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Life insurance at age 70: Still Within Your Reach

Life insurance at 70: Still within your reach.

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

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Do you suffer from health problems and feel that life insurance at 70 will be too expensive to afford? What you may not understand is that many common ailments, such as hypertension, heart problems and diabetes, do not present the same concern to life insurance companies when you are 70 as when you are 35.

If you have your health condition well-controlled, and are under a doctor’s supervision, you definitely can get affordable life insurance coverage in your seventies, even with what insurance companies call “impaired risk“. You can still protect your family’s financial security with an affordable life insurance policy.

No matter the reason you would like to purchase life insurance, you are in the right place. Especially at 70, the time to act is now while the premiums are in your reach and your health is stable. First, let’s very briefly discuss a few basic life insurance questions:

What is term versus permanent life insurance?
Why do I need life insurance at 70?
How much life insurance do I need?
How much does life insurance at 70 cost?

The idea here is to get you comfortable with what life insurance can do for you and how this important move can fit into your budget. If the question you have is not answered here, give us a call! Or leave us a message at our contact page.

At Ogletree Financial Services we listen to our client’s needs, working with them and over thirty top insurance carriers to get them the life insurance coverage they need at the best rate on the market.

What is Term Versus Permanent Life Insurance?

Life insurance at 70

These are the two basic forms of life insurance. Term life insurance is attractive to many because the policies are inexpensive and straightforward.
A term policy is temporary, generally covering financial responsibilities that will eventually go away. The needs of many who seek life insurance at 70 are met by small and inexpensive term policies.

As long as you pay your premiums, permanent life insurance will never expire. If you purchase life insurance to provide an inheritance, leave a charitable gift, or just to take care of your final expenses, a permanent policy may be the best choice.

A death benefit, the amount paid to the beneficiaries of your policy, is the basis of all life insurance and is provided by both term and permanent policies. In addition to the death benefit, permanent policies have cash accounts not offered by term policies.

Interest is credited tax-free to these cash accounts in various ways, depending on the type of permanent policy you choose. Policy owners can access these cash values during the life of their policy to fund any need, part of what are called the “living benefits” of permanent life insurance.

If you are interested, look for some links to articles we have about indexed universal life (IUL), a type of permanent life insurance with a cash account that allows you to enjoy the gains of the stock market while protecting your investment from the downswings and crashes that can devastate your portfolio.

Why Do I Need Life Insurance at 70?

Life insurance at 70

For those seeking life insurance at 70, a short term policy is often an ideal way to make sure your spouse will be able to comfortably enjoy their retirement years, no matter what happens to you.

 4 Minutes to a Better Retirement using Indexed Universal Life Insurance
Little known secret to get more pension income at retirement

If you have plans to enjoy cruises and Airstream road trips or maybe a leisurely life by the water, well into your eighties, life insurance can be the key to be certain your spouse will spend those golden years in the comfort they deserve.

Six Reasons to use IUL in Retirement Planning
IUL used for Retirement?

Many are still employed well into what used to be considered our retirement years. This may be because you are still saving for retirement or maybe your daily work routine is what keeps you sane. Either way, the day-to-day expenses of your household probably rely on this income.

If you have a significant amount of debt, a life insurance policy can make sure this won’t fall upon your family if you pass away unexpectedly. The impact of this liability on your loved ones could drag on for years as they deal with repayment.

Indexed Universal Life for Mortgage Protection?

Small business owners are relied on financially by their partners and the business itself. Life insurance is a common way to ensure that an untimely passing does not spell doom for a business you have worked for years to build.

Funding buy sell agreements with indexed universal life insurance

Maybe you are interested in leaving a financial blessing for those you love. A life insurance policy is an excellent way to allow your family to enjoy the fruits of your life’s labor long after you are gone. How much are you able to leave the ones you love?

Every person has a unique set of life circumstances and unique reasons to make an investment in life insurance coverage. If you are not sure, your independent agent from Ogletree Financial can help. You can be on your way to the life insurance coverage today.

How Much Life Insurance Do I Need?

Life insurance at 70

This question will require you to address each of your financial obligations and determine what amount it would take to be sure these obligations will continue to be satisfied, even if you are gone. This is a more complicated process for some than for others, your independent agent can help you with any more complex issues.

If you are in your seventies and still working you wouldn’t want to insure to cover your income more than three to five times your annual salary. Think about your daily living expenses, too. Just multiplying your salary by a recommended factor is a poor way to decide on the benefit of your life insurance policy.

There are many things to consider. Does your spouse work? How much do you have saved for
retirement? Do you possess other assets of value? How much of your debt do you want to insure for?

Life insurance at 70

Any other issues would have to be addressed individually. How much you leave as an inheritance
will depend on your personal financial strength. A gift to a charity often depends on previous giving.

Like I said, if you aren’t sure how much life insurance coverage you need, talk to your agent from Ogletree Financial. We can consul you on your life insurance needs and then choose from over 30 top insurers to get you the best rate available

How Much Does Life Insurance at 70 Cost?

The cost of the life insurance coverage you need is almost certainly well within your reach. A short term policy is often all that is needed for people in their seventies. We are providing some sample quotes here for 70-year-old men and women. We are showing rates here for preferred plus and standard health categories. Check out our health category infographics to get an idea of what your health rating may be.

Following are four tables with sample monthly premiums for a 70-year-old male and female.

The sample quotes shown here are for term life insurance.

These quotes are for non-smokers (smokers 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, 15, and 20 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 August of 2016.

70-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 $92.14 $196.00 $357.88 $656.25
15-year $129.15 $273.22 $532.87 $1,021.12
20-year $209.85 $419.12 $830.38 $1,596.00

70-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 $149.21 $346.28 $652.75 $1,246.88
15-year $225.75 $510.78 $1,006.25 $1,915.38
20-year $320.34 $670.03 $1,332.19 $2,655.63

70-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 $63.06 $133.99 $244.71 $399.98
15-year $80.79 $177.02 $329.91 $543.57
20-year $128.19 $265.90 $525.83 $1,016.72

70-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 $93.85 $203.84 $385.27 $728.68
15-year $135.29 $302.88 $580.33 $1,140.13
20-year $207.34 $474.15 $939.74 $1,868.75

Life Insurance at 70 Is Easier Than You Think!

As you can see from the sample quote above, getting affordable life insurance is easier than you might think. Regardless of your age or health, it’s possible to get a quality insurance plan. Don’t let anything stop you from getting the insurance protection that your family deserves. Most of our clients are surprised to see how affordable a life insurance plan can be.

Now, these sample above is just a basic quote. Your policy can have higher premiums or it could be more affordable. Every life insurance company is different, and you’ll get drastically varying rates depending on how they quote older applicants. Finding the perfect insurance plan can be the different between getting a cheap life insurance policy or paying for a plan that’s going to break your bank every month.

That’s the basics! Now give us a call or use the term quoter and get an idea of what your insurance costs may be. The key is to act right today. Making sure that your loved ones share in your life’s success is too important to wait.

Not having life insurance could be one of the worst mistakes that you ever make for your loved ones. If you were to pass away without life insurance, your loved ones could be left with a mountain of debt and no way to pay for all of those bills. Don’t hesitate to contact one of our agents today and we can get the process started.

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!

Frequently Asked Questions

Why do I need life insurance at age 70?

You may still be employed and day-to-day expenses depend on that income, there may be debt that you would want covered for your family should you die, if your a small business owner life insurance would ensure that your partners could continue the business, or you may just want to leave something to your family members.

How much is life insurance for a 70 year old?

A sample monthly premium for a $250,000 10-year term policy, with a standard non-tobacco health rating, would be $203.84 for a female and $346.28 for a male. These are only sample monthly premiums; your premium will be based on how your unique risk is assessed.

Can older people get life insurance?

Yes, seniors can obtain affordable life insurance! You should contact an experienced independent life insurance agent to help you determine right amount of coverage for your personal needs.

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