Life Insurance Ages 76 to 80

Some very simple medical issues to insure are history of high blood pressure or history of high cholesterol, so if that’ all you’re being treated for, feel free to run an instant life insurance quote with our form on the right and classify yourself as “preferred”.  If these are now being treated with medication, and are at controlled levels, most insurance companies will still approve you at their preferred health rates.

However, if your health history is more serious, you may be approved at a substandard rating or possibly declined.  Some tougher health risks are people with heart disease, history of cancer, and other ailments.

How Much Insurance Should I have at 76 to 80 Years Old?

This question really depends on who is dependent on you for income, and to what extent.  For example, I recently helped a retired Marine colonel, age 79, purchase $1,000,000 of term life insurance.  He needed this much because he was married, and most of his pension and retirement income stopped upon his death, leaving his wife nothing to live on.  We determined that $1 Million would be sufficient to provide his wife with $50,000 per year of income, without ever depleting.

So income replacement is one calculation you could do to determine how much protection you need to purchase.

You might also need life insurance to cover debts upon your death, such as a mortgage or credit cards, and don’t want to leave your family with debts.  This is an excellent reason to purchase life insurance.  I have one client at age 80 who purchased a 10 year term policy on her life for $125,000 to cover the cost of her mortgage upon her death.

Estate Planning and Taxes

Another common reason seniors purchase life insurance is to fund a life insurance trust, which may help avoid paying excess estate taxes.

Perhaps you are searching for life insurance on your father or mother, age 78, 79, etc.  This is very common for a child to help her parents with the life insurance process.  In some cases, you may even become the owner, payor, and beneficiary of the policy.  In this instance, your mother or father is nothing more than the insured on the policy.

If you are age 76, age 77, all the way up to age 80 and need life insurance advice, we would love to help.  Call us at 877-996-9383 to discuss your life insurance goals and needs, and we will help you find the most cost effective life insurance plan for your needs.

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