Find the Best Insurance Coverage for Seniors over 70 Years Old

Insurance - Life

Want to find the best insurance coverage for seniors over 70 years old? Want to know what some experts say about it? Many state that term life insurance is not recommended for seniors over 70 Years old.

Although term life insurance is the most common life insurance currently on the market, it is not the best option for seniors over 70 years of age. When you get the term life insurance policy at age 70, you are probably going to pay a premium that will increase dramatically over the next ten years.

It's possible that you may only need the term for the next 10–15 years, but if you need it longer, the term will run out, and the rate will significantly increase as you try to get back into a life policy with a term. It may seem from the surface that the term life insurance policy is the most cost-effective of all.

But you should look at the available long-term rates and the premium increase over the lifespan of the term to decide if it is indeed the right fit for you.

What is the Best Life Insurance Plan Should I Get If I am Over 70?

Independent insurance professionals highly recommend Guaranteed Universal Life Insurance (GUL) to be the best option for a life insurance policy for seniors over 70 because of the guaranteed age by which the policy is valid. Although this program does not produce any cash value as you age, it does not bear the high management fees that other policies do.

It allows you to keep your premiums low while providing you with the protection you need. In fact, a GUL serves as a term life policy, but until a specific age, even attaining 121 years of age, for example. It is assured. Obtaining a Guaranteed Universal Life policy is an excellent option for seniors over 70's life insurance.

Do I Need A Medical Exam If I Am Over 70?

If you are searching for life insurance and you are over 70 years of age, you can, in most cases, expect to have a medical examination done before life insurance is issued. This service is free of charge regardless of acceptance or refusal. In some cases, even when you're over 70, you may be able to buy life insurance without ever having a medical exam.

Buying life insurance after age 70 without a medical exam is rare but possible. Your premium will be much higher because the company is taking a risk giving you coverage.

Does the Guaranteed Universal Life Insurance Allow Me to Leave An Inheritance?

Through buying a GUL policy up to the age of 90, 95, or 100 (or whatever age you choose), you will be able to leave your family an inheritance while also investing the hard-earned retirement money that you saved to enjoy during your golden years.