According to the U.S. Census Bureau, in 2035 almost 20% of residents in the United State are expected to be at least age 70.
In this article, we'll cover:
- Tips to find the lowest life insurance rates for those over 70 years old.
- Explain how life insurance companies view older people (there are different underwriting guidelines)
- Provide sample life insurance rates.
Life Insurance Underwriting Over Age 70
Don't Let Your Health Issues Deter You!
Older life insurance applicants are more likely to have chronic impairments, including hypertension, cardiovascular disease and diabetes. However, these health issues are less of a concern for life insurance underwriters than they are for younger applicants, especially if they're well controlled and there is regular follow up and compliance with treatment.
If you do have multiple impairments, make sure you seek out a high risk life insurance agent who can help you find the best rates.
Social and Exercising Factors Play a Role
Evidence of regular exercise and the pursuit of activities such as work, hobbies, pets and an active social life are all favorable factors. However, these questions usually aren't listed on a life insurance application, so how are underwriters supposed to know?
Your agent is supposed to make it known.
Make sure you have a life insurance agent that's experienced in helping older people over 70 years old find life insurance. Volunteering this information on a cover letter to the underwriting is absolutely necessary to secure the best rates.
Issues of Concern for Older People
Frailty, balance problems, falls, unexplained weight loss, weakness, fatigue, low physical activity and recent hospitalizations are all specific life insurance concerns for older people over 70 years old.
To life insurance underwriters, indicators of any of these show an increased mortality risk.
Also, issues of concern are dementia and alzheimer's disease. Sometimes the diagnosis of mild cognitive impairment may be made in someone with memory loss but who is still able to perform daily living activities. This would suggest an increased risk of progression to dementia and you will have trouble finding affordable life insurance rates.
Also common for older people over age 70 are creatinine levels that may be in the normal range for a younger person, but reflects kidney disease in an older person. Along the same lines, a low cholesterol or albumin level could also reflect a serious condition. Unexplained anemia might make obtaining life insurance tough as well.
All of these issues are unique to securing life insurance over age 70. Make sure you choose your agent wisely so they can navigate any health issues you may have.
Life Insurance Tips if You're Over Age 70
Tip #1: Consider a small whole life policy
These are often referred to as "final expense" policies. These policies are typically between $10,000 - $25,000 of coverage with premium payments guaranteed level for the life of the policy. They don't require a medical exam and are very popular among older people over age 70.
Tip #2: Consider a guaranteed universal life insurance policy
IF you're in good health, this will be the cheapest permanent life insurance you can find. Just like the final expense policy explained in tip #1, the death benefit and premiums are guaranteed level for the life of the policy. However you do have to take a medical exam which is why you need to be healthy to qualify for this product.
Tip #3: Consider a Term Life Insurance Policy
If you only need coverage for a certain amount of time, then term life insurance will be your least expensive option. However, you do have to take a medical exam to qualify.
Life insurance consumers over age 70 typically only buy term life insurance to cover short term needs, but it will give you the biggest amount of life insurance for the lowest cost.
Tip #4: Be as detailed as possible with your agent regarding your health
Your agent is on your side. An independent agent works on your behalf and not on behalf of any life insurance company. The worst thing you can do is withhold important health information from your agent.
Every life insurance company will look at your health differently. The key is to find the company that will look most favorably at YOUR unique health situations.
Tip #5: Work with an independent life insurance agent who can compare all your options
So I touched on this above, but make sure your life insurance agent has access to all the top rated life insurance carriers and can compare all of your options for you.
This may seem like a no-brainer, but we have to mention it because every week we are replacing life insurance policies with less expensive alternatives because not many people know to use an independent life insurance agent.
Life Insurance Rates for People Over Age 70
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As you age, the cost of life insurance gets expensive. Here are some sample rates so you can see what's available for you.
Rates shown below are preferred rates on a 10 year term (as of January 2013). Rates are shown as monthly.
As you can see, the cost of life insurance gets much more expensive as you age. Use the figures above as a ballpark range if you're in good health.
If you're in fair health you may want to consider a final expense life insurance policy. Here are some sample rates.
Rates shown below are for a final expense policy - guaranteed level premiums. No medical exam needed. Rates shown below are monthly.
You have a lot of options when you're searching for life insurance over age 70. The best advice we can give is to contact us and we'll advise you on what products and company to go with based on your goals. We always work within your budget as well.