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Today, I’m going to be talking about life insurance options that are available for a 75 year-old woman to cover the expenses of her death.
If you’re reading this article today, then you’re most likely looking for information regarding how to find life insurance for a senior who is 75 year-old female.
Regardless of whether it’s for you, your spouse, mother, or another relative of yours, you’re probably just wanting to know what options are available.
If that’s the case, you’ve come to the right place!
I’m going to give you information today to help you determine what options are available for life insurance, specifically for a 75 year-old woman.
Let’s get started!
Today, I’m going to discuss:
- Why 75 Year-Old Females Buy Life Insurance
- Factors That Affect Insurability
- What Types Of Life Insurance Coverage Options Are Available For A 75 Year-Old Female
- Strategies To Get The Best Prices
Why 75 Year-Old Females Buy Life Insurance
There are several reasons as to why somebody would want to purchase life insurance.
Just like every other decision we make in life, we each have our specific reasons for purchasing a life insurance policy.
Usually though, when somebody IS looking to purchase a policy, it can be narrowed down to one of these top five reasons:
1) To Provide A Substantial Cash Benefit To Survivors To Replace Your Income.
This is especially true if you have loved ones who depend on you for your income. You want to make sure that your death doesn’t cause an unexpected hardship for them if they can no longer count on your income.
2) To Pay Off Large Debts Such As Mortgage, Auto, Student, and Business Loans.
If you pass away, you don’t want to leave your loved ones saddled with all your debts. A life insurance policy can help guarantee that your debts like your mortgage will be paid off without any hardship on your loved ones who will have to pay it off.
3) To Pay For Final Expenses Such As Burial And Cremation Costs.
Cremation expenses can cost between $5,000 and $6,000, while burial expenses can be anywhere from $10,000 to $15,000. If you’re looking for a plan specifically to cover the cost of final expenses, there are many options available to you.
4) You Love Your Family And Want To Provide Financial Peace Of Mind During A Time Of Personal Tragedy.
Many people want to make sure that they leave an extra monetary gift for their loved ones when they pass away. It can be comforting to know that you are leaving your loved ones a financial gift that can help them out during their time of grief.
5) Leave A Legacy To Your Church Or Favorite Charity.
Are you active in your church or fond of a particular charity?
If so, maybe you want to make sure that you leave them a monetary gift when you pass away. Many people choose to name their church, favorite charity, or alma mater as the beneficiary of their life insurance policy.
Then, when you pass away, your chosen organization will receive the benefits of your life insurance policy.
So, while most people choose to purchase life insurance for one of the above reasons, usually when a 75 year-old woman is looking to purchase a policy, it can be narrowed down even further.
She usually wants to make sure that her final expenses are covered or she wants to make sure that there is a large amount of money to pay off expenses or debts.
Either way, we can find you a plan that will do just that.
Factors That Affect Insurability
They can generally be broken down to three categories: Your age, your health, and your hobbies.
The longer you wait to purchase life insurance, the harder it will be to get coverage because the older you are, the more you will pay.
It really is in your best interests to purchase a policy TODAY, instead of waiting even one more day.
You want to lock in today’s rates instead of waiting and risking either paying higher rates or not being eligible for coverage at all.
Age will directly affect your eligibility.
Don’t put it off any longer.
The status of your health is the factor that will MOST affect your eligibility for coverage and how much you will pay for a life insurance plan.
It’s very important that you are completely honest about the status of your health. Don’t withhold any information and be as transparent as you can.
The life insurance companies will look more favorably on your application if you are being totally forthcoming about your health.
Most likely, you’ll be asked numerous questions asking specific details regarding your health.
Some of these questions may include asking about:
- your age,
- height, and,
- if you smoke.
However, there may be more information that the life insurance company requests as well.
Just make sure you thoroughly and truthfully answer any questions they may have about your health.
Your hobbies can also affect how much you will pay for a life insurance plan.
If you participate in any risky hobbies, you may end up paying more for coverage.
Now, I don’t know many 75 year-old women who like to go skydiving, but it’s worth mentioning here anyways.
President George Bush DID skydive when he turned 90 years old, after all!
And if by chance, you DO participate in any risky hobbies, this is another area where it’s important to be completely up front and honest.
Make sure to include this information in detail on your life insurance application.
Because there ARE companies who are willing to offer coverage to individuals who have high risk hobbies.
You just have to let them know that you are one of those individuals.
What Types Of Life Insurance Coverage Options Are Available For a 75 Year-Old Female
Next, I’m going to talk to you about the most common types of life insurance coverage available for a 75 year-old female.
Term Life Insurance
In general, term life insurance plans are designed for younger people who are looking for temporary coverage.
It’s not usually the best option for a 75 year-old female.
Normally, a 75 year-old woman is looking for life insurance coverage because she has permanent problems that she’s looking to solve with the life insurance.
Term life insurance doesn’t usually solve those problems.
Because a 75 year-old woman is likely to outlive the term period in a term life insurance plan, it wouldn’t be beneficial for final expenses, income replacement, or anything else.
So that leaves whole life and universal life coverage.
Whole Life Insurance
Whole life insurance is designed to be permanent coverage, with the rates usually staying consistent throughout the duration of the coverage.
One of the biggest benefits of whole life insurance is that in many circumstances, it provides first day full coverage for natural death (if eligible).
It also doesn’t cancel due to age and health.
Additionally, if you needed cash, you also have the option to borrow cash against the plan.
With a whole life insurance plan, you can have peace of mind knowing that final expenses or a large cash sum will be available when you pass.
And as long as your plan is paid for, it can never be canceled.
Whole life insurance is the best solution for long-term life insurance coverage, especially for a 75 year-old female.
However, the downside to whole life coverage might be the price.
The cost will be a bit higher for a 75 year-old female than someone who is younger. That’s why it’s important that you not delay in purchasing coverage any longer than you have to.
However, when you purchase whole life insurance, you’re purchasing a quality life insurance plan that can ACTUALLY help you accomplish your goals.
It’s life insurance that’s designed for the long-haul.
See below for rates on whole life insurance plans for 75 year-old females. I’ve included some of the most competitive prices so you can get an idea of costs.
Universal Life Insurance
In a way, universal life insurance for seniors can be considered a way to get a permanent type of coverage at a better per-dollar price than whole life insurance.
Universal life plans that we represent last until age 120 and and NEVER have any price increases (as long as they same premium recommended from the start is paid).
Unfortunately, too many people that have universal coverage end up having to cancel the plans because they aren’t managed properly.
What I like to recommend with universal plans for a 75 year-old, is to consider purchasing a guaranteed universal plan.
A guaranteed universal plan is permanent coverage with a special benefit that states that as long as the exact premium is paid in a timely manner, the plan cannot be canceled at any time in the future.
These plans do have the potential to provide more life insurance coverage and a larger death benefit. However, they can be hard to qualify for and aren’t necessarily the best option for life insurance.
Strategies To Get The Best Prices
Now, it’s time for me to give you some tips on how to get the best value for your money on a life insurance plan for a 75 year-old female.
There are three areas I’m going to talk about that can help you get lower prices for your life insurance coverage.
Know Your Goals
This is important.
You need to determine WHY you’re purchasing your life insurance plan to begin with.
If you’re simply wanting to cover burial and final expenses, that’s important to know.
It will help find the right plan for your needs for the best price.
You want to find a plan that lines up with your goals as much as possible.
And if for some reason, expenses prevent you from finding a plan that can meet ALL your goals, then the best option would be to find a plan that covers the basics.
You can always look at adding more coverage later on down the road, so make sure you know what your goals are and then we can find a plan that can best meet those goals.
Define Your Budget
It does not benefit you in any way to purchase an expensive life insurance policy that you can’t afford and end up having to cancel after a few months.
Too many people get convinced to purchase a high-priced plan that they can’t afford and then have to drop.
And then they’re back in the same boat they were in before, with no life insurance policy.
If you know how much you can afford to pay for coverage, then here at Buy Life Insurance For Burial, we can help you find a plan that meets your goals AND stays withing your budget.
That way, you can make sure that you have life insurance coverage for the long-haul.
So, you’ll need to do some figuring to see what your budget can actually allow.
If you’re on a fixed income, this is especially important.
My belief is that life insurance is best when it’s most easily affordable.
If you partner with Buy Life Insurance For Burial, we can make sure that your life insurance coverage works with your budget, not the other way around.
And that’s the way it should be.
Work With A Broker
Probably the most important thing you can do to make sure you get lower prices for life insurance is to work with a broker.
At Buy Life Insurance for Burial, we represent a variety of life insurance companies.
We want to make sure that you get a plan that meets your goals AND works with your budget.
And because we specialize in life insurance, we can help you do that.
For a 75 year old-female, prices will vary greatly, so it’s important that you work with somebody who has your best interests in mind.
Here at Buy Life Insurance for Burial, we will take your health, goals, and budget all into account and then shop all the different companies to see which plan can best meet all your needs.
Because many 75 year-old women are living off of one social security check a month, it’s important to make sure that you have a life insurance plan that you can afford.
This is where working with a broker, like those of us at Buy Life Insurance for Burial, comes in handy.
We can help you find a plan that you can afford, while still having the peace of mind knowing that you have a quality life insurance plan in place.
If you are a 75 year-old female looking for life insurance coverage, you DO have options.
After a few simple steps to determine what your goals are, we can get you well on your way to a quality life insurance plan.
So, if you’re ready to find coverage that can give you peace of mind, give me a call now!
Call me at 888-626-0439 today.
I’m happy to answer any questions you may have and am ready to help you find a life insurance plan that meets your needs.
Don’t wait any longer. Get coverage today!