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:
- Life Insurance Underwriting Over Age 70
- 5 Tips to Save on Life Insurance if You’re Over Age 70
- Life Insurance Rates for People Over Age 70
- How to Apply for Life Insurance Over Age 70
Life Insurance Underwriting Over Age 70
The underwriting process is slightly different, and more in-depth, for seniors over 70 years old.
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 Activities 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.
5 Tips to Save on Life Insurance if You’re Over Age 70
Generally, there are a few things people over 70 can do to save money on their life insurance policy.
#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.
#2: Consider a Guaranteed Universal Life Insurance Policy
IF you’re in good health, a guaranteed universal policy 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.
#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.
#4: Give Your Agent Every Detail 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.
#5: Work with a Life Insurance Agent Who Can Compare Multiple Companies
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
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. Rates are shown as monthly for people in the “preferred” health class.
Rates for Men
Rates for Women
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.
How to Apply for Life Insurance Over Age 70
You have a lot of options when you’re searching for life insurance over age 70. The best advice we can give is to make sure you compare multiple companies.
Every company will view your situation differently, so the more companies you can compare, the more likely you will be to find a lower rate.
The easiest way to get started is to fill out the quote form on this page. You’ll be able to see rates instantly. Then, one of our independent agents will contact you to help you with the entire application process. We’ll advise you on what policies and company to go with based on your goals. We always work within your budget as well.
This is simply the best way to make sure you get the best life insurance policy as a senior over 70.