Many people believe that life insurance becomes unnecessary—or even impossible to obtain—once you cross the age of 70. Some assume the premiums will be too high or that existing health concerns will automatically disqualify them. The truth? Neither of those assumptions is accurate. In fact, there are practical and affordable solutions for seniors looking to secure coverage later in life.
Why Might Someone Over 70 Still Need Life Insurance?
A common misconception is that older adults no longer need life insurance because their financial obligations have diminished. However, reality often paints a different picture. Many retirees discover unexpected expenses such as unpaid medical bills, long-term care costs, or simply the high price of a funeral. Without coverage, these financial burdens can easily fall on loved ones.
In addition, some seniors may have surrendered earlier policies during difficult financial times or lost employer-sponsored coverage upon retirement. Replacing that protection becomes important to avoid leaving family members with unexpected costs.
Choosing the Right Type of Policy After 70
The insurance market has evolved significantly, offering various options designed with older adults in mind. Here are the most common choices:
Term Life Insurance
Term policies are typically the most affordable starting point, but they come with limitations for seniors. Since these plans are temporary and don’t build cash value, they might not align with long-term needs. Most insurers cap eligibility around age 80, so the maximum term available is usually 10 years. Renewals can become very expensive as you age.
No-Exam Term Life Insurance
For those who prefer a hassle-free process, no-exam term insurance is a popular option. Approval is faster, and while you won’t undergo a medical exam, expect to answer health-related questions honestly. Insurers also review prescription history and medical databases to verify information.
Universal Life Insurance
Universal life offers permanent coverage with flexibility. You can adjust your premium or death benefit as your financial situation changes. Some universal policies accumulate cash value, which can be borrowed against if needed. For those who want guaranteed lifetime coverage at a lower cost, guaranteed universal life (GUL) is an alternative—though these plans usually do not build cash value.
Final Expense Whole Life Insurance
If your primary concern is covering end-of-life costs, final expense insurance may be the simplest solution. These policies generally do not require a medical exam and often accept applicants with common health conditions like high blood pressure or diabetes. Premiums remain fixed for life, and the coverage is permanent as long as payments are maintained. Policies typically range from $5,000 to $30,000, which is ideal for funeral and burial expenses.
Health Issues and Coverage Availability
While some seniors enjoy excellent health, many face conditions such as heart disease, diabetes, or arthritis. Fortunately, these issues don’t automatically eliminate your eligibility. If traditional policies are out of reach, guaranteed issue life insurance is available. These plans require no medical questions and accept nearly everyone under age 86. The trade-off is higher premiums and a waiting period—usually two to three years—before natural death benefits are fully payable. Accidental death, however, is covered from day one.
How Much Coverage Should You Buy?
Start by considering your final expenses, including funeral costs, which typically range between $9,000 and $12,000 according to industry averages. If your budget allows, you might want additional coverage for unpaid medical bills or other financial obligations. Remember that the older you are when applying, the higher the cost will be—so acting sooner can save money.
What Will It Cost?
Rates vary by age, health, and gender. For example, a $10,000 final expense policy for a 70-year-old non-smoking male might average around $70 per month, while a female of the same age could pay closer to $53. Premiums increase with age, so a quick application can make a significant difference.
The Bottom Line
Life insurance for seniors over 70 is both possible and practical. Whether you choose a permanent solution like whole life or a simpler final expense plan, the key is to act before costs rise further. By securing coverage now, you’ll ensure peace of mind for yourself and financial relief for your loved ones.
