You are probably reading this article because you are 75 years old and looking for life insurance, or you’re interested in buying insurance for your elderly parents.
You’ve come to the right place!
Here I’ll answer all the questions you might have about life insurance for seniors of your age and cover things like final expenses, term insurance, debt payoff, and income replacement.
Quick Navigation Article Links
- Reasons Why
- Term Vs Whole
- Medical Exam
- Bad Health
- Best Companies
- For Mom/Dad
- Other Options
- Next Steps
Here are the most common reasons why a senior would need life insurance at the age of 75:
- Covering final expenses. We have experienced that many of our senior clients retire with little or no savings at all. If this is your case, life insurance can help you take the burden off the shoulders of your loved ones and help them cover funeral costs, burial or cremation, and other final expenses.
- Paying off debt. When you are 75 years old, you can use your life insurance to pay off debt including mortgage or credit card debt.
- Replacing spouse income. Seniors often buy life insurance to compensate for the loss of income from their spouse who was the primary earner.
- Leaving a legacy. Buying life insurance at the age of 75 will allow you to leave some money behind to your children and grandchildren.
As a 75 year old, you can choose among the following policy options: term life insurance, universal life insurance, and whole life insurance. Here are some pros and cons of each:
People often think that term life insurance is the best form of life insurance for seniors. But the truth is, this is not always the case, especially when you’re a 75 old.
Because term life guarantees coverage only for a certain number of years, you may end up outliving the policy and being left with no insurance at all. Clearly, if you are 75 years old, a life insurance policy that’s not permanent may not be the best option for you. You should look for life insurance that you can’t outlive.
Besides, term life insurance is difficult to qualify for if you are 75 years old. Your application will often be denied due to your age or health issues.
Whole life insurance
At Buy Life Insurance For Burial, we recommend whole life insurance to senior citizens of your age.
One of the advantages of whole life insurance is that it can’t cancel due to your age or your health. So, as long as you are paying your premiums, you will be covered. This is a type of insurance that you can’t outlive.
Our whole life insurance options offer simplified issue underwriting where you can qualify for insurance without having to take a medical exam.
And here’s the best part.
Whole life insurance rates never increase. This is really important if, like many seniors, you are on a fixed income. If you choose whole life insurance, you can be sure that premiums will not get so expensive that you can’t afford them anymore.
Universal life insurance
Universal life insurance is also a good choice for 75 years olds who are in good health. When it’s set up correctly, guaranteed universal life insurance for seniors is a permanent coverage that you can’t outlive.
What if I still want term life insurance?
If you still want to buy term insurance, we’ll be happy to help you. Since we have access to carriers that are easier on underwriting, we can find quality term life insurance that will be a good match for you.
It’s not always necessary to have a medical exam when you’re 75 years old. In fact, unlike most life insurance programs that require underwriting analysis, our life insurance options for 75 year olds are approved immediately.
Most of our clients don’t take exams, opting for a simplified issue coverage. This type of coverage allows you to answer a few questions about your medical history for the life insurance application instead of undergoing a medical exam.
If you’re looking for a quick and simple way to get a life policy, this is a great option for you.
Of course! You can qualify for life insurance even if your health is not the best.
At Buy Life Insurance For Burial, we’ve got plenty of options for 75 year old men and women with any health condition looking for life insurance. We offer several alternatives for seniors your age with a history of poor health who suffer from one of the following issues:
- Heart issues (heart attacks, strokes, etc.)
- Lung disease (COPD)
- Neurological disorders (Parkinson’s disease, lupus)
- Mental health disorders
What if I have an advanced pre-existing condition?
If you have a significantly advanced pre-existing health condition, we have no questions asked whole life insurance policies available for you. These plans provide quality coverage that would otherwise be impossible to get for seniors up to the age of 80.
There are many good options and no single policy fits everyone. Every health condition is unique and health factors are rated differently by different insurance companies. If you don’t choose well, you may end up paying more than necessary.
At Buy Life Insurance, we operate as independent brokers. This means that we work with multiple top-rated national insurance carriers.
If you’re a 75 year old senior looking for life or burial insurance, we can help you find the best coverage option for your health and financial situation and needs.
The good news is that we can always find a life insurance policy that fits your budget. Our goal is to help you find a policy that meets your needs regardless of your financial situation.
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.
Yes, 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 75 year old parent without their consent. 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 premium.
At Buy Life Insurance For Burial, we can assist adult children to get burial insurance or life insurance coverage on their parents. It’s very common these days, and we’ll be able to help you out.
Why not buy from AARP or Colonial Penn? I see all sorts of television commercials about their burial insurance and get their advertisements in the mail.
AARP and Colonial Penn offer final expense burial insurance and advertise helping seniors pay for final expenses. As always, it’s important to read the fine print. Make sure you’re aware of the following:
AARP life insurance offers term life insurance that cancels at the age of 80. So if you get to live until you’re 80, you’ll lose your AARP term life insurance coverage.
What’s more, the AARP plans go up in price every 5 years. Their 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 after a certain period of time.
Colonial Penn life insurance offers a “guaranteed acceptance” policy. But this policy doesn’t cover natural death for the first two years. While you may think this may be your only option because your health isn’t the best, we believe that you may qualify for a better product.
If you’re a 75 year old senior looking to buy life insurance, you can easily get in touch with us and get a quote in a matter of minutes. Here’s what you need to do:
- Call us at 888-626-0439 to speak to one of our representatives. If we’re busy, simply leave a voicemail and we’ll call you back as soon as possible.
- Get an online quote. On a smartphone, click the button at the top to request a free quote. On your desktop computer, fill out the information to your right then click “submit”. After you get some price options, we’ll follow up with you shortly.