If you're like a lot of 70-somethings, you waited until the right time to buy life insurance. But that time never came...and now you're wondering if it's still possible. I'm here to tell you it is! There are 3 types of policies that work for your age group's needs.
1. 10-Year Term Life Policies
This option is for 70-somethings whose health is still good. That part is important because term life does require medical underwriting. You'll need to take a brief medical exam that gathers information such as your height, weight, blood pressure, and other vital signs that tell the insurance company more about your overall health. Using this information, they'll decide whether to offer you coverage, and if so, at what price.
Some agents will tell you a person in their 70s can't get term life coverage. That's simply not true. It's a bit more difficult, but I work with carriers who have insured folks in their early 70s. If you're healthy and living independently, you have a good chance of qualifying.
2. Guaranteed Issue Policies
But what if your health isn't good? You can still get coverage without having to take a medical exam. There are two types of "no medical exam" policies: guaranteed issue and simplified issue. With guaranteed issue, you can't be turned down because of your age or health. These policies are usually for low face values, often no higher than $50,000. This is usually enough to pay for a funeral and any final medical expenses. They're ideal for those with bad health who couldn't pass a medical exam.
So what's the catch? These policies are more expensive than traditional, medically underwritten policies. Covering someone who is frequently or seriously ill is a risk for the insurer. They're not going to offer that kind of coverage for a few dollars a month. Still, if you're worried about leaving a bundle of medical expenses behind when you pass away, guaranteed issue is perfect for relieving your loved ones' worry and paying those expenses.
3. Simplified Issue Policies
If you're not seriously ill but you don't think you'd qualify for medical underwriting, simplified issue may be right for you. There's no medical exam, but you do have fill out a detailed questionnaire asking about your health and medical history. Acceptance isn't guaranteed, but it's more likely than with standard term policies. You'll pay a little more for this convenience, but it's a good fit for people who want coverage right away, don't want a medical exam, but are still in decent health.
If you're not sure which type to apply for, give me a call or send me an email.