As a senior citizen in their 70s, you likely have already thought about life insurance or even had a policy at some point in your life. There’s no wrong age to purchase a policy, and when you are entering your senior years, it’s more relevant than ever before to consider your loved ones and who you wish to take care of after your death. Senior life insurance policies are unique in that they aren’t just about caring for your family after your death; they also allow you to better manage your current finances and invest them properly while you’re alive. Having the peace of mind that life insurance brings as you age will enable you to live more fully and spend money where it matters most. Below are several of the most frequently asked questions about buying life insurance as a senior over 70.
What Is the Best Type for Seniors Over 70?
While exploring your options, there are two primary forms of coverage you’ll encounter. Temporary or term policies last for a set period of time, generally anywhere between 15 to 30 years. If you pass away in that timeframe, the people you specify will receive your death benefit. Whole coverage lasts as long as you live, its premiums are higher, but it also tends to have greater benefits such as a guaranteed death benefit and an accumulated cash value that you can borrow from while you’re still alive.
Can I Sell My Policy?
If you’re a policyholder who wants to sell their life insurance policy, you can look into a life settlement. Generally, people must be at least 65 and have a policy value greater than $200,000. You can sell whole, temporary, universal and guaranteed life insurance policies as long as you meet the criteria. If you don’t have any beneficiaries or are over insured, then you might decide that selling your life insurance is of greater benefit to you.
What Is Final Expense Insurance?
In the event of your sudden passing, final expense coverage awards money to your loved ones to help pay for funeral arrangements, burial costs and other related fees. You won’t have to take any medical exam to qualify for this type of insurance as it only involves answering some questions about your current health status and medical history. The payout is much smaller than a typical policy, usually somewhere between $10,000 to $30,000, so it is also more affordable overall.
What Factors Impact Senior Rates?
The cost of insurance varies from company to company, and it is also largely influenced by factors such as your age, sex and preexisting health conditions. A man in his mid-70s who has no significant ailments will pay much less than one who has heart disease, for example. Comparison shopping is the best way to find a policy with the most affordable premiums and greatest benefits to you and your loved ones. If you find that your current health status makes the cost of coverage too high, you can look into policies that offer lower death benefits but still provide protection to your loved ones. In the end, you might not be able to leave them a fortune, but you can still ensure that any unpaid expenses are covered and that no financial burden falls on your family’s shoulders upon your death.