Shopping for life insurance age 77 does not have to be complicated. In fact, it is very simple especially if you are age 70, age 75 or a senior over 70. The best option for you is burial insurance which is whole life insurance for final expenses.
At your age, you want permanent life insurance coverage that can provide a quick death benefit payout to your family to pay for any funeral expenses or leave a legacy gift behind when you die. The thing is that most other life insurance coverage such as term life insurance expires at age 90.
This means if you were to purchase term which we do not recommend, once you turn age 90 and outlive the policy your family will not have any coverage to protect them from your final expenses. So in roughly 15 years, you will not have any coverage for your family.
We specialize in life insurance for seniors and in this article, we will cover how to qualify for final expense insurance as well as provide sample pricing from one of our best carriers and guide you through the application process.
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Life Insurance Age 77 Option’s
At age 77 your options are very limited for life insurance. The reason for this is because as we get older we get closer to death. This means many life insurance companies will not share the risk for insuring a 77 year old.
The longest term length you will get for a term life insurance policy is 10 years. This means you only have life insurance for 10 years until it expires. By that time you will be 87 years old and have very limited options for final expense insurance.
That is why we do not recommend term insurance for a 77 year old.
In addition to the low length of time you will have coverage, term life requires a medical exam. At your age the life insurance company will want a physical exam and APS(Attending Physician Statement) records. If you have health conditions or a history of health conditions this will result in your premium rate increasing or behind denied coverage altogether.
There is only 1 option available for universal life insurance for a 77 year old. This is Protective life insurance company. Their underwriting is so strict we have never seen a 77 year old get approved for their universal life policy.
Universal life is going to do a physical exam with you and acquire an APS from your doctor. Based on the results of those tests you will be approved or denied. Now as we mentioned the only carrier available to you is Protective. If you are in extremely optimal health you can try applying but in our 10 plus experience we have never seen a 77 year old get approved.
Final expense insurance is the best life insurance option for a 77 year old because of the simplified underwriting. There are over 10 life insurance companies to choose from for final expense insurance at your age.
No Medical Exam
Funeral insurance is simplified issue whole life insurance. This means there are no medical exams or APS records required. The life insurance company will only ask health questions and look at your medical and prescription history. Based on your answers to the health questions along with the health and prescription history you will be approved or denied.
Qualifying for Burial and Life Insurance Age 77
Burial or funeral insurance are simplified issue policies that offer coverage to seniors. This means there are no medical exams and you can get instant approval right over the phone within 30 minutes or less with our agents.
How the Process Works
The first thing to do is fill out the form to your right. At that point, you will see pricing on the amount of coverage you want and will receive a call from one of our agents. Our agent will then ask you comprehensive health questions to prequalify you. Once the agent knows which carrier fits you best depending on your health issues the next step is to apply.
You can apply via voice signature or e-mail signature depending on which company your agent recommends. Then you answer the health questions for the carrier with a yes or no. The carrier then looks at your MIB and prescriptions to see if your health and prescription history lines up with your answers.
If everything checks out you are approved for coverage.
What if I am very Unhealthy?
With severe health conditions like dementia, HIV, or cancer you can still get a guaranteed issue life insurance policy. This has a 2-year waiting period but no one can be denied and our carrier offers living benefits with the plan. So if you become terminally ill you can withdraw a portion of your policy’s face amount to help offset costs your health insurance may not cover.
In addition to this, there are accidental death benefits that will payout if you die from an accident despite the 2-year waiting period.
Below is a table outlining the eligibility requirements for final expense insurance.
|Age & Date of Birth||Your current age determines your eligibility with different policies. If you are older than age 85 for example a majority of life insurance companies will not offer you burial insurance.|
|Height & Weight||You current heigh and weight affect your eligibility with some life insurance companies because high risk health conditions are directly linked to obesity.|
|Resident State||Your resident state determines which plans are available to you. Some life insurance companies may not have their policies available in your state.|
|Current & Past Health History||Your health determines your eligibility for burial insurance. If you hav extreme current or a past history of health conditions such as cancer you are considered high risk and many life insurance companies may not accept you.|
|US Citizenship||You must be a US citizen or permanent resident to buy burial insurance in the United States. If you are a citizen of a different country you are not eligible.|
|Current Medications||Your current medications indicate to the life insurance company how your health is. This is how they can categorize you as a high risk applicant or not.|
|Criminal History||A criminal history indicates if you are a high risk. If you have an extensive criminal record life insurance companies will not accept you.|
Burial and Life Insurance Benefits
These plans have several important benefits.
- A Rate Lock- Premiums Never Increase
- Level Death Benefit-Death Benefit Never Decreases
- Tax-Free Death Benefit- No tax on the Death Benefits to your Beneficiary
Best Burial and Life Insurance Companies Age 77
These are the top A-rated companies nationwide that we work with.
- Mutual of Omaha
- American Amicable
- Prosperity Life
- Royal Neighbors of America
- Guarantee Trust Life
- American General AIG
- Great Western
Sample Burial and Life Insurance Quotes at Age 77
Below are sample quotes for our best carriers Mutual of Omaha, American Amicable and much more. These final expense life insurance for age 77 quotes come directly from our quoting technology which gives the most accurate up to date quotes for whole life insurance at age 77 and above. Funeral insurance for seniors age 77 is very affordable and our goal is to help you secure the best rate for your individual health.
These sample burial insurance quotes should give you an accurate idea of how much final expense life insurance at age 77 will cost to help you plan better.
|Burial Insurance Quote Samples Rates for Age 77 Life Insurance Quote|
|Age||$10,000 Male Non Smoker Sample Quotes||$10,000 Male Smoker Sample Quotes||$10,000 Female Non Smoker Sample Quotes||$10,000 Female Smoker Sample Quotes||Final Expense Companies Available per Age|
|77||$107.04||$141.32||$78.25||$101.63||Mutual of Omaha, Aetna, Gerber, AIG, American Amicable, Prosperity Life, Liberty Bankers Life, Sentinel Security Life,Guarantee Trust Life, Great Western Insurance Company|
Can a 77 Year old get Life Insurance?
Yes, a 77 year old can get final expense life insurance to pay their end of life expneses.