Today, it is not unheard of for people to remain active and independent past age 70. The U.S. administration continues to raise the full retirement age, so more and more people are managing to remain in the workforce for longer and longer. However, along with a longer life expectancy comes a risk —namely, having to pay for the costs associated with that extended life. Life insurance is an important tool to help manage those costs.
Can people over the age of 70 still get life insurance?
Yes, they can. Various kinds of life insurance policies are available to those 70 and older — though the type of policy and available benefits will depend on your age, health, and other factors.
The most common form of life insurance available to older people is called “guaranteed issue” insurance. With guaranteed issue life insurance, age is not a factor — meaning, as long as you are at least 65 when you sign up, you can get a policy regardless of your health. People at this age are more likely to have health issues that would make it difficult to secure a traditional life insurance policy, so this type of coverage allows them to still have some measure of financial protection.
This type of life insurance generally pays out a set amount — anywhere from $5,000 to $25,000 — and is more often used to cover funeral expenses rather than to replace lost income.
Another type of life insurance for those over 70 is “last expense” life insurance. This type of policy pays out a set amount at death. The benefit amount is usually much lower than traditional life insurance policies, but it’s enough to help with funeral costs, related bills, and other final expenses. This type of policy is also often referred to as burial insurance.
Finally, those over 70 may be able to qualify for a traditional life insurance policy, depending on their age, health, and other factors. The amount of coverage and premium costs will vary depending on the individual’s circumstances, but this can still be a viable option even into the later years of life.
For those over the age of 70, life insurance is still an important financial tool to have in place. While the options may shift depending on your age and overall health, there are still coverage options available to provide financial protection for yourself and your loved ones.
Learn more about how to buy life insurance for seniors over 70 years old.