Can a 70 Year Old Get Life Insurance?

It is possible for individuals aged 70 to obtain life insurance coverage. While age is a factor in the application process, a range of options remain available to provide financial security for loved ones. These policies can assist with covering end-of-life costs, supplementing a spouse’s expenses, or enhancing estate planning efforts. Life insurance for seniors operates similarly to policies for younger individuals, offering a death benefit to beneficiaries.

Life Insurance Options for Seniors

For seniors, several types of life insurance policies are available, each with different features.

Whole life insurance offers coverage that lasts for the policyholder’s entire life. It includes a cash value component that grows at a fixed, tax-deferred interest rate, which can be accessed through loans or withdrawals. Premiums for whole life policies remain level, meaning they do not change.

Universal life insurance is another permanent coverage that builds cash value. These policies offer flexibility, allowing policyholders to adjust premium payments and even the death benefit within certain limits. While offering coverage and cash value, universal life policies may provide fewer guarantees compared to whole life insurance, as cash value growth can be affected by minimal premium payments.

Guaranteed issue life insurance is designed for individuals who struggle to qualify for traditional policies due to age or health, as it requires no medical exam or extensive health questionnaires and ensures guaranteed approval. These policies have lower death benefits, often $10,000 to $50,000, and higher premiums. They include a waiting period, usually two to three years, before the full death benefit is available. If death occurs during this period due to non-accidental causes, only a refund of premiums paid (plus interest) is provided. These policies are often marketed as final expense or burial insurance, intended to cover end-of-life costs.

Term life insurance, covering a specific period, is challenging for 70-year-olds to obtain for long durations. While 30-year term policies are not offered at this age, shorter terms, such as 10-year policies, may be available. Premiums for term life insurance at age 70 are higher than for younger applicants due to increased age risk. If the policyholder outlives the term, coverage ceases, and there is no cash value component.

Key Factors for Coverage and Cost

Several factors influence whether a 70-year-old can obtain life insurance and cost. Age is a primary determinant, as premiums increase with each passing year due to higher mortality risk. Gender also plays a role, with men paying more for comparable coverage due to lower average life expectancies.

Health status is another factor. Insurers assess medical history, including pre-existing conditions (e.g., diabetes, heart disease, high blood pressure, chronic illnesses). Current health indicators like BMI, cholesterol, and liver and kidney functions are also considered. Family medical history of serious illnesses (e.g., early-onset cancer, heart disease) can also lead to higher premiums, even if the applicant is currently healthy.

Lifestyle choices further impact insurability and cost. Smoking can result in premiums that are three to four times higher than those for non-smokers, due to increased health risks. Other habits evaluated include excessive alcohol consumption, high-risk hobbies like skydiving or car racing, occupation, and driving record. These details help insurers assess an applicant’s overall risk.

For many traditional life insurance policies, a medical examination is standard for assessment. This exam, lasting about 30 minutes and paid for by the insurer, involves height, weight, pulse, and blood pressure measurements. Blood and urine samples are collected for laboratory testing to check for markers like cholesterol, blood sugar, and nicotine. For older applicants, additional tests such as an electrocardiogram (EKG) or cognitive and mobility testing might be required for a complete health profile.

Steps to Obtain a Policy

Obtaining a life insurance policy at age 70 involves several steps. Research different insurers and compare offerings, considering factors like coverage caps, premium pricing, and available policy riders. Obtaining multiple quotes for similar policy types helps identify the most suitable and cost-effective option.

Once a potential policy is identified, complete the application form. Provide accurate and complete information, including medical history, lifestyle habits, and financial details like income and assets. Honesty is crucial, as any inconsistencies might be uncovered during subsequent checks.

For policies requiring a medical examination, the insurer arranges for a paramedical professional. The exam can be performed at a convenient location (e.g., home or office). Prepare by fasting as recommended and having current medications and health history readily available for a smooth process.

After application and any required medical exams, underwriting review begins. An underwriter assesses the applicant’s risk profile by reviewing all submitted information, including medical records, prescription history, and motor vehicle reports. This helps determine eligibility and set final premium rates. Traditional policy underwriting takes four to six weeks; accelerated or no-exam policies may offer faster approvals (days or weeks). Upon completion, the insurer issues an offer of coverage, activated upon signing and initial premium payment.