Good News for Seniors

The insurance industry has developed specialized products specifically for seniors. Many companies now offer simplified applications, guaranteed acceptance policies, and coverage designed to meet the unique needs of people in their 70s and beyond.

“Most of our 70+ clients choose final expense insurance because it provides exactly what they need – enough coverage to handle funeral costs and final expenses without breaking their monthly budget. For those wanting larger amounts, a simplified issue term often works well for healthy seniors.”

– InsuranceBrokers USA Senior Specialist

1Best Overall for Seniors: Mutual of Omaha

Why Mutual of Omaha Leads for Seniors

Mutual of Omaha has built their reputation on serving seniors with compassionate, straightforward coverage options. Their simplified application process and guaranteed acceptance policies make them ideal for seniors who’ve been declined elsewhere or want to avoid medical exams.

Best For:

• Seniors with health conditions seeking guaranteed coverage
• Final expense insurance needs ($5,000-$25,000)
• Those wanting simple application processes
• Applicants up to age 85

2Best Product Variety: Transamerica

Transamerica’s Senior Focus

Transamerica offers the widest range of coverage options for seniors, from final expense to substantial term policies. Their underwriting team shows exceptional flexibility with senior health profiles and offers some of the most competitive rates for healthy applicants over 70.

Best For:

• Healthy seniors needing substantial coverage amounts
• Those wanting multiple policy options to compare
• Applicants with well-controlled chronic conditions
• Seniors seeking competitive term life rates

3Easiest Application Process: Globe Life

Globe Life’s Simplicity Advantage

Globe Life specializes in making life insurance accessible to seniors through streamlined applications and immediate coverage decisions. Their direct-to-consumer approach eliminates agent pressure while providing clear, affordable coverage options.

Best For:

• Seniors preferring simple, direct applications
• Those wanting immediate coverage decisions
• Budget-conscious applicants seeking basic coverage
• Seniors who are comfortable with online or phone applications

Key Takeaways for Senior Coverage

• Mutual of Omaha and Globe Life excel in guaranteed acceptance and simple applications
• Transamerica and AIG offer the best options for healthy seniors needing larger amounts
• Lincoln Heritage and Colonial Penn specialize in final expense coverage
• Great Western and American National provide competitive rates for term coverage
• Multiple applications may be necessary to find your best rate and coverage option

“I always tell my senior clients to focus on what they specifically need coverage for – usually funeral costs and small debts. A $15,000 final expense policy at $50/month provides tremendous peace of mind without straining the budget. Trying to buy $100,000+ at age 75 often creates financial stress that defeats the purpose.”

– InsuranceBrokers USA – Management Team

Health Documentation Strategy

Gather medical records, medication lists, and doctor contact information before applying. This preparation speeds the underwriting process and helps present your health profile in the best possible light.

Can I get life insurance at age 70+ with health conditions?

Direct answer: Yes, several options exist, including guaranteed acceptance policies that require no medical questions and simplified issue policies for less severe conditions.

Companies like Mutual of Omaha, Colonial Penn, and Globe Life specialize in coverage for seniors with health issues. Guaranteed acceptance policies typically have 2-3 year waiting periods but provide certainty of coverage regardless of health status.

How much life insurance should someone in their 70s carry?

Direct answer: Most seniors in their 70s need $10,000-$25,000 to cover funeral expenses and final debts, though some may need more for estate planning purposes.

Calculate your specific needs: funeral costs ($7,000-$15,000), outstanding debts, medical bills, and any legacy goals. Avoid over-insuring as premiums can strain fixed incomes. Final expense insurance often provides the right balance of coverage and affordability.

What’s the difference between final expense and regular life insurance?

Direct answer: Final expense insurance offers smaller coverage amounts ($5,000-$50,000) with simplified applications, while traditional life insurance provides larger amounts but requires more extensive underwriting.

Final expense policies are designed specifically for seniors to cover funeral costs and small debts. They typically feature simplified health questions, immediate coverage, and fixed premiums. Traditional life insurance offers more coverage but costs significantly more and may be harder to qualify for at advanced ages.

Are guaranteed acceptance policies worth the waiting period?

Direct answer: Yes, if you have serious health conditions that prevent qualification for other coverage. The 2-3 year waiting period is often the only way to secure any life insurance protection.

During the waiting period, most policies return premiums paid plus interest if death occurs from illness. Accidental death is typically covered immediately. For seniors who cannot qualify for other coverage, guaranteed acceptance provides essential peace of mind and eventual full protection.

Can I get term life insurance in my 70s?

Direct answer: Yes, several companies offer term life insurance to healthy applicants in their 70s, typically with 10-year terms and coverage up to $300,000.

Transamerica, AIG, and Great Western offer competitive term rates for healthy seniors. However, premiums are significantly higher than permanent coverage in many cases. Term life works best for temporary needs like mortgage coverage or business obligations with defined time periods.

Should I cash out my existing life insurance policy?

Direct answer: Generally no – existing policies often provide better value than new coverage at advanced ages. Consider policy loans or partial surrenders instead of full cancellation.

Older policies typically have lower premiums and better terms than new coverage available in your 70s. If you need cash, explore policy loans (which preserve the death benefit) or partial withdrawals. Only cancel existing coverage after securing replacement coverage if needed.