Seniors Life Insurance Age 70
Life Insurance for Seniors Age 70 How to Choose the Best Life Insurance
Life insurance rates are determined by age, health, and lifestyle.
If you are in good health and up to 80 years old almost every type of policy is available.
Term Life Insurance is not a good option for Seniors
Seniors are looking for life insurance that covers them for their lifetimes.
As a result, term life insurance is not appropriate because will expire and seniors will never get the benefit.
Instead seniors should consider a permanent life insurance policy such as whole life insurance or universal life insurance.
These policies should be shopped for price and in most cases you should focus primarily on price – leave other policy features such as cash values or investments a distant second or ignore them entirely.
Burial or Final Expenses Insurance for Seniors
Burial or Final Expenses Insurance is a type of Whole Life Insurance. These policies do not expire as long as you pay the premiums, and it’s issued without a medical examination.
Burial or Final Expenses policies typically offer enough money to cover funeral expenses and pay off a few debts (between $3,000 and $50,000).
Your premium will not increase and policies are often available to seniors well into their 70s and 80s.
No Medical Life Insurance
There are two types of Life Insurance that do not require Medical Exams.
Simplified issue life insurance: This type of non-medical insurance does not require a medical exam but you will still be required to complete a medical questionnaire. This policy is more expensive and makes sense to consider if your current health condition(s) would make it hard to get standard life insurance.
Guaranteed Issue Life Insurance: This policy makes sense if you’ve been denied life insurance for health reasons. The catch to these policies is that they feature a two-year, graded, or limited benefit period. During this time, you only get a payout if your death is accidental. If you die from an illness, the company refunds your premium plus interest.
What life insurance types should seniors consider?
The short answer is that seniors should consider all types of insurance. It all depends what are the goals you have in mind to get a Life Insurance Policy.
Even Traditional Life Insurance Policy can be possible for Seniors that have large Estates and need to pass the Estate to their heirs to save in taxes.
Proceeds from a permanent life or cash-value policy can also be valuable as an immediate source of cash for your heirs.
Such liquidity enables them to pay funeral expenses and federal and state estate/inheritance taxes without having to sell illiquid assets, such as property, the family business, depreciated stocks or jewelry.
If liquidity is your goal, a financial advisor can help you determine whether an irrevocable life insurance trust is best.
Questions you should ask while buying Life Insurance?
You should ask 3 questions before buying a policy:
Will my price increase?”
“Will my policy expire?”
“What exclusions will prevent this policy from paying?
As you can see, from the types of insurance you buy to how much, and which company is right for you, there’s a lot that goes into life insurance.
It’s best that you speak to a knowledgeable agent about your life insurance needs.
We are independent agents in business over 18 years and would love to help if you call us at 813-964-7100