Term life insurance for seniors over 65, 70, or 75 years old. Would you qualify without a medical exam and what are the rates?
How does term life insurance for seniors work? Generally speaking, it is a policy that provides a death benefit for a predetermined period of time. The premiums would remain the same during the entirety of the term. It is one of the best ways to get the most coverage for the least premium spent.
So if you are looking for the best way to get the most coverage and you are not so concerned about the length of time then this is may be a good option for you. Once you are approved for your term life insurance for seniors plan it will work like any other term plan.
What I mean by that is, upon death, as long as it falls within the time frame the policy is active, your beneficiary will receive a check for the face value of the policy.
Why buy term life insurance for seniors?
Funeral Expenses - The cost of a funeral can be very costly whether you plan on being buried or cremated. Your policy can cover those costs and put your family at ease knowing that you have provided for them in your absence.
Income Replacement - In today's world the price of everything keeps going up. There are many senior citizens 65, 70, and even 75 years old who've made the decision to go back to work., or I should say their finances decided that for them.
Maybe you've got a large income replacement plan that you think would be useful to cover so if you die and your spouse loses, you lose your spouse's pension plan. Maybe it doesn't pass you when you pass away or vice versa term insurance can provide a large death benefit upon passing that can cover that amount of coverage, maybe you just want to give the gift of love to somebody you love like a child or grandchild you're happy to help them out, get them up and running. That's definitely a valid reason to buy life insurance, especially term life insurance plan. Maybe there's a large mortgage payment that you need to pay off a term and life insurance plan can give you sufficient coverage to do that if you pass away, and then also same kind of information same kind of set of loan pay down so you want to make sure you have obligations financially to pay off, good reason now term life insurance.
Next, let's talk about options for term life insurance for seniors over 65 so here's what you're looking at as far as potential options so first of all, can have what's called a 10 year term life insurance plan. What this does is it covers from the date that you take it out for the next 10 years. Same thing with the 1520 year terms, it's just a longer length of time in which the term coverage is effective. Well let's say you want more coverage longer than that. This is where we would get into universal life plan so it's acts as term and life insurance in the sense, it will allow you to get more coverage for a longer time so sometimes we have people who are 75, watching this video, it's gonna be very hard to get anything other than a 10 or maybe even a 15 year term plan without the price just being crazy, and sometimes termed this isn't available for a longer length of time. So universal life plan can extend coverage, a little bit longer maybe just want coverage to a year 100 years old. Well Universal Life camp plans to be designed to last that length of time. Let's took a, take a look at some examples and some sample prices, here's what I'm gonna do. I'm just going to show you a 65 year old male and female. I'm just going to quickly show you a 10 year term. And then a 20 year term. And then we'll just leave it at that understanding that we can go longer or we can go in between. If you don't want to say 15 or universal life plan so let's just take a quick look just to give you some ideas as to what to expect. And I want to clarify, these are going to be preferred rates, your rates could be standard they could be substandard they could be something else you could smoke, these are going to be non smoking rates. This is just a touchstone a litmus test. I don't even know if you qualify for but I just want to give you some numbers of prices, something that you want is the idea of so hold on one second. So here we're looking at a variety of different options for a 10 year term life insurance plan for 65 year old male these are preferred rates. They could be higher I've given you my spiel already so take it at face value for preferred rates low 50s Upper 70s is what you're looking at 10 years for hundred thousand dollars in coverage for a nonsmoker. If we look at a female and run the same rates real quick. They're looking at 40s, to 50s for $100,000 coverage. Now we're going to take a look at a 20 year term. The setup here starting with a female at 65, years old, you're looking at somewhere between the 70 to 100 rough estimate here about what to expect. And then for a male $400,000 in coverage for 20 year plan. you're looking at probably somewhere. Hundreds 250 roughly, depending on your underwriting, maybe higher now understand what I'm saying. Let's talk about why there are so with the option with many life insurance plans that are out there for term over 65. Sometimes you have the option to pick up additional benefits to your plan above and beyond just the life insurance so riders essentially define as add ons to the life insurance policy that allows them advantages. They're available to seniors that are buying Term Life Insurance over 65, and they include some of the following some plans may have this Sunday not so it's not an all inclusive list, and it doesn't mean that it's available for each product but I'll just want to give you a quick description of the different riders. So you can have sometimes what's called a critical illness life insurance plan so what this is, is it pays a death benefit of course if you die but if you get diagnosed with a heart attack or cancer or stroke. Depends on what the plan says it will pay a predefined lump sum out to use a beneficiary. That helps offset the cost to treat the disease maybe if you're out of work for a period of time. If you still work or if something happens, you can have this critical illness plans pay more money out. Also, you may have access to what's called a return a premium
plan. These plans. Once you pay out the entirety of the term will return the premium dollars you paid in. So you get back what you paid in as long as you get through the entirety of the plan fulfill the requirements that are described in the contract. So as opposed to say paying car insurance and never using it losing the money, may have the option of beginning a plan that returns the premiums. Also an accelerated death benefit rider. What this does is if you're terminally ill. Sometimes it's six months left to live or 12 months left to live for a fee or a portion of the death benefit or fee out of the death benefit you'll get a portion of the death benefit to pay in advance of dying. Funeral bills, maybe want a trip around the world for people do actually that that have some kind of disease that slowly pass the pass away. Also nursing home riders sometimes these plans have riders that will pay a benefit to offset the cost of a nursing home, understand that they're going to cost you more money in many cases, it's not something that's a free, add on, it's going to be an additional cost just like you buy a car you want the leather interior want the big wheels on it. Upgrades cost money, same thing in life insurance. So, question a lot of people have is should I get an examination, or should I pass on it if I'm getting as a senior 65 or older some kind of term life insurance plan, there's sometimes a required sometimes or not. It just depends on your health, sometimes within examination you're going to do a urinalysis of blood exam or physical sometimes one or all of those, or some, or a few of those but not all, some carriers really may just require a signature for approval or a phone interview only. The only reason I would suggest taking an examination. As if your health is immaculate, you're not taking medications, you're in tip top shape. You're in great, great shape, you know you're like literally totally different from a lot of other seniors over 65. That's probably the best opportunity or if you're getting a tremendous amount of term insurance, you know, half a million or more, it's probably a good idea to retake an exam and many times will require you to. So why would you not take an exam reason I won't take an exam is if your amounts of coverage are smaller maybe I'll need 50,000 or 100,000 probably not going to need an exam. Also, perhaps you're in a circumstance where
you're in a situation where you know you've had health problems. Maybe you take a few medications, and you're worried that you may get rate it up. So what is fully underwritten plan, raising rates on. So a lot of times it just depends on
talking to me directly, I'll tell you what I would suggest.
based on your goals and how much coverage you want. So how much coverage, can you get, let's answer that question so it's just really fun to work with a licensed agent should get exactly. We have companies with term insurance and start at $25,000 $2,000 represents a small amount that you need.
A lot of you don't want an exam. A lot of hours.
So maybe you're asking somebody talking about how
for questions. Yes, qualify for licensed
answers is going to find out so let me give you an example Spann got COPD, have recent health problems if you have diabetes with insulin. If you've got cancer history neurological problems, severe anxiety or mental health issues. That's, you may be thinking that's what bad health is I'm not saying that's bad health per se but that might be a definition that that okay. So when I say bad. Here's the thing, doesn't mean you can't qualify for life insurance.
The great thing is is all those conditions with enough time spent behind. Make your stay full coverage. Call a car minute or whole life insurance type of plan, unless your health is really bad it really really is, then there still is a return of premium guaranteed additional option. So, better description here. Whole Life Insurance Plans the first day full coverage options can give you coverage from national accidental death for the first day, you may not get as much as you'd like. Maybe a smaller plan just for final expenses and return a premium plan. Guaranteed Issue otherwise is really reserved for people who are in really bad shape. And they have to wait to your full years before they're fully covered. And the only reason I would recommend that is that there is no other options okay it's not something come out of the gate with and say you got to get this because it's the best deal. Many times, suggest that until I really do an analysis. Mr. Jones, this is it. Here's why. And I'll explain why but that conversation, usually reserved for circumstances where bills are bad health. Okay, health and beyond, usually gets a lot better office. So how can seniors qualify over 65 for a term life insurance plan the policy application process is very simple. Find an agent you like to work with, I can help you with that I'll nominate myself if I may. And then after I listen to what your goals are and what you're looking for, I'm going to show you an exact quote based on what I think I can get you. And then once you're accepted. Usually what we do, if there's no exam. It's just a phone interview, potentially, or it may just be an application you complete via electronic email. So, you don't really physically even need to see me, face to face. And then sometimes it takes a couple days sometimes weeks, you get your coverage approved as if everything went through. And then you get your policy and that's it. There's nothing else to do you have the coverage and peace of mind. And hopefully you're happy. So what are the final steps here so if you like the idea of qualifying for term life insurance as a senior over 65.