For seniors who have reached the age of 70 there are still affordable choices to be made when it comes to life insurance. What is important is selecting the right type of life insurance policy for your needs. For many, term life insurance for seniors over 70 is the best choice.
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What is Term Life Insurance?
This is the type of life insurance that has a set term limit that generally ranges from 10 to 30 years. For most seniors who have reached the age of 70, term policies of 10 to 20 years are quite common. In most other respects, term life insurance mirrors whole life and other policies in that it offers pre-set benefit coverage and monthly premiums.
While term life insurance does have the limitation of a strict time limit, it does offer other benefits that make it arguably the best choice for seniors who have reached the age of 70.
Why Choose Term Life Insurance?
There are a number of reasons why term is the best type of life insurance for seniors over 70, particularly those who are on a fixed budget. Lets see why term policy is always a better option at 70 than other life policies.
Whole Life: While whole life policies offer the advantage of building up savings that go above and beyond the set benefits levels, they are often 10% to 25% more expensive than term life policies. Plus, interest benefit that whole life policies offer tends to be far less effective for seniors as compared to those in their 30s or 40s.
Guaranteed Life: The main advantage of this type of policy is that you cannot be turned down no matter your physical condition. However, guaranteed life insurance policies are far more expensive than term by 30% and up. Plus, the full benefits do not kick in from two to four years depending on the policy terms.
Burial or Funeral Insurance: This type of life insurance policy is geared towards covering funeral costs when the policy holder passes away. It does offer the benefit of being less expensive than traditional term life insurance policies. However, the benefits are strictly limited when it comes to what it can cover. Generally speaking, most burial insurance policies offer benefits from $6,000 to $15,000 while term life can offer $50,000, $100,000, or more.
Term life insurance offers seniors over the age of 70 greater flexibility based on the benefit coverage and in certain circumstances the ability to sell the policy if it is no longer needed. For most seniors, term life insurance offers the best combination of price, benefit levels, and flexibility that provides peace of mind in knowing that your family is protected in case you pass away unexpectedly.
If you are looking for term life insurance at 70, then request free quotes from us and we can provide it instantly. All you need to do is fill out a short form and we will provide you with a free, accurate quote for life insurance with no obligation. This way, you can start your search in finding the best life insurance policy to fit your needs.