With a wide range of available options for life insurance for seniors 70, narrowing down your choices can be tough. Term life and universal life insurance can be great for younger folks, but what about seniors?
Term life and universal life insurance may be available to seniors, but they aren’t necessarily the best choice. It’s critical for seniors to have reliable returns for their money, and no other type of life insurance combines the reliability and low cost of burial insurance, a whole life insurance policy intended to cover end-of-life expenses like funeral bills.
If you’re looking for burial insurance, you’re in the right place. As experts in the burial insurance market, Final Expense Benefits can help you find the plan that fits your needs at a great price.
Call us today at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, to learn more about your options for life insurance for seniors over 70. Check our free online quoting tool for personalized pricing estimates.
Can You Get Life Insurance for Seniors over 70?
There’s actually a wide range of options for life insurance for seniors over 70. Because mid- to upper-70s is the approximate life expectancy in the United States, per the U.S. Centers for Disease Control, this is the upper age limit for most types of life insurance. Some types of life insurance are available to seniors in their 80s, but options can be limited.
Most providers offer universal and term life insurance for seniors over 70. However, rates can be high for seniors, who typically use life insurance to cover funeral costs and other end-of-life expenses.
That’s why burial insurance, also known as final expense insurance, is a strong choice for seniors. Burial insurance death benefits are smaller than other life insurance types, helping to focus payouts to cover what seniors need and keep rates low.
For more information about final expense life insurance for seniors over 70, contact Final Expense Benefits, or check below for more information about all your options.
Options for Life Insurance for Seniors over 80
Seniors over 70 have plenty of options for life insurance, but between term life, universal life, and whole life, what’s the best?
Term Life Insurance for Seniors over 70
Term life insurance covers a set period, typically 10 to 20 years. It’s usually used by young adults and other workers to provide an income replacement in case of death. Rates are low, but underwriting can be strict.
Term life benefits can be large, ranging from $100,000 to $1 million. This is because it’s recommended to purchase a death benefit equivalent to ten years of the policyholder’s income.
Seniors over 70 normally use life insurance to cover expenses like funerals. While the average funeral price is approaching $10,000, this is far below the large death benefits offered by term life insurance.
In addition, 70 is the upper age limit for most term life policies. High-value term life policies often require a medical examination, making it tough for seniors to qualify, especially if they have any preexisting health concerns. Term life isn’t the best choice for seniors over 70 for several reasons, but if you need to provide a large death benefit payout, it may be your only option.
It’s typically best to purchase term life at a younger age, when rates are lower and you are more likely to qualify.
Universal Life Insurance for Seniors over 70
Universal life insurance takes a large portion of premium payments and invests it. Because of this unique structure, policyholders can control the size of the death benefit and monthly premium payment amounts after the policy’s start.
Unfortunately, universal life insurance can get quite complicated. Based on investment performance, the death benefit could lose value, or monthly rates may rise unexpectedly. It’s typically best for seniors to commit their money to a more reliable investment like final expense insurance or annuities.
Whole Life Insurance for Seniors over 70
Traditional whole life insurance policies provide lifetime coverage as long as monthly premiums are paid. They also grow in cash value and can be a great choice for seniors over 70 looking for life insurance coverage.
However, rates for high-value whole life policies can get pricey, especially if you have any preexisting medical conditions. Underwriting, which is the process used to determine eligibility and assign rates based on health categories, is usually strict on high-value policies.
Seniors who have a tough time qualifying for high-value whole life policies may still be eligible for burial insurance.
Burial Insurance for Seniors over 70
Burial insurance is made specifically to cover seniors’ needs and is typically the best choice for life insurance for seniors over 70. Burial insurance benefit payouts are usually smaller than other types of life insurance, but this helps keep rates low.
Plus, most burial insurance providers’ underwriting is lenient and more likely to accept senior applicants with major preexisting health conditions. Burial insurance is an outstanding choice for life insurance for seniors over 70, offering great rates, a focus on seniors’ needs, and easy eligibility.
Contact Final Expense Benefits for more information on burial insurance policies or to get your application started today.
Types of Burial Insurance for Seniors over 70
Seniors over 70 generally qualify for all forms of burial insurance, but eligibility varies depending on health status. Seniors over 70 can expect inexpensive rates and quick application turnaround, even with preexisting health conditions. Below are the main types of burial insurance seniors over 70 apply for:
Simplified Issue Burial Insurance
Simplified issue policies have the quickest return on applications of any burial policy for seniors over 70. You’ll often know same-day if you are accepted if you work with an agency like Final Expense Benefits. Underwriting and application processing are so fast thanks to simple underwriting guidelines that determine eligibility and health categorization quickly.
Simplified issue policies usually accept seniors with health concerns. Seniors normally qualify for policies without waiting periods, even with preexisting conditions like diabetes or epilepsy.
Seniors with more severe health concerns may only qualify for policies with waiting periods, normally two to three years. If the insured person dies within this time, payouts may be delayed or split into two or more payments using a modified payout structure.
If the policyholder dies within the waiting period, some providers reduce the death benefit to a return of paid premiums rather than a full payout. Final Expense Benefits believes your beneficiaries deserve the payout you paid for. We recommend you avoid providers who do this like Colonial Penn and Lincoln Heritage.
If you want to avoid a policy with a waiting period, contact Final Expense Benefits. Our expert agents can help you get the best policy available without a waiting period.
Guaranteed Issue Burial Insurance
Seniors over 70 confined to assisted living facilities or with more severe health concerns like dementia may only qualify for guaranteed issue burial insurance. Monthly premiums for guaranteed plans are about 25% to 40% higher than comparable simplified issue policies. Plus, these policies always have a waiting period.
Guaranteed issue policies serve an important purpose, but they aren’t ideal. If they are all you qualify for, they’re a good way to get coverage, but won’t be your first choice if you qualify for other plans.
This is why it’s key to plan ahead of time and apply early, locking in lower rates and avoiding the price hikes a major preexisting medical concern could add.
What Can Burial Insurance Cover for Seniors over 70?
Burial insurance has such low rates because benefits are lower than other types of life insurance. Providers typically offer death benefits ranging from about $5,000 to $50,000, which is plenty to cover funeral costs, other end-of-life expenses, or provide an inheritance to loved ones.
A burial policy’s tax-free benefit payout can be used for whatever the beneficiary wants, so it’s a good idea to have a plan for your final wishes. Costs the typical $10,000 burial insurance payout can cover include:
- Funeral ceremony and wake costs
- Burial and cemetery costs
- Cremation and urn
- Green burial or tree pod burial
- Mortgage payments
- Nursing home costs
- Debt coverage
- Investments
- Charitable donations
These policies offer considerable financial flexibility, yet another reason why we recommend burial insurance to seniors over 70. Contact Final Expense Benefits today for more information or to check your eligibility.
How Much Does Burial Insurance for Seniors over 70 Cost?
Seniors over 70 are typically eligible for low burial insurance rates. Below are sample rates for non-smoking applicants ages 70 through 79 for a $10,000 final expense policy from some of our top-providers. $10,000 is our baseline for quoting because it’s the average funeral cost.
These rates are calculated using applicants with no preexisting health issues. If you have health concerns, your rates may be affected, depending on your condition’s severity.
Burial Insurance for Seniors over 70 Sample Rate Chart
| Age | Male Rates | Female Rates |
|---|---|---|
|
70 |
$70 |
$53 |
|
71 |
$75 |
$56 |
|
72 |
$80 |
$58 |
|
73 |
$86 |
$63 |
|
74 |
$91 |
$68 |
Burial Insurance for Seniors over 75 Sample Rate Chart
| Age | Male Rates | Female Rates |
|---|---|---|
|
75 |
$97 |
$72 |
|
76 |
$105 |
$78 |
|
77 |
$112 |
$78 |
|
78 |
$120 |
$83 |
|
79 |
$127 |
$93 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in any of our life insurance options, call us at (866) 786-0725 to learn more. Check our free online quoting tool for personalized pricing estimates.
Best Life Insurance Providers for Seniors over 70
All of our top-rated insurers provide great options for life insurance for seniors over 70, but which is the best? Here’s our take on who offers the final expense insurance rates and customer service to seniors over 70:
Mutual of Omaha Life Insurance for Seniors over 70
Mutual of Omaha is one of our top life insurance providers. Their low rates, great customer service, and easygoing underwriting make them an outstanding choice for burial insurance for seniors over 70. Here’s why:
- Pricing
Mutual of Omaha’s rates for life insurance for seniors over 70 are among the lowest on the market. - Customer Service
Mutual of Omaha’s customer service consistently scores top marks between real customer reviews and third-party rating services alike. - Other Benefits
Easy claims services and transparency on their rates makes Mutual of Omaha very easy to deal with. Customers especially appreciate the speed of benefit delivery.
Americo Life Insurance for Seniors over 70
Americo provides reliable, cost-effective burial insurance and is a great choice for seniors over 70. Here’s more info:
- Pricing
Americo’s rates are consistently the lowest among our top-rated carriers, making them a great choice for budget-conscious seniors.
- Customer Service
Customers praise Americo for quick payout time, friendly customer service agents, and easy claims processing. - Other Benefits
Americo’s inexpensive rates may be available to seniors with a range of preexisting conditions, thanks to their easygoing underwriting practices.
United Home Life Insurance for Seniors over 70
United Home Life (UHL) offers a range of customizable, inexpensive burial policies for seniors over 70. Here’s why they are a top pick:
- Pricing
Seniors over 70 enjoy competitive burial insurance rates with UHL, with simplified underwriting guidelines. - Customer Service
UHL is a smaller provider that offers personalized customer service with a friendly, small-business feeling, boasting great reviews from customers and rating services alike. - Other Benefits
UHL burial insurance for seniors over 70 offers unmatched customization with a wide range of riders that add optional extra coverage to policies.
If you’re interested in these or any of our other fantastic final expense insurance providers, contact Final Expense Benefits to learn more.
Final Thoughts
Seniors over 70 have great choices for life insurance. While term and universal life can be compelling choices, burial insurance is specialized to fit seniors’ needs at budget pricing. If you’re looking to provide peace of mind for your loved ones by covering your end-of-life expenses, final expense insurance is a perfect fit.
Contact Final Expense Benefits for help finding trustworthy and affordable burial insurance for seniors over 80. We’ll help you get a plan that offers the coverage you need at a price you like.
For more information, call Final Expense Benefits at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a personalized pricing estimate.
FAQ
Can you get life insurance over 70?
Seniors over 70 have a wide range of life insurance options, ranging from term life to burial insurance. If you’re looking to cover your end-of-life expenses or provide an inheritance to loved ones, burial insurance can be a great choice.
How much life insurance coverage can seniors over 70 get?
Seniors over 70 usually qualify for up to $50,000 in coverage on most burial insurance policies. Not many providers offer burial insurance with death benefits over $50,000, but term and whole life plans usually do. Unfortunately, seniors over 70 may struggle with eligibility for plans with death benefits this high and may need to pay very high rates or take a medical exam to qualify.
What is burial insurance?
Burial insurance, also known as final expense insurance, is a low-cost type of whole life insurance designed to help seniors cover expenses like funeral and burial plot costs. Seniors over 70 can still qualify for inexpensive burial insurance rates, but it’s best to get a policy earlier, so you can lock in lower rates and let your policy’s cash value have more time to grow.
How much does a funeral cost?
The average funeral costs around $10,000, which is why we use $10,000 as the basis for our final expense insurance quotes. Thankfully, final expense life insurance can be an affordable choice for seniors over 70 looking to cover their end of life expenses ahead of time.
