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Life insurance can suit people in all stages of life. If you’re over 75, you may benefit from using a policy to help protect your beneficiaries financially, aid in estate planning, and help loved ones cover final expenses. This article will explain how life insurance for seniors over 75 works and how to find and apply for a policy that suits your needs and budget.
Here are a few reasons seniors over 75 should consider life insurance:1
Life insurance for seniors over 75 pays a death benefit payout to your beneficiaries after you pass away. Death benefits can range from tens to hundreds of thousands of dollars, offering loved ones extra financial security. They can use the money to save for future goals and help cover expenses without financial strain.
End-of-life costs can be expensive. For example, the median funeral cost in 2023, including a casket and burial, was $8,300.2 That doesn’t include medical bills, long-term care, or other costs. Loved ones can use the death benefit payout to help pay for all these costs without going into debt or dipping into savings. They can also use the death benefit to help replace income lost due to time spent traveling for the funeral or other end-of-life matters.
If you have debts with a co-signer, joint account holder, or similar arrangement, that person becomes responsible for the outstanding debt if you pass away.3 For example, you and your spouse may have co-signed on a mortgage. Meanwhile, your estate pays down debts you don’t share with anyone, leaving less for your heirs. In either case, a death benefit can help pay off these debts and offer significant relief to your loved ones.
Death benefits are generally not taxed as income. If you place the policy in an irrevocable life insurance trust (ILIT), the death benefit won’t count toward your estate value, either. This allows you to move some of your wealth into a vehicle that can reduce your estate’s taxable value, reducing the chance you meet the threshold. As a result, your beneficiaries can receive more of your wealth without taxes.
Life insurance ultimately helps provide added peace of mind to all parties involved. You can rest assured your loved ones are taken care of if you pass away.
Here are some life insurance policies seniors over 75 can obtain from Aflac:
Seniors over 75 may prefer to skip taking a medical exam to get life insurance. Besides avoiding the inconvenience or potential invasiveness of an exam, this can allow you to receive coverage more quickly. Here are some no-exam policies for seniors over 75:
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Here are some factors for seniors to consider when determining which life insurance policy type to get:
Consider your loved ones’ financial needs. For example, you may need a larger policy if you have more loved ones who depend on your support or for whom you’d like to leave a legacy. In this case, a term or whole life insurance policy could work. On the other hand, if you don’t need as much coverage, you could get a smaller policy to save money. For instance, you could get a final expense insurance policy to help loved ones with end-of-life costs.
If you have many outstanding debts, such as a mortgage, a larger policy can help take care of those. Make sure you can continue making these payments while fitting life insurance premiums into your budget. For example, a term policy may help you cover these debts without paying high premiums.
Some find medical exams for life insurance inconvenient or invasive. Others may simply prefer to get coverage quickly, since medical exams can significantly prolong the process. If either of those describes you, you may prefer a no-exam policy like final expense or guaranteed issue life insurance. However, if you’re fine with an exam and the extra time, you can go for a traditional policy.
Determine how long you need coverage, whether for a fixed period or life. Weigh this alongside your life expectancy. For example, you may select a term life policy that lasts longer than your estimated life expectancy if you’d like to save on premiums while specifically ensuring your loved ones receive a larger legacy.
Here’s how to apply for a senior life insurance policy:
First, evaluate your current financial situation. Look at your income, expenses, assets, and debts. Factor in the needs of your dependents and your estate planning goals. Don’t forget to add end-of-life expenses to the calculation.
Furthermore, determine if you need lifelong coverage. This will help you decide between term and permanent life insurance and avoid falling short or overpaying for coverage you don’t need. You can also consider using an online calculator or working with a financial advisor.
Life insurers differ in costs for the same amount of coverage, so it’s smart to shop for multiple quotes across insurers. This can help you compare quotes to find the lowest rates and best terms on the coverage you need.
Once you find the best quote, apply for a policy. Many insurers offer applications online, but you may be able to print and mail them, apply over the phone, or fill out an application at a physical office.
Provide extensive personal information, answers to any medical history questions, and your financial details. Take time to complete the application, triple-checking for completeness and accuracy. Errors or omissions can slow down the claims process or cause issues if a beneficiary has to file a claim, even if you didn’t intentionally misstate or omit anything.
If you’re getting a traditional policy, such as term or whole life insurance, schedule the medical exam after completing the application. Most examiners let you choose between doing the exam in your home or at a clinic.
During the exam, the examiner will gather a detailed personal and family health history and perform a basic physical checkup. They may also take blood and urine samples to examine your health status further, assess medical risk, and confirm whether you are a nonsmoker.
Once you submit the application and, if relevant, finish your medical exam, the insurer determines approval and terms. If approved, you’ll receive documents outlining everything about the policy, such as:
Look over everything closely to make sure you understand your policy, and ask any questions you may have. Once you’ve reviewed the policy, sign the documents and pay your first premium to activate coverage.
People of all ages can benefit from life insurance, including seniors over 75. They can use it to protect loved ones, cover outstanding debts, and supplement their estate planning.
Everyone has different goals, financial circumstances, and coverage needs. That’s why Aflac offers a wide range of life insurance policies for seniors over 75. Contact an agent today to explore your options and get a quote.
1Forbes – 4 Best Senior Life Insurance Companies in 2024. Updated April 1, 2024. https://www.forbes.com/advisor/life-insurance/best-senior-life-insurance/. Accessed April 4, 2024.
2 National Funeral Directors Association - 2023 NFDA General Price List Study Shows Inflation Increasing Faster than the Cost of a Funeral. Published December 8, 2023. https://nfda.org/news/media-center/nfda-news-releases/id/8134/2023-nfda-general-price-list-study-shows-inflation-increasing-faster-than-the-cost-of-a-funeral. Accessed April 4, 2024.
3Consumer Financial Protection Bureau - Does a person's debt go away when they die? Updated August 2, 2023 https://www.consumerfinance.gov/ask-cfpb/does-a-persons-debt-go-away-when-they-die-en-1463/. Accessed April 4, 2024.
Coverage underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
Life: 68000: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. In Virginia, Policies ICC0965JTO & ICC0965JWO. 65000: In VA, Policies ICC0965JTO & ICC0965JWO. B61000: In AR, ID, OK, OR, PA, TX, & VA, Policies: ICC18B61JWO & ICC18B61JTO. In DE, Policies B61JWO, B61JTO. B6000: In AR, ID, OK, PA, TX, & VA, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q6000 Whole: In AR, DE & OR, Policy Q60100M. In ID Policy Q60100MID. In OK, Policy Q60100MOK. In PA, Policy Q60100MPA. In TX, Policy Q60100MTX. Q6000 Term: In DE, Policies Q60200M. In AR, ID, OK, OR & TX, Policies ICC18Q60200M, ICC18Q60300C, ICC18Q60400C. Critical Illness: In Delaware, Policies A73100DE & A7310HDE. Policies B71100, B71200, B7130H & B7140H. In Oklahoma, Policies A73100OK & A7310HOK. Policies B71100OK & B7110HOK. In Virginia, Policy A73100VA. Accident: A36000: In Delaware, Policies A36100DE—A36400DE, & A363OFDE. In Idaho, Policies A36100ID–A36400ID, & A363OFID. In Oklahoma, Policies A36100OK– A36400OK, & A363OFOK. In Virginia, Policies A36100VA – A36400VA, & A363OFVA. 37000: In DE, Policies A371AA & A371BA. In ID, Policy A37000ID. In OK, Policy A37000OK. In VA, Policies A371AAVA & A371BAVA. Dental: 81000: In Delaware, Policies A81100–A81400. In Idaho, Policies A81100ID–A81400ID. In Oklahoma, Policies A81100OK–A81400OK. In Virginia, Policies A81100VA–A81200VA. 82000: In Delaware, Policies A82100R–A82400R. In Idaho, Policies A82100RID–A82400RID. In Oklahoma, Policies A82100ROK–A82400ROK. In Virginia, Policies A82100RVA–A82400RVA.
Coverage is underwritten by Tier One Insurance Company.
Final Expense: Arkansas, Delaware, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.Critical Illness: In Delaware, Policy T71000. In Oklahoma, Policy T71000OK. In Virginia, Policy T71100VA. Accident: In Delaware, Policy T37000. In Idaho, Policies T37100IDR, T37200IDR, & T37300IDR.In Oklahoma, Policy T37000OK. T80000 Not available in New York, or Virginia. In Arkansas, Policy T80000AR. In Delaware, Policy T80000. In Idaho, Policy T80000ID. In Oklahoma, Policy T80000OK. In Oregon, Policy T80000OR. In Pennsylvania, Policy T80000PA. In Texas, Policy T80000TX. Dental claims are administered by Aflac Benefits Solutions, Inc. Vision claims are administered by EyeMed Vision Care, LLC. Hearing claims are administered by Nations Hearing. NOTICE: The coverage offered is not a qualified health plan (QHP) under the Patient Protection and Affordable Care Act (ACA) and is not required to satisfy essential health benefits mandates of the ACA. The coverage provides limited benefits.
Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
This is a brief product overview only. Coverage may not be available in all states including but not limited to DE, ID, NJ, NH, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations. Receipt of accelerated death benefits may affect eligibility for public assistance programs. Benefits may also be taxable, and are not expected to receive the same favorable tax treatment as other types of accelerated death benefits that may be available.
Aflac does not offer Universal Life insurance.
*Guaranteed-issue options are subject to all policy provisions–these provisions may vary by state. Coverage may not be available in all states.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Z2400332
EXP 5/25
