How To Get Life Insurance For Seniors Over 70

Shawn Plummer

CEO, The Annuity Expert

Each stage has unique challenges and blessings as we traverse life’s journey. And it’s no different when we cross the threshold of 70. Today, we’re taking a closer look at a topic that often seems complex but is a pivotal aspect of financial planning—life insurance for seniors over 70.

Understanding the Need for Life Insurance Over 70

When you’re over 70, your life insurance needs to shift. You may no longer be concerned about income replacement or funding your children’s education. However, life insurance at this stage could serve as a financial safety net, covering final expenses and leaving a legacy. It’s a critical tool to ensure your loved ones aren’t burdened with unexpected costs, making it an essential aspect of senior financial planning.

Life Insurance For Seniors Over 70

Finding the Cheapest Life Insurance for Seniors Over 70

While we understand the importance of life insurance, including social security, balancing cost and coverage is crucial. When looking for the cheapest life insurance for seniors over 70, remember that “cheap” does not mean inadequate. You want a policy that offers comprehensive coverage at an affordable rate, taking into consideration factors such as social security benefits. Comparison shopping and consulting with a financial advisor can be beneficial in finding the right policy. For instance, term life insurance policies often provide a budget-friendly option that can complement your social security benefits.

Example: Term Life Insurance for Seniors Over 70

Let’s take John, a 70-year-old retiree. He’s seeking a cost-effective insurance policy that provides enough coverage for potential end-of-life expenses. After some research and consultation, he chooses a 10-year life insurance policy, which provides him with affordable premiums and a substantial death benefit.

Life Insurance for Seniors Over 75, No Medical Exam

As we age, health can become a concern. Most insurance policies require a medical exam, but some providers offer life insurance for seniors over 75 with no medical exam. These policies might come with higher premiums but provide the advantage of quick approval without the need for medical examinations.

Example: Guaranteed Issue Life Insurance

Consider Sarah, a 75-year-old with a history of health issues. She opts for a Guaranteed Issue life insurance policy. Even though her premiums are higher, she gains peace of mind knowing that her loved ones will have financial support when she passes.

Life Insurance For Seniors Over Age 70

Choosing the Best Life Insurance for Seniors Over 70

Selecting the best life insurance for seniors over 70 boils down to your unique needs and circumstances. Your health status, financial goals, and budget will impact your choice. Regardless, the best policy provides adequate coverage at a cost you can manage.

Example: Whole Life Insurance

Take Robert, a 72-year-old senior with good health and a comfortable retirement fund. He selects a whole life insurance policy. It’s more expensive than term insurance but offers lifetime coverage and a cash value component that he can tap into.

Next Steps

Life insurance for seniors over 70 might not seem straightforward initially, but you can make an informed decision with a clearer understanding. The cheapest life insurance for seniors over 70 or the best life insurance for seniors over 70—the choice varies with personal circumstances. Whether it’s term life insurance, whole life insurance, or a policy with no medical exam, each option serves different needs. Remember, it’s all about planning for the future—your golden years deserve golden planning.

Life Insurance For Seniors Age 70

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Frequently Asked Questions

Is it worth getting life insurance at 70?

Whether or not life insurance is worth it for seniors depends on their budgets and goals. However, it may be worth considering obtaining life insurance if you do not have sufficient savings to cover your end-of-life expenses, qualify for a reasonable rate, and wish to provide for your loved ones.

Is it worth getting life insurance at 70?

Whether senior life insurance is a worthwhile investment depends on your budget and objectives. However, obtaining life insurance may be a wise decision if you do not have sufficient funds to cover end-of-life costs, qualify for a reasonable premium, and wish to provide for your family members.

Can I get a life insurance policy at 70 to pay off my house?

That’s correct! You can obtain home insurance coverage until you reach the age of 90. If you’re wondering about insurance that covers your mortgage in the event of your death, then mortgage protection insurance is what you need. It’s a type of life insurance specifically meant to pay off your home for your loved ones if you become disabled or pass away.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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