Life Insurance at 75

You might be wondering if life insurance at 75 is even possible. Well, it is and here’s why. Health issues are a reality of old age and life insurance companies know this. Just because you have high blood pressure, it does not mean you are an unhealthy 75-year-old.

Health issues that are common with old age and controlled with diet, exercise, or even medication will probably have little effect on your life insurance premiums.

Get in touch with us at Ogletree Financial and we can answer your questions and guide you and yours to the secure financial future and peace of mind you desire.

First, some sample premium quotes, then a very brief life insurance refresher course to round out this introduction to life insurance at 75.

How much does life insurance at 75 cost?
What is term versus permanent life insurance?
Why do I need life insurance at 75?
How much life insurance do I need?

Your next step is to give us a call, we’re ready to help!

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 75 Cost?

If you have been thinking life insurance at 75 is out of your reach, you are probably wrong about that. The short term life insurance policies many in their seventies are interested in will not break your budget.

The size of your premium will hinge on which health category you are placed in. we have placed a few helpful infographics in this article to help you decide where fall in this classification. Again, if you’re not sure, ask your Ogletree Financial independent agent, they will be able to move from your personal attributes to concrete ideas of how the over 30 life insurance companies we deal with will view your risk.

Following are Four Tables With Sample Monthly Premiums For A 75-year-old Male and Female.

  • The sample quotes shown here are for term life insurance.
  • These quotes are for non-smokers.
  • 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.

75-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 $161.61 $349.12 $665.64 $1,264.20
15-year $296.70 $642.64 $1,276.41 $2,508.85

75-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 $266.67 $629.09 $1,199.27 $2,207.54
15-year $416.32 $877.63 $1,703.93 $3,388.61

75-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 $109.60 $228.79 $435.44 $808.26
15-year $176.55 $381.06 $732.24 $1,371.56

75-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 $182.77 $386.32 $689.32 $1,309.20
15-year $275.80 $615.98 $1,147.24 $2,247.62

What is Term Versus Permanent Life Insurance?Life insurance at 75

The two main types of life insurance, term and permanent, have one very important concept in common: the death benefit. This is the amount paid to your beneficiaries if you pass away while your policy is in force.

Term life insurance, sometimes referred to as pure life insurance, is purchased for the death benefit and that is all. A living benefits rider, according to Investopedia  “an add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost,” can be added to term policies to pay out a portion of your death benefit for certain qualifying life circumstances such as a terminal illness.

Term life policies are straightforward with relatively inexpensive premiums for the death benefit coverage you receive. Permanent policies are considerably more complex and more expensive than term, due to an interest-earning cash account associated with every policy.

This cash account opens up an array of living benefits associated with your policy that can position your life insurance coverage as an important part of your financial portfolio. Interest is earned tax-deferred and access to your funds is relatively uncomplicated.

We are mainly concerned with term insurance here, but a permanent policy may be the best way to address your personal life insurance needs. The quotes we show here are for term insurance, but we have included a few links to articles we have about a type of permanent life insurance called indexed universal life (IUL).

IUL policies generate interest in your cash account based on a stock market index you choose. There are caps on the interest rate you will receive, but your money is not actually invested in the market, so a crash like 2008 will not decimate your principal.

Why Do I Need Life Insurance at 75?

Generally, life insurance is intended to cover important financial obligations in your life that would create a burden for those important to you if you died unexpectedly. The most basic need for life insurance is for final expenses and burial costs that accompany a person’s passing. But that is just the start

You very well may still be working at 75; if so, you would want to consider how your salary is relied upon by others. How would the day-to-day expenses of your household be paid if income went away?

Is there a large debt such as a mortgage that you are still paying off? You may want to include this financial commitment in your life insurance plan. Leaving this for your loved ones to deal with could create years of financial distress.

Life insurance can also work to ensure that the retirement plans you have worked on for decades do not fall apart if you pass early. The benefit of your policy can secure the golden years you envision for your spouse, even if you are gone.

4 Minutes to a Better Retirement using Indexed Universal Life Insurance
Little known secret to get more pension income at retirement
Six Reasons to use IUL in Retirement Planning
IUL used for Retirement?

Often, we like to leave some of the fruits of our life’s labor to the ones we love as an inheritance or to an important cause or charity that has enriched our spirit. Life insurance is a sure way to make sure you can deliver your life’s blessings into the future.

Each person’s reasons to purchase life insurance are unique. An independent life agent from Ogletree Financial Services can help you with any uncertainty you may have regarding your life insurance choices.

How Much Life Insurance Do I Need?Life insurance at 75

You can work with your independent agent to determine what amount of coverage you should plan for to take care of your financial obligations. Essentially, you need to examine each financial commitment you want to insure for and decide the amount of benefit necessary to ensure these commitments will always be fulfilled.

If you are still working, and more and more at 75 are, you will want to look at who would be burdened if your income were to go away. In your seventies, a general rule is to insure for 3-5 times your yearly salary.

Do you have any considerable debts you are still paying down, such as credit cards or personal loans? Life insurance will make certain that these will not fall into the laps of your family when you are gone. Insurance companies often limit the benefit for this to 75% of your outstanding debt.

If you would like to leave a gift to your favorite charity, your previous giving will often be the basis of this benefit amount. The Planned Giving Design Center  states that “Life insurance is an excellent tool for making charitable gifts for a number of reasons. Life insurance provides an “amplified” gift that enables you to purchase immortality on an installment plan. Through a relatively small annual cost (the premium), a benefit far in excess of what would otherwise be possible can be provided for charity.”

Life Insurance At 75: The Coverage You Need At A Price You Can Afford

It’s time to reach out to Ogletree Financial and get this done. We are ready to be your guide to financial security and the peace of mind that financial burden will not befall your loved ones if you pass away.

We know that nobody wants to think about his or her own death and that buying life insurance is not a fun task, but not planning for the inevitable is one of the worst mistakes that you can make. Luckily, we are here to help make the process as quick and simple as possible. It’s our goal to connect our clients to the perfect life insurance plan at the lowest rates.

Unlike traditional insurance agents, we are a group of independent insurance brokers, which means that we don’t work with one single insurance company. Instead, we work with dozens of highly rated companies across the nation.

Every insurance company is different, which means that you could get drastically varying rates depending on which company that you contact. Instead of spending hours and hours calling different agents, let one of our independent brokers do all of the work for you.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the process started. If you have any questions about getting life insurance as a 75 year-old, please contact us today. We would be happy to answer those questions and ensure that you’re getting the best life insurance plan to meet your needs.

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.

This entry was posted in Quotes By Age. Bookmark the permalink.

Leave A Reply