Life Insurance Policy For 71 Year Old

Life Insurance At Age 71 - Your Options. You have two basic options for life insurance at age 71 - term life insurance and permanent life insurance. Term life insurance is temporary coverage that can last anywhere from one year or as long as 30 years, depending on the company that you choose.. At this age, many policy options are still available, including 10 and 15 year term life insurance. Permanent policies such as whole life or universal life insurance coverage are available as well. Let’s take a look at the cost of life insurance for 70 to 75 year olds, as well as the best policy options available for seniors over 70.. Obviously, the best way to purchase a life insurance policy is by starting young (30s, 40s, 50s, 60s). However, many term life policies expire after twenty years. This leaves you to purchase a new policy. If you've purchased the initial policy in your thirties or forties, you are now faced with finding a reasonable rate at an older age.. For obvious reasons, a senior term life insurance policy is somewhat different to a standard life insurance policy. Therefore, when assessing which policy is the best, questions have to be asked that are relative to the policy type - price, duration, convertibility, riders, etc..

If you are 70 years old, you can find term life up to 20 years with most companies. If you are 71 years or older, you will only find 10- or 15-year terms. If you need a longer protection, you could opt for a guaranteed universal life policy (a “GUL”), which will give you a protection based on age rather than a specific term.. 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..

Life Insurance For Seniors It is no surprise that to get the best life insurance coverage and lowest premiums, a policy must be purchased while you are still young. The good news is that many insurance companies still offer very affordable rates, even if you are over 65 years of age..