Life insurance in your 70s can be challenging but it’s by no means impossible. There are actually many more options available to people in their 70s which can even save them money. We have an archive of articles dedicated to helping people in their 70s get a policy that works for them.
We suggest looking through our articles below to find out more about life insurance in your 70s:
Life Insurance Over Age 70 – If you were to read 1 article, read this one. It’s a comprehensive article on what to expect if you’re interested in securing life insurance and you’re over age 70.
Term Life Insurance for Seniors – Don’t make the same mistake many seniors make, and contact the life insurance companies on TV. Find out how to get the best rates for seniors your age here.
Life Insurance for Seniors over 75 Years Old – The options for seniors over 75 can still be affordable, but will be different than you might know about. Find out more about your options here.
Life Insurance After 70
Most people who are in their 70s and looking to obtain life insurance have many concerns. They think it will be entirely impossible to obtain life insurance coverage at their age, never mind life insurance with affordable premiums. While it’s definitely true that life insurance for people in their 70s can be very expensive, there’s never been a better time to apply than right now. The longer you wait, the more expensive it’s going to get. That means if you want to get the best rates, it’s best not to wait any longer and just apply right now.
When most people apply for health insurance, they must undergo both a medical exam and an underwriting process. The medical exam is the same thing as a physical, and is used to detect any medical conditions that might cause the insurance companies to perceive them as being higher risk. Then the underwriting process is to get to the root of these issues. You can sometimes still receive great rates, even with a medical condition, if you can prove that your condition is under control and doesn’t affect you too much.
On the other hand, there are also policies that don’t require a medical exam. These types of policies are much more expensive than policies with medical exams for people in perfect health. Someone in perfect health would never go for a no medical exam policy though. As a senior in your 70s, it might be a wise decision to choose a policy that doesn’t require a medical exam. If you feel the medical exam would uncover a medical condition that might cause you to have gigantic premiums, or would prevent you from obtaining life insurance entirely, then it might even be cheaper to look at the no medical exam policies.
The unfortunate part, is that once you reach the age of 70, there is no guarantee you will be accepted for life insurance. That is why we always urge people to apply for life insurance as soon as they possibly can. The longer you wait, the more risk you take of receiving very high premiums or of not getting approved at all. Still though, in all but the most extreme cases, there are still usually ways for seniors in their 70s to obtain life insurance. The circumstances are few and far between where a person turns out to be entirely ineligible for life insurance.
If the thought of getting denied is really bothering you, then we urge you to get in touch with one of our agents. We specialize in helping seniors in their 70s obtain life insurance at a price they can afford. We can walk you through all the questions you might be asked by an underwriter, or we can look at your options for other types of insurance you could obtain that wouldn’t require a medical exam. In almost all cases, one of our agents can get you better premiums than you would ever be able to get on your own.
Before you go any further though, we recommend you read through our archives below. There is a bunch of great information for anyone in their 70s who is looking to get life insurance.