Life Insurance Over Age 75

Written by Jeff Root

Quick Tip:  If you’re just looking for rates to see if you can afford life insurance over 75, fill out the form on the side and receive instant quotes on the next page.

More elderly people are working later and later in life.

Even though a large percentage of seniors over 75 will need long term health care of some kind of hospitalization at some point in their lives, most won’t be able to afford do so.

However, not all seniors over 75 will find themselves in such dire straits.

A significant portion of seniors over 75 are retired and have adequate life insurance coverage for their current life circumstances.

Still, in many circumstances, many senior citizens will find themselves without any or not enough life insurance.

    • 70 to 72 is usually the upper age limit for when most pensions, 401K plans, Social Security and other personal supplementary income revenues have to start being paid out.
    • Some are usually paid out earlier, when people are in their early to mid-60s.
    • New streams of personal or retirement-related revenue should be taken into consideration with or partially added to your existing policy coverage.
    • If not, then you are severely limiting your policy coverage options while also not maximizing the full posthumous policy potential for your family and estate concerning the new personal revenue streams.

Yet, there is even something worse than wasting policy potential after retirement age – not having any insurance at all over 75.

There are way too many seniors over 75 who have never owned life insurance and worse, believe that they are too old to get any.

If you are 75 years old and have never applied for life insurance before, then you should know that while your available options will be severely limited, even you too can find some quality life insurance packages.

Just fill in the rate finder form on this page to find instant, real time and affordable life insurance rates for seniors over 75 years of age. We can pair you with a great quote and life insurance agent who will help you get through the complicated process of life insurance acquisition.

Burial Insurance Over 75

Acquiring sufficient life insurance coverage is a sound, practical and worthwhile life decision to make at any age. It is something that every adult should look into getting at some point of their lives.

Unfortunately, life itself can sometimes get in the way of making important decisions. Especially when we should be getting life insurance to alleviate the concerns and anxieties that life can throw our way.

Not all seniors over 75 have the same life insurance problems. There are working seniors and seniors with adequate coverage who need to take new revenue streams, like a pension, that pay out later in life and adjust existing coverage as necessary.

And then, there are senior citizens who are aged 75 and over who have never had any kind of life insurance and need help.

As you enter retirement, you might start receiving a pension, 401K payout, life insurance payout or some new, regular form of supplemental income. Whether you are a civil servant, had a 401K or acquired some type of life insurance income supplementary coverage , they are usually designed to begin paying out in your mid to late 60’s or age 70 or 72.

– These new personal revenue streams will need to be equated in your subsequent tax filings.

– Your current life insurance coverage may need to be tweaked, augmented, altered or modified to account for the new income sources.

– Make sure to discuss such issues with a qualified independent insurance agent.

– Your current finances are taken into account when you pay for your current premium. You can get so much more out of the existing policy, like extra coverage, increased cash equivalency value worth and so much more, if you account for the new income sources and adjust your coverage, or buy supplemental coverage, as needed.

If you are over 75, have never applied for and need life insurance coverage, then the good news is that there is hope for you. Life insurance companies sell products to every age demographic.

The bad news is that your available options are very limited and it will be more expensive than if you acquired coverage earlier.

  • Life insurance product are designed to be sold to millennials and middle aged people, as representatives of much larger age demographics, and owned for decades.
  • Life insurance is sold as a business model plan to have you pay a premium for years or decades to protect against the unknowns of life.
  • The average lifespan for a human being is about 80 years, give or take a year.
  • The average American female lives a life span of 81 years. The average American male lives just about 76 years.
  • You may be 75 years old or older and have never bought life insurance before, but that was then and you have to be more enlightened now.
  • The life insurance products available for people in your age demographic are either; prohibitively expensive, very expensive, expensive with restricted policies and benefits or extremely budget-conscious with modest benefits.
  • Most life insurance products for seniors 75 years old and older will require a medical exam, personal interviews, the filling out of questionnaires and the collection of personal data. You have to be very healthy and have no vices like drinking or smoking to get an affordable policy.
  • Almost all policies that do not require medical examinations, personal interviews or the collection of personal data will be expensive, budget conscious and most definitely come with policy and benefit restrictions.

Team up with good insurance agent, verbally express what you want out of policy and you should able to find one to fit your needs.

The longer you wait, the more expensive it will be.  And if you think you can’t qualify, there are guaranteed issue life insurance options available that don’t ask any health questions.  You qualify as long as you’re a US resident.

Guaranteed Acceptance Life Insurance

  • You virtually cannot be turned down for a Guaranteed Acceptance Life Insurance policy, which is a version of whole life insurance.
  • No medical exam is involved and no questions will be asked of you.
  • If you have pre-existing health conditions or need immediate medical help, this could be useful.
  • However, the insurance assumes a lot of risk with this kind of policy and you will pay a higher premium relative to what you would pay for whole life.
  • If you, the policyholder, die within 2 years of signing the policy, then all death benefits will be forfeited.
  • Even if the policyholder dies within the window of policy coverage, your beneficiaries may still have to wait a probationary period of 1 to 3 years before death benefits are paid out.
  • May accrue cash equivalency value that you can borrow against.

Final Expense Life Insurance

If you can qualify for a final expense policy (most can), this is better than a guaranteed issue policy because it’s less expensive and you have coverage day 1…as opposed to a 2 year waiting period that guaranteed acceptance life insurance has.

  • Final expense life insurance is also known as Funeral Life Insurance and Burial Life Insurance, among other names.
  • Final expense life insurance was originally sold via funeral homes but the practice soon expanded outwards to the entire insurance industry proper.
  • Final expense life insurance is a no-frills, straight to the point policy designed to cover basic funeral costs and not much more.
  • Most funeral costs can range in the neighborhood of $7,000 to upwards of $10,000. And those are much more conservative statistics.
  • This is a life insurance policy to consider if you have no life insurance whatsoever or if you want a policy supplemental beef-up to existing coverage.
  • Final Expense Life insurance policies are very affordable if you are looking to pay for the barest, basic and most budget conscious kind of funeral proceedings.
  • If you want the most expensive coffin and burial shroud, flower arrangement, procession, headstone and so forth for your funeral proceedings, then be prepaid to pay much more in premium.

No-Lapse Guaranteed Universal Life Insurance

Some life insurance policies are so simple you can stick them in a file and not think about them – just pay the premiums at the minimum cost for the maximum amount of coverage for life and you have a no-lapse guaranteed universal life insurance product.

If you’re in great health, look into one of these policies.  Here’s more information.

  • Universal life insurance is also known as permanent insurance.
  • Coverage is designed to last your entire lifetime, although some policies are designed specifically for people who live for 100 years only. Check your fine print.
  • Universal life insurance is basically a more flexible and expensive form of whole life insurance.
  • Universal life insurance features more flexible policy options and adjustable benefits.
  • You can decide the amount of premium you want to pay and death benefit amounts.
  • A cash equivalent policy account is setup to house interests from excess premium payments after policy payments. You can take out a loan based on the account’s cash equivalent value against the policy as the value grows.
  • You need to continually monitor the progress of the policy, at least once a month, to be apprised of fluctuating cash equivalency values.
  • Make sure to ask for a, “No Lapse,” version of this policy. If you miss a payment the coverage could lapse suddenly and you would have to start all over. Most versions of universal life insurance do not feature a, “no lapse,” policy clause.
  • Request a, “guaranteed,” version of a universal life insurance policy. So long as you regularly pay your premium, then the death benefits allocated for your beneficiaries are guaranteed to be paid out.

Final Thoughts

You shouldn’t waste another moment.  Costs for any type of life insurance go up exponentially over age 75.

Take a few moments right now. Enter some of your basic information into our rate finder on this page. We can get you a great quote and connect you to knowledgeable insurance agent today.
What do you have to lose?

About Burial Insurance Coverage
About Burial Insurance Coverage

We work with individuals across the nation to secure the best life insurance rates.

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