Term Life Insurance to Age 70

How Term Life Insurance to Age 70 Works

Are you shopping for life insurance that provides you with coverage until you’re seventy years old?

If so, you’ll want to understand how your coverage works, what to consider, and compare pricing among the best life insurance carriers offering you the most affordable policies to meet your needs and fit your budget.

Term to 70 life insurance provides coverage up to age 70 to help meet the needs of families and business owners who have a temporary need for life insurance protection.

How Term to 70 Works

Term to 70 life insurance plans usually offer a minimum of $100,000 of level death life insurance benefits to age 70. 

You may have the option to convert your policy to permanent coverage by a specified date stated in your life insurance contract.

With a term-to-70 life insurance policy the insured person is covered until reaching age 70.

If the insured dies before age 70, the death benefit is paid out to the beneficiary stated in the policy. If the insured is still alive when reaching 70 years of age, there is no payout, and the coverage ends.

 

Level Premiums

Usually, a term to age 70 life insurance policy will have level premiums each year for the first 20 years of coverage, then the premiums gradually increases each year thereafter, until the insured is 70 years old.

 

Convertible Coverage

In addition, a term to 70 policy may offer the option of convertibility which means the policy owner may convert the term insurance into a permanent life insurance policy for a higher annual premium.

 

Money-Saving Tip

If you want to save money on your term to 70 policy you may want to choose a mutual life insurance company that pays dividends to the policyholders from the profits. 

That way, after the first 20 years, when the annual premium increases, you may use the annual dividends to offset some of the increase in your premiums.

 

Top Mutual Life Insurance Companies

Including AM Best Financial Ratings

• Mass Mutual – rated A+
• Northwestern Mutual – rated A+
• New York Life – rated A++
• State Farm – rated A++
• Pacific Life – rated A+
• Nationwide – rated A+

 

Reasons to Buy Term Insurance

Term Insurance coverage may be used for:

• Income Replacement
• Mortgage Protection
• Funding Child’s College Education
• Paying Off Debts including Personal Loans and Credit Cards
• Funding Spouse’s Retirement
• Maintaining Family’s Lifestyle
• Paying for Monthly Living Expenses
• Pay for Final Expenses
• Leaving a Legacy to Your Heirs
• Leaving Money to a Charitable Organization

 

Definitions for Coverage

• Term – The length of time a term life insurance policy is "In Force". This is the period of time you will have protection as long as the premiums are paid on time.
• Term to 70 – A life insurance policy "In Force" to age 70. This means the policy does not provide coverage once you reach 70 years of age.

 

Term Life Insurance Quotes

Top Pick – JRC Insurance Group

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