best life insurance for seniors over 70

Best Life Insurance for Seniors Over 70

Understanding life insurance can be challenging. Let us make it easy and affordable for you. 

 

Get Affordable Life Insurance for Seniors Over 70


Aging makes certain priorities in life more important. Finding life insurance for seniors over 70 can be a challenge.

Not only have you changed, but your family’s needs have changed as well which can alter your coverage needs.

Finding affordable life insurance for seniors on your own can be difficult. You must consider your own goals and the needs of your family when shopping for coverage. Making sure you choose a policy that fits your budget can be stressful.

Our independent agents can help you navigate numerous life insurance companies with ease.

With many different policies to choose from, having a professional agent sort through them with you will make the life insurance shopping process virtually stress-free.

Contact LifeNet Insurance Solutions to help you find the best life insurance for seniors at any age.

Reasons Why You Might Still Need Coverage after 70


Finding life insurance for seniors over 70 is very different than when you and your family were younger. You’re not in your prime earning years anymore and your personal goals for needing coverage have changed. Some reasons you may still need life insurance are:

  • Providing for your spouse.
  • Protecting a special needs spouse, child or grandchild who will need lifetime care.
  • Money for final expense coverage and to satisfy any outstanding debts.
  • Continue giving charitable donations.
  • Estate planning to cover taxation or even out bequests.
  • Satisfying a loan or mortgage.
  • Financial investment for beneficiary.

There are many more reasons why you may want to purchase a life insurance policy in your 70’s.

Keep in mind that requirements and policy types available change with age. Be sure to begin the shopping process with a LifeNet Insurance Solutions agent.

life-insurance-for-seniors-over-70

What Life Insurance Policies are Available to Me After Age 70?


Finding Life insurance for seniors over 70 can be challenging because there are many different types of policies to choose from.

Term life insurance and permanent life insurance policies are the two main types of coverage.

The following information will help you understand the policies offered over 70.

Final Expense Life Insurance Over 70


Final expense life insurance coverage is a type of whole life insurance. It lasts for your lifetime. 

Final expense coverage is offered through age 89 (not available in all states). Amounts of coverage range from $2,000 up to $50,000.

These policies have simplified underwriting, where no medical exam is needed. You simply answer a number of medical questions.

Final expense life insurance policies are typically approved in just a few days and include two versions: level coverage and graded coverage.

Learn more about final expense life insurance here.

 

Guaranteed Issue Life Insurance 


Guaranteed issue life insurance coverage policies allow anyone to purchase coverage.

If you cannot qualify medically for other policies, this is the right product for you as there are no medical requirements. All applicants are approved.

This type of life insurance for seniors over 70 allows coverage for anyone up to age 80 (85 in some states).

This is the costliest type of life insurance available because there is no medical underwriting and all applicants are accepted.

Learn more about guaranteed issue life insurance here.

 

Universal Life Insurance Over 70


Universal life insurance policies are flexible types of permanent coverage that can be structured to meet your specific life insurance goals.

Premiums can remain level or change over time. You can have the policy grow cash value or not.

Universal life insurance policies are fully underwritten including a paramedical exam where blood and urine testing is required (at no cost to you). The insurance carrier will review your doctor records as well.

Each insurance company has specific underwriting guidelines. Your agent should be familiar with the carriers and have the ability to place you with a company that will look favorably on you specific situation.

Policies begin at $25,000 of insurance and are the best priced permanent policies available.

Learn more about universal life insurance here.

Term Life Insurance Over 70

 

Term life insurance policies provide coverage for a specific time period.

Some life insurance carriers offer 10-year term coverage up to age 80, and fewer offer 15-year term policies up to age 75.

Term insurance should only be considered if you need coverage for a short period of time (like if you were guaranteeing a loan). If you buy a term policy to cover final expenses, you may outlive your policy. Your reason for needing insurance will help determine if this is the right product for you. 

At this stage of life, term and universal life insurance premiums are not very far apart.

Depending on your situation you may find that term life insurance at this age does not offer the best choice for senior life insurance.

Learn more about term life insurance here.

affordable life insurance for seniors over 70

Why You Need an Independent Life Insurance Agent


There are many different decisions that must be weighed when you’re shopping for life insurance coverage.

This is likely to be the last life insurance policy you purchase. Make certain you get the right type of coverage to protect your loved ones.

Working with a professional independent agent at LifeNet Insurance Solutions will make the purchasing process painless.

 

Why You Should Talk to a LifeNet Insurance Solutions Agent

 

Working with a LifeNet Insurance Solutions independent agent enables you to look at products from many different life insurance carriers. Some will be better suited to your needs than others.

Every carrier is slightly different. Can you qualify with a specific carrier? Are there less expensive options? How strong is the company? 

Every life insurance company has slightly different questions and qualifications for their applications, which mean you may be approved by one and denied by another.

Our independent underwriter is always available to help if we have any additional questions concerning your application.

LifeNet Insurance Solutions’ independent agents will help you determine what your different options are, what the best priced option will be, why one choice makes more sense than the other, and how to move forward with your application.

Get your free quote for life insurance now by contacting LifeNet Insurance Solutions!

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