Life insurance at seventy and older
Available, smaller, and one contract detail matters more than any other.
Coverage is available at these ages. Amounts are generally smaller, underwriting is often simplified, and cost per dollar of benefit is higher than it would have been earlier.
One contract detail matters more than anything else here, and it's the one most likely to be glossed over in a sales conversation.
The detail to ask about first
Is the full death benefit payable from day one? Guaranteed issue and some final expense policies are issued with a graded or modified benefit: death from natural causes within an initial period typically returns premiums paid rather than the face amount, while accidental death is usually covered in full immediately.
Ask it plainly, and get the answer in writing before you sign. Families discover this at claim time otherwise.
You may not need a new policy
Check thoroughly before buying. It's common to find coverage already in place.
- Old policies, including ones a parent bought decades ago
- A permanent policy with cash value or paid-up coverage
- Coverage through a former employer, union or association
- A prepaid funeral arrangement already made
- Savings already earmarked for these costs
What coverage is usually for at this age
- Funeral and final expenses
- Clearing remaining debts so they don't fall to family
- Estate settlement costs
- Leaving a specific amount to children or grandchildren
- Equalising an inheritance where assets can't be divided
About pressure
This age group receives a lot of insurance marketing, some of it aggressive. Nobody should be rushing a decision, and you're entitled to take the policy away and read it during the free look period after delivery.
Involving an adult child or trusted person in the conversation is entirely reasonable, and a salesperson who resists that is telling you something.
Existing permanent policies
If you own permanent coverage, request an in-force illustration and check whether it's on track. Some older universal life policies require higher premiums than originally projected to stay in force.
Don't surrender or lapse anything before understanding what you'd be giving up — and never cancel old coverage before new coverage is actually issued.
Common questions
Generally yes, with smaller amounts and often simplified underwriting. Confirm whether the full death benefit is payable from day one before committing.
Whether the full death benefit is payable immediately, and if not, exactly what is paid and for how long. Graded benefit periods are the detail families most often discover at claim time.
Entirely reasonable, and a good idea. A salesperson who resists that is telling you something about the sale.
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This page is general information, not advice about your specific circumstances. A licensed insurance professional can tell you what’s actually available to you.
General information only, not insurance advice. Coverage, availability, and terms vary by insurer and by state, and are subject to underwriting. Quote My Policy LLC is a licensed insurance producer. Nothing here binds coverage.