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Life insurance at age 77

Life insurance at 77

Some people believe that life insurance at age 77 is out of their reach.


Health issues often scare some who need life insurance coverage into thinking the premiums will just be too high. The truth is that the life insurance coverage you need to protect your family can be yours and you can find affordable life insurance for seniors over 70.

Unless your health problems are very serious, they will not push your premiums beyond your reach.

Life insurance at 77

Many health issues that raise red flags for insurance companies when insuring someone in their thirties do not raise the flag quite as high when you are in your seventies.

Even if you have more serious health problems, get in touch with Ogletree Financial. We specialize in what life insurance companies call impaired risk. Each insurer underwrites various risks differently.

We choose from over 30 of the top companies in the business: Lincoln National, MetLife, Banner, American General, Transamerica,  North American and get you the policy you need. We do all the shopping.

First, let’s take a quick look at some of the basics of life insurance. To get you on track we’ll spend a paragraph or so on some basic information:

How much does life insurance at 77 cost?

What is term versus permanent life insurance?

Why do I need life Insurance at 77?

How much life insurance do I need?

First we’ll look at some quotes and you may be ready to give us a call. Don’t wait to get your family covered.  Next, will a few paragraphs and some friendly infographics to lay out some of the essentials of life insurance at 77.

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 77 cost?


You will probably be surprised at how affordable life insurance in your seventies can be. If you need a $1,000,000 policy, your premium will be quite steep. Of course, those requiring that much life insurance at 77 are more likely to have the resources to handle a higher premium.

If you are in the market for a smaller life insurance policy to get you into retirement or cover your final expenses, your premiums are much less likely to break your budget.

The health category a life insurance company places you into is what determines the size of your life insurance premium. Take a look at the relevant infographics In this article to get an idea of how life insurance companies will view your risk.


The following are four tables with sample monthly premiums for a 77-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.


77-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 $221.09 $482.58 $943.63 $1,791.83
15-year $402.74 $865.59 $1,696.35 $3,367.76

77-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 $375.93 $838.75 $1,630.01 $3,128.19
15-year $532.17 $1,196.05 $2,364.14 $4,619.06

77-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 $154.58 $321.48 $627.51 $1,193.06
15-year $256.37 $565.88 $1,066.40 $2,028.74

77-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 $252.84 $518.48 $1,007.48 $1,960.70
15-year $383.82 $818.72 $1,504.57 $2,955.82


What is term versus permanent life insurance?


The death benefit is the essence of life insurance. This is the amount that is paid to your beneficiaries if you pass away while you have a life insurance policy in place.

Term life insurance is occasionally referred to as pure life insurance because it is the death benefit and that is pretty much it. This keeps the contracts simple and the premiums low when compared to a permanent policy with the same level of death benefit.

The “term” of term life insurance is the length of your contract. Some financial commitments you want your life coverage to address will eventually pass. A debt, securing your retirement, or seeing your children through their college years are all needs that will ultimately go away.

Permanent life insurance policies never expire as long as you pay your premiums. A life policy set up to leave an inheritance or a charitable gift would need to extend until your passing.

Another big difference between term and permanent insurance is the cash accounts that are attached to every permanent policy, but not to term policies. These accounts generate interest tax-deferred and can extend the function of your life coverage beyond the core death benefit.

The funds you build are relatively easy to access throughout the life of your policy for whatever expense you desire such a college expenses, medical costs or your retirement. These advantages are known as living benefits.


Why do I need life insurance at 77?


There a variety of reasons why people purchase life insurance and most revolve around family. At 77, you probably don’t need a lot of guidance with this decision; we’ll touch on a few common reasons here.

Income replacement is a primary aim of life insurance coverage when you are just starting out and your children are young. It is normally not as significant at 77, but the salary you bring to your household could be important enough to warrant consideration when deciding on the face value of
your life insurance policy.

Life insurance at 77

Retirement savings is a common concern of those in their golden years. If you are not quite there yet, then life insurance can create a confidence that even if you pass away unexpectedly, your spouse will live the later life the two of you have planned on.

Those who are partners in a small business often use life insurance to protect their interest in a life’s work. An unexpected death of a partner can create financial havoc for the surviving partner, the deceased’s family and the business itself.

Life insurance is commonly used to allow the fruits of our lives’ labor to extend beyond our time here on earth. An inheritance to your family or a gift to a favorite charity can easily be accomplished with life insurance coverage.

An outstanding debt could result in a financial calamity that could haunt your family for years if you were to pass away before it is paid off. Life insurance coverage can keep unpaid liabilities from falling into the laps of the ones you love the most.

How much life insurance do I need?

If you are not sure here, consult with your independent agent. The aim is to address each financial commitment you want your life insurance to cover and determine the amount of benefit needed to sustain those commitments when you are gone.

In your thirties, many recommend that you multiply your yearly income by as much as thirty. There are a lot more years of salary missing if you pass away when you are young. For those seeking life insurance at 77, try multiplying by 3 to 5 to get started. A little further investigation is recommended to make sure you are considering the right amount.

The Planned Giving Resource Center notes that a “traditional permanent life insurance contract will generally yield a 6% to 7% internal rate of return” …  and that life “insurance can be a self-completing gift. For a donor committed to making annual gifts [to a charity], a portion of the annual gift can be directed to an insurance policy guaranteeing the continuation of that gift in perpetuity.”

If you donate $1,000 a year to your local animal shelter, you could redirect a portion of that $1,000 into a life insurance policy that would allow for a very substantial gift to all the dogs and cats when you pass away.

Life insurance at 77

If you want to protect your interest in a small business, you need to calculate the interest of each partner in that business. Usually, each partner is the beneficiary of a policy on the other partner. If someone dies unexpectedly, the policy benefit can be used to pay the deceased’s family for their interest in the business.
If you are not sure, a conversation with your independent agent is the best way to get to the bottom of how much life insurance to purchase. Have that conversation with Ogletree Financial, we are ready to help.


The coverage you need at a price you can afford


You want the peace of mind that only life insurance offers. Ogletree Financial can be your family’s guide to financial security into the future. Call us and learn how your life insurance needs can be met.

Getting started is easy!

  • Give us a 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 on purchasing life insurance?

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This is determined by each insurance carrier, there is not a industry-wide cut off age. An independent life insurance agent can evaluate your situation and advise you of your options.

Can a 77-year old get life insurance?

Life Insurance at age 75

It is possible to get life insurance at almost any age if you qualify. This will depend on the life insurance company and their policy on age limits. An independent life insurance agent can evaluate your situation and advise your of your options.

What is the cost of a $500,000 term life insurance policy for a 77-year old male?

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A sample premium for a 10-year term policy in the standard health rating class is $1,630.01 per month.

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