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Practical Tips for Choosing a Life Insurance Policy When You’re Over 75 Years

You’ve seen the advertisements – life insurance for seniors over 75. The commercials seem promising and even make the insurance inexpensive, but is it?

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The good news is…

There are great life insurance policies for seniors over 75, but many have exclusions you’ll only know if you read the fine print. Before choosing a life insurance policy for seniors, it’s important to research and even talk to a financial advisor.

More positive news…

Life expectancies are increasing. Today’s seniors are healthier and more active than previous generations. Longer life spans make seniors a lower risk for life insurance companies, providing seniors with more opportunities.

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What chances are there of getting an affordable plan?

Today, it’s easier to find the best life insurance for seniors over age 75. With more companies offering senior life insurance plans, you have more options.

The key is to know what you need. While you shouldn’t buy more life insurance than necessary, you also want to ensure enough coverage for your needs. Whether you’re looking for burial insurance or a policy that will leave behind a legacy for your loved ones, there are many senior life insurance options today.

With more options available today, you’ll find more plans, pricing options, and term or whole life insurance for seniors you can afford.

What to Consider When Purchasing Life Insurance for People Over Age 75?

If you’re over 75, it’s guaranteed you’ll pay higher premiums than someone in their 30s. It just makes financial sense. You are at a higher risk of death than someone younger than you.

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But that doesn’t mean you have to take premiums you can barely afford. A senior in good health and with few chronic conditions can often find affordable life insurance.

The most suitable type of policy:

No two seniors have the same life insurance needs. Understanding your options is the key. You can choose a term life policy, covering yourself for a set term. This works well for seniors with debts with a specific end date or other expenses they want to be covered for their loved ones.

A whole life policy is an option for those who want coverage for their entire life and/or want to build a cash value.

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Most life insurance for seniors over 75 features graded coverage. With this coverage, seniors have a waiting period, usually up to 2 years. If you die within that period, your loved ones receive a return of premium plus a small percentage. This is the insurance company’s way of protecting themselves should you die shortly after buying a policy.

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Most life insurance policies for seniors require a health exam before issuing a policy. But, some policies offer benefits without the physical exam; you’ll pay higher premiums. Remember that even when there is no exam requirement, you may still be asked specific health-related questions.

A Guaranteed Acceptance Plan may be a better option if you’re in poor health. It doesn’t require a health exam or any health-related questions. A senior is guaranteed coverage under this life insurance but usually pays higher premiums for limited coverage.

Most Affordable Life Insurance Plans for Seniors over 75

So what’s the best life insurance for seniors over 75? You have many options, but here’s what you should consider.

Term Life Insurance

If you’re in good health, you know how long you need coverage (to cover specific debts typically), and you can undergo a medical exam; term life insurance is a great option.

If you’re in your 70s, you may secure a 10-year term policy (sometimes more). A term policy lasts for the specified term. If you die within that period, your loved ones receive death benefits. If you outlive it, the policy expires.

Least expensive insurance optionIf you outlive it, the policy expires
Straightforward and easy to understandIt doesn’t accumulate a cash value
Offered by many companies 

Whole Life Insurance

Whole life insurance is an excellent option if you’re looking for a policy that provides more peace of mind. It protects seniors over 75 for the rest of their life. Your loved ones will receive a death benefit no matter when you die.

Whole-life policies also accumulate a cash value. This cash value can supplement your retirement income, cover medical expenses, or other personal uses.

Because of its cash value, whole life insurance is more expensive than term life insurance.

You get coverage for your lifetimeMuch more expensive than term life insurance
The cash value is like an investment that helps you in your time of needYou may not live long enough to use the cash value
It can be great for burial expenses 

Other Options:

Simplified Issue Life Insurance

Suppose you have medical issues that would make it hard to get traditional life insurance, but you can answer simple health questions about your overall health. In that case, you may qualify for this no-medical exam policy.

Simplified issue life insurance is the least expensive option among no-medical exam life insurance policies because it rules out significant issues, such as heart issues, major disabilities, HIV, and kidney disease.

Guaranteed Issue Life Insurance

If you can’t answer the questions about simplified life insurance, a guaranteed issue policy is the best for elderly people over 75. Everyone is guaranteed a policy, making the premiums higher, but you have the coverage you need.

Many seniors use this policy to cover their burial expenses rather than leaving the burden on their loved ones.

Burial Insurance

Burial insurance for end-of-life expenses covers what it says – the cost to bury you and/or cover your final medical expenses. If you aren’t worried about leaving a legacy or already set that up in your trust with other investments, a burial insurance policy ensures your loved ones have the money to bury you. These policies usually are worth $10,000 – $25,000 at the most.

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Seniors With Health Issues

Finding decent life insurance if you have health issues isn’t easy. Guaranteed life insurance for seniors is often the best option since no health exam exists.

This is important…

Most life insurance companies understand that seniors usually have chronic health conditions. Many companies accept diabetes, high blood pressure, and even some cardiac health conditions. If you have one or more chronic health conditions, discussing them with an insurance agent to find the best policy is best.

Selecting A Life Insurance Policy For an Elderly Over 75

Seniors have many decisions to make when choosing the best coverage. Ask yourself:

  1. Do you need money for funeral costs?
  2. Do you have debts to pay off?
  3. Do you need to supplement your family’s income?
  4. Are you trying to leave a legacy?

You may not need as much coverage as you thought, which can help keep the premiums down.

Do you Need Health Insurance Riders?

Seniors should always determine if they need insurance riders too. Riders are optional, and each company offers different options, but a few riders to consider include:

  • Accelerated death benefit – If you become terminally ill or disabled, you may need the assistance of your insurance policy to cover your financial needs.
  • Long-term care rider – If you need to live in a nursing home or have skilled nursing care, a long-term care rider can help offset the expenses.
  • Child rider – If you care for your grandchildren financially, you can add a child rider to cover them should they unexpectedly die.
How to Calculate Life Insurance Coverage for Seniors

How much does a funeral cost today?

Depending on the type of funeral you want, burial costs can start at $500 and go up. The average cost of a traditional funeral today is $10,000. It may be possible to purchase a funeral expenses life insurance plan covering most of the funeral and burial expenses. The minimum coverage for this type of plan is recommended to be no less than $9,000.

What to do when you have debt?

If you have any debt, factor this amount into your life insurance coverage amount. You don’t want to leave your debt for your family to pay. You may have a mortgage, car loan, or other types of debt. Purchase a life insurance policy with a payout large enough to cover any debts you owe. Excess life insurance monies will be passed to your designated beneficiaries if you live long and your debts decrease.

Calculating the face value or death benefit…

Once you have a total amount that includes funeral costs and debt owed, double that amount in life insurance coverage. This should be the minimum amount you purchase.

Term life insurance is a good choice if you need to keep premiums down. If the policy’s coverage amount is less than $50,000, it is usually relatively easy for a senior over age 75 to find an affordable policy.

Choosing An Insurance Provider

When choosing an insurance company, most people choose the company that provides their home or car insurance. While you should certainly get a quote from them, shopping around is also a good idea.

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It is important to choose a life insurance company that has good standing in terms of the following:

  • Reputation
  • Quality & Coverage
  • Good Customer Reviews
  • Compliance with State Regulations
  • Longevity
  • Customer Support, both Online and Offline

Get several quotes and then compare coverage. This will help you determine which life insurance policy is the best for your situation.

How Can I Get Life Insurance Quotes at 75?

We make it easy to find the best life insurance for those over 75. You can reach our instant life insurance quotes by clicking here and requesting quotes from multiple sources. You’ll receive quotes immediately to compare and determine which is right for you.