Getting term life insurance after the 75 sounds impossible, and this assumption makes sense. But what most people don’t know is besides having a limited area, term life insurance for seniors over 75 is possible. With good coverage and efficiency to manage financial issues, term life insurance offers many benefits that enable you to ensure the financial stability of your family after your passing.
Reasons don’t matter, like settling debts, managing economics, or leaving a strong legacy, all aspects can be covered with the help of a best-fitted term life insurance. In this article, we will learn about the factors and aligned information regarding the term life insurance policies available for individuals over the age of 75.
Reason For Considering Term Life Insurance
Instead of many advantages, it is important to understand the reason that makes any individual over 75 years consider a term life insurance policy over any other insurance plan.
Term life insurance serves multiple purposes :-
- Final Expense Coverage : Term life insurance offers funeral costs, burial costs, and other final costs associated with death.
- Debt Settlement : If you have ongoing loans or debts and are worried about what happens after your passing. Then, the term life insurance is the best tool to prevent these financial burdens from falling on the family’s shoulders.
- Legacy Planning : If you want to leave a strong legacy for your children or grandchildren, then using term life insurance can be worth it.
- Estate Settlement : If you have ongoing estate taxes and bills, then term life insurance can help your family manage these expenses.
Curious about coverage options beyond age 75? Discover how Term life insurance for seniors over 80 can still offer peace of mind and financial security.
Why Term Life Insurance For Seniors Over 75 Is Unique?
Usually, term life insurance benefits are the same for most of the age groups, but over age 75 have some distinct features and restrictions, which are as follows :-
Age Restrictions
There is a cap for term life insurance for people over the age of 75. Generally, the maximum term length is 10 years, provided by most of the insurance companies. Although some companies limit this number to 5 years only.
Higher Premiums
With a shorter term length, the monthly premiums cost becomes even higher. These premiums are considered more expensive than compared of younger policyholders. Even with this limit, you can get the best fit term life insurance plan.
Low Coverage Amount
The older applicants get low coverage because companies consider them a greater risk than a younger applicant. Also, with low life expectancy the term length get reduced which eventually reduces the monthly premiums as well.
Medical Examination
Choosing an insurance policy with a no-medical-exam is more expensive than a policy with a medical exam in the underwriting process.
Cost of A Term Life Insurance Policy
As we know, individuals aged 75 or more get a limited area of selection in term life insurance. But getting a clear insight over term life insurance rates for seniors over 75 is a decent step to take informed decisions.
Here we have an estimated cost per month :-
| Age | Coverage Amount | Term Length | Estimated Monthly Premium |
| 75 | $25,000 | 10 Years | $120–$160 |
| 76 | $50,000 | 10 Years | $135–$190 |
| 77 | $100,000 | 5 Years | $220–$290 |
| 78 | $25,000 | 5 Years | $100–$145 |
This is an estimated cost and can vary, so please consult an expert before taking any action. With an affordable insurance policy you can ensure the safe livelihood of your family memers when you are not there.
Best Term Life Insurance For Seniors Over 75
Getting the right term life insurance for seniors over 75 is possible, but it requires some factors to fulfill, like maintaining good health, avoiding bad habits, and avoiding hiding your medical information from the insurers.
Some major companies are listed below :-
- Mutual of Omaha : It offers a term plan for individuals up to 80 years and has a no-medical-exam option.
- AIG : Term plan for applicants of age up to 80 years and offers competitive premiums.
- Transamerica : A+ rating from AM Best, insurance for ages up to 85 years, and affordable premiums.
- Fidelity Life : No-exam policy up to $150,000 and suitable for those with moderate health conditions.
Alternatives To Term Life Insurance
If you find that term life insurance for seniors over 75 doesn’t fit with your needs or get denials, then you can consider some alternatives :-
- Guaranteed Universal Life (GUI) : Offers fixed premiums for lifetime coverage and is ideal for seniors wanting a long-term insurance policy.
- Final Expense Insurance : Without providing any extra benefits, you can choose final expense insurance that provides funeral costs, burial costs, and other death-related costs.
- Annuities And Trusts : If your goal is wealth transfer, tax-efficient estate planning tools like annuities or irrevocable life insurance trusts (ILITs) may be more suitable.For more information click here.
Conclusion :-
Term life insurance for seniors over 75 is available, but with some limitations. This is considered the riskiest age group, and the number of options also decreases. But in this limited field, getting an affordable term life insurance policy is possible by comparing, optimizing, and consulting an expert insurance advisor to know the aligned information.
After 75 years, the premiums become higher, and the coverage amount gets lower compared to the younger applicants. This doesn’t mean you cannot get a best fit insurance policy. Still, you can get can get an affordable one.
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Frequently Asked Questions
Can I get term life insurance at age 75?
Yes, you can get term life insurance at the age of 75, but here you have limited options and high premiums.
What is the cheapest term life insurance for seniors over 70?
As compared to younger applicants, people over the age of 70 pay higher monthly premiums for policies. Some top companies are Fidelity Life, Transamerica, etc.
What is the maximum age for term insurance?
Like, you can get term life insurance till 80 years of age, but the term length decreases to 5 to 10 years.
What cost of term life insurance for seniors over 75?
This cost depends on various factors like age, health condition, habits, lifestyles, coverage amount, and term length.
How much is life insurance for a 76 year old?
Based on various sources, the cost of monthly premiums of a life insurance for a 76-year-old policyholder is between $190-$300 for 10 10-year policy and $100,000 coverage amount.
