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Life Insurance at age 75

Life Insurance at age 75

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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As an older applicant, you might have some health problems. Regardless of your age or your overall health, there are still insurance options available. Find the best life insurance for seniors over 70!

Call 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.

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

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.

In the majority of cases, we recommend term insurance (which is why we showed term insurance quotes above), but maybe you want a different type of protection. We also have done several articles on 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, 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 assist with any uncertainty you may have.

How Much Life Insurance Do I Need?

Life insurance at age 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. Think of us as your personal insurance experts.

Unlike traditional insurance agents, we are a group of independent insurance brokers, which means that we don’t work with one single insurance company. Because you aren’t contracted by a single carrier, we can bring 60 quotes, from any kind of policy.

If you want more information or you want to get access to your quotes, then go ahead and use the form.

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

How much life insurance do I need at age 75?

How much life insurance you need can vary widely. It all depends on what you want your coverage to do for you, and more importantly, for your family. Would the death benefit be used for just funeral costs or would it need to include a mortgage payoff, college tuition, or other debt? Meeting with a qualified life insurance agent can help you determine the face amount you will need.

How much does life insurance cost at age 75?

A sample monthly premium for a $500,000 10-year term policy at standard non-tobacco rates would be $689.32 for a female and $1,199.27 for a male. These are sample premiums, yours would depend on your personal underwriting with the insurance carrier.

Why do I need life insurance at age 75?

Should you die, the death benefit can cover your family’s day-to-day expenses, payoff debt, 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.

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