Can A 70 Year Old Get Term Life Insurance?
- 1313 POINTSview profileLenny RobbinsPrincipal, LifeNet Insurance Solutions, Redmond, WAThe short answer is "yes", however at this age you may find it a much better alternative to purchase a permanent policy. First, someone 70 will generally have an objective of having coverage last for a lifetime instead of a period of time. Unless the 70 year old has borrowed money or some other situation that requires term, its probably a bad idea.Answered on July 7, 2014flag this answer
- 0 POINTSview profileGeorge RodriguezInsurance advisor, Transamerica, Chicago ILYes you can but it will be expensive, even if you are in perfect health, you looking at 100 plumes a month and there might be restrictions. You can also get a final expense policy witch will cover all of your funeral needs and not leave that expense to your family.Answered on July 7, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA quick look in my manual shows that about the only new contract available to a person over 70 years old with my company is a single premium whole life. Term insurance is not issued after age 70. The single premium whole life might be an interesting concept to consider as it allows you to make a single deposit now and take care of bequests or debts or final expenses when you pass.Answered on July 7, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! I'm a little puzzled as to why you would want one though, unless it's because you've looked into a whole life policy, and found them to be too expensive. There are a couple of companies that advertise a lot on tv that will issue you a policy, but it also will be very expensive, and will end when you turn 80. If you live to be 80 and a day, you've thrown away 10 years worth of money. It is really impossible to give you good guidance without knowing more about your situation. If you'd like some help, please drop me a line, and I'll see what we can do. Thanks for helping!Answered on July 7, 2014flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNYes, you can purchase term life insurance if you have good health. There are a few carriers that offer term life at fairly reasonable prices. I personally just delivered a term life insurance policy on a healthy 74 year old that needed better rates than a whole life policy would have cost.Answered on July 7, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.There are far fewer companies that will offer term life insurance to a 70 year old person than to a 40 year old, but they do exist. Most often, at that age the policy is a universal life policy that is guaranteed not to lapse for x number of years at a guaranteed level premium. The rates are as low as term rates, and you have the option of dumping in more money to keep the policy in effect longer, which is an option you do not get with term insurance.Answered on July 9, 2014flag this answer
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