Can you Buy Term Insurance at Age 76 – 80?

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If you’re between the ages of 76 to 80 years of age, you might be wondering if you are still eligible to buy term life insurance.

I am pleased to say that you can still buy term life insurance if you happen to be in this age bracket.

But, there is on drawback. You will be somewhat limited to the length of term you will be able to buy.  The reason is simply sue to the fact life insurance companies have age cut off points where they will simply no longer sell term life insurance.

What Length of Term Can I Buy if I’m 76 – 80?

For the most part, everyone in this age bracket can buy at least a 10 year term life insurance policy.  Those of you who are aged 76 – 78 can also buy a 15 year term if you need a longer one.  However, those who are ages 79 or 80 are no longer eligible to buy a 15 year term policy.  A 20 year term policy is not available to anyone in this age bracket.

How Much Will Term Life Insurance Cost Me if I’m 76 – 80 Years Old?

I did some checking so you could get a rough idea of how much you might have to pay for a monthly premium.

The following quotes are for a $100,000 term life insurance policy and the rates shown are for a Preferred Plus rating which includes someone who is a non-smoker and in reasonably good health. They include what you might pay per month for both a 10 year term and for a 15 year term (For those who qualify).

$100,000 Term Life Insurance Quotes for Ages 76 -80

Age 10 Year Term 15 Year Term
76 Year Old Man $186.55 $354.46
77 Year Old Man $214.55 $409.76
78 Year Old Man $254.28 $477.58
79 Year Old Man $295.84 N/A
80 Year Old Man $349.30 N/A

(Disclaimer – These rates are effective as of January 15, 2013)

As you can see, the monthly premium increases rather rapidly.  So, if you happen to be approaching your birthday, or the cut off age for a 15 year term policy which is what you were hoping to buy, you shouldn’t procrastinate and put it off.  You might not be able to get the term policy you want and the policy will become increasingly expensive.

Why is Term Insurance Better?

The reason why you might prefer term insurance all depends on why you want life insurance in the first place.  The first main advantage is that term life insurance is without a doubt the most economical to buy and can still be very affordable.

At this stage of your life people want life insurance for a variety of purposes.  Most likely you are retired by now and have very likely either paid off the mortgage on your house, or are very close to doing so.

You might want it still as income replacement to care for your spouse.  Perhaps your health has deteriorated and you want to pay for your outstanding health care expenses or simply to be use for death and funeral expenses.

You may also still have some existing debts that you want to be able to pay off should you pass away unexpectedly.  You may simply want to leave a financial legacy for your children or even your grandchildren.

However, if you need life insurance for such things as estate purposes, inheritance taxes, business reasons, or to set up a trust or donate to a charity, then you might be better advised to look at some other form of permanent insurance plan such as whole life or a universal life insurance policy.

It’s best to talk to an independent agent like myself to get the best advice for these situations.

Will I Have to Take a Medical Exam to Qualify?

The answer for the most part is yes.  As people age, life insurance companies require more medical information so they know how to rate you.  These medical exams usually entail a few simple tests and are relatively easy to take.

Can I Still Get Term Life Insurance If I’m Ill?

The answer is very likely yes but it will depend on the degree and seriousness of the illness.  I specialize in finding life insurance for people who have serious illnesses, so don’t assume you don’t have options or other choices because you do.  Even if I can’t find a term policy there are plenty of other life insurance policy options that we can discuss.

In Conclusion

You always want to talk to an independent agent like myself.  We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates.  If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.

Whatever your needs or questions then please call me direct at 877 – 966 – 9383.