Are you in your 70’s and looking for affordable life insurance?
At Huntley Wealth, we specialize in finding affordable term and whole life insurance coverage for ages 70 through 75 years old.
Yes you heard me right! Our agents are well versed in finding the most affordable policies available for people in their golden years.
There are many policy options available for you, including 10 and 15 year term life insurance, and permanent policies such as whole life or universal life insurance. Let’s take a closer look at your choices now!
Term Life Insurance Surprisingly Affordable in Your 70's
So let’s be frank, as we age our health changes…
….and in most cases it deteriorates. This is not good news for life insurance premiums. The older you get the more you pay.
The reason is really quite simple. You pay higher premiums later in life, because there is greater risk associated with insuring you.
If you’re a typical 70-75 year old, you will have some medical conditions facing you or may take medications for blood pressure, cholesterol, or other issues reflected in your history.
The good news?
If you are relatively healthy and need coverage for 10 – 15 years, term life insurance in your 70’s is surprisingly affordable. But don’t forget to consult an independent agency, such as Huntley Wealth as we will find you the best rates available.
No only do we have access to dozens of life insurance companies, but our service stands head and shoulders above the rest because we specialize in high risk life insurance cases.
So let’s take a look at the numbers:
Sample Term Life Insurance Quotes Non-Smoking Male 70 - 75
|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*|
Wow! A 70 year old male non smoker can get $100,000.00 of coverage for 10 years at less than $100.00 per month, which means he will be covered until he turns 80. To me, that’s a bargain! He’ll pay less than $12,000 over 10 years, and yet, if he passes away, it will pay out nearly 10x that much! All rates subject to change and better premiums are available for healthier individuals. Clients who qualify for lower ratings may also pay higher premiums. I highly suggest consulting an independent agent to find the insurance company that will work best for you.
In My 70's Should I Choose Term or Permanent Life Insurance?
I think the main question you should answer is, “why do you need life insurance in your 70’s?“
Most people use life insurance for income replacement.
… say you only plan to work for 5-10 more years.
You may still have dependents that require your income to sustain their quality of life or business interests that hinge on you working. If that is the case, then you may want to consider purchasing a term policy.
… however, if you need lifelong coverage, you should consider a Guaranteed Universal Life to Age 100 or 120 quote.
Please bear in mind that rates escalate quickly in your 70’s. Typically premiums go up 15- 16% every year up to the age of 75, not to mention that when you hit 75 you’ve approached the cut off for 10 year term insurance and you’ll have to consider other permanent options to satisfy your life insurance needs.
In my personal experience, most people who need life insurance over the age of 70 don’t require it for income replacement. They are looking for life insurance to cover them for the rest of their lives.
That’s why I typically recommend a permanent policy called guaranteed universal life insurance (GUL) as it generally fits the bill.
This is essentially a term policy that covers you for the remainder 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
How Old is Too Old? 71, 72...73...?
Are you too old to enjoy the benefits of term life insurance in your 70’s?
I get a lot clients who are age 70 and older that only want term insurance…and it absolutely makes sense for them to purchase term because they only need 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 for more information.
In the past, from age 76 to 80, you could get a traditional 15 year term policy or a 10 year term policy all the way up to age 85. This is unfortunately no longer the case.
…but you can still purchase a 10 year term policy up to 75 years of age.
This brings me back to guaranteed universal life insurance, which can be used to cover you to age 120! This is the option I prefer in most cases anyway.
What if I have a Pre-Existing Condition?
As you know, aging can be hard on the body.
In our youth, health is taken for granted. Your eyesight is great, hearing impeccable and blood sugar and cholesterol usually normal. This is not to say that there aren’t exceptions to the rule. I myself, had to battle high cholesterol in my 30’s, but for the most part youth is a time of health.
In your 70’s, chances are you may have some medical issues that could affect your life insurance pricing.
So now what?
Luckily you’ve found Huntley Wealth! Helping people with medical conditions is our specialty.
Did you know that medical issues are treated very differently from one life insurance company to another?
In other words, one insurer may be very lenient with smoking cigars, allowing you to qualify as a non-smoker and preferential rates if you only smoke a couple every year, while another may penalize you as a smoker without qualification.
We know all of the ins and outs of the life insurance companies and their underwriting policies, so we can help you find the best fit for you. This is especially important if you have multiple conditions.
At Huntley Wealth, we’ve literally helped hundreds of individuals purchase life insurance who have taken 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.
If you would like more information about how we have assisted clients with difficult health histories, please visit our About Us Page and read our testimonials!
For your ease I am adding some sample quotes for a non-smoking male looking for health insurance in his 70’s who qualifies for a standard rating, due to some health issues. This will give you an idea of the premiums he will pay:
Sample Term Life Insurance Quotes Non-Smoking Male 70 - 75 with Health Issues
|70 Year Old Male||$124.65||$303.18||$573.06|
|71 Year Old Male||$142.29||$347.30||$657.40|
|72 Year Old Male||$151.46||$370.22||$701.52|
|73 Year Old Male||$165.99||$406.55||$770.28|
|74 Year Old Male||$193.33||$474.89||$901.33|
|75 Year Old Male||$241.59||$595.55||$1,130.56*|
* These life insurance quotes are based on a male non-smoker that qualifies for Standard rates, looking for 10 years of guaranteed level term coverage as of 10/7/16.
As you can see above, premiums go up quite substantially when you have health issues in your 70’s.
The good news is $100,000.00 in protection will cost you no more than $250.00 per month throughout your 70’s. This isn’t a bad deal considering the fact the insured is not in optimum health.
…that being said, if you are looking for larger amounts of coverage the numbers go up exponentially. A 75 year old man in standard health would have to pay $1130.00 for $500,000.00 in coverage. This is quite a costly safety net!
How Much Coverage Do You REALLY Need in Your 70's?
In your 70’s your financial obligations should be winding down. Hopefully you have been eating away at your debt and your dependents are becoming self sufficient.
Circumstances may be very different if you married a younger partner or started your family later in life. If that is the case, you may still have a lot of responsibilities.
I ask all of my clients to sit down and really take a cold hard look at their needs. If you were to pass away tomorrow what would your family or spouse need to move on with the lifestyle they have become accustomed to?
Here’s the bottom line:
It’s very easy to underestimate those needs. The numbers add up fast!
Huntley Wealth Insurance Needs Calculator
To make crunching the numbers easier, I’ve developed a Life Insurance Needs Calculator that will help you figure out how much insurance you will need.
Too little insurance, leaves your dependents in financially difficulty – too much is a waste of your hard earned cash.
So what’s your sweet spot?
In your 70’s you may be able to get away with far less coverage than you would in your 40’s. Let’s check it out now!
In Your 70's Time is of the Essence
You are probably wondering:
Why do all of my articles place such a strong emphasis on acting when you need life insurance?
To be quite frank, during this period of your life premiums will grow exponentially from year to year. Do NOT put it off if you are in your 70’s!
It’s amazing to see just how much waiting even one year really hits your bank account.
To be perfectly transparent, at this point in your life the insurers are passing on the burden of risk to you through higher premiums.
They realize that although you may be healthy now, this can change radically in a short space of time.
Premium Results for Declining Health
A lot can happen in a year. Let’s take a look at a 70 year old non-smoking woman looking for $250,000 in coverage for 10 years.
Here’s the deal:
If she was healthy and qualified for a Preferred rate the best quote I could give her would be $130.00 per month.
If that same woman came to me 1 year later suffering from a health ailment that put her in a Standard classification, the best I could do for her would be $191.00 per month. Over a period of 10 years this would amount to a $7320.00 savings if she had purchased her policy when she was 70 and healthier.
Now you can really see what a difference a year and declining health can mean in terms of your overall premiums.
Premium For Increasing Birthdays
For each birthday in your 70’s premiums go up substantially. If a 72 year old woman wanted to obtain $500,000 in coverage for 10 years and was in good health (qualifying for a Preferred rating) she would pay about $242.00 per month.
If that same woman waited until she was 73 years old she would pay $348.00 per month and in another year at 74 years of age she would pay a staggering $408.00 per month!
To put it into perspective, had she purchased the policy when she was 72 as opposed to 74 she would save a grand total $19,920!
Now if that’s not motivation to keep from procrastinating, I don’t know what is.
What Steps are Involved in Buying Life Insurance?
If you’ve never applied for a policy, you might be wondering how it’s done. In most cases, this will be the process:
- Get a quote, by phone or online.
- Apply for coverage. This is a simple process, which can be done over the phone.
- Take a free medical exam.
- Wait 4-6 weeks for approval.
- Pay your first premium, and your policy is now effective.
Obtaining life insurance is a pretty painless event. At Huntley Wealth we pride ourselves on treating each and every client as a lifelong customer.
Unfortunately, too many agents sell you a policy, to never be heard from again. Not us! Your needs may change and we will be there to assess what is best for your evolving circumstances.
Why Huntley Wealth
I’m Chris Huntley, the founder and president of Huntley Wealth and I’ve been in the life insurance industry since for over 15 years.
My job is the best, because I help people find the safety they need during vulnerable times.
I have spent numerous hours educating people on how to use life insurance to make sure that their families never have to face a financial ruin should there be an unexpected death.
This may be even more important later in life.
We believe our job as an agency is to educate, not sell. We don’t have sales quotas or “call center” agents. We offer customized, boutique service.
If you are age 70 – 75 and are in the market for life insurance, we can help you find the best possible policy for your personal circumstances. Do you have diabetes, elevated blood pressure or cholesterol? Worry not, we specialize in high risk life insurance and will find you the most affordable rates in the business.
From bad hearts to missing parts, we’ve got you covered!
Please call the office at 877-443-9467 today! We can help.