility, whatever you are comfortable with, and they are very professional. They get the job done.
The reasons that you have to take the exam in some circumstances are the coverage amount and your age. Many times, if you take an exam, it will get you a better price than if you just did simplified issue and paid a tremendous amount more.
You may not need to take the exam if you do not have a large amount of coverage. If it’s $25,000 to $50,000, it might be that you do not need to take an exam. But I will not say for sure because it’s going to come down to your individual circumstances.
How much coverage can I get?
As long as you work with a broker, it should be fairly easy to get the amount of coverage that you need. Generally speaking, minimums are $25,000 to $50,000, depending on the company. I can tell you that, with term insurance, you are probably looking at close to $50,000 minimum, with the no-lapse universal life plan, maybe $25,000 minimum.
Maximums for non-meds, i.e. with no exams, depend on the company. More likely it’s going to be a smaller amount, whereas if you were younger it would be a higher amount allowed without an exam. For example, I am probably closer to $250,000. It depends on the companies.
Can I qualify for life insurance over 75 if my health is bad?
Can you actually qualify for term life insurance as a senior, 75 or older? Maybe. Can you qualify for life insurance? In most cases, sure. It all comes down to your health.
We have to approach this by asking what bad health really means. How do I know if a senior, 75 or older, will not qualify for a term life insurance product?
They probably have COPD. Maybe, they have a progressive insulin usage because they are progressively diabetic. Maybe they have had a recent heart or cancer event or neurological problems. Maybe they have severe mental health issues. These are some of the things, off the top of my head, that could be common issues if you apply for some of these term insurance products.
That does not mean that you cannot apply for other life insurance products. Let’s look at some options. You can actually get what is called first-day full coverage whole life insurance. Here, the premium per dollar coverage is higher, but they have a lot more flexibility built in as to what circumstances can qualify.
For example, COPD. First-day full coverage with a lot of companies in certain circumstances. Same thing with behavioral health. Even with heart and cancer issues; two years beyond that happening you may qualify for first-day full coverage. It may not be a large policy, but you could at least get something.
There are options out there for people who have bad health history. Worst case scenario; if you cannot qualify for anything else, as long as you are 85 or younger, you can qualify for a guaranteed issue of return premium policy.
A return of premium policy forces a natural death waiting period of two years. That means that if you died within two years, they refund your premiums, plus usually 10% interest. This is a good product if all else fails and you need some kind of coverage, a basic plan.
Those policies typically go up to $25,000 in coverage. You can get more, there are ways to do that. I can help you with that if that is of interest to you. I don’t want my clients to wait two years before they are fully covered, so the only reason that I would recommend it is if everything else failed. There are no other options for life insurance coverage.
How seniors over 75 can qualify for a term life insurance program
Here is the process of applying, as a senior over 75 looking for term life insurance or just any kind of life insurance.
First, pick a broker. You want to work with a broker: They shop around and try to find you the best price and coverage. They work with multiple companies. That is what I do and so I am nominating myself for the job.
I would run a quote after asking you some questions and figuring out what your goals are. There is no obligation, and it is completely confidential. If you like what you hear, the next step would be to complete an application.
It is done through email or over the phone. There is no face-to-face visit required anymore for most companies. We usually get a decision fairly quickly; within days or weeks, maybe longer depending on if you had an examination. After that, you get your policy and you are done. That’s it.
Term Life Insurance Rates, Age 25 to 75*
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
*Insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Top 10 reasons why people buy burial insurance
1.Rates are affordable
Working with a specialized broker like us at Buy Life Insurance for Burial gives you the best chance at getting a customized plan in place that meets your specific budget. If you are someone who is on a fixed income or know somebody who is looking for insurance who is on a fixed income and want a reasonably priced product to protect against final expenses, a burial insurance policy is the perfect solution.
2.You love your family
Not wanting to leave family with burial or cremation expense is a big motivating factor for many people. A burial insurance policy can easily solve that problem and give you the comfort in knowing your final expenses will be taken care of.
3.Peace of mind
When you have burial insurance you have peace of mind in knowing your final expenses will be taken care of. You can rest assured in knowing as long as you make payments on time, your policy will do what it is supposed to do. 4.Cannot outliveWhen properly designed, a burial insurance policy will never cancel due to age or health.
Cash value is an important element of the insurance policy. After significant time has passed and premiums have been paid in, you can borrow cash from the policy to use for whatever purpose you wish.
If you have a designated amount of money set aside for a specific purpose and do not want those funds used for your final expenses, a burial insurance plan can be allocated for final expenses to safeguard your savings.
7.Escalating final expense costs
Many people understand that burial and cremation expenses have dramatically gone up in the past decade. That most likely means inflation will continue to play a part in the final expeneses. Taking out a burial insurance policy allows you to allocate specific funds for final expenses, taking into account any inflation that may occur.
One of the greatest things about a burial insurance plan is that you do not have to take an exam to get approved for coverage. Instead, underwriters are able to reply on previous health records and in many cases, a decision can be reached the same day.
9.Rates never increase
If you are looking for a consistent and reliable rate, burial insurance is guaranteed to never go up in price due to age or health. This is especially important for those on a fixed income.
10.Custom tailored policy
Everybody is unique, therefore your burial insurance should be specific to you too. A good life insurance broker will tailor your burial insurance plan to specifically meet your individual goals and budgetary concerns.
Case study examples
Leaving Money to Wife
An older gentleman recently got in touch with us looking to purchase a 20 year term life insurance policy. He had recently retired and wanted to ensure if he passed away that his wife would have enough income to pay expenses and maintain the lifestyle she was used to living.
This gentleman was in generally good health but did have a weight problem. His doctor had recommended weight loss to prevent any health complications and he was concerned this would impact his application for term insurance.
We were able to qualify this client for first day coverage at a rate he was very pleased with. Though we can’t guarantee the same outcome for every client, we certainly strive to provide affordable coverage to every client who gets in touch with us.
Mortgage Payment Concern
A 72 year old woman got in touch with us looking to get term life insurance. Her husband had recently passed away and she had moved to a new home. She was concerned about the mortgage payments and what would happen if she died and her kids were left responsible.
She was also diabetic and had been most of her life. She had to take insulin shots on a regular basis and was worried this would impede her ability to get life insurance.
We took her application information and looked at a number of options before securing first day full coverage for this client. While we strive to provide high quality coverage to every applicant, we can’t guarantee your application will be accepted. Working with a broker like us though certainly gives you the best possible chance at securing life insurance to meet your goals and solve your concerns.
Do you like what you have read today? Do you like the idea of trying to apply for term life insurance or any other kind of life insurance product? Here is what you need to do.
- Go to my website, buylifeinsuranceforburial.com. Check out the free quote. Click the contact box at the top or go to the bottom and click on the message box below. Send me a message telling me what you are looking for.
- Call me on 888 626 0439. I will be happy to field a phone call. Leave a message if you don’t reach me. I promise I will get back to you within a day.
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I hope you have found this article useful in your search for more information about life insurance. If you have any remaining questions, please don’t hesitate to give us a call at (888) 626-0439 or send us a message.
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