Last Updated: March 2021
People over 75 years old can qualify for life insurance.
Life insurance options for seniors over 75 are slightly harder to find, but you can almost certainly still find an affordable policy up to age 80+.
Below you are going to learn how to find life insurance for this age group. We’ll show you the best types, the costs, details about the medical exam, and how to compare quotes.
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
- How Health Problems Change Life Insurance for Seniors Over 75-Years-Old
- Many Companies Have Age Limits on Life Insurance
- How Much Does Life Insurance Cost Over Age 75?
- Best Life Insurance Companies for Seniors Over 75
- The 5 Best Burial Insurance Companies for Seniors
- About Life Insurance Medical Exams for Seniors Age 75 and Older
- Case Studies of People Over Age 75 Finding Life Insurance
- The Easiest Way To Find Life Insurance Quotes at 75 Years Old
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 different 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.
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 or 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.
Guaranteed Acceptance Life Insurance for Seniors
Guaranteed acceptance 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 graded death benefit with these policies, which means you have to wait, 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 cost 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.
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.
Long Term Care Insurance
Finding long term care insurance with life insurance over the age of 70 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 applicants 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.
How Health Problems Change Life Insurance for Seniors Over 75-Years-Old
If you have more serious health conditions, it becomes increasingly more difficult to find coverage. You are often quoted much higher rates and may even just be declined coverage.
For these cases, guaranteed acceptance life insurance might be the only option to consider. 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.
Health Problems That Affect Life Insurance for Seniors
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 of finding more affordable life insurance for the elderly.
- Atrial Fibrillation: It is still possible to be given a standard rate for life insurance with atrial fibrillation. 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, finding life insurance with sleep apnea, in severe cases or if you don’t manage it well, becomes very difficult over age 75.
- Cancer Survivors: Qualifying for life insurance for cancer survivors 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.
Many Companies Have Age Limits on 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.
- 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 significantly more expensive because you are getting closer to what insurance companies refer to as the mortality age.
How Much Does Life Insurance Cost Over Age 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 properly preparing for your life insurance medical exam.
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.
Best Life Insurance Companies for Seniors over 75
Here are the best life insurance companies for seniors over 75 to consider.
- AIG: Best for term life insurance with low monthly rates for this age range.
- Mutual of Omaha: Best for whole life insurance with good rates for whole life insurance available in smaller amounts to cover burial insurance.
- AIG: Best for high-risk life insurance as there are not many carriers that offer term coverage for this age range, but AIG does, and they take on more risk than others.
Although these are generally the best companies, they may not be the best for you. Every situation is different so it’s always smart to compare multiple companies.
One of our independent agents can help, so start by filling out the quote form on the right.
The 5 Best Burial Insurance Companies for Seniors
For most seniors, burial insurance is the best type of coverage because of its affordability and value. The 5 companies below are the best burial insurance companies for anyone over age 75.
- Mutual of Omaha – Great for low rates, and reputation with strong financial ratings.
- Family Benefit Life Insurance – Great for low rates, especially for high-risk applicants. Only available in 28 states.
- Prosperity Life – Good rates for non-cigarette smokers (marijuana, chew, dip, or cigar smokers) & diabetics.
- Guarantee Trust Life – Great for high-risk applicants who can’t qualify for level coverage with other companies. Only 5 health questions on the application. Graded death benefit life insurance policy, but cheaper and better than other guaranteed acceptance policies.
- Royal Neighbors of America – Great for extra benefits with your coverage. They also accept a lot of risks that other companies won’t.
About 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 someone applying for life insurance at 60 years old. 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 that you are healthy.
On the other hand, while life insurance with no medical exam is 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.
Case Studies of People Over Age 75 Finding Life Insurance
Below are three real-life case studies of clients over 75 years old who have successfully found life insurance. These examples can help show you how to find the right policy.
Case Study #1: Married Couple with Health Problems Needing Burial Insurance Coverage
- Situation: Married couple over 75 with health problems on social security.
- Coverage Needed: Burial insurance to help with cremation and funeral costs.
- Result: We helped them find $10,000 in coverage for $92 per month.
A husband and wife both had health issues and were living off their social security. They wanted a small life insurance policy to cover their burial expenses so they didn’t burden each other or their family. The average cost of cremation is over $1000 (source: Legacy.com), and that doesn’t include other funeral expenses.
However, they were both over 75 years old and didn’t think they could qualify for an affordable policy.
Being a former smoker, the husband had COPD and high blood pressure. As a result, he kept getting really high life insurance quotes that had a 2-year waiting period before benefits started. We helped him secure $5,000 in coverage with an Aetna burial insurance policy for $50 per month.
The wife was in remission for breast cancer for 10 years and had type 2 diabetes. We were able to secure a $5,000 policy with Prosperity Life for $42 per month.
For the couple, payments would come out the day their social security deposits were made so the policy would never lapse. Many final expense life insurance companies will draft on the social security deposit dates, have a low amount of coverage, and can take higher risk applicants.
Case Study #2: Male, Over 75, with an Increasing Monthly Premium
- Situation: Male in his late 70’s who can’t afford his existing policy anymore.
- Coverage Needed: $10,000 at a cheaper price.
- Result: We helped him find $10,000 in coverage for 37% cheaper than his previous policy.
We had a man call us who had a Globe Life Insurance policy that was increasing in price every 5 years. He was very upset because he didn’t understand why and it was becoming unaffordable.
We performed a policy review and called into Globe Life together. We asked all the questions and just let this man listen in. He had purchased a policy that increased in price every 5 years and had less coverage than he thought he did.
We applied with a different company and got approved for the amount of coverage he thought he had with Globe Life, $10,000, and saved him 37% over what he was currently paying. His new policy guaranteed level for the rest of his life, meaning the premium he pays will not increase.
We then instructed him how to cancel his Globe Life Insurance policy to coincide when the new policy started so he didn’t have to make any double payments.
Case Study #3: Social Security Income Replacement
- Situation: Married couple who needed insurance in case one of them passed away and the other lost their social security income.
- Coverage Needed: $10,000 at a cheaper price.
- Result: We found a $35,000 final expense policy.
We spoke with a married couple who never thought about the fact that when the other person passed away, so did their social security benefits. You keep the higher of your 2 incomes. They realized the other person couldn’t continue living in their current place because they couldn’t afford it.
So what we did was purchase a $35,000 final expense whole life insurance policy that kept the surviving spouse in their home for the next 3 years. They could have purchased more, but it was a payment they were comfortable with.
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 of the best life insurance companies will be right 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’ve helped 1000’s of seniors over 75 secure affordable life insurance, so start by filling out our quote form or calling us today!