Many seniors over 75 believe they are too old to obtain life insurance. Fortunately, this is not true.
Life insurance options for seniors over 75 is slightly harder to find, but you can almost certainly still find an affordable life insurance policy up to 80+ years old.
Below you are going to learn:
- The best types of life insurance for people over 75
- How much is life insurance at age 75 and older?
- About the medical exam for seniors over 75
- The easiest way to compare life insurance quotes & apply
Even if you’ve been declined for insurance coverage because of your age or health in the past, there are still several options for you to get a life insurance policy.
The Best Types of Life Insurance for Seniors Over 75
There are surprisingly few things that will keep you from obtaining term coverage, even at the age of 75 and older. There are 3 types of life insurance that most people over 75 can apply for.
Final Expense Policy Life Insurance
A final expense policy, or burial insurance for seniors, is a type of whole life insurance, meaning it does not expire. It is important to note though that traditional whole life coverage will be expensive for seniors over 75.
Most people age 75 and older will opt for small whole life policies to cover any final expenses. It’s easier to qualify for this kind of final expense policy because there are no medical exams.
Usually, you can get $5,000 to $50,000 in coverage.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance is for seniors with high-risk medical conditions. Only a few life insurance companies offer this type of coverage for seniors over 75 years old, but for some seniors, this is the only benefit option.
The good thing about this type of policy is that anyone can qualify and is guaranteed to be accepted. There are no medical and health questions or exams.
These policies are, however, more expensive than traditional burial insurance. There is also a waiting period, typically 2 years, before the policy is in force.
Term Life Insurance
Term life insurance coverage, especially at this age, is much harder to qualify for as you’ll need to take the life insurance medical exam. However, if you don’t have any health issues and get regular check-ups, you shouldn’t have an issue qualifying for coverage.
Even at age 75 and all the way up through age 80, you can still purchase 10-year term life insurance. In just about every situation, this should give you the perfect amount of life insurance coverage in your 70s.
If you outlive your term policy, there are some companies that will let you convert it to a whole life policy at that point.
You will find many benefits from a term policy including simple and straight forward coverage, level premiums, and lower costs. There is no cash value or investment because as long as you pay your insurance premiums on time, you will have the coverage.
A level premium policy is when the premiums are guaranteed to remain fixed during the duration of the term you have selected. Usually these terms last between 10 and 15 years. You will also find that the costs associated with this kind of policy for seniors costs half of what a lifetime policy costs.
Of course, everyone’s individual situation is different, and we recommend contacting one of our expert life insurance agents for more info before making any decisions.
Long Term Care Insurance
Finding long term care insurance over the age of 70 for long-term care is difficult because many insurance companies take a much closer look at your current health standing. Most new policies for this type of insurance and long-term care also stop after the age of 75.
When it comes to applying for long term care insurance, approximately 45% of applicant over the age of 70 are denied coverage. This is unlike health insurance for seniors because you won’t be rejected for a health insurance policy based on your health history.
High-Risk Lifestyle Over 75
If you have more of a high-risk lifestyle and you are over 75, it may prove to be even more difficult to find insurance, and you will most likely be facing much higher prices. For example, a high-risk lifestyle includes having a history of DUI.
Once you reach 75, finding the right plan is essential because you don’t want to have to continue to shop for a different policy over the coming years. So, when finding the policy for you, remember that each year you can see a significant increase in the prices.
Funeral Policy Over 75
Funeral insurance is important for those over the age of 75 as well, so you should speak to your family to go over exactly what you need the funeral policy to cover including whether it is going to be a cremation or burial and any other funeral costs and expenses that might come up.
Funeral expenses can add up, so this kind of policy or burial insurance for senior citizens is a good way to help avoid putting the family through any financial strain upon the passing of their loved one.
How Can Health Problems Change the Life Insurance?
When you have more serious health conditions, then it becomes increasingly more difficult to find coverage. You are often quoted much higher rates and may even just be declined coverage from the get-go.
For these cases, guaranteed whole life insurance may be an option to consider because it offers you coverage despite all your current health conditions. For this kind of policy, you will, however, find much higher rates in comparison to other life insurance policies. You can also consider a burial policy to get sufficient coverage.
Health Problems Affecting Coverage
Below, you will find some of the more severe health conditions that make it that much more challenging to find a life insurance policy when you are over 75. These are all considered pre-existing medical conditions and can affect your chances at finding more affordable life insurance for elderly.
- Atrial Fibrillation. It is still possible to be given a standard rate with this condition; however, if you are currently in heart failure, the insurance company will deny you coverage.
- Sleep Apnea. If you are experiencing mild sleep apnea, then you can find a standard rate as long as you remain in compliance with your CPAP machine daily. However, severe sleep apnea and non-compliance will result in a denial of coverage.
- Cancer Survivors. It often depends on the type of cancer you had, but you can often find around a standard rate. You should also have no repercussions if you have been cancer-free for over five years.
- Type 1 or 2 Diabetes. If you were diagnosed with Type 1 Diabetes over seven years ago, then you will be declined coverage. However, if you have Type 2 and have a controlled A1C, then you may possibly be able to find a slightly higher standard rate with most insurance companies.
Policy Age Limits for Life Insurance
When looking for life insurance, it is essential to have an understanding of which products are offered and at what age. You will find that a term policy has a typical cutoff age of 80 years old.
A traditional whole life policy can usually be purchased up until the age of 80. And most burial insurance cutoffs are around 85 years old, but this may vary depending on the insurance company.
A term policy should be purchased by the time you turn 70, so you can find an affordable plan. Anything over that age will get more expensive because you are getting closer to what insurance companies refer to as the mortality age.
Second-to-Die Life Insurance
This is a type of life insurance that is for two people (typically a married couple) and provides benefits to the beneficiaries after the last surviving person listed on the policy passes. Second-to- die life insurance is also referred to as dual life insurance and survivorship insurance.
This insurance is good to purchase because it is a more economical choice and has an easier qualification process. Even if you aren’t in good health, it won’t matter as much because no benefits are paid out until the second policyholder dies. When applying for coverage as a single person with these pre-existing health conditions, you may be denied coverage.
How Much is Life Insurance for Seniors Over 75?
With life insurance, the older you get, the more you pay. There is no way around that.
However, if you can get as healthy as possible, you will be able to lower your rates by passing your medical exam (more on that below).
Life insurance rates for seniors over 75 will vary, but you must have good health to qualify for term coverage at this age.
Life Insurance Rates for Females Age 75 to 80
75-year-old females in great health can get $100,000 in term coverage for as little as $70 per month for a 10-year term policy.
Life Insurance Rates for Males Age 75 to 80
Males in good health at 79 years old will pay $230 per month or more for a similar policy. The sample rates below are for males in excellent health.
Life Insurance Medical Exams for Seniors Age 75 and Older
As a senior over 75, it is expected that your health will not be as good as a senior in their 60’s. As a result, the amount you will pay on various policies will also be higher.
Sometimes it is possible to get your monthly premiums lowered by undergoing a medical exam. If you are in good health, then this is an excellent option, since you can prove to the underwriters you are healthy.
On the other hand, while no medical exam policies are more expensive when buying life insurance, they are sometimes a better choice. If a medical exam might uncover serious medical problems, it can be cheaper to go for a no exam life insurance policy.
The Easiest Way To Find Life Insurance Quotes at 75 Years Old
You should also be aware that between the ages of 75 and 80 the number of companies willing to underwrite for you will decrease. While many will still give you quotes, the amount that actually gets through the underwriting process is much slimmer.
The easiest way to know which life insurance companies will be best for you is to work with an independent agency like us. We work with many of the top carriers and know which companies are best for your situation, no matter your age, health, or medical condition.
We know that finding the perfect life insurance policy can be a long and frustrating process, especially as a senior, but it doesn’t have to be. Our agents are here to make purchasing life insurance a process that is quick and simple as possible, all for free.
We’ve helped 1000’s of seniors over 75 secure affordable life insurance, so start by filling out our quote form and calling us today!