Many seniors over 75 believe they are too old to obtain life insurance. Fortunately, this is not true.
Life insurance 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 Life Insurance
Final expense, or burial insurance, 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 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 companies offer this type of coverage for seniors over 75 years old, but for some seniors, this is the only option.
The good thing about this type of policy is that anyone can qualify, and is guaranteed to be accepted. There are no medical 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.
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.
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 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, 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 the process as 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!