Life insurance at 74

Life insurance at 74

Health issues are very common as we get older, so the risk to your loved ones is becoming greater.

Life insurance at age 74 could be more affordable than you think, and often a short term policy with a small face value and reasonable premiums can meet the life insurance needs of someone in their seventies.

Life insurance at 73

You may have had a term policy in the past that has expired and you are worried because your family is again vulnerable to financial struggle if you pass away unexpectedly. There are still people who rely on you financially, whether that be your salary, your pension or your investments, and you want the support you have worked hard to provide to always exist, no matter what happens to you.

Generally, life insurance companies are less concerned about certain age-related health issues for senior citizens than they are for younger clients in their thirties and forties. High blood pressure at 38 may suggest an unhealthy lifestyle; high blood pressure at 74 probably only suggests that you are seventy-four. Your level of control of any health condition is key to life insurance underwriters.

We want to just introduce the basics here, a brief answer to each of the following questions many have:

How much does life insurance at 74 cost?
What is term versus permanent life insurance?

Why do I need life insurance at 74?
How much life insurance do I need?


Life insurance at 74


How much does life insurance at 74 cost?

Most people are surprised to learn that life insurance at 74 is remarkably affordable. Often a smaller policy is all that is needed to address your financial obligations at this age. When working with an independent agency like Ogletree Financial, we shop the life insurance marketplace for the best deal on the policy you need. Our expert agents can help you decide how to deal with a tight budget to make sure your family is covered.

Your health is obviously an important factor that is considered by life insurance companies when determining your premium. We have a few handy infographics here so
you can get an idea of how insurers will view your unique risk.

Following are four tables with sample monthly premiums for a 74-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.

74-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


74-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


 74-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


74-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker



What is term versus permanent life insurance?

The essence of life insurance is the death benefit. This is the amount your beneficiary receives if you die with a life insurance policy in place.

Term life insurance is pure death benefit protection, no extras for the most part; although, more and more term policies come with some level of ‘living benefits’, benefits of your life insurance that you take advantage of while you are alive.

Term life insurance is temporary. When the term of your policy is over, your guaranteed level premium is over and you must then renew annually or purchase a new policy, either at a substantially increased premium.

Many financial obligations, such as seeing your children to self-sufficiency or you and your spouse into retirement, will pass. Once you get there, there is no more obligation to insure for.

Permanent life insurance never expires as long as you pay your premiums. These policies are more expensive than term and the contracts are significantly more complicated. In both cases, due to the cash accounts that are connected to all permanent policies. Your cash account earns interest tax-deferred, and in a variety of ways, depending on the type of permanent policy you choose.

If you are interested in permanent life insurance, we have included links to some interesting articles about indexed universal life (IUL), a type of permanent insurance that earn interest based on gains in the stock market without actually placing your principal at risk.


Life insurance at 74


Why do I need life insurance at 74?

While many 32-year-olds are not sure about why they need life insurance, most in their seventies have a pretty good idea why when they come to see us. The reasons of course center around family, and their reliance on you financially.

Income replacement is still important for those working into their golden years. Who would be in trouble financially if your salary stopped tomorrow?

Do you have any other financial obligations that might affect your family if you passed away unexpectedly? Any personal loans or other debts you are still responsible for could place a burden on you family when you are gone.

If you are still saving for your retirement, life insurance can make sure these goals are met, even if you are gone. You want your spouse to enjoy the remainder of their life in the comfort the two of you have worked hard to dream of.

At 74, you may be thinking of leaving an inheritance. Life insurance is an excellent way to share your life’s hard work with the ones you love.

If you’re not sure about where your life insurance needs are, we can help. Usually, a short discussion with your independent agent can clear up any uncertainty.


Life insurance at 74


How much life insurance do I need at age 74?

If you are not sure here, again, a talk with your independent agent can help make how much life insurance to purchase a little clearer. The idea is to look at each of the financial obligations you would like you address and determine how much life insurance benefit would be required for that obligation to continue after you are gone.

More and more people are working well into their seventies, so income replacement is a top priority for many seeking life insurance at 74. At this point in your life, the general recommendation is to multiply your yearly salary by 3-5 to be in the ballpark for how much benefit you would need to make sure that those who rely on your income would suffer financially if you were to pass away.

Life insurance at 74

For those still saving for retirement, a life insurance policy can ensure that no matter what, your spouse will enjoy the retirement you have both worked hard towards for decades. A look through your personal finances will determine how much benefit is required.

Do you have debt you are still paying off? Life insurance can make sure it won’t fall upon your loved ones, adding financial burden to an already difficult situation. Life insurance companies will often insure a personal debt at 75% of the outstanding amount.

Many people would like to leave an inheritance to their family. A life insurance policy is an excellent way to share the bounty of your life with those most important to you. This number is often a matter of how much you can afford in your present financial position.

What about a gift to a charity? Maybe you would like to leave something to the Red Cross, Wounded Warrior Project, Save the Children, or your local animal shelter. When deciding on a benefit to leave as charity, previous giving is often relied on to reach a number.


Life insurance at 74: The coverage you need at a price you can afford

You could be just minutes away from the next step toward the peace of mind that your family’s financial future is secure. Let us be your guide and you could be covered sooner than you think.

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