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Life insurance at age 73

Life insurance at age 59

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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Many who seek life insurance at 73 are worried about how their health will affect their premiums.

Will they be sky high? Probably not.

Hypertension, cardiovascular problems, diabetes, and other ailments are a natural part of getting older for almost everyone. When well controlled, these conditions do not elevate life insurance costs as they would if you are 35.

Life insurance companies know that you have every intention, and a high probability, of living out a full life despite these health concerns. These health concerns fall into a category that insurance companies call impaired risk.

We are impaired risk experts at Ogletree Financial and no matter your health status you can rely on us to get you covered. Our knowledge of the life insurance marketplace and partnership with over 30 top insurers means unique risk and health problems are right in our wheelhouse.

Let’s look at four basic life insurance questions:

What is term versus permanent life insurance?
Why do I need life insurance at 73?
How much life insurance do I need?
How much does life insurance at 73 cost?

Life insurance at 73

We’ll run through these basics and after some sample quotes it’ll be time for you to get in touch with us! Ogletree Financial is your friend in the life insurance business. We are concerned about your family’s future financial security and getting you the life coverage you need at a premium you can afford.

What is term versus permanent life insurance?

For those seeking life insurance at 73, a short term policy is often the best solution. If your life insurance needs to see you and your spouse into retirement, at which time your family’s future finances will be secure, term life insurance is probably your best bet.

Term policies are simple, easy-to-understand contracts and the premiums are less expensive than for permanent policies. These policies are designed to cover financial obligations that will eventually pass and you arrange for your policies “term” to match the time period of that obligation.

Both term and permanent life insurance will pay the death benefit of your policy as long as you pass while your policy is in effect.

Permanent policies never expire. No matter when you die, your policy will pay the benefit of your policy to your beneficiaries. Some financial commitments you would like your life insurance to cover require that your coverage lasts your full lifetime.

If it is important to you when you pass that your final expenses will be taken care of, or if you would like to leave an inheritance or a gift to a charity, permanent life insurance may be what you are looking for.

Life insurance at 73

Permanent life insurance combines the pure death benefit offered by term insurance with a cash account. The cash account of your policy earns interest on a tax-deferred basis and opens up life insurance advantages you can use while you are alive, known as living benefits.

We are mainly concerned with term policies here, but if you are interested, we have included links to some articles we have about indexed universal life (IUL). IUL cash accounts earn interest based on stock market indexes and can become a powerful part of your financial portfolio.

Why do I need life insurance at 73?

This question is not as common for those in their seventies as it is for those in their thirties. As four decades pass, most of us become well aware of our financial obligations. Wherever you are relied upon for financially, life insurance can help make sure your support will always remain.

For those planning for life insurance at 73, often their motivation is to make sure that no matter what happens to them, their spouse will pass happily into their golden years, without financial worry. You have planned for decades for your retirement and you don’t want your unexpected passing to keep your favorite person from enjoying the rest of their life as the two of you have planned.

Little known secret to get more pension income at retirement

Six Reasons to use IUL in Retirement Planning

4 Minutes to a Better Retirement using Indexed Universal Life Insurance

IUL used for Retirement?

In addition to your retirement there are the more immediate concerns of your day-to-day expenses. Many in their seventies are still working and a quick no exam life insurance policy can make sure the support your salary provides to your household will always exist.

If you have a significant debt you are still taking care of, life insurance can protect your family from being forced to deal with this liability when you are gone.

Indexed Universal Life for Mortgage Protection?

If you are a partner in a small business, life insurance may be a smart move. After years of building, what happens if you or another partner dies unexpectedly? This can be bad for the business and the deceased partner’s hard-earned interest in that business. Properly designed life insurance can put a plan in place to protect against this misfortune.

Life insurance at 73

Funding buy sell agreements with indexed universal life insurance

Maybe sharing your life’s financial success is important to you. Leaving an inheritance to your loved ones or bequeathing a gift to a favorite charity can easily be accomplished with a life insurance policy.

We may not have mentioned your reason for purchasing life insurance. Don’t worry, at Ogletree Financial, we are prepared to address any life insurance demands you may have and design coverage that fits into your budget and protects your loved ones from financial disaster.

Get a quote>>>

  • 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!


Life insurance at 73

How much life insurance do I need?

This will require a little homework. An independent agent from Ogletree Financial can help you with this if you are not sure how to proceed. Once you have identified the areas of financial obligation you would like your life insurance coverage to address, you must decide what amount of benefit your policy would need to provide to cover that need.

From an income replacement standpoint, those in their seventies are recommended to multiply their salary by 3 to 5. This is really just a way to get started; there is more to consider than just what factor to multiply your salary by.

Does your spouse work, or if you passed away, would they return to work? Do you have assets that would be liquidated if the worst were to occur?

How close are you to sewing up your retirement plans? Is there an amount that you are still building towards? A life insurance policy can make sure these plans will be realized no matter what may happen to you.

You interest in a business partnership would have to be calculated, as it would for your partner(s). The policies purchased usually have your partner(s) as beneficiaries. Generally, the benefit would be used to pay your family for your interest in the business.

If you need more help determining the face value of your policy, we have you covered. Check ou
t some quotes then get in touch to get started today!

How much does life insurance at 73 cost?

The life insurance policy you need is probably more affordable than you think. You may now have an idea of how much coverage you are interested in, your health category will determine what your premium will be.
We have posted a couple infographics to point out some health category basics. A few minutes on the phone with an independent agent and you will be able to further pinpoint your health rating.

Following are four tables with sample monthly premiums for a 62-year-old male and female.

  • The sample quotes shown here are for term life insurance.
    Life insurance at 73
  • 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.

73-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 $124.82 $275.44 $483.53 $943.52
15-year $216.51 $460.25 $893.37 $1,756.12

 73-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 $216.80 $483.02 $928.51 $1,714.74
15-year $335.83 $686.00 $1,339.23 $2,632.54

73-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 $93.84 $179.74 $338.36 $621.72
15-year $131.57 $271.69 $513.14 $976.07

73-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 $144.14 $285.58 $550.44 $1,068.40
15-year $192.90 $484.97 $878.81 $1,680.88

Life insurance at 73: Now is the time!

Give us a call now and be on your way to family security and peace of mind. Ogletree Financial Services will work for your loved ones so you can be sure that their financial future is protected.

Be sure and check out our article: Life Insurance for Seniors over 70 NO MEDICAL EXAM!

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

Is there an age limit to get a life insurance policy?

There is not an industry-wide limit, it is up to each life insurance company to set their own policy. An independent life insurance agent can evaluate your needs and provide you with options.

What is the cost of a $500,000 term life insurance policy for a 73-year old male?

A sample premium for a 10-year term policy in the standard health rating class is $928.51 per month.

Can a 73-year old get a life insurance policy?

Yes, if they qualify! Insurance carriers look at health, build, and age among other factors to determine a person’s health class. An independent life insurance agent can answer your questions.

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