Life Insurance for People Over 70

life insurance for people over 70

Life insurance is not only for young people. On the contrary, elderly need life insurance coverage even more than younger individuals do. Even if premiums depend on the age of each person apart, it is actually possible to get great values, when it comes to receiving your desired life insurance for people over 70.

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Why life insurance for people over 70?

There are many reasons why elderly over 70 need life insurance. Nowadays, seniors over 70 are still far away from retirement because they still enjoy working, thanks to their excellent health and long life. The most common reasons why you should get life insurance for seniors over 70, if you’re one of the elderly in this active category are:

  • charitable giving;
  • maximizing retirement income;
  • making sure that you have plenty of money for running your family business;
  • when you want a sale and purchase agreement for your business;
  • paying estate taxes;
  • financial support for your children and grandchildren;
  • family and/or spouse protection;
  • financial support for the special needs of one of your children or grandchildren
  • and providing income replacement.

For middle-aged and younger people, the best option is definitely termed life insurance; however, this is not the same situation with affordable life insurance for over 70, find here. Over the age of 70, the costs of permanent and term life insurance policies are very close to each other. The truth is that in some situations, permanent life insurance for people over 70 would be a better choice. Table saving programs could be helpful for you, in this case, meaning that the insurance company will ask you to pay less for your premiums than you should normally do, based on your health history. However, these programs are only valid with permanent life insurance coverage, and not all of the policies carry this feature.

Can you afford this type of life insurance for seniors over 70?

Many seniors over 70 are able to receive their desired and affordable life insurance for seniors over 70 out there. It’s obvious that the bottom line will be significantly influenced by the health history and status of each individual apart. If your current health status is good, you always had a healthy and active lifestyle and don’t smoke, you have high chances to get the best life insurance deal out there, compared to others whose lifestyle is exactly the contrary.

What makes the difference in getting the best life insurance over 70 is finding an independent life insurance agent out there who will help you to find the right agency giving you the best deal and affordable life insurance policy, depending on your needs. This independent agent knows which of the life insurance companies out there are likely to accept your application and therefore give you the best pricing for your policy. Having all these thoughts in mind, always keep in mind this: just because you turned 70, it doesn’t mean that death is close or that you are unable to find affordable life insurance policy out there!

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