In Your 70s

In your 70s Recommendation:  Permanent Life Insurance

1. Guaranteed Universal Life (GUL) : fixed premium, coverage to age 120+
2. Whole Life:  simplified issue, full and immediate benefit

$25,000 – $50,000  Pacific Life or Protective Life

$50,000+  see specific age: age 70, age 71, age 72, age 73, age 74,

$100,000+  see specific age: age 70, age 71, age 72, age 73, age 74,

Guaranteed Universal Life (GUL) also called Universal Life with Secondary Guarantees (ULSG), no-lapse Universal Life, no lapse Guarantee (NLG) Universal Life, lapse protection Universal Life, Universal Life with no lapse guarantees; more cost effective product, lower premiums than final expense whole for coverage amount above $10,000

Whole Life:  Simplified issue, no exam, short health questionnaire, inexpensive

$2,000 –  $40,000  Mutual of Omaha,  United of Omaha “Living Promise”
please see quotes for: $5k, $10k, $15k, $20k, $25k, ages 70 – 79

Single Premium Whole Life:  Assurity Life  (through age 85, age last birthday)

Guaranteed Issue  Graded Benefit Whole Life: acceptance guaranteed, no health questions

$5,000 – $25,000  Gerber Life

Survivorship Life Insurance (second-to-die insurance)

$250,000+      Prudential    “Prudential PruLife SUL Protector”

New York state products and carriers

Term Life Insurance:  avoid, not suitable

Term is not a suitable product when in your 70’s.  (Generally speaking, individual needs do vary.)  The primary purpose of term is either replace lost income or debt repayment, for example a mortgage. If that fits your situation, term possibly makes sense. Otherwise, term life insurance is deceptively marketed to seniors with its lower premiums.  Having term in your 70’s, there is a good chance you will outlive the term and be left with no benefit.

Guaranteed Universal Life (GUL) products do come with the guarantee to age 90, 95, 100, 105 or 110 or whatever age designated. If affordable, go with products with a true lifetime guarantee: age 120, 121 or age 125.  Consider the possibility of living to be a centenarian.

Less Suitable: Universal life (UL) current assumption products that do not carry lifetime guarantees.  Some UL products stress cash accumulation. In your 70’s it’s generally too late in life to be concerned about cash accumulation and to worry about non guaranteed elements of a UL policy causing your coverage to lapse unless you increase premiums.

Lowest cost per 1,000 of coverage life insurance:

  1. Fully underwritten: extensive health questionnaire, blood test, medical records  
  2. Simplified issue: limited health questionnaire, no blood test, no physical exam, MIB check, prescription check
  3. Graded benefit:  health question limited to only most major health conditions
  4. Guaranteed Issue

Note:  Guaranteed UL also call No-Lapse Guaranteed UL

request a quote for a free confidential quote:

Sean Drummey when in your 70sSean Drummey
phone: (910) 328-0447
email:  spdrummey@gmail.com
national Producer #5534308


Company full names:

Gerber Life Insurance Company
Pacific Life Insurance Company
Assurity Life Insurance Company
United of Omaha Life Insurance Company, a Mutual of Omaha Company