No matter how old or young you are, looking into obtaining life insurance is never a bad idea. Too many seniors over age 75 believe they are too old to obtain life insurance or even too old to be approved for it in the first place.
We are here to tell you that is not true and fortunately for you, obtaining a life insurance policy is still within your grasp even if you are looking for life insurance with diabetes or high risk life insurance.
We will say though, that age is a factor in many things, mostly cost. If you want to add life insurance to your portfolio, then you’re better off doing it as soon as possible. While being 75 years old definitely won’t exclude you from being able to take out life insurance, it will be much easier, not to mention cheaper to secure coverage now rather than later.
What options do seniors over 75 have?
There are surprisingly few things that will keep you from obtaining term coverage, even at the age of 75 or more. It is important to note though that whole life coverage will be expensive and 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's no medical exams.
That said, short term coverage, especially at this age is much harder to qualify for as you'll need to take the life insurance medical exam to qualify. 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.
Of course, everyone’s individual situation is different, and you would be well advised to contact someone like ourselves for more info before making any large decisions on the subject.
To exam or not to exam?
As a senior, it is expected that your health will not be as good as someone in their 20s. As a result, the amount you will pay on various policies will also be much higher.
Sometimes it is possible to get your premiums lowered by undergoing a medical exam. If you are in good health then this can be 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, if they will uncover serious medical problems, it might just be cheaper to go for a no exam policy.
If your health is so bad that you feel you might be declined for coverage entirely, then you might consider going for whole life insurance, although you the premiums will not be more expensive. There are "Graded" and "Guaranteed Issue" plans that don't have any health questions.
The unfortunate part is that at this age, there is no guarantee of acceptance, although with a little effort it is usually possible. Just be aware of what issues usually arise during the application process, and try to skirt around the risky areas.
Need a quote?
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 get through the underwriting process is much slimmer.
If you need some sort of help or advantage picking through the various insurance products available for purchase at your age, we are hear to help. We listen to all situations on an individual basis, and can help to find the best solution for you. If you have any questions at all, please don't hesitate to contact us.