Life insurance at 78

It’s no too late. The premiums will not be as high as you think and your health issues will not matter as much as you might imagine. Life insurance at 78 may seem out of place to some, but financial responsibility, especially to the ones we love, knows nothing about how old anyone is.

Life insurance at 78First about your health. By the time you are 78, you have experienced some health problems in your life. Life insurance companies know this. So as long as you are controlling your health issues with a healthy diet and proper exercise, even if you are taking medication, your medical issues will not concern insurance nearly the same for someone in their thirties.

Do you have more serious health concerns? Life insurance companies refer to this as impaired risk. At Ogletree Financial, we place clients with medical issues every day. We know which of the 30 top insurers we represent to look to, based on your unique needs, to get your family protected.

Many clients we meet aren’t sure about some of the basics of life insurance. To get you up to speed, we’ll spend a paragraph or two on each of the following basic questions we often hear:

How much does life insurance at 78 cost?
What is term versus permanent life insurance?
Why do I need life insurance at 78?
How much life insurance do I need?

Once you feel comfortable with these essentials (or even if you don’t), give us a call. That’s the next step towards the life insurance coverage you and your family need. Now is not the time to wait.

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!

How much does life insurance at 78 cost?Life insurance at 78

Many people in their seventies are worried that their life insurance premiums will be too high and the coverage they need will be out of reach. The fact is, most people in their seventies don’t need $1,000,000 of life insurance. The rates for the smaller policies most are interested on can fit into even a tight budget.

You may be uncertain about the health category a life insurance carrier will place you in. Take a look at the infographics we have included in this article to get an idea of how carriers will be looking at your risk. And again, know that we shop over 30 of the nation’s top insurers to find the best rate for your unique risk.

Following are four tables with sample monthly premiums for a 78-year-old male and female.

  • The sample quotes shown here are for term life insurance.
  • These quotes are for non-smokers (smokers life insurance rates will be higher)
  • There is a table for a preferred plus health category and one for a standard health category.
  • Term lengths of 10 and 15 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown.
  • These are only sample monthly premiums; your premium will be based on how your unique risk is assessed.
  • These sample quotes were gathered in September of 2016.

78-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $263.48 $574.71 $1,120.83 $2,129.14
15-year $469.39 $1,010.50 $1,981.87 $3,936.22

78-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $448.16 $908.61 $1,905.51 $3,718.98
15-year $589.70 $1,353.64 $2,663.85 $5,236.54

78-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $184.16 $385.92 $752.89 $1,444.71
15-year $296.70 $657.04 $1,241.84 $2,365.00

78-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $298.86 $623.79 $1,213.49 $2,380.70
15-year $436.79 $927.94 $1,711.40 $3,361.74

What is term versus permanent life insurance?

Life insurance at 78

First of all, the death benefit, the essence of life insurance, also referred to as the face value of your policy. This is the amount paid to your beneficiaries when you die. Of course, both term and permanent life insurance have a death benefit.

Term life insurance is only the death benefit, sometimes referred to as pure life insurance. This keeps the policies simple and the premiums low.

The term of term life insurance is the length of your contract. Term life insurance is temporary, usually insuring financial obligations that will eventually pass. A debt or your children until they have graduated from college are examples. When your term is up your coverage expires.

Permanent life insurance never expires and has a cash account associated with each policy. This does make the contracts more complicated and expensive, but whenever you die, these policies will pay our beneficiaries. A gift to a charity or coverage to leave an inheritance would most likely be addressed with a permanent policy.

About these cash accounts. They earn interest on a tax-deferred basis and open up what are known as living benefits. Living benefits mean you can use your life insurance and you don’t have to die. The cash accounts inside these policies can be accessed through policy loans and withdrawals for any expense, medical bills, college education, or even a world cruise.

If you are interested in permanent life insurance, look for a few links we have included to some articles about a type of permanent insurance called indexed universal life.Life insurance at 78

Why do I need life insurance at 78?

Well, at 78, you are probably well aware of what their life insurance needs are, and at any age these needs generally revolve around your family. You have worked hard to provide support to your household for a long time and you don’t want that support to go away, even if you have to.

Most have left the workforce at 78, but not everyone. Your income is probably important to the day-to-day expenses of your household if you are still working. How would your spouse fair if both you and your income went away? Think about 3 to 5 times your yearly salary to get in the ballpark.

How close are you to your retirement goals? If this is something you need to insure for, a closer look at your financials will be required. Compare where you want to be with where you are and how much benefit you can afford.

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Your life’s hard work may have enabled you to leave some of the fruits of that labor with those you care for after you are gone. This could be and inheritance for those closest to you or a gift to a charity that is important to you.

If you are a partner in a small business you can look to life insurance to protect your hard-earned interest in that venture. These policies usually are purchased by each partner on the other. The payout would generally be used to pay the deceased’s family the amount of their interest in the business.

We may not have talked about your life insurance needs; there are many. Whatever your concerns, we can help with the answers you want. Don’t wait to get te family protection life insurance coverage can offer.

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!

How much life insurance do I need?

Depending on your particular life insurance needs this could be a simple calculation or a much more involved needs analysis, an analysis that should involve your financial adviser and your independent life insurance agent.

Whether you have a single life insurance goal in mind or several financial obligations that need to be addressed, each should be examined closely to decide how a life insurance policy can work for you and your family.

Income replaLife insurance at 77cement recommendations for those in their seventies suggest multiplying your yearly income by a factor of 3 to 5. Your particular situation will dictate the exact amount. Does your spouse work? If not, would they return to work if you were to pass away?

Life insurance at 78: The coverage you need with the right premium

Waiting until later will only postpone your peace of mind. Your family needs this coverage and Ogletree Financial can be your guide to financial protection. Don’t delay another day!

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!
About Ogletree Financial Services
About Ogletree Financial Services

As independent life insurance agents, we specialize in finding the best life insurance rates and policies for our clients.  Our customers are located all over the USA.  If you would like a personalized life insurance quote, you can start here on our website or give us a call at 1-800-712-8519.

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