Actually, there is life insurance for people 70 and over. In fact, some life insurance carriers specialize in providing life insurance for seniors age 70 and over.
There are many insurance companies offering over 70 life insurance plans for seniors. Some of the leading providers of senior life insurance policies include Colonial penn, Mutual of Omaha, AARP/NewYork Life and Globe Life, among others.
These life insurance plans for people 70 and over can vary by insurer, that's why it's important to consider the following when choosing your life insurance policy:
1. Does the life insurance plan start immediately?
2. Is your rate guaranteed to stay the same?
3. Is the amount of life insurance guaranteed to gamin the same?
4. Do you have full coverage from the start of your policy, or are the life insurance benefits graded?
5. What is the financial strength rating of the life insurance company?
6. Does the life insurance guarantee lifetime coverage, or is it term life for a set number of years?
7. For what reasons can the the life insurance carrier cancel your life insurance policy?
Make sure you consider these issues before choosing your over 70 life insurance policy.