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Term Life Insurance For Seniors 70 And Older [Rates Revealed]

Term Life Insurance For Seniors 70 And Older [Rates Revealed]

Looking for a quote for life insurance or burial insurance? Click here and send me a message with details of what you’re wanting to accomplish. If you’d prefer to talk live, call 888-626-0439 to speak with me directly.

Most likely you’re here today in search for information on getting term life insurance on a senior who’s 70 years old or older.

Perhaps you are looking to insure yourself or a loved one.

Maybe someone has told you getting term life insurance in your seventies is next to impossible!

If you’re in search for term life insurance on someone 70 or older, you have arrived at the right place.

Today, I’m going to discuss…

How to Qualify For Term Life Insurance For Seniors 70 And Older

NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on qualifying for life insurance for seniors 70 and older. Enjoy!

Here’s An Overview Of Today’s Topics:

How Term Life Insurance Works For Seniors 70 And Older

Top 7 reasons why people purchase Term Life Insurance

Before we get into the thick of it, let’s take a moment to define the basics of term life insurance for seniors.

Term life insurance pays a cash-benefit to your beneficiary if you die while the policy is in effect.

Commonly called “pure insurance,” term life insurance provides a level amount of coverage for a set number of years. Typically the premiums and coverage remain the same throughout the policy.

Compared to universal life insurance and whole life burial insurance, term insurance may provide more death benefit per dollar of premium.

For seniors 70 and older, you will see term lengths last 10-years, 15-years, and 20-years, depending on the carrier.

You can get longer coverage periods using universal and whole life burial insurance.

Why Seniors Purchase Term Insurance

Now that you understand the basics of term life insurance, let’s talk about why a senior over 70 would consider purchasing term life insurance.

Final expenses

Worried about paying your funeral, burial, and other final expenses when you pass away?

Although we at Buy Life Insurance For Burial typically recommend whole life to cover burial costs, buying term insurance to cover certain final expenses may be a good idea.

Income replacement

Perhaps you’re afraid that if your spouse dies, your lifestyle will change.

Would you experience financial stress if your spouse passed away?

Replacing your income with a term life insurance policy is worth consideration. A lump-sum cash payout may help insure your lifestyle wouldn’t adversely change.

Gift of love

Many seniors 70 and older purchase term life insurance as a way to gift someone special in their lives upon their passing.

Perhaps you want to fund your grandchildren’s college expenses, or leave money to your church or charity. Term insurance can act as vehicle to provide this money to a person or cause you cherish.

Debt payoff

Do you owe money on a mortgage or other loan?

You can use term life insurance to reduce or eliminate your mortgage and other financial obligations upon your passing.

4 Types of debt that Life Insurance can pay off

Rates & Options For Term Life Insurance For Seniors Over 70

Let’s jump right in and discuss term lengths and rates available to seniors 70 and older.

Because of your age, the most common term lengths are as follow:

  1. 10-Year Term Life Insurance
  2. 15-Year Term Life Insurance
  3. 20-Year Term Life Insurance

NOTE: For those of you interested in LONGER coverage periods, investigate both guaranteed universal life insurance for seniors and burial insurance programs.

Back to the term life insurance plans…

To make sure you understand the basics…

If you’re 70 years and medically qualify for term, and want coverage until you’re 85 years, you must select a 15-year term insurance plan.

Hopefully, that makes sense.

HOWEVER… one thing I’ll mention…

As you exceed 70 years old and begin approaching 75 and 80… you may NOT have access to 20-year, 15-year, and in some cases, 10-year term insurance.

Age has a VERY big impact on your options in your 70s.

But no worries. If for some reason you could not apply for term insurance, universal life insurance products are available along with whole life burial insurance coverage.

Rates

Let’s just take a quick look at what’s available.

Here are rates for male and female nonsmokers at $100,000 coverage for 10/ 15/ 20 years and a universe life plan for a 70 year old.

The goal here is not to tell you what you will be paying, but to give you an idea of a starting point. 

We can start with a male, 70 year old non-smoker and 10 year term for $100,000 coverage. These are preferred prices and could vary dramatically depending on your health. I just want to give you a sample of different companies and what’s available. 

Preferred prices/different companies – 70 year old male non-smoker, 10 year term for $100,000 coverage

If we look at a 15 year term, we’re  looking at somewhere a little bit more money since the prices have gone up.

Preferred prices/different companies – 70 year old male non-smoker, 15 year term for $100,000 coverage

If we jump up to a 20 year term, we get a big price difference when we look over $200 for $100,000 coverage.

Preferred prices/different companies – 70 year old male non-smoker, 20 year term for $100,000 coverage

Lastly, we’ll look at no lapse universal life plans. No-lapse universal life plans are designed never to cancel because you have reached a certain age and, if you pay the premium that’s defined in the policy, they guarantee they’d give in return and they will never cancel because of your age getting old.

No-lapse Universal Life Plan Rates

The premium is larger, but what is important here is it protects death benefit no matter the age.

If you need permanent protection for a permanent problem then no lapse universal life plan as a pretty good idea.

Preferred prices/different companies – 10 year term for females, non-smokers, $100,000 coverage

Let’s take a look at $100,000 in a 10 year term for females, non-smokers.

The prices are less for women. It’s mostly preferred pricing if we go up to a 15 year term. The pricing is going to bump up by a little bit and going to be more expensive.

Preferred prices/different companies – 15 year term for females, non-smokers, $100,000 coverage

For a 20 year term, if you want to go from 70 to 90 years old, prices are going to increase considerably depending on the company.

Preferred prices/different companies – 20 year term for females, non-smokers, $100,000 coverage

Lastly, we’re going to look at the no lapse universal life plans. There’s considerable price increase, but for guaranteed protection to the point that you pass away.

No-lapse Universal Life Plan Rates 

What Are Riders And Why Consider Them?

Seniors 70 and older who medically qualify for term life insurance may have access to add-ons or riders to enhance their policy.

A normal term life insurance policy only pays a death benefit when you die while the policy is in force.

However, adding riders can enhance your coverage in unique ways, and may even provide benefits while you’re still alive.

Here are a few examples of term life insurance riders available to seniors.

Critical Illness

Some companies offer critical illness benefits.

These riders pay a cash-benefit while still alive if diagnosed with cancer, heart attacks, strokes, and other potentially death-inducing events.

Not all life insurance companies offer these riders. Check with us at Buy Life Insurance For Burial to see your options.

Return of Premium

Some plans will return of premium after reaching the end of the life insurance term.

Accelerated Death Benefit

If you are diagnosed as terminally ill, accelerated death benefits give you a portion of your term insurance death benefit while you’re alive. You can use this money to pre-arrange your funeral expenses and do whatever you please.

Bottom line on term life insurance riders… what riders are available depends on the company. Expect to pay more for the benefit of adding a rider to your policy.

Pros And Cons Of Taking An Exam For Coverage

Pros and cons of taking exams - life insurance for seniors

You may wonder if taking an exam as a senior 70 or older is necessary when applying for life insurance?

The good news is that most types of coverage seniors 70 and older purchase do not require an exam.

However, if you are interested in a large quantity of coverage, expect to partake in an exam to determine your insurability.

Exams include blood withdrawal, potential urine analysis, and a physical with a medical professional.

Thankfully, most life insurance carriers simply require your permission to request medical records and in some cases, complete a telephone interview to determine insurability.

The only reason I would suggest taking the exam is when it’s required. Typically, that’s when you’re looking at a substantial amount of coverage such as $100,000 or more.

Compared to younger age groups, seniors over 70 more often require physicals at lower amounts of coverage. As you can understand, life insurance companies want absolute assurance that you’re in tip-top condition.

For smaller amounts of coverage under $100,000, companies pull your medical information for an insurance approval. They don’t need to do the full forward examination process to decide.

How Much Coverage Can You Get?

Despite your advanced age, seniors 70 and older have access to apply for large amounts of term life insurance coverage.

Term also starts out a very small levels, too. Minimums for term insurance start at $25,000 with some companies, while others have minimums starting at $50,000.

If you want to skip on an exam, you can take out no more than $100,000 in coverage with most term carriers.

Looking for more than $100,00 in coverage? Expect an exam!

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.

Top 7 reasons people buy Term Insurance

1.Term insurance is affordable. 

Many people purchase term insurance because they are on a restrictive budget.Term insurance is one of the more affordable types of life insurance, with lower monthly payments that can meet most budgets. At the same time, term insurance is a high quality product that offers adequate coverage for short term financial concerns.

2.Income replacement

The primary reason people buy life insurance is because they want to replace their income if they die unexpectedly.This ensures their family has enough money to pay for final expenses and continue to sustain their lifestyle without the burden of worrying where money will come from.

3.Retirement funding

One of the great things you can do with a term life insurance plan is use it to continue to fund your family’s retirement plan.Though your loved ones may be financially ok initially, your 401K or pension plan will be a resource they rely on later down the road when a regular income is needed.

4.Out of love

Love is one of the biggest motivators for life insurance. We don’t want to burden our spouses or kids with the financial weight of our debt when we pass away.Life insurance is a good solution to take care of any unmet financial obligations so that our loved ones don’t have to worry about coming up with funds to pay for things such as your funeral and burial costs.

5.Custom length

Term insurance is a very flexible type of coverage in that you can decide how long you want the plan to last for. This allows you to tailor the program to meet specific financial obligations that may last anywhere from 10 to 30 years.

6.Pure insurance need

One of the greatest things about term life insurance is that it meets the simple need for life insurance coverage without any added extras to drive up the cost. If you are concerned about short term financial obligations, term insurance is a great solution.

7.Exams are optional

Exams used to be required for most applications, but that is no longer the case. Life insurance companies have become more flexible about exams and often allow individuals to do what is called a non-medical application which skips the doctor’s visit and instead requires the underwriters rely on previously established health records. 

What If My Health Is Bad?

What if your health isn’t good?

Can you get any life insurance?

YES! You do have options.

First of all, “bad” is a subjective term. What you think is “bad” health may be totally acceptable to the insurance company.

I can tell a person within 5 minutes if it’s possible to get approval for life insurance coverage.

And if your health really ends up being bad? We can look at whole life burial insurance and guaranteed acceptance life insurance, which offers much easier underwriting standards than term life insurance.

Allow me to explain how these alternative life insurance plans work.

If a term life insurance company does not approve your application for coverage, it’s likely final expense life insurance will likely approve you.

Many people who apply for term life insurance and are declined end up easily qualifying for final expense life insurance.

For example, it’s usually tough for insulin users to get term life coverage.

However, it’s rather simple to get an approval for first day full coverage final expense life insurance in most circumstances.

Worst case scenario, if you’ve had bad health issues in recent time, we can look at guaranteed acceptance life insurance coverage.

These plans do not ask health questions. You are approved as long as you can sign the application.

The catch is that you must wait two years before you are fully covered for natural death. If you die by natural means anytime within the first two years, your premiums are refunded to your beneficiary plus interest.

Why would you want to consider something like that? Only because there are no other options.

I don’t push people into these plans. In fact, I hate selling them! But… they’re better than nothing if there are no other options.

Next steps

Owner of BuyLifeInsuranceForBurial.com David Duford

Thanks for reading, and I hope you’ve gained truly valuable information on your search for life or burial insurance. If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for your free life insurance quote!

Interested in seeing what your term life insurance options are?

First, you just get an agent you like who seems to know what you’re talking about.

I’ll nominate myself!

It takes about 5 to 10 minutes to see your life insurance options. There’s no obligation. If you decide to proceed, we do the paperwork via email or over the phone. No visit is involved or required.

We usually get a decision within several days or weeks.

Pretty simple process!

Here’s how to get started.

Call me on 888-02-646 to speak with me or my representatives live. We speak a lot of people, so please leave a voicemail if I don’t pick up.

Otherwise, send me a message here to request a quote online.

Thanks for stopping by and reading this article.

About BuyLifeInsuranceForBurial.com
About BuyLifeInsuranceForBurial.com

We work with individuals across the nation to secure the best life insurance rates.

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