Life Insurance

Life insurance for seniors over seventy: essential coverage for peace of mind

Jun 20, 2023
older couple drinking coffee looking outside the door
As we reach our golden years, it becomes increasingly important to secure our finances so that we don’t pass on financial burdens to our loved ones. Life insurance for seniors over seventy can play a vital role in this process, helping to provide a safety net of financial security and peace of mind for our families. In this blog post, we will explore the significance of life insurance for seniors over seventy and offer valuable insights to help you make informed decisions about coverage options.

The benefits of life insurance for seniors over seventy

Financial protection: Life insurance can help provide a financial safety net for seniors over seventy and their loved ones by offering coverage for:

  • Funeral expenses
  • Outstanding debts
  • Medical bills
  • Other financial obligations 

Legacy planning: Seniors over seventy can use life insurance to leave a legacy for their loved ones or contribute to charitable causes. Life insurance policies can help ensure a smooth transfer of wealth while minimizing the impact of estate taxes.

Understanding whole life insurance for seniors over seventy

Whole life insurance is one kind of life insurance that is especially appropriate for seniors over seventy. It provides a certain amount of money to someone else when you pass away. The person who receives this money is called the “beneficiary” and the money that they receive is called a “death benefit” or “payout.”

Whole life insurance is a kind of life insurance that guarantees a payout to the beneficiary no matter when the covered person dies, as long as that person has active coverage, and the death happens outside of any waiting period (discussed later). Whole life insurance is different than term life insurance, which only provides the payout during a specified term of coverage, typically 10, 15, or 20 years. 

Ethos offers term life insurance to people who are ages 20 to 65 and whole life insurance to those who are 66 and older. People can apply for life insurance in a matter of minutes online with no doctor appointment or blood test, just a few health questions online, and our proprietary system will automatically route you to the product you are most likely qualified for. If you prefer, Ethos agents are happy to help you get the best life insurance policy for your needs at this number: 415-915-0665.

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Key considerations for seniors over seventy when choosing life insurance

Health considerations: Seniors over seventy can face challenges when it comes to securing life insurance due to health conditions or age-related factors. It’s best to apply for coverage sooner rather than later because health complications tend to increase with age, which can make premiums more expensive, and in some cases cause an application for coverage to be declined. Many seniors over seventy do qualify for life insurance, however, which can help provide peace of mind and financial support to loved ones. 

Immediate coverage vs. waiting periods: When companies say that they can offer immediate coverage, that may be true, but be sure to ask about waiting periods. In some cases seniors over seventy may be asked to pay premiums for two to three years before their coverage kicks in. That means if the person should pass away before the waiting period is complete, there would be no payout. Ethos offers immediate coverage for many seniors over seventy, but some people’s individual cases require a waiting period. Make sure to ask your agent or refer to your policy so you are clear about the details of your death benefit and any applicable waiting period. 

Evaluate your needs: When you talk to an agent, they can help you assess your financial situation, outstanding debts, and the level of financial support your loved ones may require. As you make decisions, you’ll consider the costs you would like to cover. Whole life insurance coverage amounts for seniors through Ethos range from $1,000 to $30,000, with most policies being between $5,000 and $25,000. 

Common costs seniors over seventy like to cover for their families with life insurance:

  • Cremation or burial 
  • Funeral 
  • Headstone
  • Mortgage for remaining partner or until house sale
  • Living expenses for partner
  • Outstanding healthcare costs

How to get life insurance for seniors

With Ethos, getting covered with a whole life insurance policy for seniors over seventy may be as easy as answering a handful of questions online or on the phone with an Ethos agent. Coverage can start immediately without a doctor visit or blood test. Other application processes may mean taking longer to get coverage, depending on your individual health situation. Ethos agents are happy to guide you through to finding the best policy to fit your circumstances. We look forward to receiving your online application or phone call at 415-915-0665.

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