Deciding whether or not you need life insurance when you have children at home can be easy. But, as you age, your financial needs will change. As a senior, your children are likely adults who care for themselves financially. So, the need to make sure they’re protected when you die may be less. But, that doesn’t mean you should forgo a policy.

There are several reasons seniors may need life insurance. You may want to ensure that your final expenses are covered and that your spouse is financially protected.  Or you may need life insurance for a myriad of other reasons. While your children may not depend on you financially anymore, life insurance is still important whether you’re in your 60s, 70s, or even your 80s. Learn more about life insurance and your options in this guide to life insurance for seniors over 70.

Benefits of life insurance for seniors

There are several ways that life insurance can benefit seniors over 70. Some of the most important include:

• Security for a surviving spouse: Even as a senior, you probably produce income, whether it’s through a pension, social security, or by other means. If you have a spouse who depends on your income, they may face financial hardship if you pass away without a plan. Life insurance can provide financial security for your spouse in this case.
• Coverage for final expenses: Final expenses can be costly. Between hospice and the high cost of funeral and burial services, your final expenses can cost tens of thousands of dollars. Life insurance can help ensure that your family doesn’t have to cover those expenses as they grieve.
• Debt protection: If you die with debt, your lenders may look to your estate to resolve it. Life insurance can help ensure that your debts are covered, leaving your estate for your loved ones.
• Leave an inheritance: Most people would like to leave a financial gift for loved ones, friends, or even a charity when they pass. Life insurance gives you a way to do just that, even when you buy it as a senior.

How to choose the right life insurance policy for seniors

There are several different types of life insurance policies out there. It’s important to choose a policy that fits your needs. So, how do you choose the right life insurance policy as a senior?

Start by considering your financial needs. These include your end-of-life costs like hospice, burial, funeral expenses, and more. But, you should also consider other needs. For example, do you have debts that need to be paid? Will your surviving spouse need money to live on? Do you plan on leaving an inheritance? All of these factors should help determine the policy you choose.

It’s also important to consider your health. After all, some life insurance policies will require a medical exam, while others don’t. If you have serious pre-existing conditions, you may want to seek a guaranteed-issue life insurance policy or one that doesn’t require a medical exam.

Finally, once you know what you’re looking for, it’s important to evaluate the policies that you believe will meet your needs. Look into death benefit coverage caps, prices, and any terms or conditions that may limit your coverage to compare your options.

Comparing life insurance providers for seniors

There are several factors that you should consider as you compare your options. First and foremost, it’s important to compare the cost of each policy. Some companies charge more than others for the services they provide.

You should also look at the coverage offered by each provider. As a senior, your options may be limited. However, some providers will offer better coverage than others.

The provider you choose also makes a difference. It’s best to work with a life insurance company that has a solid financial track record and a strong history of providing quality services to its customers.  Here are a few tips to help you compare life insurance policies:

• Compare companies: For the best life insurance experience as a senior, you’ll want to make sure that you work with a reputable company. Consider looking into online reviews or asking friends and family for referrals to life insurance companies they trust.
• Compare cost: As you compare life insurance policies, cost is going to be an important factor to consider. Some policies will be less expensive than others for similar benefits.
• Compare features and add-ons: As you compare life insurance policies, it’s important that your comparison is an apples-to-apples one. So, be sure that the policies you compare have similar add-ons, features, and riders.

About Fidelity Life

Founded in 18961973, Fidelity Life has been providing senior life insurance for more than 12050 years. The company provides a wide range of products that are a good fit for seniors. For example, you could opt for Fidelity Life’s RAPIDecision^® Senior Whole Life policy, which is available for seniors up to 85 years old.

On the other hand, if you’re looking for a larger benefit amount, you may also want to consider RAPIDecision^® Senior Term Life Insurance (term life insurance for seniors over 70). You may qualify for up to $150,000 in coverage with one of these policies.

Moreover, Fidelity Life has a strong financial track record. The company has an Excellent AM Best rating, suggesting that it is financially secure. So you won’t have to worry about whether it will be able to pay out benefits when you pass.

Finally, Fidelity Life has world-class customer service. Their support staff is available Monday through Thursday from 8:00 AM to 6:00 PM and Friday from 8:00 AM to 5:00 PM Central Time.

Pros and cons

Pros

• There is a wide range of policy options for seniors to choose from including whole and term life insurance.
• Policies are relatively inexpensive when compared to other leading providers.
• You can choose options that don’t require a medical exam.
• Term life options can cover you for up to 30 years.
• Guaranteed acceptance life insurance policies for seniors are available.

Cons

• Fidelity Life doesn’t offer universal life insurance.
• Coverage maximums may be lower than other providers.

Testimonials

If you’re looking for Fidelity Life testimonials from seniors, look no further than TrustPilot, where they’ve earned an Excellent 4.67-star rating. Here are a few things their customers have said about the service they provide…

Suzanne Bucaro

“I was looking for life insurance and happened across Fidelity Life so I called. I was happy with my agent. He answered all my questions so I could understand.

I didn’t feel pressured into purchasing knowing there are other companies out there. I will recommend Fidelity Life to anyone that I know needing life insurance. I liked the fact that after you reach a certain age you are not losing your insurance down to 1/2 or having your premiums increased.”

Dahlia

“Customer service was excellent. They knew their policy and what was the best fit for my budget. I have 2 policies with Fidelity Life and I wouldn’t change it for the world. Excellent customer service.”

Karla Gambino

“Anthony was great! He made the application experience easy and effortless. He took the time to understand my needs in order to find the best policy for me.”

Find a policy that works for you

There are a range of affordable Fidelity Life products to choose from based on your situation and financial responsibilities.

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Common myths about life insurance for seniors

Myths, especially those about financial services like life insurance, can be dangerous. After all, myths can stop people from accessing services that would be good for their finances. Here are a couple of myths about life insurance for seniors and why you shouldn’t believe them:

• Life insurance is too expensive for seniors: Though life insurance premiums are more expensive for older consumers than they are for younger people, premiums aren’t necessarily cost-prohibitive. In fact, at Fidelity Life, you’ll find a myriad of options for a wide range of budgets.
• Life insurance isn’t necessary for seniors: Though your children may not depend on you financially anymore, there are several other reasons seniors should purchase life insurance. It can help protect your surviving spouse, give you a way to leave a meaningful inheritance, help cover end-of-life expenses, and more.

How to apply for life insurance as a senior

Step-by-step guide

• Step #1: Determine your budget: Start by determining how much you can comfortably afford to pay for life insurance.
• Step #2: Think about the type of policy you need: Determine whether whole life insurance or term life insurance would better meet your needs.
• Step #3: Compare your options: Look for policies that meet your needs from a few different trusted providers. When you do, compare things like coverage caps (considering how much life insurance you need), premium pricing, and available riders that help you customize your policy to meet your needs. Then choose the policy that you believe is best.
• Step #4: Apply: Now, it’s time to apply for the policy that you believe is best. Depending on the provider and policy you choose, you may be able to apply online.
• Step #5: Complete requirements: If you chose a policy that requires a medical exam, complete that exam. Also, follow through with any other requirements that are requested of you.
• Step #6: Get coverage: Once you’ve completed all the steps above, you should be able to activate your coverage.

Required documentation

When you apply for life insurance, you may be required to provide documentation. That documentation may include:

• Proof of identity: You will likely need to provide proof of your identity like a state-issued driver’s license or identification card.
• Proof of income: In some cases, you may be required to prove your income.
• Bank statements: Some life insurance companies may require you to provide bank statements when you apply.
• Medical history: Your life insurance provider may ask you to provide documents that prove your medical history. This may especially be the case if you purchase no-medical-exam life insurance as a senior.

Tips for a smooth application process

The life insurance application process may seem long and convoluted, but it doesn’t have to be. There are a few things you can do to ensure a smooth application process.

One of the first things you’ll want to do is be honest when answering questions. For example, it’s best to provide a clear picture of your medical history, even if it’s not perfect. After all, if you don’t provide information surrounding pre-existing conditions, those conditions may pop up in your medical exam or in the medical documentation you provide.

It’s also best to have all of your documentation handy when you apply. The documents you may need are listed above. Getting them in order before you apply will help you avoid any delays in the application process.

Finally, don’t be afraid to ask questions. Your life insurance agent isn’t just there to sell you insurance. They’re also there to make sure you understand exactly what you’re buying before you buy life insurance.

Alternatives to traditional life insurance

Though traditional life insurance is a strong fit for most seniors, there are times when alternatives may be your better option. Some alternatives to traditional life insurance include:

Pre-need insurance

Pre-need life insurance differs from traditional life insurance in what it’s designed to cover. These policies are typically a type of whole life insurance, but the benefits are usually linked to a specific provider.

For example, if you’ve already chosen a funeral home and the services you’d like that funeral home to provide, you can purchase pre-need life insurance to cover those costs. When you die, the funeral and other service the insurance was designed to cover will be paid for as outlined in your pre-need insurance contract.

Funeral trusts

If you’re only purchasing life insurance to cover end-of-life expenses, a funeral trust, also commonly called final expense insurance, may make sense. These are legally binding trusts that help to make sure you have money set aside to cover expenses like funeral and burial costs.

These are typically contracts that you enter into with your funeral provider and agree to fund in advance. And, since coverage is limited to your funeral and burial costs, the cost of these trusts can be quite a bit lower than the cost of a traditional life insurance policy.

Self-insurance strategies

Self-insurance is always an option, too. With this option, instead of paying premiums to an insurance provider and sharing the risk across the insurance network, you’ll make payments into an investment account and either manage your own funds or have a financial advisor manage them for you.
Though this option guarantees that you have full control over your life insurance funds, it can also be a risky proposition. After all, nobody knows when they will die. And, if you die too soon after setting up a self-insurance investment strategy, you may not save enough money to cover the costs you intended to cover.

Frequently Asked Questions (FAQs)

Find the answers to some of the most common questions about life insurance for seniors below.

How much does life insurance cost for seniors?

There’s no single premium amount that will purchase coverage for all seniors. The cost of your coverage will depend on varying factors, including:

• Your age: Seniors in their 80s will likely pay more for coverage than seniors in their 70s, who will likely pay higher premiums than applicants in their 60s.  Life insurance costs tend to rise with age.
• Your health: Life insurance companies must consider risk factors when pricing policies. One of the most significant of those risk factors is your health and medical history.
• Your coverage amount: Insurance premium prices are typically relative to the amount of coverage the policy provides. So, it’s important to carefully consider how much coverage you need.
• Your riders: Riders can help you customize your policy to meet your needs, but they may increase your premiums.

Do all seniors qualify for life insurance?

While not all seniors will qualify for life insurance, most do qualify for a policy, even if they’re in their 70s and have pre-existing medical conditions.

Is term life insurance or whole life insurance better for seniors?

The choice between term life and whole life insurance shouldn’t be made solely based on your age. When deciding between the two, you should consider factors like how long you’ll need coverage, the cost of that coverage, and what you plan to get out of your policy.

The bottom line

Life insurance is an important product to consider — not just when you’re young and have children who depend on you financially, but even when you’re a senior and your children have moved away. The good news is that, even as a senior, you likely have several life insurance options available to you.

It can be difficult for seniors to choose the best life insurance options for them. If you’re not entirely sure exactly how your life insurance options work, what type of life insurance fits your needs, or how much insurance you need, you should strongly consider discussing your needs with a financial advisor or qualified insurance agent.

If you’re a senior over 70 and need life insurance, get in touch with a Fidelity Life agent today at 1-877-933-5916 or go online to get a quote to find out how affordable coverage can be.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible. We encourage you to speak with your insurance representative if you have additional questions and make sure you read your policy contract to fully understand your coverage.