Life Insurance Policy Over 70

If you are 70 or older and need life insurance for longer than 10 years, you will want to purchase guaranteed universal life insurance to lock in your rates and coverage until the age of 90 or later. These policies are often called “term to 90,” “term to 95,” or “term to 100” life insurance, because they work just like a term policy, with rates and coverage guaranteed to a specific age.. Your reason for wanting a life insurance over 70 is most likely because you want to ensure that you have coverage that will take care of your funeral and burial costs, estate planning and taxes, debt repayment, etc. In other words, you are looking for peace of mind that you won’t become a burden for your beneficiaries after death.. This type of policy is designed like a hybrid of term and whole life insurance, and it is one of the best deals in life insurance for people over 70. Insurers offer premium rates that are as affordable as term insurance while simultaneously letting you enjoy the permanence of whole life policies.. For most individuals over age 70, a “Lifetime Guaranteed” policy like Guaranteed Universal Life Insurance is the best option. Guaranteed universal life insurance , a type of permanent coverage, is essentially a term policy that covers you for the rest of your life, but without all the cash value build-up that you get with a whole life policy..

Whole life insurance is just as it sounds—it lasts for your whole life. Premiums remain the same each year, and the policy pays out a death benefit after you die to your beneficiaries. There is another attractive feature of many whole life insurance policies in that there is a cash value you can borrow against to help pay for things such as health expenses for a major illness..

Life insurance rates for a male, 70+ years old, smoker. Two overviews below show the minimal life insurance premiums for a policy holder of Term 10 and Term 20 insurance products. It means that should a policy owner die during the next 10 / 20 years, the beneficiaries (e.g. family members) will receive the amount stated under the coverage.. The best life insurance for seniors over age 60, according to experts, is guaranteed universal life insurance (GUL) — especially for those buying life insurance for the first time. GUL maximizes value by pairing the permanent coverage of whole life insurance with the lower cost of term ..