Can You Get a Life Insurance Policy If You Are Over 70?

August 20, 2020

Regardless of your age, it’s never too late to get a insurance policy or expand your current insurance coverage. A common misconception among adults over 70 is that life insurance is too expensive. However, buying life insurance over 70s can be easier than you think. 

The essential thing is to find the best choice when it comes to life insurance for seniors.

Can Seniors Get Term Life Insurance?

People over 70 can take advantage of term life insurance and ensure that the future remains safe because you would receive a lump sum amount at the time of your death, otherwise known as a death benefit.

In today’s world, it’s always good to have a backup plan for all your needs and responsibilities. Seniors life insurance is one great way to ensure that your family receives proper care even when you are not around.

Term Life Insurance – Features

It is always good to realize the advantages and disadvantages of a policy before making the final decision. There are several seniors life insurance features that have to be understood before an insurance plan can be claimed.

  • Term life insurance varies from one insurance company to another, based on the age of the seniors.
  • As with all other policies, the premium depends on the amount and the period you want to choose.
  • For a senior over 70 years of age, medical tests are not required before purchasing the insurance. So, medical reports do not need to be submitted, which is compulsory if you buy insurance before you turn 70.

What is the best life insurance for seniors over 70?

Some seniors over the age of 70 usually look for a lower amount of insurance policy to cover funeral expenditures or bills. In this case, Guaranteed Universal Life Insurance may be the best. These policies are sometimes referred to as seniors life insurance, funeral insurance, or end of life insurance, usually between $ 5,000 and $ 25,000.

Guaranteed Universal Life Insurance coverage is tailored to the needs of adults aged 50 to 85 years. With guaranteed approval, without medical examination, and coverage up to $ 25,000, this insurance policy is a guaranteed way to protect your inheritance.

Despite your age, buying the latest policy can help protect your family. Contact the experts at Patterson & Associates, and ask all the questions related to life insurance for seniors in detail!