Life Insurance for Seniors Over 75| Best Quote
Life Insurance for Seniors Over 75| Best Quote
No matter what age you are in life, buying a life insurance policy is definitely something to add to your overall financial portfolio.
If you have reached age 75 it is definitely not too late to consider senior life insurance.
Have you been declined for insurance protection because of your age? Regardless of your health or age, there are several options for you to get life insurance coverage.
We can help you find right insurance for you over age 75.Call us at 904 203 1763
What chances are there to get an affordable plan for seniors over 75?
Remember that the insurance market is very competitive. One company may offer a benefits package, and another may offer a better one. This competition for a senior’s money makes it easier than ever to get life insurance. The life insurance companies are continually updating and improving their policies as they try and attract healthy seniors who are financially stable.
There are 3 different policy types that we recommend for people in their 75s:
1.10-Year Term: Are you in good health and still active? You may qualify for medically underwritten life insurance — the most affordable life insurance for seniors over 75!
2.Guaranteed Issue: No matter how bad your health is, you’re guaranteed acceptance. It doesn’t require a medical exam and it is costly, but you’re guaranteed to leave cash behind for your loved ones.
3.Simplified Issue: There’s no medical exam with this type of policy, either. Just answer a questionnaire about your medical history in order to apply. It’s not guaranteed, but acceptance rates are higher than policies that require a medical exam. This is better known as final expense life insurance for seniors.
What To Consider When Purchasing Life Insurance For Seniors Over 75?
The first thing you need to understand is that even though life insurance policies for this age group are gaining in popularity, you’ll still pay more than a person who is 30. However, a senior in good health and with few chronic conditions can often find very affordable life insurance.
The most suitable type of policy:
A term life insurance for seniors over 75 is an affordable option. You can cover yourself for up to 30 years with such plan. There is whole life policy also that builds cash value over the period until you die as this type of policy expires as the policyholder dies.
Most of these life insurance policies feature graded coverage. This means the coverage gradually expands for up to two years following the initial purchase. This is the insurance industry’s way of hedging their bets in case a senior doesn’t survive for two more years. If this happens, many life insurance policies will only pay out the premiums paid up to that point.
Most good life insurance policies require a health exam before they will issue a policy. There are some that provide limited benefits without the physical exam, but the plans with decent coverage almost always require an exam. The cost of these types of policies is usually less expensive than one that doesn’t require a health exam. Even when there is no exam requirement, you may still be asked certain health-related questions.
A Guaranteed Acceptance Plan doesn’t require any type of health exam or any health-related questions. A senior is guaranteed some type of coverage under this kind of life insurance, but usually, pay higher premiums for limited coverage.
Seniors With Health Issues
If a senior has certain health issues, it can be difficult to find a decent life insurance. It may be best for a senior with health problems to apply for guaranteed life insurance since there is no health exam. They may be eligible for a policy that doesn’t require an exam but just asks some health-related questions. These types of plans may be the only options for a senior with serious health problems.
This is important…
Most life insurance companies understand that anyone over the age of 75 will probably have some chronic health condition. These companies are typically willing to accept diabetes, high blood pressure, and even some cardiac health conditions. If you have one or more chronic health conditions, it is best to discuss your health conditions with an insurance agent to find the best policy.
HEALTH IMPAIRMENTS RATINGS FOR SENIORS OVER 75
Seniors and those over 75 looking for life insurance will have more of a challenge getting coverage. Especially with the following health impairments.
- Atrial Fibrillation – A standard rate is possible as long as it’s Paroxysmal/Intermittent/Recurrent, but normally table rated from T3-T7. If current heart failure, then a decline.
- Sleep Apnea Disorder – A Standard rate is possible if the diagnosis is mild Sleep Apnea and compliant with use of a CPAP daily. Severe and compliant possible table 2, non-compliant is a decline.
- Type 1 or 2 Diabetes– Type 1 for seniors over 7 years since diagnosis is a decline. Type 2 diabetes if onset over 66 and a controlled A1C, possible Standard Plus to Table 2.
- Cancer Patient Survivors – Depending on cancer type, never better than a standard rate, and in most cases cancer free for over 5 years with no repercussions.
- Bipolar Disorder– If a senior has bipolar disorder and is mild with no suicide history, then standard is possible if no antipsychotic medication.
- Epilepsy/Seizures– Complex partial, after 6 months to two years from last seizure table 3, 3-5 years table 2, after 5 years possible standard. Simple partial table 3 if within 2 years of last seizure, after 2 years then standard. Metabolic brain disease, within 5 years decline.
SENIOR CITIZENS LIFE INSURANCE OVER THE AGE OF 75 WITH NO MEDICAL EXAM
In regards to senior citizens life insurance, many older people would prefer not doing a medical exam to receive senior life insurance. Maybe you don’t like needles, or perhaps you are in poor health or over 75.
You can opt for a no medical exam for guaranteed coverage. Consequently, the plans will be more expensive than a standard life insurance policy. However, you can get insured much faster with a no medical exam policy. If you have a dangerous lifestyle, you made need to look at special risk life insurance. Furthermore, if you are in your late 50’s, you might want to look at the 20 year term life insurance policy as the most affordable term.
However, a 30 year term is not available for those seeking life insurance over 60.
Should I opt For A No Exam Policy Or Not?
The general rule of thumb is that if you only need protection of smaller amounts, you should probably opt for a no exam term life insurance policy. This dollar amount is typically considered to be less than $50,000. For larger policies, you should try to go through underwriting first and see if you can get approved because the rates will be better.
There are several advantages and disadvantages. The advantages are that they are easy to apply for, and just about anyone can be approved for the policies. The disadvantages are that they are more expensive and the lower coverage limits. These no exam policies aren’t ideal for everyone, but they could be perfect for you depending on your situation. You’ll have to weigh all of the pros and cons.
Selecting A Life Insurance Policy For Seniors Over 75
When you are considering purchasing a life insurance policy, it is recommended to get enough coverage to pay for funeral costs, pay off any debts, and help your family with other expenses.
This is why it is important to discuss your life insurance amounts with your family members before purchasing a policy.
You may discover you don’t need as much coverage as you thought which can help keep the premiums down. There are some common costs to consider when choosing a coverage amount.
How much does funeral cost today?
Depending on the type of funeral you want, burial costs can start at $500 and go up. The average cost of a full funeral today is almost $10,000. It may be possible to purchase a funeral expenses life insurance plan that will cover most of the funeral and burial expenses. It is recommended that the minimum amount of coverage for this type of plan be no less than $9,000.
What to do when you have debt?
If you have any debt, factor this amount into your life insurance coverage amount. You don’t want to leave your debt for your family to pay. You may have a mortgage, car loan or other types of debt. Purchase a life insurance policy with a payout large enough to completely pay off any debts you owe. If you live a long time and your debts decrease, any excess life insurance monies will be passed to your designated beneficiaries.
Calculating the face value or death benefit…
Once you have a total amount that includes both funeral costs and debt owed, double that amount in life insurance coverage. This should be the minimum amount you purchase.
Term life insurance is a good choice if you need to keep premiums down. If the coverage amount of the policy is less than $50,000 it is usually quite easy for a senior over age 75 to find an affordable policy.
The next consideration is finding the right insurance company.
HIGHLY RECOMMENDED CARRIERS FOR LIFE INSURANCE FOR SENIORS OVER AGE 75
The following are carriers that have great life insurance for seniors over 75:
It is never, a bad idea to call on an experienced life insurance agent who is knowledgeable in the senior life insurance market. If this is the route you take, make sure that they specialize in elderly life insurance policies, which we do. This can save you time and money because we already know which life insurance companies have easier underwriting standards for seniors.
If you’ve tried to get life insurance before, but they declined your application because of your age, don’t give up hope. Call us at 904 203 1763