FAQ: What Is the Best Life Insurance for Seniors Over 70?

Choosing life insurance as a senior can feel overwhelming, especially for those over 70. With the right information, you can find coverage that fits your needs, budget, and health situation.

1. Do seniors over 70 need life insurance?

It depends on your situation. Seniors may consider life insurance to:

Cover final expenses such as funeral and burial costs
Pay off outstanding debts like mortgages or loans
Leave a financial legacy for loved ones or charities

2. What types of life insurance are available for seniors over 70?

Final Expense Insurance: Also called burial insurance, provides small coverage amounts (typically $5,000–$50,000) for funeral and medical expenses.
Guaranteed Issue Life Insurance: No medical exam required; approval is nearly guaranteed, though premiums may be higher and coverage lower.
Term Life Insurance: Provides coverage for a set period, but approval can be harder for those over 70 and premiums may be high.
Whole Life Insurance: Permanent coverage that builds cash value, but can be expensive for seniors, especially over 70.

3. How do I choose the best policy?

Consider these factors:

Coverage amount: Match your policy to your financial needs (funeral costs, debts, or legacy goals).
Premium affordability: Ensure monthly payments fit your budget.
Health and medical history: Some policies require medical exams; others do not.
Policy type: Decide between guaranteed issue, final expense, or whole life insurance based on your goals.

4. Are there policies that don’t require a medical exam?

Yes. Guaranteed issue and final expense life insurance typically do not require medical exams. Approval is almost guaranteed, though premiums may be higher and coverage amounts lower.

5. How much does life insurance cost for seniors over 70?

Costs vary widely depending on:

Age and gender
Health conditions
Policy type and coverage amount
Lifestyle factors (smoking, pre-existing conditions)

Example: A $25,000 final expense policy for a healthy 75-year-old may cost $100–$200 per month, while guaranteed issue policies can be slightly higher.

6. Are there alternatives to traditional life insurance?

Prepaid funeral plans: Pay upfront for funeral services to reduce costs for your family.
Savings or investment accounts: Use personal savings to cover end-of-life expenses.
Joint coverage: Some couples buy policies that cover both spouses.

7. Can seniors over 70 get coverage quickly?

Yes. Policies like guaranteed issue life insurance or final expense insurance can be approved in days or weeks, providing quick peace of mind.