What happens if your life insurance policy expires but you’re still alive? At age 70 or older, you probably didn’t consider buying life insurance or assumed your term life policy would cover you.
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If you are without life insurance over 70, consider guaranteed universal life insurance for seniors.
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What is Guaranteed Universal Life Insurance?
Guaranteed Universal Life Insurance is one of the most effective policies for seniors over 70. Don’t let its name fool you, though. Unlike standard universal life insurance, GUL doesn’t accumulate a cash value, but do you really need it at age 70 or older?
Probably not.
What is more important to focus on when you’re 70 or older is the age GUL covers you until. You choose the age you want coverage from age 90 to 121. If you die by the age you requested coverage, your loved ones will receive a payout.
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Pros and Cons of GUL
Pros:
- Works like a term life policy. You get guaranteed coverage from the age you buy the policy until the age specified in the policy.
- You lock in your rates for the entire term. You decide how long you want coverage, and your rates are fixed for that period.
- Premiums are often lower than other options, including whole life and universal life.
- It’s easy to understand. You don’t tie up money in complicated investments.
Here’s the comparison between GUL and Term policy.
Cons:
- It doesn’t have expensive management fees to cover the cost of managing an investment portion of the policy
- There isn’t a cash value like other permanent life insurance policies.
- The premiums can be high because it’s covering you in your senior years.
What’s the Cost?
Your age and amount of coverage determine the cost of guaranteed universal life insurance, but on average, here’s what men pay:
| Age | Coverage | Monthly Premium |
| 70 | $50,000 | $215 |
| 70 | $250,000 | $819 |
| 75 | $50,000 | $820 |
| 75 | $250,000 | $904 |
Females often pay lower premiums for the same coverage. Here are the average female rates for guaranteed universal life insurance:
| Age | Coverage | Monthly Premium |
| 70 | $50,000 | $181 |
| 70 | $250,000 | $510 |
| 75 | $50,000 | $512 |
| 75 | $250,000 | $738 |
*The monthly premium quoted in the tables are average numbers. To get a proper quote for your age and location, click here.
Where can Seniors over 70 get Guaranteed Universal Life?
It may feel more difficult to find life insurance for seniors over 70, but today it’s not as hard as you think. With life expectancies increasing and seniors living well into their 90s, more insurance companies offer seniors programs.
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The top two insurance agencies offering GUL for seniors are:
- North American Company for Life and Health Insurance – Seniors can buy a GUL policy until age 85, with premiums paid until age 100. If you live beyond 100, the policy won’t expire and will last until age 121. North American Company offers some of the lowest premiums, and you can accelerate your benefits if you need them for help with chronic or terminal illnesses.
- Symetra – Seniors over 70 can buy a GUL policy at Symetra and get coverage for their lifetime. It’s available for seniors to purchase until age 85 and has competitive premiums. Symetra offers the option to accelerate your benefit for terminal or chronic illnesses, and a small portion of your premiums go to a cash value account, earning 2% interest.
Final Thoughts
Suppose you’re a senior over 70 and worry that your term life insurance has expired and you don’t qualify for another policy. A guaranteed universal life policy can be a good tradeoff in that case. It’s like a term policy, but it’s available for the rest of your life. It can be a good compromise for those who still need the benefit of life insurance but don’t want or can’t afford whole life.
