So, finally you are seeking life insurance for seniors over 70 and you are in the right place.

Finding life insurance in your 70’s is not as difficult as it was in the last decade.

In recent years, many insurers are providing both term and whole life insurance that doesn’t need medical exam [if you want].

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This is a comprehensive guide; if you don’t want to go through everything; just click on the section you want to read from the table below.

Why is Life Insurance for Seniors Over 70 Important?

the best life insurance is hereGone are the days when life expectancy stood at a young age of 60 years or less. With the breakthrough in medicine and technology, so much has been done to ensure that people can live longer.

Besides, with the internet, we have information in the palms of our hands regarding proper nutrition, disease symptoms, and others, which influence the decisions that affect our lifespans.

But, no matter how good you maintain your health through exercise and eating a proper diet, age will eventually catch up with you.

After 70 years, health issues are common but policies are still cheap. The price you will get now will increase dramatically when you will become over 85 years.

You know!

You will start falling sick more often, and if you are not well prepared for such incidences, anxiety will get a hold of you as you begin to wonder how to cater for the medical bills.

Moreover, do you have money to pay for your funeral expenses when that inevitable time comes? With families busy raising their kids and laying down a good foundation for them, their budgets might be too limited to accommodate your expenses.

When you realize the burden, you will lay on your family members, it will occur to you just how important a life insurance policy is. You will afford your beneficiaries the peace of not having to seek loans and other financial difficulties as they plan your funeral.

You should not wait any longer to reach your age 80’s. Buy the right policy now, or you may have to face the price hike.

Types of Policies Available for Over 70

Well, there are many options available for seniors in between 70 to 75 years olds. If you are over 75, go to this page.

We discussed all the available options that can be offered, but all are not for you. According to your needs, the choice will be different.

Don’t worry!

Keep reading, you will learn which one is the best fit for you.

Term Life Insurance – It Expires

It provides benefits for a certain period of time, and before you decide to go for it, you should consider your health and age.

Usually, at the age of 70 years, the term limit is 20 years, which declines as you age such that by the time you hit 80 years, you can only have a limit of 10 years.

Your health will also determine the limit, and if you have chronic conditions such as high blood pressure or heart disease, you should be ready to pay higher premiums.

If you think a 20 years term is perfect for you, and you can have a sufficient amount of money from the policy within this time frame, you should definitely go for a term plan.

Pros

  • Requires low premium rates when compared to other policies such as whole life insurance.
  • You can cover 5 to 20 years.
  • Minor health issues are overlooked.

Cons

  • In case you die outside the agreed period in the insurance agreement, then you do not receive any death benefits.
  • It will be expensive to renew.

When It’s Your Best Bet?

After looking at all the details on term life insurance, you may be wondering which is the best time to take it. As a senior at 70, you will have a term limit of 20 years. You can look at the factors surrounding your life to determine whether you will still be alive in the next 20 years.

For seniors experiencing health conditions such as diabetes, high BP, then it could be a good idea to take term insurance. This is because you are most likely going to die within that 20 years term.

You get to pay lower premiums throughout the term period. At the same time, you will get compensated in case of death within the period.

However, it is crucial to evaluate all the surrounding factors as much as possible to be sure. You can seek a doctor’s advice concerning your health.

Whole Life Insurance – Has Cash Value

It affords you a death benefit covering the rest of your life while accumulating cash value.

The upside of whole life insurance is that you will pay the same amount of premiums for the entire time it is in effect.

Unfortunately, it only stays active if you pay your premiums, which are usually higher compared to those of term insurance.

One can take it up if you wish to leave some amount to a beneficiary, reduce estate taxes, or use the cash value as collateral for a loan.

Pros

  • It is the right way of covering you for the rest of your life. It does not expire as long as you pay the premiums.
  • The policy accumulates cash value, which you can cash in, in case you are in need of money.
  • You have to option to take a loan if needed.
  • It covers most of the essential expenses.

Cons

  • You will be required to pay the premiums for the rest of your life. Otherwise, the policy will lapse.

Does It Worth?

Whole life insurance comes with many benefits when compared to other policies such as term insurance, which makes it worthy in many cases. If you think you still have many years to live, then it is advisable to take this option.

If you are able to pay the premiums for the remaining part of your life, then it is a good option as it comes with the cash value. It comes with a better death benefit value.

So, if you have beneficiaries you would like them to benefit from the death benefits, it is a great choice.

Guaranteed Issue Whole Life Insurance – No Medical

It is not a very common type of insurance cover. It is a type that offers you guaranteed protection does not matter your age, lifestyle, or even your health conditions. All you have to do is pay the required premiums.

If you do not want to go through a medical exam, then it is a great option.

When you decide to take a guaranteed issue whole life insurance, you will find the premiums to be higher than other policies. This is because an insurer will be taking a high risk covering you without knowing your health conditions.

As long as you pay all the premiums as required, the cover remains active for the rest of your life. However, not all insurers offer this type of policy due to the high risks attached.

Pros

  • No medical exam required; hence, you can get the cover even with bad health that would disqualify you for other types of policies.
  • It is the easiest type of life cover to get as factors such as lifestyle, is not considered.
  • Processing time for such cover is short, as there are few things to be considered.

Cons

  • You should expect to pay higher premiums due to the high risks attached.

When to Consider?

The first instance under which you should consider taking the policy is if you have severe medical conditions. There are certain medical conditions in which an insurer can either deny you a cover or charge you high premiums.

In such a case, if you do not want to go through all that trouble, then you should take this option.

If you do not like going through insurance medical exams, it is an expensive option.

It is also another appropriate method to get rid of all factors considered before getting a life cover. When you do not want to be bothered about your lifestyle or age.

Modified Whole Life Insurance

Modified whole life insurance requires you to pay reduced premiums at the start of the insurance cover, and after the grace period expires; your premiums are recalculated to the standard rates.

The time-frame for paying the reduced premiums can last for up to five years or more based on the terms of the contract.

Although the premium rates will be low during the initial years of the contract, the death payout and benefits are not affected. They remain constant throughout the policy and build cash value as time goes by even after your premiums are increased.

This contract is usually a win-win for both parties because the risk of death is low during your earlier years. It is suitable for people who do not have high income as they purchase the policy, but they will be able to afford higher premium rates in the future.

Pros

  • The cash value of this policy grows tax-deferred.
  • It’s easy to personalize the premium rates based on your finances.
  • You get comprehensive life-long protection.
  • You enjoy minimized rates during the first years of coverage.

Cons

  • Premium rates increase after a set period.
  • More sophisticated than typical life insurance policies.
  • Building cash value takes longer.

When to Consider It?

Due to its nature, modified whole life insurance is best for you if you have limited income or demanding financial responsibilities currently.

For example, if you have a mortgage or bank loan and you will be paying monthly premiums for the next 2 or 3 years. But, after that, you will be debt-free. However, within this time you age more and don’t want to wait further.

It is a deal for you.

You can arrange with your insurer to let you enjoy the reduced premiums and then start paying higher rates once you are done with your loans.

Simplified Life Insurance

If you want to get quick coverage and go through the shortest underwriting and assessment period, then this policy could be a good fit for you. Insurers who offer this coverage prefer to ask just a few questions during the underwriting process and skip medical tests and examinations.

The policy usually kicks into effect immediately after the application process is over, and you pay your first premium. Even when it takes longer to be activated, it is never more than a few days.

During underwriting, the questions asked normally require ‘yes’ and ‘no’ answers. However, answering yes to some questions such as being disabled or terminally ill almost immediately disqualifies you from getting covered.

The insurance companies also put in the extra effort of crosschecking your medical record with the Medical Information Bureau, the DMV, and your pharmacy history records. Other than that, if you are generally of good health, you will easily qualify for the policy.

Pros

  • The application does not have a lot of requirements.
  • It does not require a medical exam, and it could be an option for seniors with medical conditions that could affect their policy application.
  • The policy becomes active fast after application or within a few days.

Cons

  • It’s more expensive than standard insurance packages because the insurer has limited information about your health.
  • It’s almost impossible to get it if you have serious medical problems such as AIDS, cancer, diabetes, etc.

When to Consider?

This policy is best for you when:

  • You don’t want to take any medical tests due to your own personal reasons, or the results could work against you and raise your premiums.
  • You need quick coverage ASAP– the policies are designed to go into effect immediately or within days of application.
  • You’ve been ordered by a court to acquire life insurance – when you are locked by legal regulations to own a life policy, this could be a great alternative for you.
  • You seek collateral for a loan – if you want to get a loan and have no collateral, then applying for this policy could work for you.
  • You want insurance to cover your burial expenses – as a senior looking to cover your final expenses, simple life insurance could come in handy since it doesn’t have many requirements for you to qualify.

Final Expense Insurance – A Popular One

The final expense insurance is one of the most popular types of policies, especially with seniors. It caters for your funeral and expenses when you die, and it can be designed to cover your medical expenses, too, if you had hospital bills to cover.

Most people purchase these insurance policies to save their loved ones from having to incur a lot of costs during the burial processes.

Alleviating your friends and family from financial burdens (especially accrued medical bills) during such a time of grief is a great way to give them one last gift after you’ve passed on.

One of the factors that have propelled its popularity is its affordable price. Based on your age, you can pay as low as a few tens of dollars a month for a payout of $10,000 to $50,000 when you die. It is important to note that although you will be charged lower premiums, the benefits will be small, and usually funeral costs are covered only.

Pros

  • It is affordable for seniors on a budget because of the low premium rates.
  • It can be modified to be inclusive of your medical bills.
  • The payout can be assigned to a funeral home.
  • It gives you and your loved one’s peace of mind.

Cons

  • The payout is low in comparison with standard life insurance policies.
  • The beneficiary isn’t legally obligated to use the payout for funeral expenses, and they may not honor your wishes.
  • This policy is more appropriate for someone above 90 years.

Do You Need It?

Most people take up life insurance policies as security for their families when they die. Final expense insurance coverage comes in handy when your children have grown up and can finance themselves, and you’ve cleared your loans and mortgages.

If you don’t want to burden your loved ones with unnecessary bills and expenses after you die, then this is a great option for you.

It can also be a great alternative to other expensive types of life policies if you are trying to get coverage, but you are on a tight budget.

Universal Life Insurance

This type of insurance combines three main aspects; low premiums, permanence, and a savings element. A lot of insurers offer flexible premium options for this policy, although some may demand single payment premiums or fixed premiums.

The main advantage of this type of insurance is how it allows you to adjust your premiums and death benefits. You can, therefore, make any necessary changes based on how your finances keep changing.

However, there is a minimum amount of how low you can go on the premiums.

It gains cash value, which can be used as collateral for loans without any tax implications. The cash value accruement with this policy is dependent on current market interest rates. Policyholders can also get part of the cash value after it has exceeded a certain amount, and it will not affect their death payout.

Pros

  • The cash value grows at a variable interest rate which has the potential of high returns.
  • It is more flexible than the average whole life policies.
  • It is possible to use some of your cash value at some point.

Cons

  • Variable interests present the possibility of low cash value returns.
  • It doesn’t have the assured level premium rates enjoyed by whole life policy members.

Do you want to know more details, find it here.

Guaranteed Universal Life Insurance – The Best Choice

This type of policy is designed like a hybrid of term and whole life insurance, and it is one of the best deals in life insurance for people over 70. Insurers offer premium rates that are as affordable as term insurance while simultaneously letting you enjoy the permanence of whole life policies.

When applying for guaranteed universal life insurance, you will be required to state the number of years that you would like to be covered. This will involve filling the age you want the policy to last too. Therefore, you can enjoy coverage even when you are over a hundred years of age.

Although premiums tend to be high for seniors, guaranteed life insurance rates have been compared to term insurance prices even for the elderly. They are affordable for the elderly who do not have a lot of money to spare for insurance premiums.

The drawback of this insurance coverage is that they do not have an investment option on your cash value. However, compared to the benefits they come with, it’s a negligible downside.

After all, provided you are assured of a payout you are satisfied with, you will be at peace with your policy.

Pros

  • You enjoy guaranteed fixed payments and a fixed death benefit.
  • It’s easy to understand unlike other policies like Universal life insurance.
  • It’s a relatively cheap whole life policy option making the premiums affordable for seniors with a budget.

Cons

  • There is little flexibility in premiums.
  • It does not include an investment option in building cash value.

Why It’s the Best Deal?

Several factors make it one of the best deals you will ever get. The way it combines the features of whole life and term life insurance makes it a superior product than either of them.

The first factor that makes it such a sensation is the premium you will pay. These premiums will be determined by how long you want the policy to last.

Furthermore, they are also affected by the premiums you would like to pay. As you can see, you get the option of choosing the premiums you want to pay.

Secondly, the payout remains constant throughout and is not affected by any changes in the market. A guaranteed death benefit acts as security since you know the exact amount the beneficiaries will receive. Arrangements can, therefore, be made accordingly.

What this policy does is that it gives you control to choose how much you are going to pay for the rest of the period of contract. You can factor in your finances accordingly and take the rates that best suit you.

Therefore, if you are thinking of getting yourself an insurance policy that will satisfy your needs accordingly, consider purchasing this one first.

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How Much Will Life Insurance for a 70 Years Old?

finding the cost of life insurance over 70It would be convenient if there were a specific amount for taking up a policy.

Unfortunately, each insurance provider has different factors to consider when setting your premium.

However, it is common knowledge that you will pay higher premiums than if you had taken the insurance at a much younger age.

Besides, the type of coverage you specifically want will determine the premiums you pay.

As mentioned above, whole insurance will have you digging deeper into your pockets than final expense or term life.

We recommend using our Comparison Tool to find the exact price.

Factors to Consider When Setting Premium Amounts

You can apply for a policy but still have your application turned down, though you are well within the age limits.

Further, the cover you want may not be available to you due to your health conditions; some covers exclude certain diseases.

Or, you may have to apply a higher premium than you are ready for because of the risk your illness carries. All in all, the primary factors insurers take into consideration are;

Lifestyle Habits

If you are a heavy smoker it will skyrocket your premiums. Therefore if you can give up bad habits such as drinking alcohol or smoking, the chances of paying a lower premium will go up significantly.

Poor lifestyle habits predispose you to life-threatening conditions such as cancer, which will increase your chances of dying earlier, hence the higher premiums.

It is also important to exercise and stay fit. The healthier your medical test results will be to your insurer, the lower your insurance rates will be. Taking a morning run or an evening, jog keeps you in better shape. If you can, try going to the gym too. And remember to engage in healthy diets.

Type of Job/Hobbies

You may have risky hobbies that expose you to life-threatening environments. If you do, then your insurer may have to ask that you pay a higher premium.

A senior working at jobs that demand strength and energy say lifting heavy boxes and weights, or a mining company, is more exposed to health risks such as heart attacks and lung problems.

The same goes for those with hobbies like mountain climbing, deep-sea diving, and deep cave exploration. Your insurer will consider you a high risk and raise your premium rates.

Pre-existing Medical Conditions

Seniors over 70 are most likely to be suffering from certain medical diseases such as diabetes that makes them risky applicants.

If a policy does not cover certain pre-existing conditions, then you will have to undergo a medical underwriting that can involve a checkup, and questionnaires to detail your medical history.

When your medical tests reveal that you have life-threatening conditions, then your insurer will charge you higher premiums, and they can even refuse to accept you as a client. Some companies even go as far as analyzing your family history to make predictions on potential medical conditions you could have.

What If Your Application Get Rejected?

The only option is a guaranteed issue policy, which is expensive but it worth to have.

If your application for a policy in an insurance company gets rejected, it is important to avoid sending out multiple applications to other insurers. As frustrating as it would be, there is a need to take a step back and strategize on how you are going to approach future applications.

Insurance companies rely on bodies such as the MIB to learn more details about your health and previous applications.

When you get rejected due to a health condition, the information will be recorded and kept with the bureau. Getting multiple rejections will act as red flags to any other insurers you approach for a policy.

The best option is to use an agency to help you in finding the right life insurance policy offered by the right insurer who will accept you.

Life Insurance for Seniors Over 70 without Medical Exam

Sometimes you may want to avoid going through a medical test because it could negatively impact your insurance application process. Even if you haven’t considered, there are situations you should know about that should deter you from accepting to have a medical examination.

Examples of such scenarios include the following:

  • When you suffer from a terminal illness that will automatically deny you coverage.
  • When you haven’t been exercising or keeping a healthy lifestyle track record. A medical examination will show high cholesterol levels, which is health-threatening for you as a senior.
  • When you are a smoker, and you’ve only quite recently. Also, when you have been taking alcohol for a long period of time.
  • When you feel the medical test will be invasive to your private life, especially if it unearths a medical history, you want to stay hidden.

A lot of insurance companies have mandatory medical exams for any applicants who want their policies.

However, there are a few exceptions to policies, such as guaranteed life insurance. They don’t ask for any medical test, but the premiums will be quite expensive, and in a lot of cases, the payout is usually low.

Another alternative is simplified life policies, where you will only get asked a few health questions without any medical examination.

Selecting on which insurance option is the best for you depends on how your health status is and the kind of coverage you want. Simplified insurance covers offer better payouts and are activated faster, making them a more ideal choice when compared to guaranteed life policies.

What are the Benefits You Accrue from a Policy? 

Tax Benefits

No one likes to part with their cash even when it is the government demanding that you do, hence the high number of cases of tax evasion.

The good news is when a senior takes up a life insurance policy, the beneficiaries will not pay a dime as a tax on the death benefits.

Moreover, when you need to supplement your retirement income by withdrawing your policy funds, the tax rate will be quite low.

Affordable Long-Term Care

As you age, you will experience more health issues that can drain the pockets of your family since it can be quite expensive. With a policy, you get the assurance of long-term care while affording you the luxury of aging gracefully and comfortably.

Supplementing Your Retirement Funds

If you saved up for your retirement or have some funds through your social security scheme, you can have your policy doubling up as an investment.

Through the cash value that some covers provide, you can supplement your retirement funds with your guaranteed cash benefits.

Guaranteed Cash

There is no better feeling than knowing your family will not face any financial struggles once you are gone. When you take a cover such as whole life, you will have guaranteed cash payments, and the best part is that they will not attract any tax liability.

Covering Funeral and Medical Expenses

Calling on your friends to cover funeral expenses for you when you pass on can be a bit embarrassing.

Why put others through the stress of dealing with something you knew would come eventually?

A payout from your insurance policy can help cover the expenses that you incur when you fall ill and pass away.

Burial arrangements can be expensive, catering to flowers, and other costs that will go to ensure a smooth journey for you.

Legacy

Leaving behind a small token for your loved ones is something that most of us want to do. We all want to have our families comfortable even after we are gone. It is the most comforting thought that will enable us to rest in peace.

So, what happens when you reach the age of 70 but have nothing to leave to your family? There are insurance covers that enable you to leave an inheritance.

One of which is Guarantee Universal Life. All that you need is to purchase this particular policy and have a certain age limit.

By doing so, you will be in the apposition to enjoy your golden years while also having the soothing knowledge that your family will have something to make their lives comfortable. The best thing about inheritance is that it is tax-free.

What to Do If You Can’t Afford It?

There are times when things in your life can change, and you may no longer be able to afford to pay for your insurance. Alternatively, it could be you do not want to keep it anymore.

Here are a few suggestions on what you can do when keeping your policy becomes a liability for you.

Lowering Face Value

You can choose to lower the face value of your policy and save yourself from a policy lapse. However, it is important to make sure that this move does not affect it so much that it won’t be as useful to your beneficiaries when you die.

Exchange to a Less Expensive One

If your insurance policy has become a burden for you, you can shift to other cheaper alternatives that you can manage. There is always a less costly option, such as a second to die life insurance cover.

Ask Beneficiaries for Help

You can also ask your beneficiaries to invest in the insurance by helping you pay the premiums. If the death payout is a lump sum, odds are they are actually going to make more money in the long run even after paying for 20 years.

Borrow from the Cash Value

One of the benefits whole life policyholders enjoy is that their cash value covers them when they are unable to pay the premiums. This continues until the value of the cash value is too low to cover the premiums. You can use this time to reorganize your finances or find an alternative solution for your policy.

Sell the Policy

Some companies deal with second-hand life insurance policies. They buy these policies from people who are no longer able to sustain them and take the burden off their shoulders. Instead of letting your policy lapse, this is a great option to consider.

Why us?

We are a well-experienced company with extensive knowledge and information to help you in choosing the right policy for you. We have the ability to get quotes on various insurance policies and present those that most fit your situation and requirements.

SLI Finder has worked with seniors in the past and continues to do so. Therefore, we understand the challenges they face in securing insurance policies. We are here for you. With our diversified contacts and platforms, we will put you on the right path to finally get covered with the plan of your choice.

A well-satisfied customer is our main aim. Our agents will work tirelessly to ensure you only receive the best services and the best insurance options available in the market. Rest assured, you will receive nothing short of excellence in our quest to help find the best policy for you.

Last Words

Securing the right insurance policy is as important as paying for it. The above guide has outlined every detail you need to know about each type of life insurance and all the aspects involved around them. The decision on which policy suits your preference lies with you, and we are here to help you get in every possible way.