Even if you are over 70 it is still possible to obtain a life insurance quotation with certain companies. Looking online, you will find it more expensive than taking a policy out when you were younger but still affordable. It is better than having no protection when it is more likely a loved one might be affected financially by your sudden departure.
For quotes on life insurance people over 70, they are obtainable online, although not from every life insurance provider. It is useful when the options do extend to this age group. You can check if the price is for you and then look to discuss the particulars further to make sure that the policy is a perfect fit. For our growing UK audience, leading insurance broker Reassured Ltd has created this comprehensive over 70 life insurance guide.
The typical life insurance policies are listed below for reference, but be aware of the amount of time you might have to pay into the policy as to which makes the most sense.
Term Life Insurance
Term life insurance is the simplest of the life insurance forms and means that the policyholder pays a premium for a certain duration of time. This can be anything from 10 to 30 years. Should the policyholder die during this period then a cash benefit will be paid to their family or whoever has been named as the beneficiary.
Whole Life Insurance
The point of whole life insurance is that it will build up a cash value and mean that there is permanent coverage provided that will help build a family’s wealth in the long term. More guarantees will be offered with this kind of insurance compared to other types. This is a bonus and something which makes it an option that many people will choose.
Universal Life Insurance
The difference between whole life insurance and universal life insurance is that whole life is permanent, whereas universal merely offers long-term protection. However, the premiums with whole life are fixed, and so guaranteed not to increase, whereas this is not the case with universal life insurance. Although, as long as you continue paying the premium, you can rely on the life insurance benefits being paid to the beneficiaries. It is useful to understand whole life insurance versus universal life insurance and the differences when making your mind up.
It is good to have the above choice when it comes to picking life insurance, but you should know the benefits of taking it out and have nominated someone to benefit. If someone is on their own, then it could be their closest living relative.
Life insurance payouts can help surviving family members out when there are things like funeral costs to afford as well as sometimes medical bills. It may be that a property is inherited but then the upkeep and bills will still be payable and so can be afforded from a lump sum received.
If you are thinking about life insurance in later life then you should not be deterred by the greater premiums because you are gaining in a sense by not having so long to pay them for. This is why things are calculated at a higher rate. You do pay for the privilege of being able to obtain insurance later on in life when the chance of death is undoubtedly increased. The odds of it happening in the earlier years have, after all, now passed.
We should conclude by saying that life insurance is entirely possible for those over 70, but noting that it is more costly an endeavor. The important thing is that there are life insurance companies that will still entertain the idea and give someone that lifeline of having not left it too late to think of their family and protect them financially from a situation that could follow. It is upsetting enough to lose someone, without having to worry about finances as well, and perhaps for some time until things can be sorted out.