Life Insurance
Can seniors over 70 get life insurance?
Yes. Seniors over 70 have several life insurance options. Final expense insurance (guaranteed issue): no medical exam, no health questions, coverage up to $25,000. Simplified issue whole life: health questions but no exam, coverage up to $50,000–$100,000. Fully underwritten whole life: medical exam required, higher coverage amounts available. Term life: available up to age 75–80 from some carriers, though premiums are significantly higher. The right product depends on the purpose: final expense, legacy, or estate planning.
Key Points
- Final expense insurance: no exam, no questions, up to $25,000
- Simplified issue whole life: health questions but no exam, up to $50,000–$100,000
- Fully underwritten whole life: medical exam, higher coverage available
- Term life: available up to age 75–80 from some carriers
- Premiums increase significantly with age — act sooner rather than later
- Purpose determines product: final expense vs legacy vs estate planning