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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