Life Insurance for Seniors Over 70

Most people start to think about the rest of their life when they realize that they have become seniors. Once they start to learn more about the life insurance programs, the most important thing that matters is what kind of life insurance is best for them. The trick in this situation is that the scale rate between the years after the first registration to a life insurance program and the price.

Which Life Insurance is the best for me?

If you want to make a good choice about the life insurance program you would like to have, you have to know everything about the common ones in terms of prices, durations of insurances, coverage plans, etc. Since you don’t have the ability to know when you will be gone, the payment charts mostly change in some insurance programs based on the insurance years that you have. There are two common types of Life Insurance for Seniors over 70, the first one is Whole Life Insurance, generally called as the traditional life insurance because of the intense choice. The second one is Guaranteed Issue Whole Life Insurance or Guaranteed Universal Life Insurance. Let’s take a look at the both insurance programs:

Whole Life Insurance

It is the most preferred insurance program by most seniors. You can have life insurance coverage for the rest of your life and build cash value over time. The followings are certain features of Whole Life Insurance:

  • Life Insurance for your whole life
  • Adjusted ( fixed ) payments
  • Builds cash value, according to the policy
  • Borrows against the cash value
  • Benefits upon death (tax-free)

Guaranteed Issue Whole Life Insurance

Belonging to American General Life Insurance Company, Guaranteed Issue Whole Life Insurance covers your medical bills, credit card debt, funeral costs, etc. and prevents your first degree loved ones from future economic troubles. Here are the benefits of this insurance plan

  • No medical exam asked
  • Life-time protection.
  • From $5,000 up to $25,000 insurance coverage
  • Fixed payments for the entire life

Chronic Illness benefit

There are six daily living actions according to this insurance program. Bathing, continence, dressing, eating, toileting, transferring. If you can’t perform at least two of these actions or you’re diagnosed with a high level of dementia, the benefit returns all of the premium payments.

End-stage Disease

If the insured individual dies with 24 months after a physician’s certification was acquired by him, this will benefit the insured person’s expenses by %50

Term Life Insurance

Thi Insurance program can be an alternative to Whole Life and Guaranteed Issue Whole Life Insurance. It is mostly preferred by the age of 55 or younger but there are seniors over 70 who prefer this insurance program as well.

General Features of Term Life Insurance

  • Fixed Payments
  • Limited-time of coverage
  • Death benefit
  • Low early premiums > high late premiums
  • Qualification Exam applied upon Medical status
  • Inheritance (tax-free)

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