Over 70? It's Not Too Late For Life Insurance

Posted on: 8 May 2015

If you are like many people, you might have put off buying life insurance your whole life. It can be easy to say that you'll buy it tomorrow, next week or next month, but the days can fly by really quickly. If you're now in your 70s and still don't have coverage, you might assume that you'll never be able to secure a policy.

However, life insurance is a necessity for anyone. Funerals can get expensive, and there's a chance that you'll leave behind rather expensive medical bills. Life insurance coverage can help provide your family members with what they need to cover these expenses, and it can even leave a little left over in many cases.

Although you might think that you'll never be able to secure coverage at your age, there are options. Follow these tips, and you might find that it's easier than you thought to get life insurance, even if you're 70 years old or older.

Look for Guaranteed Acceptance Policies

Some policies have rather strict application processes that can require health exams, long questionnaires that ask about your health and more. Even if you're very healthy at your age, there's a chance that a life insurance provider will find something to prevent you from getting accepted. This is where guaranteed acceptance life insurance policies come in handy; just as the name states, you don't have to worry about getting denied. In most cases, you won't even have to take a health exam or answer a lot of questions about your health and lifestyle.

Opt for a Smaller Policy

Although you might like the idea of purchasing a larger policy for your loved ones to benefit from when you die, it can be tough to get approved for these policies when you are a senior citizen. Instead, opt for a smaller policy to help improve your chances of getting approved. You can always purchase multiple policies through multiple providers if you need more coverage.

Choose Whole Life Insurance

A lot of younger people opt for term life insurance, which provides coverage for a certain number of years, as long as you pay your premium each month. However, whole life insurance -- which is insurance that will cover you for the rest of your life -- is usually a better choice for seniors. It's typically easier to get approved for these policies, and you also don't have to worry about your policy expiring when you're even older and will have an even tougher time finding coverage.

Don't assume that there are no life insurance options out there for you just because you are in your 70s. If you follow these tips, you should be able to find life insurance for seniors over 70 that works for you.