It used to be a rarity, but with people living longer and healthier lives on average, over 70 life insurance is something that is becoming increasingly common.
At one time, it was very difficult to get a life insurance policy once you were a senior citizen, but now they are no longer as difficult to qualify for as they were in the past – and life insurance policies for older consumers are also becoming more affordable.
This has made shopping for a life insurance policy when you’re 70 and older much the same as looking for life insurance at any other age; your main concerns should be what kind of coverage you get, how long your coverage lasts and of course, what you’ll have to pay in premiums for your life insurance.
One thing that you will need to watch out for as a senior citizen looking for life insurance is coverage which begins immediately once you purchase the policy. This means that if you should pass away even right after the policy is in place, your beneficiaries should receive the entire face value of the policy.
This is one of the most important things to look for in an over 70 life insurance policy. It’s nice to have a whole life policy which accumulates cash value, but keep in mind that the time needed for one of these policies to reach maturity could well be significantly longer than the average life expectancy of someone your age (however, you are only as old as you feel, so if you think it’s a good investment, it may be worth going for).
Another thing that you may want in an over 70 life insurance policy is what is known as a terminal illness provision. This is usually provided at no additional cost, but you will probably have to ask for this specifically rather than assuming that it will be included.
What this does is add a rider to your insurance contract which allows you to access a specified amount (what this is depends on the details of the policy) of the face value of the policy before your death if you are diagnosed with a terminal illness. This can help you to pay for medical expenses and living costs if your illness is debilitating.
Obviously, you’ll want a life insurance policy which locks in your coverage and your premiums for as long as possible. We’re living longer than ever these days and if you sign up for a ten year term life insurance policy, you could easily outlive your life insurance only to find that it is much more expensive (and difficult) to get a new term life policy a decade down the road.
Over 70 life insurance is easier to find than it ever has been and as long as you’re a careful and clever shopper, you should be able to find a policy which provides you with the coverage you need when you’re 70, 80 and beyond.