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It does not matter how old you are, obtaining life insurance is never a bad idea. Some people believe you can’t obtain life insurance for seniors over 70 or that it will be too expensive. Even children shopping for life insurance for a parent over 70 years old feel the same.
This can be true when looking at fully underwritten life insurance policies that require medical questions and examinations. However, not all life insurance policies are created equal and guaranteed acceptance high-risk policies are well-suited for seniors over 70. In fact, shopping for a guaranteed acceptance policy by age is wise as options change depending on how old someone is.
What You’ll Learn
Can You Get Life Insurance for Seniors Over 70?
How Much is Guaranteed Life Insurance Seniors Over 70?
About Guaranteed Issue Life Insurance
Qualifying Without a Graded Period in Your 70s
Apply for No Questions Insurance Over 70
Before diving into guaranteed life insurance, let’s clear up a common question.
Can You Get Life Insurance for Seniors Over 70?
Yes! Regardless of your health standing, purchasing life insurance in your 70s is possible and can be made affordable.
Even if you’ve ever been declined for a policy or know that you are deemed uninsurable by life insurance carriers, you can be accepted for a guaranteed issue life insurance policy. In fact, you can’t be turned down.
In this article, we will provide sample policy rates for males and females in their 70s, discuss ways to make the premiums as affordable as possible, and review the most important details of guaranteed acceptance policies.
Before we dive in, we do recommend that seniors use our quick and free guaranteed issue quote tool so you can see what the exact cost for you would be (or for your parents).
How Much is Guaranteed Life Insurance for Seniors Over 70?
To begin, let’s talk about the #1 factor when shopping for life insurance for seniors: cost.
We have prepared sample rates for both males and females in their 70s based on actual age. Unlike some other types of insurance, your rates are determined based on the age at application.
For this reason, it is always best to apply as early as possible and not wait another year. Insurance rates do increase at a faster rate the older you get, as you’ll see below.
Lastly, keep in mind that these numbers can fluctuate over time and that you are able to purchase face amounts anywhere in between these sample premiums. Meaning it is possible to purchase a $7,000 or $17,000 policy.
For the most accurate prices at any policy amount or age, compare guaranteed acceptance life insurance quotes with our free tool.
Guaranteed Life Insurance Rates for Men Over 70
Guaranteed Life Insurance Rates for Women Over 70
About Guaranteed Issue Life Insurance For Seniors Over 70
As the name implies, a guaranteed acceptance policy is exactly that: guaranteed acceptance.
You cannot and will not be declined for having a serious health impairment as long as you are able to legally enter in a binding agreement (some mental health conditions affect this, such as Alzheimer’s).
Features & Coverage for Guaranteed Issue Life Insurance
With guaranteed life insurance policies, there are no health questions, no medical exams, and no lifestyle questions whatsoever. Your insurability is 100% guaranteed as long as you can make the premium payments, are a US citizen and can enter into a legally binding agreement.
Policy amounts typically range from $5,000 to $20,000 and are designed to help cover final arrangements, ongoing household expenses, remaining medical bills, and any leftover debts.
Pros to Guaranteed Issue Life Insurance
Even if you do not qualify for a simplified issue policy, there are still two compelling reason to purchase guaranteed issue even with the graded period.
- The 10% interest
- Accelerated death benefits
Get 10% Interest On Premiums
First, let’s talk about the interest. If you do pass away within the first two years and your beneficiaries receive 10% interest on the premiums paid to date, where else can you ensure that type of investment growth?
Think about it, investing your money at this stage in life is futile. Yet the graded period guarantees that your money will grow by 10% and be passed along to your loved ones. Remember, this is only the case if you pass away within the first two years.
Accelerated Death Benefits for Seniors
Secondly, many of the best guaranteed issue whole life policies on the market come with accelerated death benefits.
These benefits make it easy for policyholders to accelerate the death benefits when they come down with a qualifying illness. Meaning, you can take a percentage of your policy while you’re still alive.
Although the exact details of these benefits vary from carrier to carrier, two of the most common include Terminal Illness and Chronic Illness Riders. These allow you to borrow against or expedite a percentage of your policy amount to pay for health-related expenses.
If your health takes a turn for the worse, electing to use these benefits could be very helpful for you and your family.
Cons: The Graded Death Benefit
The lack of health questions and underwriting makes these policies extra risky to insurance carriers. To mitigate this risk, there is a mandatory graded death benefit period.
Graded death benefits mean that there is a set length of time that you must outlive before the death benefits are given to your beneficiary. In most cases, this length of time is two years.
In other words, if death takes place within the first two years of your policy being in-force, the carrier will return all premiums paid-to-date. In addition, they will also pay an additional interest payment of around 10%.
The only exception to this rule is if death occurs from accidental causes. If there is an accident and an available police report within the first two years, the policy amount will be paid in full.
After the two years have passed, you are 100% protected for the rest of your life no matter if death occurs by accident or health reasons.
Qualifying For Life Insurance Without a Graded Period in Your 70s
Applying for a life insurance policy without a graded period requires that you apply for a simplified issue life insurance policy, as opposed to a guaranteed issue.
With a simplified issue policy, you do have to answer medical questions in order to qualify and you have to allow your pharmacy and credit reports to be run. On these applications, there are a series of ‘knockout’ questions that will determine if you should apply for a guaranteed issue life insurance policy or not.
These questions refer to serious health conditions such as being hospitalized or receiving hospice care, having AIDS, coronary artery disease, leukemia, insulin shock and others.
If you’re unsure whether you’d pass the knockout questions, it’s always best to speak with a licensed agent who can help you through them.
Apply for No Questions Life Insurance Over 70
Applying for a guaranteed issue life insurance policy is very simple and requires little information. That said, we advise that you purchase the right policy for you. This will be a decision based on age, state availability, cost and available death benefits (if so desired).
As a shopper in their 70s or over 80, it’s best to make this purchase right away to lock in the absolute lowest rate you’ll ever receive and begin working through the two-year graded period.
Use An Independent Life Insurance Agent
To do so, we recommend you work alongside a life insurance agency that is independent and able to shop around multiple carriers.
If you’re a senior over 70, call our toll-free line and speak with a qualified agent to discuss your options. Not only will this save you time and money, but will also make the process very easy and seamless for you. We also do this for free at absolutely no cost to you.
Not ready? That’s okay. In the meantime, we recommend using the free tool on our website to compare rates instantly.