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Life Insurance Policies For Adults Over 75
If you're over the age of 75, the opportunity to purchase life insurance has not passed. While it may be difficult to get a traditional, fully underwritten policy at this age, you may be able to find a guaranteed issue plan. Below, we examine life insurance options ideal for seniors.
Finding a Life Insurance Policy That Works for You
There are several types of policies you'll come across as you shop. What you plan to use your life insurance policy for will help determine which type of life insurance policy you should buy.
Many older adults are looking for options to pay off debt that has accumulated later in life or to make sure burial and funeral expenses will be covered. Others consider buying a life insurance policy to leave their dependents a small inheritance or reduce estate taxes.
By 75, a traditional life insurance probably isn't the most affordable and cost-effective coverage for you. In fact, it probably isn't even available.
Choose a Guaranteed Universal or Guaranteed Issue Policy
Guaranteed universal life insurance is a type of permanent life insurance policy that covers you up to a certain age, but doesn't build cash value the way a whole life insurance policy would. Policies still offer guaranteed level premiums and a predetermined death benefit that won't decrease.
Another option is guaranteed issue life insurance. If you're looking for a policy to cover your final expenses after you die, a guaranteed issue policy is worth considering. Compared to other types of insurance, guaranteed-issue policies have a lower face value (usually less than $25,000). But they don't take your health into consideration — there are no health questions and no medical exam. They're usually restricted to older adults (50-85).
*These plans may have a graded death benefit for an initial period of time.
Learn more about your options or request a free quote by speaking with a licensed agent at 800-966-7169.
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.