Life Insurance for Senior Citizens 
If you are a retiree or blossoming into your 60s or 70s, you may not think that you can still be approved for a term life insurance policy. Though age is a factor in being evaluated for a policy, some insurance providers specialize in products for senior citizens. It could be a wise decision to think about the expenses you could leave loved ones in the tragic event of your death and purchase a life insurance policy to help compensate for them.
Can I be approved for term life insurance in my 60’s or 70’s?
The age at which you can be approved for term life insurance varies by state. It is unlikely that you could be approved for a permanent life insurance policy if you’re in your retirement years; however, term life insurance could still be an option. Top insurance providers may approve you for a policy until the age of 70 (and in some states, 75!).
How does my health condition impact my chances for approval?
While health is a factor that is evaluated when being underwritten for a life insurance policy, it is not impossible to get approved for a policy at a later age. Term life insurance for seniors will be evaluated by the following factors:
- Height
- Weight
- Gender
- Family medical history
- Prescription medication use
- History of disease
- Blood pressure
- Cholesterol levels
A physician will generally have to examine you to be approved for term life insurance. They would normally administer a similar paramedical exam as they would to a young life insurance applicant. If you’re concerned that your health condition could preclude you from being approved for life insurance, many insurance providers also may offer guaranteed life insurance which does not require a medical exam. However, these policies do not generally provide the same coverage and range from $3,000 to $15,000 in value.
Can I afford term life insurance for seniors?
While it is still possible to be approved for term life insurance at a later age, premiums may become significantly higher as you age annually over the age of 60. It is advisable to purchase term life insurance as early as you can.
It is important to be wary of life insurance brokers who may “sell” you on policies to receive higher commissions within their agencies. Before you apply for term life insurance, consider what exactly you should be insured for. Then, determine how much money it would take to settle these expenses or provide for your loved ones’ financial security.
Here, you can find more information about term life insurance for seniors.
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Life insurance should be done at an ideal age to enjoy the retired life.As a matter of fact,accurate life insurance policy should be done by keeping the retired life in mind.After retirement,senior citizen can live a healthy and peaceful life on the basis of his life insurance amount and other retirement benefits.
Whole life insurance lasts for a whole life (as long as one keeps paying the premiums), and is generally more expensive than term life insurance. Many types of whole life policies accumulate cash value (which, in some cases, can be borrowed against or even “cashed out” in financial emergencies).
All life insurances are dependent upon continuing to pay the premiums. The problem with whole life is that it is also tempting to “remove” the accumulated value and thus end up with nothing (after paying all those premiums for SO long). And because whole life is more expensive than term life, it is even more tempting to remove the cash value and not continue to pay for the policy.
Very true. Thank you for expanding on that but that wouldn’t be true with a term life policy. It is only payable upon death….which is why it is much less expensive. But a senior citizen CAN live a more peaceful life knowing that there are some monies coming from the term life policy which will cover after-death costs and any outstanding debts, such as hospital bills.
Every life insurance company offers variety of schemes.A person should consult a insurance consultant to guide him to select the accurate one.A person should properly read and understand the terms and conditions of a life insurance policy before investing.A favorable life insurance policy is a huge benefit for a retired person along with other retirement benefits from his service.
Absolutely! Thank you for the comment.
~ Shelley
It’s never too late to get covered. No matter what the price is it’s still worth it. At the end of the day you’ll realize that it’s more financially sound to apply for coverage even if you’re between the age of 60 and 70 rather than leave your family with nothing once the unexpected happens. But of course it’s more practical to purchase term life insurance at a much younger age because it is much cheaper. This post is still helpful and very informative particularly to seniors who are willing to purchase insurance but are quite unsure whether the can still get approved or if it’s a wise decision for them to make. With this, they can finally make a decision that is highly beneficial for them and for their families.
What makes Senior Life Insurance so important?
No-one would want to leave their family in a financial mess would they? That’s why MIntco Financial shops for you among many carriers and will provide you an insurance that has been designed to help you protect your family from the financial burden of your funeral and other unforseen costs, if you were to unexpectedly pass away.
If you need help determining how much coverage is needed, one of our indepependent agents will be happy to assist you.
Mintco Financial is the leading company in Life Insurance for Seniors over 80. Call us now at 813-964-7100
Thank you for taking the time to comment, Michael.
It also would have been helpful for us if you mention in which state or company approved senior citizen life insurance. But you have provided a very good informative article which will help a lot of senior citizen .