Life Insurance At Age 72 - Your Options
If you are shopping for life insurance at age 72, then you are
probably concerned about leaving a financial burden on your loved ones. Most shoppers look for life insurance
coverage in their seventies so that they can lock in a low rate before it is too late. Many seniors want to
make sure that their final expenses are covered so there is no burden left on their family. Others may have a
need or desire for a larger policy to pay off debts or to leave money to their spouses, children, or
grandchildren.. Learn more about your options and compare rates from
several highly rated carriers.
Your Options for Life Insurance At Age 72
You have two basic options for a policy at this age - term life
insurance and permanent life insurance. Term life insurance is
temporary coverage that can last anywhere from one year or as long as 30 years, depending on the company that you
choose. Term is very affordable coverage because you can get a lot of coverage for a very reasonable premium.
Unlike term insurance, permanent life insurance will last you for your entire lifetime, as long as you continue to
pay your premiums. Your policy will also accumulate cash value on a tax-deferred basis. Whole life and universal
life are the 2 most common permanent coverage options.
Sample Rates for a 72 Year Old Male and Female
Here are a few sample rates to give you an idea of what you might pay. These are based on a non-smoker with a
preferred health rating. Your rate could be lower or higher depending on your situation.
$200,000 20 Year Term Life Insurance:
72 Year Old Male - $2495 per year
72 Year Old Female - $1923 per year
$25,000 Level Pay Whole Life Insurance:
72 Year Old Male - $121 per month
72 Year Old Female - $98 per month
Keep in mind that the actual rate that you will pay is going to depend on several variables such as your smoking
status, your health history, your family health history, your occupation and hobbies, and even your driving
history. Life insurance companies look at all of these things when determining your eligibility for a policy.
Life Insurance At Age 72 - Health Problems?
Although there are many 72 year olds have excellent health, there are some who have pre-existing health
conditions from childhood or other things that have developed over the years. In most cases, you can still get
affordable rates for life insurance with a few health issues. The type of policy that you can qualify for and the
rate you pay will depend on what that particular health concern is. For example, if you have type 2 diabetes, then
some insurers will offer you a standard rate if your condition is well controlled. If you have some heart problems
or instances of a past heart attack or stroke, then you may only qualify for a guaranteed issue life insurance policy. It is best to speak with an
experienced agent about your particular health situation because he or she can guide you towards the best carrier
for your needs.
Get A Quote Today and Compare Multiple Rates
The first step when shopping for coverage in your seventies or at any age is to shop around. Whether you need a
temporary policy for a certain number of years or if you want something permanent that will be there for the
remainder of your life, it is very important to compare quotes from several different companies. This is because
rates can vary by as much as 70% from one company to another depending on your age, your health, your smoking
status, and even your driving record. So be sure to get a free personal rate quote
today. You can view multiple rates in less than a minute and get closer to peace of mind in knowing that your
family is protected.