At Huntley Wealth Insurance, we specialize in finding affordable term and whole life insurance coverage for ages 70 through 75 years old.
Cost of Life Insurance at Age 70-75 – Sample Quotes Below!
If you’re a typical 70-75 year old, you will have some medical conditions or may take medications for blood pressure, cholesterol, or have a detailed medical history. This is where our service stands above the rest. We specialize in high risk life insurance cases.
Average Monthly Premium for 10 Year Term, 70-75 Year Old Male
AGE 100,000 250,000 500,000
70 Year Old Male 96.74 212.50 413.69
71 Year Old Male 105.10 235.34 455.45
72 Year Old Male 114.93 262.52 506.34
73 Year Old Male 126.15 293.63 566.81
74 Year Old Male 138.50 327.56 636.84
75 Year Old Male 151.29 363.01 712.97*
*The quotes above are based on a healthy male, who would qualify for a “Preferred Non-Smoker” Rating. Better rates are available for healthier individuals, as well as lower ratings and higher premiums for individuals who cannot qualify for preferred. Quotes are for a 10 year term life insurance policy as of 6/23/2013 and are subject to change.
Should I Buy Term Life Insurance or Whole Life Coverage Over Age 70?
I prefer a type of permanent or whole life coverage called guaranteed universal life insurance, which is essentially a term policy that covers you for the rest of your life, but without all the cash value build-up that you get with a whole life policy.
Reasons to Consider Guaranteed Universal Life:
- Offers guaranteed level premiums for life
- Face value (death benefit) is guaranteed never to decrease
- Half the cost of whole life, on average
Term insurance is mostly purchased by young adults to replace income lost in the event of their death. Most people who need life insurance over the age of 70 don’t need it for income replacement. They need it for the rest of their lives. That’s why I recommend a permanent policy.
Is Term Life Insurance Still Available at Ages 71, 72, etc.?
Yes! I get a lot clients age 70 and older who only want term insurance. It makes sense for them to purchase term coverage as long as they are only going to need the coverage for another 10 to 15 years.
Recent age limits have been placed on term policies, however. (See our article on how getting older can affect the type of policy you can buy.)
You can still purchase a 10 year term policy all the way up to age 75. In the past, from age 76 to 80, you could get a traditional 15 year term policy and could get a 10 year term policy all the way up to age 85.
Now, however, the age limits have come down, so you can’t get a plain vanilla term policy at these older ages. If you need coverage for a limited time period, you can still do so with a guaranteed universal life insurance policy set with guarantees to age 90 or 95.
At any of these ages, you can still apply for permanent policies like guaranteed universal life insurance to age 120, which I prefer.
What if I have a Pre-Existing Condition?
Helping you is our specialty!
We’ve helped hundreds of individuals purchase life insurance who took medications for various conditions, or had a history of diabetes, cancer, or diabetes.
- We were able to help a 73 year old female qualify for a Standard rating with diabetes.
- A 74 year old man recently qualified for a Standard policy with us who had a history of prostate cancer.
What Steps are Involved in Buying Life Insurance?
In most cases, this will be the process:
- Get a quote (by phone or online)
- Apply for coverage – simple process, which can be done by phone
- Take a free medical exam
- Wait 4-6 weeks for approval
- Pay your first premium, and your policy is now effective
Have Questions? Give us a Call!
If you have any questions or need assistance selecting the appropriate type or amount of life insurance coverage, please feel free to call the office at 877-443-9467, or you can click here to get a quote.*Written by Chris Huntley. Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.