1. Term life insurance for seniors over 70
Term life insurance is temporary insurance coverage. A typical term life policy ranges from 10 to 30 years. Unfortunately, after your 70th birthday, you will not be able to buy a 20 or 30 year term! In other words, you are only able to purchase and get coverage for 10 or 15 years after age 70.
2. Guaranteed universal life insurance a better buy?
A guaranteed universal life insurance policy could be the best solution. With guaranteed universal life, you get a fixed premium just like term life. However, your policy and fixed premium will cover you to a specific age.
For example, you can buy a guaranteed universal life policy to age 90, 95, 100, 105, 110, all the way up to 121. So when someone age 70 is looking for a 30-year term policy (which is not available), they can buy a GUL policy to age 100 instead. This is a great policy that can provide you lifetime coverage without the hight costs of whole life insurance.
3. whole life insurance for seniors over 70
A whole life insurance policy can provide coverage for your entire life. It has a fixed premium but whole life builds cash value. Whole life is usually the most expensive type of coverage. However, you can purchase small Whole Life policies that are affordable. These are often referred to as final expense policies (more on that soon).
4. No medical exam life insurance
Most life insurance policies require a medical exam. This is especially true when buying coverage over $250,000. If you’re looking for a policy of this amount or more, you’ll probably get the best rate with a medical exam. With no exam life insurance, you’re going to pay a little extra for the convenience – sometimes a lot more.
5. Final Expense Life Insurance
As we mentioned previously, final expense policies are small whole life policies. What’s great about final expense policies? They don’t require a medical exam. There are many companies to choose from if you’re looking for a policy anywhere from $25,000 to $100,000. These policies are called simplified issue and guaranteed issue policies.