Shopping for life insurance at 72 or 75 can produce some sticker shock, especially if you remember buying inexpensive term coverage decades earlier. The problem isn’t necessarily that insurers don’t want older customers; it’s that the financial calculation behind a policy changes dramatically as the applicant ages. The National Association of Insurance Commissioners notes that the risk of death increases with age, which helps explain why premiums generally climb as policyholders get older. Health history, coverage amount, policy type and even how long you want coverage can further change what you’ll pay. If you’re searching for life insurance over 70, these eight issues help explain why affordable options may suddenly seem harder to find.
