Life Insurance For 74 Year Olds: Get Help Now!

Whether you are 74 years old yourself or are looking for life insurance coverage for someone else who’s that age, you’ve found the right article.

Today, I’ll cover all the main questions 74 year olds ask when looking to buy life insurance.

Quick Navigation Article Links

What are my life insurance coverage options as a 74 year old?

As a 74 year old senior, you have the following life insurance options: 

Whole life insurance

At Buy Life Insurance For Burial, we often recommend whole life insurance to senior citizens of your age. One of the main advantages of this type of insurance is that it can’t cancel due to your age or your health. It will remain in place as long as you are paying your premiums. This is also an insurance you can’t outlive. 

Besides, our whole life insurance options offer something known as “simplified issue” underwriting. This means that you can qualify for insurance without having to take a medical exam.

And that’s not all. Whole life insurance rates never increase. This is really important if, like many seniors, you are on a fixed income. By choosing whole life insurance, you can make sure that premiums will not get too expensive after some time. 

Universal life insurance

Universal life insurance is a good choice for healthy 74 years olds. When it’s set up correctly, guaranteed universal life insurance for seniors is permanent coverage that you can’t outlive. 

What about term life insurance?

Here's my top tips on getting the best 15-year term life insurance policy.

Many people think that term life insurance is the best form of life insurance for seniors. But there are two main reasons why term insurance may not be the best choice for you:

  • Term life insurance is difficult to qualify for. Over 70% of seniors over 60 years old applying for term insurance get denied because of their advanced age and pre-existing health issues or refuse coverage due to sky-high rates.
  • Term life insurance terminates. One of the risks you run when you take out term life insurance is that you may end up paying an enormous sum of money in premiums and end up outliving coverage.

What if I still want term insurance?

If you absolutely want to buy term insurance, we’ll be happy to help you. In some cases, term life insurance may be a good match for you. That’s why we have access to carriers that are easier on underwriting and can help some 74 year olds get quality term life insurance in place.

Do I need to have a medical exam?

Getting a medical exam to apply for life insurance isn’t always necessary when you’re 74 years old. In fact, most of our clients don’t take exams, opting for what’s known as “simplified issue” coverage.”

When you apply for our life insurance or burial insurance policies, the insurance company only checks your past medical and prescription history to decide if you’re approved. You only need to answer a few medical questions and nothing more. 

Unlike most life insurance programs that require weeks of underwriting analysis, our life insurance options for 74 year olds are approved immediately.

So if you’re looking for a quick and simple way to get a life policy, this is a great option for you. 

What if I am not in great shape? Can I qualify for a policy?

Yes, you can still qualify if your health is not the best. There are many life insurance policies for seniors your age with a history of poor health. This includes but is not limited to the following issues:

  •  Cancer
  •  Heart issues (heart attacks, strokes, etc.)
  •  Mental health disorders
  •  Lung disease (COPD)
  •  Diabetes including diabetic complications
  •  Neurological disorders (Parkinson’s disease, lupus)

What about advanced pre-existing conditions?

At Buy Life Insurance For Burial, we’ve got plenty of options for 74 year old men and women with any health condition looking for life insurance.

If you have a significantly advanced pre-existing health condition, we have no questions asked whole life insurance policies available for seniors up to the age of 80. 

Why would someone aged 74 like me get life insurance?

There are many reasons why someone your age would own life insurance. Here are some of the most common ones: 

  • Final expenses. In our experience, many seniors have little or no savings when they retire. In this case, good life insurance can help them take the burden off the shoulders of their loved ones to pay for funeral costs, burial or cremation, and other final expenses.
  • Debt payoff. If you are 74 years old, you may want to use your life insurance to pay off debt including mortgage and credit card debt.
  • Income replacement. Seniors often buy life insurance because they wish to compensate for income after the loss of their spouse who was the primary earner. 
  • Legacy of love. Buying life insurance at the age of 74 will allow you to leave money behind to your family. For example, you may want to help your grandchildren with their college expenses.

Can I get coverage on my elderly parents?

At Buy Life Insurance For Burial, we help lots of adult children get burial insurance or life insurance coverage on their parents. 

You can buy life insurance on your parents as long as they sign off on the policy, too. No adult can authorize a life insurance policy on a 74 year old parent without their consent. However, the only exception is if you have power of attorney. 

As long as your parents agree to take out the life or burial insurance coverage, you can set up payments from your account to pay the policy premiums.

What insurance carriers are best for coverage for seniors aged 74?

There is not one single company that best fits every 74 year old looking for life insurance or burial insurance. Every health condition is unique and health factors are rated differently in each life insurance company. 

At Buy Life Insurance, we operate as independent brokers. We work with multiple top-rated national insurance carriers and have access to the best coverage options for you.

What kind of rates are we looking at?

The good news about getting a life insurance policy at 74 years old is that we can adjust the price to fit your budget. Our end goal is to help you with a policy regardless of your financial situation.

Many of our clients are low-income seniors on a very tight budget. Even if you’re on a fixed income, you should never be in a situation where they have to drop coverage because it’s too expensive. 

I get mail from AARP, Colonial Penn, and see television commercials about burial insurance. Why not buy insurance from them?

AARP and Colonial Penn have been advertising final expense burial insurance and talking about all the benefits of their policies and how they help seniors pay for final expenses.

However, there are some fine print issues that you need to be aware of before you consider buying a policy from them. Let’s see what they are:

AARP

AARP life insurance is almost exclusively term life insurance. But like all term life insurance, AARP’s policy cancels, in this case at the age of 80. In other words, if you get to live until you’re 80, you’ll lose your AARP term life insurance coverage. 

Plus, their plans go up in price every 5 years. In fact, AARP term coverage becomes very expensive as you get older. Many seniors have no other choice but to drop their AARP plans, simply because the premiums get too expensive.

Colonial Penn 

Colonial Penn life insurance offers a “guaranteed acceptance” policy that doesn’t cover a natural death for the first two years. While you may think this is your only option because your health isn’t the best, it’s possible that you may also qualify for a better product.

We at Buy Life Insurance For Burial believe that we can get you a better quality policy than AARP and Colonial Penn that may start immediately without the need to wait or the risk of outliving the coverage.

How to get a free life insurance quote

If you’re a 74 year old man or woman looking for life insurance, it’s easy to get in touch with us and get a quote. Here’s what you need to do next:

  • Speak to one of our representatives by calling 888-626-0439. If we’re busy and don’t answer the phone, simply leave a voicemail and we’ll call you back shortly. It only takes 5 to 10 minutes to get a quick quote for what life insurance would cost for a 74 year old.
  • Get an online quote. If you’re on a smartphone, simply click the button at the top to request a free quote. If you’re on your desktop computer, all you need to do is fill out the information to your right then click “submit”. After you get some price options, we’ll follow up with you later to see what you think.
Top