Whether you are planning for the future or making some policy changes, life insurance can be a tricky topic to navigate. As you make changes, you may be wondering if you need life insurance after 70. This question comes up frequently. Maybe you've never had a policy or a need. The facts are very comforting.
When choosing a life insurance policy after 70, there are several options. Insurance companies will issue a life insurance policy after 70, but you should know that there may be a "Cap" to your plan. Most companies will limit a policy issued after the age of 70 to an average of $25,000. Your situation may vary. To find out what your options are, contact your company.
This is often a difficult topic to discuss. We don't want to think about the prospect of dying. Life insurance can help those we love after we are gone. The policies available are as different as the people that need them. It may all seem very confusing, that's ok! We took the best information we could find and created this guide for you.
Companies that Offer Insurance After 70.
If you are shopping around for a new policy or interested in researching cost, here is a great list for you to start with. These are reputable companies that will issue life insurance after 70.
- AIG Direct
- Globe Life
- Mutual Of Omaha
- Colonial Penn
- John Hancock
AIG Direct offers coverages from $5,000 to $25,000. They will provide insurance for people up to 85 years old. They claim that there is no medical exam for people who are in the age range of 50 -85 years old. AIG also guarantees coverage eligibility. Click here for more information.
Globe Life has many policies available. They have a specialization in life insurance for seniors. If you are looking for a company that offers flexibility, this may be the way to go. Globe Life also guarantees eligibility. There are also options to build a custom policy based on needs and budget. They do not specify a minimum or maximum coverage. Click here for more information.
Mutual Of Omaha
Mutual of Omaha provides guaranteed coverages for seniors. The policies advertised range from $2,000 to $25,000. Coverages can be affected by the state that you reside. They also offer funeral coverage and planning services. They offer locked rates that never increase. Benefits do not expire due to age. Click here for more information.
Colonial Penn is one of the more publicized companies that offer senior life insurance. There are several policy options. One of the most popular is a policy that covers adults from 40 to 75. This policy builds cash value. They offer policies that will fit your budget. Click here for more information.
John Hancock does not specify any coverage limits. They do offer many options and programs. The majority of their programs are custom-tailored. You will have to contact them for pricing and coverage. Click here for more information.
You do not need life insurance after the age of 70, but it is recommended to have it. After the age of 70, you may run into a little bit of difficulty purchasing a sizable life insurance policy. If you are 70 years old or older, you will probably be looking at a maximum payout of $25,000.
Your insurance premiums will also be a little bit higher than usual. There may be an age set by your company as the maximum benefit age. For most companies, this is 80 years old, but some are different. This will also fluctuate based on the type of policy that you have with your company.
What is Life Insurance?
To put things in perspective. Life insurance is a contract between you and an insurance company. You give them monthly payments, and they pledge to make a lump sum payment to your family or other beneficiaries if you pass away.
This is also kind of like letting the insurance company gamble with how long you are going to live. The more premiums you pay, the more money they make. Also, the longer you wait to take out a life insurance policy and the older you get, the more it's going to cost you to do so. It can get a little bit trickier, but that's the basic idea of it.
Is It Like Car Insurance?
By name, it is somewhat like car insurance. The only time that a claim is going to be made on it is if you pass away. There are still going to be some factors that they look at to issue a policy to you regardless of your age. They're going to look at your chosen profession; they're going to look at your lifestyle choices; they're going to look at tobacco and alcohol use.
These are all risk factors for diseases and untimely death. They're going to look at your general well-being and medical history. All of these things will be taken into account when you start your policy with your insurance company. Another essential thing to keep in mind is that premiums will only go up. The premiums will never go down unless you get a fixed rate.
What Can It Be Used For?
The lump-sum can be used to pay for several things. There's not a definitive list of things that are acceptable and not acceptable. Unless directed by a legal document, or will, the person or persons named in the policy will receive a payout upon your death, and they can use that money for anything.
Some people leave the entire contents of their life insurance policy to charity. What happens with the plan once you pass away is really up to your beneficiaries.
What Is The Best Life Insurance For Seniors?
We can't give you a quote on how much your life insurance would cost you. There are several determining factors in your life insurance policy. An insurance company would have to answer those questions for you.
How Much is AARP Life Insurance a Month?
The American Association for Retired People does offer life insurance. The average cost for this insurance after the age of 70 is $207.25 per month. Some things that you should know is that the price will go up every five years. The maximum payout amount is $100,000. Policies can be issued between the ages of 50 and 75. Coverage will expire at the age of 80; however, the death benefit amount will remain the same.
How Much Is Life Insurance For a 70+-Year-Old?
The average cost of life insurance for a 70 + year old is going to vary between $57.43 a month and $820.42 per month. This is going to change widely based upon your gender, your age, your lifestyle, and the company that you get your insurance through. This is also going to vary based upon the amount of your policy.
How Much Is Life Insurance For a 50-Year-Old?
On average, the cost for a 50-year-old to get life insurance is going to range between $364 and $473 a month. Gender, tobacco and other risk factors may play a part in how much your monthly premiums are. You may need to undergo a medical examination for a policy to be issued. Your monthly premium is going to vary based upon the amount of your insurance policy. This is the point in life that most people start wondering about life insurance. It is also a great time to get a reasonable premium.
At What Age Do You No Longer Need Life Insurance?
It is not so much here that you will not need life insurance after a certain age. This is more of a question of when will insurance companies stop issuing life insurance policies on you. There is, in fact, an expiration date at which they will no longer issue a brand new plan. For most companies, on average, this is going to be at 80 years old.
If you're like one of many millions of Americans and other people around the world, sometimes we can't do this until later in life. All is not lost if you're 70 years old; you can happily get a life insurance policy that will take care of all of your needs. After all, that's what matters most!