Obtaining life insurance for senior people over 70 is not as difficult as you might first imagine. While it is true in your parents and grandparents generation that getting an affordable life insurance policy was more difficult, that has all changed today thanks in large part to people living longer and healthier lives.
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Of course, getting the right policy will depend on some factors such as your age, gender, overall health, lifestyle, and the amount of benefits that you want.
A typical cost of life insurance over 70:
There is no typical cost in the sense that everyone who applies for life insurance is going to get a different rate. However, in general, a female policyholder will receive a lower premium rate than a male with everything else being equal.
For example, a woman who turned 70 and is in good health may pay as little as $57.42 per month for life insurance with a $100,000 benefit. A man with the same good health benefit may pay upwards of $117.69 per month for the same policy.
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The good news is that there are ways to lower the premium for many seniors who have turned 70 depending in large part on the lifestyle choices that they make.
How to Lower Your Premiums?
The first thing to consider is exactly how much in benefits do you need. Ideally, your benefits should cover the cost of the funeral, any remaining debt, and provide a cushion for your family’s finances over the next several months as they recover from your loss. The lower the benefit amount, the less you will pay in premiums. So, only get what you need to protect your family financially.
Take the Health Exam: If you are in reasonable health, then it will pay to take the health examination because that will provide the lowest premium cost. While many seniors are understandably concerned about taking a health exam unless you have experienced serious health issues such as diabetes, cancer, heart disease, or something along the same level you may find that you will be okay.
Stop Smoking: Smoking causes one of the biggest increases in life insurance premiums, so cutting it out of your life will cause a considerable drop in what you pay.
Lifestyle Changes: Your lifestyle in general when it comes to drinking alcohol, consuming drugs, and the like plays a significant role in the cost of your life insurance. Ask your insurance agent about the parameters of what qualifies as a potential cost-risk in terms of what you pay for life insurance.
For seniors who are looking to cover the expense of their funerals, outstanding debt, and leaving something behind to protect their families when they pass away, getting the right life insurance policy can make all the difference. Be sure to get a free quote from several different companies to find the best rates for your policy. We can provide you the list of offers from all the major life insurance providers in the USA.
A little work now can bring some financial peace of mind to your family when it is most needed.