Would you like a 70 to 75 year old quote for a different amount of coverage or term? Use the form to the right or below:
Should I Buy Term Life Insurance or Whole Life Coverage Over Age 70?
If you have a short term need, such as 10 to 15 years, I recommend term life insurance.
Term life insurance covers you for a defined period of time, such as 10 or 15 years, offering you low, level premiums during the duration of the term.
Here are the benefits of a term policy:
- Simple, straight forward coverage – There’s no cash value or investment component. Coverage is simple. If you pay your premiums on time, you’re covered.
- Level premiums – Your premiums are guaranteed to stay fixed during the duration of the term you select, such as 10 or 15 years
- Low cost – Usually half the cost of a lifetime policy
However, term policies only offer coverage for 10-15 years in your 70’s, which is not preferable for many people. Most of our age 70+ clients prefer a “Lifetime Guaranteed” policy…
I prefer a type of permanent or whole life coverage called guaranteed universal life insurance, which is essentially a term policy that covers you for the rest of your life, but without all the cash value build-up that you get with a whole life policy.
Reasons to Consider Guaranteed Universal Life:
- Offers guaranteed level premiums for life
- Face value (death benefit) is guaranteed never to decrease
- Half the cost of whole life, on average
If you’d like to see free pricing for a guaranteed universal life insurance quote, click below and select “Lifetime” from the Duration option.
Term insurance is mostly purchased by young adults to replace income lost in the event of their death. Most people who need life insurance over the age of 70 don’t need it for income replacement. They need it for the rest of their lives. That’s why I recommend a permanent policy.
Is Term Life Insurance Still Available at Ages 71, 72, etc.?
Yes! I get a lot of clients age 70 and older who only want term insurance. It makes sense for them to purchase term coverage as long as they are only going to need the coverage for another 10 to 15 years.
Recent age limits have been placed on term policies, however. (See our article on how getting older can affect the type of policy you can buy.)
For example, here are Protective’s Age Limits:
The age limits I’d like to point out from the image above are as follows:
- 10 year plan: 18-75
- 15 year plan: 18-70
- 20 year plan: 18-65
As you can see, 75 year olds can still buy 10 year term, but cannot qualify for a 15 year plan. In the past, from age 76 to 80, you could get a traditional 10-15 year term policy and could get a 10 year term policy all the way up to age 85.
Now, however, the age limits have come down, so you can’t get a plain vanilla term policy at these older ages. If you need coverage for a limited time period, you can still do so with a guaranteed universal life insurance policy set with guarantees to age 90 or 95.
At any of these ages, you can still apply for permanent policies like guaranteed universal life insurance to age 120, which I prefer.
What if I have a Pre-Existing Condition?
Helping you is our specialty!
We’ve helped hundreds of individuals purchase life insurance who took medications for various conditions or had a history of diabetes, cancer, or diabetes.
- We were able to help a 73 year old female qualify for a Standard rating with diabetes.
- A 74 year old man recently qualified for a Standard policy with us who had a history of prostate cancer.
Approval Tips if Taking Medication or You Have a Health Issue:
The most important thing you can do is this…
STAY AWAY FROM CAPTIVE INSURANCE AGENTS!
Say you’re 74 year old female and have a history of high cholesterol, and once had a stroke. If you go to an agency like Farmer’s or State Farm, most likely they’re going to sell you a Farmer’s or State Farm policy… even though those companies penalize you severely for having a stroke.
If you use an “independent agent” (we are independent here at Huntley Wealth), your agent can shop around for the company who would be fairest and charge the least with your particular history of cholesterol and a stroke.
Using an independent agent can easily save you 50-75% on life insurance.
I explain this in more detail in this video:
What Steps are Involved in Buying Life Insurance?
In most cases, this will be the process:
- Get a quote (by phone or online)
- Apply for coverage – simple process, which can be done by phone
- Take a free medical exam
- Wait 4-6 weeks for approval
- Pay your first premium, and your policy is now effective
Have Questions? We can help!
We know it seems difficult to search for life insurance in your seventies.
It might seem like all the affordable policies are no longer available, or that you can no longer qualify due to health concerns.
We can help!
Whether it’s working with a senior over 70, or helping an individual qualify for life insurance with a tough medical issue, our agents have seen it all, and can help. If you have any questions or need assistance selecting the appropriate type or amount of life insurance coverage, click here to start the process with a FREE quote.