3 Best Life Insurance for Seniors over 70

3 Best Life Insurance for Seniors over 70

As a senior, life insurance may not seem like something you can get at an affordable price. But for many older adults, it is a realistic option that can provide considerable peace of mind.

Even a 70-year-old can get life insurance.

When you pass away, your loved ones will likely be feeling a lot of grief. And you probably don’t want them to feel any extra stress at such an emotional time, especially if it can be prevented.

Even if your loved ones will inherit enough assets to cover most of their ongoing expenses, they still may struggle to pay for your funeral services, including burial or cremation.

That’s why, for instance, you might need life insurance after 70 if the cost of your final expenses would cause an immediate financial hardship for your family, in spite of the assets you’ve built up over time.

The same thing may also apply to any unforeseen legal or healthcare expenses arising from your death (or the medical or personal care leading up to it).

Life Insurance for Seniors over 70 No medical Exam

Some life insurance policies do not require a medical exam.

You are required to answer a few questions about your health and your family’s health history, and that’s it.


Guaranteed and Simplified Issue Life Insurance for Seniors over 70


Frequently advertised on late-night TV, these two forms of whole life insurance targeted to seniors are the most costly available, and are generally used only by those who are declined for other types of insurance.

They usually are not sold in amounts exceeding $25,000.

Guaranteed issue policies ask no medical questions, while simplified issue policies ask a few questions generally designed to determine if the applicant is terminally ill or has a disease such as HIV, AIDS or cancer, which will disqualify the applicant.

Guaranteed whole life policies generally have a two- or three-year “graded benefit” period.

If the insured dies during that period, the policy pays the beneficiary only the premiums paid plus a small increment, usually 25 percent.

Simplified Issue with No Medical Exam for Seniors over 70

The application for a simplified issue policy only has a few simple health questions. If you answer the health questions with a no and fit within a height and weight chart a policy will be issued upon payment of your initial premium.

The application has approximately 6 questions for major health conditions that a person has had treatment for in the last 24 months.

If you have not had treatment for a major health condition like a heart attack within the last 24 months you would qualify for this policy.

There are no medical exams, blood or urine tests required. Policy are issued for ages 40-89 and face amounts between $5,000 to $100,000.

Simplified whole life policies offer fixed level premiums that are guaranteed not to increase even as you grow older.

With the whole life option you’re guaranteed coverage for a lifetime. As long as you pay your premiums and the policy loans do not exceed the total cash value your coverage can not be terminated.

Simplified issue generally doesn’t have a graded benefit period, but is also much more costly than the equivalent amount of traditional whole life insurance.

Guaranteed Universal Life Insurance for Seniors over 70

Despite the implication of its name, guaranteed universal life insurance (GUL) is not whole life insurance. It does not build cash value, nor does it carry the expensive management fees of whole life, allowing you to keep your payments low.

A GUL policy functions similarly to a term life policy, except rates are fixed to a specified age (90, 95, 100, 105, 110, and even 121) rather than a specified number of years.

Please contact us if you would like to review policy rates and which option would best fit your needs.

Compare Life Insurance for Seniors over 70 No Medical HERE!

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