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If you’re in your 70s and determine you need life insurance, it may be more difficult than when you were younger. This is because you’re no longer in the same good health and are now older. Unfortunately, both issues are risk factors for insurance companies, and not all companies offer life insurance to 70-year-olds.

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However, there are choices. Here are your options.

Final Expense Insurance

Grave, Headstone for FuneralFinal expense insurance is the most common option for 70-year-olds. This insurance covers your final expenses, such as a funeral, burial, or medical costs.

The coverage limit on final expense insurance is low, usually $25,000 or less, but the average funeral costs around $10,000, so it should leave enough for your loved ones to cover all your final expenses.

Final expense insurance doesn’t require a medical exam or medical questions. Anyone can qualify and get coverage for their final expenses. The downside is there is a 2-year waiting period on these plans, so it’s best to buy them early in your 70s before you know you have any fatal diseases or conditions.

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Simplified Issue Life Insurance

If you are in decent health in your 70s and want more than coverage for your final expenses, consider simplified issue insurance.

This policy also doesn’t require a medical exam; however, it requires a medical questionnaire. Each insurance policy has different requirements, but typically, the questions are about any chronic health conditions that could be fatal, such as:

If you pass the questionnaire, you can get simplified issue insurance and have coverage for your loved ones up to $100,000 from most companies.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is like final expense insurance, except you may get a higher death benefit.

Unlike simplified issue, you don’t need a medical exam, so anyone qualifies. The difference is the premiums are much higher, and you’ll likely find coverage capping out at $50,000 or less, depending on the carrier and your age.

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Like the above policies, there is a 2-year waiting period. If you die before the waiting period ends, your loved ones won’t get your death benefit. Instead, they’ll typically receive the premiums you paid plus a small percentage.

Final Thoughts

70-year-olds often need life insurance today, especially with the inflationary prices we’re experiencing. The cost of living increased, which makes it harder for many seniors to stay afloat, forcing them to use their savings.

If this sounds like you, consider your options. A final expense policy should be plenty if you aren’t supporting anyone financially. It leaves your loved ones with money to pay for your final arrangements and lowers your premiums.

If you need more coverage to leave money behind to support someone or to cover your estate taxes, then a simplified issue or guaranteed issue policy is best. Review your options, what you can afford, and your priorities for the available policies to determine what is right.


Meet Aaron H., a senior life insurance agent from California with 15+ years of experience. With a major in finance, excellent analytical and communication skills, and a passion for helping clients find personalized solutions, Aaron is a trusted advisor in the industry. He stays up-to-date on the latest trends and developments by attending webinars and workshops, reading industry blogs, and writing informative blog posts on this website. Aaron also has a keen understanding of SEO and online marketing, which he uses to help his clients reach a wider audience and get the coverage they need. He cherishes spending quality time with his wife, two children, and elder parents.