What Is the Best Life Insurance for Seniors Over 70?
What Is the Best Life Insurance for Seniors Over 70?
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There are two types of policies that may be suitable for you: guaranteed issue and simplified issue. Guaranteed issue policies are designed for senior citizens who are in poor health and would not be able to qualify for a standard policy. These policies are usually the most expensive, but they offer guaranteed acceptance regardless of a person’s health history.
Simplified issue policies, on the other hand, only have a few simple health questions on the application. If you answer the health questions with a no and fit within a height and weight chart, a policy will be issued upon payment of your initial premium. These policies are issued for ages 40-90 and face amounts between $5,000 to $100,000.
Guaranteed Issue with No Medical Exam and No Health Questions
This type of life insurance policy is designed for senior citizens who are in poor health and would not be able to qualify for a standard policy. It’s called “guaranteed issue” because no matter what a person’s health history is, they are guaranteed acceptance. However, these policies are usually the most expensive.
Face amounts are available from $5,000 to $25,000 for ages 45 to 90. Most companies offer or include the following features: Chronic Illness Accelerated Benefit – if a person becomes chronically ill and can’t perform 2 of the 6 activities of daily living, they will access up to 50% of the death benefit. Terminally Illness Benefit: Allows access to 50% of the death benefit when a person has been diagnosed as terminally ill. This benefit varies from 6 to 24 months of life expectancy depending on the issuing insurance company.
Simplified Issue with No Medical Exam
This type of policy only has a few simple health questions on the application. If you answer the health questions with a no and fit within a height and weight chart, a policy will be issued upon payment of your initial premium. The application has approximately 6 questions for major health conditions that a person has had treatment for in the last 24 months. If you have not had treatment for a major health condition like a heart attack within the last 24 months, you would qualify for this policy.
There are no medical exams, blood, or urine tests required. Policies are issued for ages 40-90 and face amounts between $5,000 to $100,000.
Simplified whole-life policies offer fixed-level premiums that are guaranteed not to increase even as you grow older. With the whole-life option, you’re guaranteed coverage for a lifetime. As long as you pay your premiums and the policy loans do not exceed the total cash value, your coverage cannot be terminated.
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