Term Life Insurance for the Seniors Citizens and Elderly
If you are a senior citizen or elderly and looking for term life insurance, or if you have elderly
parents who need a term policy, then you should be aware of the factors that affect this type of
coverage when you are over the age of 70.
The ins and outs of term insurance, also known as temporary coverge, are very simple. It is
the the most basic type of life insurance that you can get. Your coverage is for a
specific death benefit amount that you choose and it lasts for a certain time
period, or term. The term can be anywhere from 1, 5, 10 years, 15 years, 20 years, or 30 years.
It is also the least expensive life insurance coverage, though it can be very expensive for the
elderly due to age and health issues.
If you are considering this type of policy then you need to understand that the the term you qualify for will
depend on your age. Most term policies provide coverage until the age of 80 or 85. If you live beyond that age,
your coverage would end. For example, if you are 70 years old, then the maximum policy length you can
qualify for is a ten or fifteen year term.
How Much Is Term Insurance for an Elderly Person?
The cost of a temporary coverage policy depends on several factors. Some examples of what carriers
look at are:
1. Your Age: The older you are, the higher your premium will be. Someone who is 70 and in
average health will have a lower rate than somone who is age 80 with the same average health.
2. Your Health: If you are in great health then you can qualify for the lowest rates, also
known as the preferred or super preferred rates. If you have some minor health issues such as high blood pressure
or high cholesterol, then you may qualify for standard or regular rates. If you have a history of major health
problems like a heart attack, stroke, or cancer then your premium will be "rated up," which means you'll pay more
than the average person, or you may not qualify at all. This is how a term life insurance policy for senior
citizens and the elderly can get very expensive or be difficult to even qualify for. Many seniors develop serious
health issues as they get older, especially into their seventies and eighties, and this makes it difficult to find
affordable term coverage.
Keep in mind that if you do have some more serious health issues, then you might want to consider a guaranteed issue whole life insurance policy instead of term life
because almost everyone is approved..
3. Your Sex: With all other things being the same, men pay more for life insurance than woman
because they have a lower life expectancy.
4. Your Smoking Status: If you smoke, your premiums can be as much as two to three times higher
than a non-smokers rate. Most carriers will not consider you a non-smoker until you've been smoke free for at least
5. Your Driving Record: If you've had an excessive number of moving violations or a DUI, then
you are considered high risk. Most carriers will deny coverage or charge you a higher premium because of that.
Keep In Mind that Term is Temporary
As an elderly person looking for term coverage, please keep in mind that term life insurance is not
permanent. Once the policy ends, you will have to get another policy, which will cost more because
you will be older. Depending on your age, it may be extremely difficult to renew or find another
policy. If you want coverage that will last for your entire life, then you may want to consider burial life insurance, which is permanent coverage that will last for the
remainder of your lifetime.
Ready to Compare Rates? Get Started Today
If you think that a term policy is best for your needs and your budget, then the first step is to compare rates
from multiple carriers. Every company has their own criteria so rates vary by as much as 70% from one company to
another. This is why it is important to shop around. Fill out our easy one page quote
form and compare multiple rates from top carriers today.