Term life insurance becomes limited in availability and expensive after 70. Permanent options include whole life (builds cash value, guaranteed death benefit), universal life, and guaranteed issue whole life (no medical exam required, typically $5,000–$25,000 coverage). Final expense insurance — a small whole life policy — is widely available to cover burial and end-of-life costs.
It depends on your situation. If you have dependents who rely on your income, significant outstanding debts, or estate planning goals (like leaving an inheritance or covering estate taxes), life insurance can serve important functions. If you have no dependents and sufficient savings, a new policy may not be necessary.
Final expense insurance is a small whole life policy ($5,000–$25,000) designed to cover burial costs, final medical bills, and settling small debts. It requires no medical exam for most applicants. Premiums are higher per dollar of coverage than other life insurance types, but for seniors who cannot qualify for traditional coverage, it ensures loved ones do not bear these costs out of pocket.
Yes. Guaranteed issue whole life insurance accepts applicants regardless of health history, though coverage limits are lower and premiums higher. Simplified issue policies ask health questions but skip the full medical exam and are available to many seniors with managed chronic conditions. A licensed insurance broker can compare options across multiple carriers.
