It can be challenging at any age to make end-of-life decisions, whether related to healthcare, financial management, or otherwise. However, those difficult choices and conversations are increasingly vital as you grow older. Luckily, securing a life insurance policy can help alleviate some of the stress of end-of-life planning.

While it may be more common to buy life insurance at a younger age, there are policies available for adults in their 70s and even their 80s. Life insurance can offer your loved ones financial security and give you peace of mind, especially as you get older. Keep reading to learn whether life insurance for seniors over 70 might be a good fit for you and your family.

Why would you need life insurance after 70?

After 70, your financial circumstances have probably changed several times, and maybe your life insurance has too. Perhaps a term life plan you bought early in your career has lapsed, or you’ve lost coverage provided by a former workplace. No matter your situation, it could be time to buy a new life insurance policy to protect what matters most. Your policy could help cover outstanding debts, mortgage payments, ongoing bills, and even end-of-life expenses. You could also use your policy to leave a legacy that helps your children or grandchildren with milestones like college or homeownership.

Is a medical exam required for life insurance?

Many life insurance policies for seniors over 70 will not require a medical exam. However, a medical exam may qualify you for a better rate in certain instances. Some policies don’t require you to undergo a medical exam but do require a health history. Others instead ask for only a few health details. For those with serious health concerns, there are even policies that don’t factor health into the application process at all.

Simplified vs. guaranteed-issue

Two types of life insurance, simplified issue and guaranteed issue, never require a medical exam. A simplified issue policy streamlines the application process, typically speeding up the decision timeline from several weeks to several days. Instead of a medical exam, applicants answer a short health questionnaire that insurers use to conduct a modified risk assessment. If you’re in good health but need insurance coverage quickly, or if you’re concerned that you don’t qualify for other policy types, simplified issue insurance could be a great fit.

Guaranteed issue applications, like simplified issue applications, omit medical exams. However, unlike simplified issue policies, they don’t request any other health information from you either. As the policy’s name implies, you’re guaranteed approval as long as you meet age requirements. Maximum death benefits for guaranteed issue policies are relatively small. Policies may also come at a relatively high cost. Still, guaranteed issue life insurance plans can be a great option for people with serious health concerns.

Types of life insurance for seniors over 70

Fidelity Life offers several plans that provide affordable life insurance for seniors over 70. Whether you need a plan with considerable coverage or one that only covers end-of-life expenses, there’s a life insurance policy for you.

Permanent life insurance

Permanent life insurance plans typically don’t expire, so you can feel confident about their coverage for many years to come. For example, Fidelity Life’s RAPIDecision® Senior Whole Life insurance offers up to $150,000 in coverage to adults between the ages of 50 and 85. When you pass away, your beneficiaries could use the substantial payout for ongoing expenses like bills or mortgage payments, to pay for daily needs, or to invest in a grandchild’s education. Your senior whole life policy could also help you during your lifetime. Premiums go toward the death benefit and the policy’s cash value. You could borrow against that growing value to supplement your savings as needed.

Final expense life insurance

Not everyone needs extensive life insurance coverage. In your 70s, you may have paid your mortgage and set aside enough savings for any remaining debts. With no kids at home, maybe no one relies on your income. You could still prepare for the future with a final expense life insurance plan.

Final expense life insurance, also known as burial or funeral insurance, helps older adults pay for end-of-life care. Unfortunately, funerals can be prohibitively expensive for some families. On average, funerals cost around $9000, which many families do not have on hand. A final expense policy can cover a funeral and related costs, so your loved ones can focus on their well-being, not the financial burden of the day.

Fidelity Life’s RAPIDecision® Final Expense insurance provides up to $40,000 in coverage. The simplified issue final expense policy has a straightforward application that includes a health questionnaire but no medical exam. Applicants usually receive a response in a few days, and coverage starts as soon as you’re approved, so it’s a good fit for people who need coverage quickly.

Fidelity Life also offers RAPIDecision® Guaranteed Issue Life for those with challenging medical circumstances. This policy does not require applicants to disclose any health information.

How much does life insurance cost for seniors over 70?

While life insurance is less expensive when applicants are young, seniors over 70 can still find affordable coverage. Age is just one factor that determines eligibility and cost. Gender, health, and policy type can also make a big difference. Policies are available to suit a wide range of budgets, family situations, and coverage needs. The best way to assess the cost of life insurance is to get a quote for the policy type and coverage amount that best suits you and your family.

How seniors over 70 can choose the right life insurance policy

There are a lot of questions to keep in mind as you weigh your life insurance options. Consider whether anyone depends on your income or would financially struggle when you pass away.

Next, you can evaluate your financial circumstances. Ask questions like, what debts do you have and how much do you have saved for end-of-life expenses? It can also help to look into the future. For example, will you have trouble affording premiums later on? Will any new expenses emerge? These questions can help you identify your needs and even choose a beneficiary.

If you still have questions about senior life insurance or want to learn more about your options with Fidelity Life, contact a licensed agent or get a quote online today.