As people age, securing life insurance over 70 becomes increasingly important, especially for those who want to protect their loved ones without undergoing the stress of medical exams. Many seniors prefer no exam life insurance, which allows them to obtain coverage quickly and easily, without the need for medical tests.
Why Choose No Medical Exam Life Insurance?
For seniors seeking life insurance for over 70, there are several compelling reasons to opt for policies that do not require a medical exam. No exam life insurance for seniors over 70 is especially attractive for those with health concerns or those who simply want to avoid the hassle of medical check-ups. Here are some common reasons seniors look for over 70 life insurance no medical exam:
- Replacing life insurance lost after retirement.
- Finding affordable coverage when previous term policies become unaffordable.
- Ensuring financial protection for loved ones to cover final expenses or leave a legacy.
No medical exam policies simplify the application process, making it easier to obtain life insurance over 70, even with pre-existing conditions.
Best Life Insurance Options for Seniors Over 70
When considering life insurance for seniors over 70 no medical exam, it’s essential to choose the right type of policy based on your specific needs and financial situation. The main options available for over 70s life insurance include:
- Term Life Insurance: This is the most affordable option for life insurance for over 70. It provides coverage for a specific period, usually 10 to 20 years, and pays out only if the insured passes away during the policy term. It’s ideal for those looking for budget-friendly over 70 life insurance.
- Whole Life Insurance: Although more expensive, whole life insurance provides lifetime coverage and accumulates cash value over time. This is a popular choice for seniors who want to ensure their beneficiaries receive a payout, regardless of when they pass away.
Can a 70-Year-Old Get Term Life Insurance?
Yes, seniors can still get term life insurance over 70, and many companies offer options without a medical exam. While no medical exam life insurance for seniors over 70 is generally more expensive, it provides a convenient way to secure coverage. This is particularly beneficial for those who may not qualify for fully-underwritten policies due to health reasons.
Sample Monthly Rates for a $50,000 10-Year Term Policy:
- 70-Year-Old Male: $84.00
- 70-Year-Old Female: $60.08
These rates illustrate that life insurance for over 70 is still accessible, though premiums may vary based on health, age, and the insurer.
Whole Life Insurance for Seniors Over 70
Whole life insurance for seniors over 70 is an excellent option for those who want lifelong coverage. This type of policy ensures that your beneficiaries will receive a death benefit, no matter when you pass away, as long as premiums are paid. Over 70 life insurance policies that fall under this category also build cash value, which can be borrowed against if needed.
Sample Monthly Rates for a $25,000 Whole Life Policy:
- 70-Year-Old Male: $155.99
- 70-Year-Old Female: $141.88
For seniors looking for guaranteed coverage with additional benefits like cash value accumulation, whole life insurance for over 70 is a solid choice.
Final Expense Insurance for Seniors Over 70
Final expense insurance for seniors over 70, also known as burial or funeral insurance, is specifically designed to cover end-of-life expenses. This type of life insurance for seniors over 70 no medical exam typically offers lower death benefits, usually between $10,000 and $25,000, but is easy to obtain and does not require a medical exam.
Sample Monthly Rates for a $10,000 Final Expense Policy:
- 70-Year-Old Male: $70.67
- 70-Year-Old Female: $51.92
Final expense insurance is an affordable and practical option for those who want to ensure their funeral and burial costs are covered without burdening their family members.
FAQs
Can I get life insurance if I’m over 70?
Yes, many insurers offer life insurance over 70, including options that do not require a medical exam. This makes it easier for seniors to secure the coverage they need.
Which is better: Term or Whole Life for seniors over 70?
The best choice depends on your needs. Term life insurance is more affordable, but whole life insurance offers lifelong coverage and builds cash value.
Is no medical exam life insurance more expensive?
Generally, yes. No exam life insurance for seniors over 70 tends to have higher premiums, as the insurer takes on more risk without knowing your full medical history.