We know it can be difficult to search for life insurance in your seventies.
It might seem like all the affordable policies are no longer available, or that you can no longer qualify due to health concerns.
We can help! We specialize in finding affordable term and whole life insurance coverage for ages 70 through 75 years old.
Best Life Insurance for Ages 70 – 75
Think you’re too old? Worried about a medication you take, or a health issue?
AIG Direct is the best place to start. They insure individuals up to 85 years without evidence of insurability requirements.
How Much Does Life Insurance Cost at Age 70-75?
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
|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 2/4/19 and are subject to change.
Term vs. Whole Life Coverage Over Age 70?
If you have a short term need, such as 10 to 15 years, I recommend term life insurance.
Term Life Insurance
Term life insurance covers you for a defined period of time, such as 10 or 15 years, offering you low, level premiums during the duration of the term.
Here are the benefits of a term policy:
However, term policies only offer coverage for 10-15 years in your 70’s, which is not preferable for many people. Most of our age 70+ clients prefer a “Lifetime Guaranteed” policy…
Guaranteed Universal Life Insurance
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:
If you’d like to see free pricing for a guaranteed universal life insurance quote, click below and select “Lifetime” from the Duration option.
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 Age 70?
Yes! I get a lot of 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. To learn more about these limitations, see our article on how getting older can affect the type of policy you can buy.
For example, here are Protective’s Age Limits.
The age limits I’d like to point out are as follows:
As you can see, 75 year olds can still buy 10 year term, but cannot qualify for a 15 year plan.
In the past, from age 76 to 80, you could get a traditional 10-15 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?
This is our specialty!
We’ve helped hundreds of individuals purchase life insurance who took medications for various conditions or had a history of heart disease, cancer, or diabetes.
Approval Tips if You Have a Medical Condition
The most important thing you can do is…
STAY AWAY FROM CAPTIVE INSURANCE AGENTS!
Say you’re 74 year old female and have a history of high cholesterol, and once had a stroke. If you go to an agency like Farmer’s or State Farm, most likely they’re going to sell you a Farmer’s or State Farm policy… even though those companies penalize you severely for having a stroke.
If you use an “independent agent” (we are independent here at Huntley Wealth), your agent can shop around for the company who would be fairest and charge the least with your particular history of cholesterol and a stroke.
Using an independent agent can easily save you 50-75% on life insurance.
For more information about how we help our clients with difficult health histories, please visit our About Us page.
What Steps are Involved in Buying Life Insurance?
In most cases, this will be the process:
Have Questions? We can help!
Whether it’s working with a senior over 70 or helping an individual qualify for life insurance with a tough medical issue, our agents have seen it all and can help.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.