In retirement, you might think it’s a little silly to be thinking about term life insurance for 70-79 year olds. But honestly, there are plenty of reasons why someone of this demographic would be looking to make a life insurance purchase.
Life insurance can provide a solution to many different things, and a term policy would be the most affordable way of doing it.
Looking for life insurance over 70? We can help.
Continue reading below to find out how important your particular health will be when you apply for life insurance over 70. If you’re concerned because you have certain health conditions such as someone looking for life insurance with kidney disease, we can answer your questions and point you in the right direction.
Term Life Insurance For 70-79 Year Olds
When you turn 70, there are plenty of financial decisions you’ll have to begin making. Most consumers don’t think of turning 70 as a big landmark of new financial decisions, but there are some more finite plans you’ll have to begin making, like it or not.
Take RMD’s for example. RMD’s (required minimum distributions) become mandatory, meaning you’ll have to start taking income from tax deferred retirement accounts in accordance to specific laws. Even if you don’t need the income, you will need to start distributing your money back to yourself and pay the applicable income tax necessary.
So what does this have to do with term life insurance for 70-79 year olds?
This presents a unique opportunity to increase your legacy. Some folks don’t want to start taking their required minimum distributions because they want to keep the money in their retirement account growing, and ultimately leave it as a gift. Well, if you’re mandated to take distributions, why not use the new funds to pay life insurance premiums and multiply your legacy?
This would not only multiply your premiums into a leveraged death benefit for your heirs, but it could also be a great way to pass those dollars along in a tax free way! Life insurance proceeds are largely tax free, so you could be turning those tax-deferred IRA dollars into tax-advantaged insurance payouts!
Other Purposes For Over 70 Life Insurance
Term life insurance for 70-79 year olds could also be used for much more practical things, just as another age group who buys life insurance policies. Take, for example, a mortgage. Maybe you’ve still got an outstanding loan against your home yet you want to leave your house to your family debt free. There’s a great reason to buy a life insurance policy.
Maybe you’ve still got some debts you’ve carried into retirement, and you’re looking to make sure you don’t pass on debt to spouses, children, or grandchildren. It could be any kind of transferable debt, from credit cards, to personal loans, car loans, or even medical bills. Whatever the debt, it’s probably something you’d like taken care of when you’ve passed.
Death also brings about new bills, like funeral costs. Whether you’ve chosen to be buried or cremated, there are costs to each. A final needs policy (also called final expense) could be the right thing for you, rather than the term life insurance for 70-79 year olds age kind. Always consider your need, as well as you budget when you’re considering each.
Another thing you might require is life insurance for estate taxes. Perhaps you have a particularly large estate, and taxes will be due upon you death. This might be a great reason to purchase a life policy, so you can leave more to family without the cause for liquidation first. A term policy might work, as well as a universal life insurance policy.
Medical Concerns For Term Life Insurance For 70-79 Year Olds
Maybe your health isn’t a perfect bill, and you’ve dealt with a few medical conditions in your time. Don’t worry. This is to be expected. There are very few seniors over 70 who are in the best shape of their life. There are plenty of things underwriters are going to be looking for:
- High Blood Pressure
- High Cholesterol
- Heart Issues
- Mental Impairments
- and more..
For each, there are a whole different set of underwriting guidelines. One of the key things the insurance company will be looking for are the dates of your diagnosis, what kind of treatment you’ve undergone, and how your current health is affected by it. You may have arthritis and wondering if you can qualify for life insurance with arthritis. Every carrier will be willing to offer you different types of life insurance coverage, at different rates. Your quotes are dependent on a lot of factors, so you might also want to consider getting pre-qualified.
If you are searching for term life insurance for 70-79 year olds, we’d be happy to help you navigate your way to a quote. We know it’s not easy with so many life insurance company’s processes, so we get you quotes in under 60 seconds, and even allow you to apply online if you choose.
We’ll even shop your policy from over 50 carriers, and point you in the right direction if health is a concern.