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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
- Why Seniors Purchase Term Insurance
- Best Term Life Insurance Options Available
- About Riders
- About Exams
- How Much Coverage You Can Apply For
- Top 7 Reasons People Buy Term Insurance
- About Health Concerns
- How To Qualify And Next Steps
How Term Life Insurance Works For Seniors 70 And Older
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.
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.
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.
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.
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.
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:
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.
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.
If we look at a 15 year term, we’re looking at somewhere a little bit more money since the prices have gone up.
If we jump up to a 20 year term, we get a big price difference when we look over $200 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.
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.
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.
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.
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.
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.
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.
Pros And Cons Of Taking An Exam For Coverage
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.
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.
4.Out of love
6.Pure insurance need
7.Exams are optional
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.
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.