The golden rule for life Insurance is to lock in Coverage for as long as possible, as soon as possible. With every year you age, your rate goes up. That’s because as you get older, you become more prone to health issues, and thus more risky to insure.

Term life insurance is the ideal solution for those in good health to secure coverage into their 80s. But, if you are in your late 60s or early 70s and still pondering whether or not to buy a term life policy, you are approaching a cutoff where term life will no longer be viable (or even accessible, for that matter).

Quick Article Guide

1. Term Life Rates By Age
2. Guaranteed Universal Life Coverage
3. Coverage Until Age 90 or Later
3. How Long Will You Live?
4. Work With an Expert

Term Life Rates By Age

After age 70, your rate increase becomes dramatic: roughly 15 to 16 percent each year. By the time you hit 75, the hike steepens at about 25 percent each year. Take a look at the tables below to see how much a male and female in excellent health can expect to pay for a 10, 15, or 20-year term policy based on their current age:

Monthly Rates for a Male in Excellent Health 10-Year Term

Monthly Rates for a Male in Excellent Health 15-Year Term

Monthly Rates for a Male in Excellent Health 20-Year Term

Please visit our life insurance rates by age page for more sample rates at various terms. *Displayed monthly rates are accurate as of 07/01/2016 and are provided for illustrative purposes only.

Why the “N/A”s?
You may have noticed that 15-year terms are no longer available after age 78, and 20-year terms are no longer available after age 70…Term life insurance is not supposed to be used for lifetime protection, term insurance is supposed to outlived, which is why it is more affordable than whole life insurance.

Offering a term life policy to age 90, 95 or 100 carries a high risk for insurers. Most people do not live to age 90, so it’s very likely that the insurer would have to pay the death benefit on the majority of these policies. And while the table shows that you can get a 15-year term policy at 78 with coverage until age 93, the cost is exorbitant, early $2,000 per month for a $500,000 death benefit!

So, what do you do if you’re in your 70s and seeking coverage into your 90s or later? How can you find an affordable insurance policy to leave money behind for your heirs?

Continue reading and we’ll explain a lesser-known permanent life insurance policy that offers level premiums and guaranteed coverage until the age of 90 or later.

Guaranteed Universal Life: Coverage to 90, 95, 100, 105 and Beyond

Guaranteed universal life insurance (GUL) is a hybrid between whole life and term life insurance. Contrary to popular belief, guaranteed universal life is not whole life insurance. GUL policies do not build cash value, and they do not carry the expensive management fees of whole life insurance.

Instead, guaranteed universal life insurance offers fixed rates for the entire duration of the policy, just like term insurance. Term insurance policies offer fixed rates for a specific number of years usually 10, 15, 20, or 30, while GUL policies offer these same guarantees to a specific age, usually 90, 95, 100, 105, 110, or 121.

Since there is no cash value component (which we say is a good thing), guaranteed universal life is relatively affordable and one of the most popular choices for estate planning, pension maximization, and guaranteeing a modest inheritance.

After the age of 75, GUL life insurance is often less expensive than a comparable term policy. In fact, guaranteed universal life insurance is usually the least-expensive type of lifetime coverage available. Unlike traditional non-guaranteed universal life, there are no investment risks involved with this type of coverage, your rates are guaranteed to stay the same regardless of changes in the market or changes to your age and health.

Guaranteed universal life insurance policies are usually available up until the age of 80, but like term life insurance, they get more expensive as we age. The tables below provide some sample monthly rates for a male in excellent health seeking coverage to age 90, 95, or 100.

If you’re worried about your family’s longevity, and don’t want to take the risk of outliving your coverage, you can also guarantee your policy to age 105, 110, or even 121.

Monthly Rates for a Male in Excellent Health to Age 90

Monthly Rates for a Male in Excellent Health to Age 95

Monthly Rates for a Male in Excellent Health to Age 100

Please visit our life insurance rates by age page for more sample rates at various terms. *Displayed monthly rates are accurate as of 07/01/2016 and are provided for illustrative purposes only.

We’re seeing that the best savings and smartest strategies are in buying a GUL at age 75 or older instead of a term life policy.

For example: At age 75, you could buy a 15-year term life policy with a $500,000 death benefit for $1,257.75 each month. Or, you could lock in the same coverage to age 90 with a GUL policy for $1,190.46 a month.

That’s a savings of over $800.00 a year for the same amount of coverage!

If you are purchasing your policy to leave an inheritance behind or to preserve your estate, make sure you purchase a policy you won’t outlive. A policy with guaranteed coverage until age 100 or later is more expensive than a policy guaranteed until to age 90 or 95, but you’re less likely to outlive it.

How Long Will You Live?

If only we all knew the answer to that question (or maybe we wouldn’t want to know). Life insurance can begin to feel like a puzzle when you consider the dozens of factors that determine rates and options. This calculator from the U.S. Social Security Administration provides a statistical look at your life expectancy, and may be helpful when determining the length of your coverage.

Most of the men we work with feel comfortable purchasing coverage until the age of 95 or 100, while women typically purchase coverage until the age of 100 or later due to a greater lifetime expectancy. If you are purchasing insurance for estate tax reasons, most estate attorneys will recommend coverage until age 105 or later.

Work with an Expert

If you are shopping for guaranteed universal life, whole life, or term life insurance before 75, we can help! Our independently-owned agency works directly with more than 45 top-rated life insurance companies to make sure our clients are always matched with the best option available for their needs.

Most importantly, our impartial shopping services are completely free, and there is no cost to apply for coverage. Give us a call today, toll free 855-247-9555 or request a free online quote below to instantly compare rates from dozens of highly-rated insurers.