Would it surprise you that life insurance for seniors over 75 is not only obtainable but affordable as well? Additionally, since life insurance rates are based on your age, health, and amount of coverage, it certainly makes sense that you get a solid plan in place sooner rather than later.
Unfortunately, however, things happen to a lot of us that may force us to delay getting life insurance earlier in life and then we eventually find ourselves near the end of our lives without the life insurance we need to financially protect our surviving loved ones.
Actually, it’s not uncommon for seniors over 75 to find themselves shopping for life insurance. Maybe you already have life insurance and want to buy additional protection or maybe for various reasons, you find yourself with no life insurance at all and have suddenly begun to panic.
If this is you, take a breath and relax because you can find affordable life insurance for seniors over 75 and in this article, we’re going to tell you how.
Which Life Insurance for Seniors over 75 Works Best?
Simply put, the reason for your life insurance will determine the type of coverage you should purchase. For example, if your need for life insurance is temporary and short-term, your most affordable solution will likely be a 10-year term policy. But, if you need life insurance for final expenses so you don’t leave this burden to surviving loved ones, the better solution is going to be a Final Expense Insurance policy using whole life insurance that will last for a lifetime.
The amount of insurance you need will also have an impact on the type of policy you purchase. For example, if you need $100,000 in coverage, you’ll probably go with term insurance (if you qualify) because most whole life final expense policies have a maximum death benefit of about $35,000.
The best thing about using whole life final expense insurance is that you need not worry about medical exams and blood tests and the underwriting guidelines (qualifications) are very liberal. This means you will likely be accepted even with issues like diabetes, high blood pressure, and a history of cancer.
It’s also important to note that once you’ve had your 76th birthday; it’s unlikely that you can buy term insurance for more than 10 years. This means that you could outlive your policy coverage and be left with no coverage at all.
How Much Final Expense Life Insurance Should I Buy?
The face amount (death benefit) of your policy should be sufficient to cover your purpose for buying it. For example, most seniors buy enough final expense insurance to cover the eventual cost of their funeral and burial plus some additional coverage to take care of lingering medical bills and nursing home costs that will not be paid by Medicare.
Certainly, everyone will have different final expense needs when they die but for the purpose of this article let’s use some averages. Currently, the average cost of a moderately priced funeral and burial is between $9,000 and $12,000. So, if you add additional coverage for medical bills and unpaid nursing home expenses, a $20,000 death benefit will likely be enough to cover these final expenses. Additionally $15,000 or $20,000 of life insurance for seniors over 75 is still doable in most cases.
When you have whole life insurance in place, you can have peace of mind knowing that your loved ones will not have to stress over the cost of your funeral and other final expenses while they are in mourning.
Does Final Expense Insurance have Guarantees?
When you purchase whole life final expense insurance, you get all the benefits and guarantees that come with traditional whole life insurance:
- Life insurance coverage for a lifetime as long as you pay the premium
- Level premiums which cannot be increased by the insurance company
- Cash value that earns interest and can be accessed via loans or withdrawals
These guarantees ensure that once you purchase your policy and make the periodic premiums, your coverage will be there when your loved ones will need it.
Next, we’ll take a look at the best life insurance for seniors 75 and over.
How Much Does Final Expense Insurance Cost?
Like traditional life insurance, final expense insurance rates are based on your age, your health, and the amount of coverage you require. We have found over time, that Family Benefit Life Insurance Company is one of the most competitive companies we represent, highly-rated, and have liberal underwriting guidelines that make it easier to get level benefits and first-day coverage.
Here are their actual rates for a 76-year old senior who does not use tobacco:
This chart indicates your cost of insurance based on the amount of death benefit. You will notice that the rates for women are lower than the rates for men. This is because women typically live longer than men which allows the insurance company more opportunity to collect premiums over their lifetime.
What are the Best Life Insurance for Seniors over 75 rates from Family Benefit Life?
Since we know that life insurance rates go up as we age, let’s look at how much more we’ll pay when we put off making a purchase.
Here are actual rates from Family Benefit Life Insurance for a $10,000 policy for a male and female non-smoker:
After you review these insurance rates based on your age, it should become apparent that your life insurance rates will never be lower than they are today. If you have been considering life insurance and you're over 75 years old, do not put it off any longer!
What if I Don't Qualify
One of the many advantages of using an independent agent like Life Policy Shopper is that we have access to most of the more competitive life insurance companies and we specialize in finding affordable life insurance for seniors. Whether you are completely healthy or dealing with some health issues, the insurance professionals at Life Policy Shopper can find you an affordable solution for your life insurance needs.
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Last Updated on May 23, 2024 by lifepolicyshopper