When it comes to life insurance for seniors over 70 or 75, there are different options to choose from, including final expense life insurance, term life insurance, whole life insurance, and universal life insurance. The cost of life insurance for seniors over 70 or 75 varies depending on different factors such as age, gender, and health condition.
Cost of Life Insurance for Seniors Over 70 or 75
| Average Annual Insurance Rates for Men* | Average Annual Insurance Rates for Women* |
|---|---|
| $3,400 to $7,800 | $2,200 to $5,400 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Final expense life insurance, also known as burial or funeral insurance, is an affordable option for seniors in their 70s. The policy is designed to cover funeral costs and other expenses, with premiums as low as $15 per month. Seniors can easily apply for final expense insurance by answering some simple health questions without taking any medical exam.
Term life insurance policies have a fixed premium rate and are an appealing option for seniors on a fixed income. However, term life insurance policies for seniors over 70 or 75 only offer a 10-year plan and require a health test. Moreover, these policies do not build any cash value, and if you outlive the policy, you won’t receive the payout. The average annual term life insurance rates for seniors over 70 or 75 are:
| Average Annual Term Life Insurance Rates for Men* | Average Annual Term Life Insurance Rates for Women* |
|---|---|
| Average Rate for 10 Year Term – $1,600 to $3,400 | Average Rate for 10 Year Term – $1,100 to $2,200 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Whole life insurance policies offer a guaranteed death benefit as long as the premiums are paid. These policies build cash value over time, which makes them different from term policies. However, whole life insurance policies require a health test and have higher premiums than other policies. For seniors over 70 or 75, burial insurance is often the most affordable plan, even for those with serious health conditions. The average annual whole life insurance rates for seniors over 70 or 75 are:
| Average Annual Whole Life Insurance Rates for Men* | Average Annual Whole Life Insurance Rates for Women* |
|---|---|
| $4,400 to $9,200 | $3,600 to $7,800 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Universal life insurance policies combine features of whole and term life insurance. They offer a guaranteed death benefit, low monthly premiums, and the option to update the policy. However, these policies usually require a health test and have higher rates than final expense plans. Guaranteed universal life insurance policies are available without a medical exam, but they have higher rates than standard universal life insurance policies. The average annual guaranteed universal life insurance rates for seniors over 70 or 75 are:
| Average Annual Guaranteed Universal Life Insurance Rates for Men* | Average Annual Guaranteed Universal Life Insurance Rates for Women* |
|---|---|
| $2,200 to $5,400 | $1,800 to $4,400 |
* Estimated rates do not reflect the rates of any particular life insurance company.
FAQs
- Can I get life insurance if I’m over 70 or 75?
- What life insurance policies can I buy if I’m over 70 or 75?
- Do I need life insurance if I’m over 70 or 75?
- Do I need to take a health exam to get life insurance if I’m over 70 or 75?
- How much life insurance do I need if I’m over 70 or 75?
It’s essential to compare different policies and find one that fits your budget and coverage needs. Life insurance policies are an excellent way to help your loved ones pay for your final expenses and debts you leave behind. Consider your debt and the coverage you need when deciding how much insurance to buy.
Burial Insurance
Article Sources
- Policygenius. Age Limits For Life Insurance [2023] Get Quotes - Reassured
- EFINANCIAL. Life Insurance For Over 70
- Investopedia. Life Insurance Over 70
- Minnesota State Government. Seniors Term Life Insurance
- Texas Department of Insurance. Life Insurance For People Aged 70 And Over