seniors
Life insurance after 70: what is available and what it costs
- No cost
- No obligation
- Licensed independent professionals
- You choose when to talk
At a glance
- Most common
- Final expense whole life, $5,000 to $40,000, simplified issue
- If health is a barrier
- Guaranteed issue whole life to 80 or 85, with a graded period
- Larger temporary needs
- Term to age 80 or 85 from some carriers, with underwriting
- Usually not available
- 20- or 30-year term; large no-exam limits
Fitting the premium into a fixed income
On Social Security or a pension, the premium has to survive every month for life. A policy you can comfortably afford at $15,000 protects your family better than one you drop at $25,000. Ask for the premium on two or three amounts, then choose the one you would still pay in a tight month.
Ask about paying annually if it lowers the cost, and whether the policy has a grace period and automatic premium loan feature to prevent an accidental lapse.
Do you still need life insurance in retirement?
Sometimes. A surviving spouse who would lose a pension or the larger Social Security check may need income replacement. Final expenses, a mortgage still owed, or a plan to leave money to children or a charity are other reasons. If none apply, letting a term policy end can be the right answer. A policy review looks at what would actually happen to the survivor’s budget.
Simplified issue vs. guaranteed issue
Most final expense policies are simplified issue: no exam, but a health questionnaire and a prescription-history check. Answering the questions honestly usually means a lower price and a full death benefit from day one.
Guaranteed issue policies accept applicants in a set age range without health questions, but they cost more per dollar of coverage and carry a graded period, commonly two years, during which death from natural causes pays a return of premiums plus interest rather than the full benefit. Which one fits depends on your health history, and a licensed professional can tell you which carriers would consider your situation.
What Social Security pays when someone dies
Social Security pays a one-time lump-sum death payment of $255 to an eligible surviving spouse or child. Monthly survivor benefits can be significant for a spouse caring for young children or a spouse at retirement age, but they do not pay for a funeral, which is why families use life insurance for final costs.
Common questions
Is term life available at 75?
Some carriers offer 10-year term to applicants in their mid-70s with underwriting, and a few to 80. Premiums are high relative to younger ages, and the term must end before the carrier’s maximum coverage age.
Is there a medical exam for final expense insurance?
Usually not. Most final expense policies are simplified issue, which means no exam but a set of health questions and a prescription check. Guaranteed issue policies skip the questions too, at a higher price and with a graded period.
Can I be turned down?
For simplified issue policies, yes: certain conditions or recent treatments can lead to a decline or a modified offer from one carrier while another accepts you. Guaranteed issue policies accept everyone within their age range but pay a limited benefit for natural-cause death in the first years.
Does the price go up as I get older?
Final expense policies are usually level-premium whole life, so the price you start with is designed to stay the same. Read the policy: a few products sold as burial insurance are actually term or have increasing premiums.
What happens to the money if I outlive the policy?
Whole life does not expire at a set age, so there is no outliving it as long as premiums are paid. If you stop paying, some cash value may be available, or the policy may convert to a smaller paid-up amount.
Is AskLily an insurance company?
No. AskLily is an education and referral service. Lily, our automated assistant, helps you understand options and, when you ask, connects you with a licensed independent insurance professional. AskLily does not sell, bind or underwrite coverage.
Does it cost anything to talk to Lily or a licensed professional?
No. There is no fee to use AskLily, ask Lily questions, or speak with a licensed professional we refer you to. If you decide to apply for a policy, you pay premiums to the insurance company that issues it.
Talk it through with Lily
Ask what this means for your situation. When you want numbers or an application, Lily connects you with a licensed independent professional.
- No cost
- No obligation
- Licensed independent professionals
- You choose when to talk
Lily is an automated assistant, not a licensed agent. She explains options in plain language; quotes, recommendations and applications come from licensed independent insurance professionals.
Sources
- National Funeral Directors Association, 2023 Member General Price List Study (accessed 2026-09-06) - Median cost of a funeral with viewing and burial, 2023: $8,300
- NAIC Consumer Guide: Life Insurance (accessed 2026-09-06) - Whole life, simplified issue and guaranteed issue definitions
- Social Security Administration, lump-sum death payment ($255) (accessed 2026-09-06) - Lump-sum death payment of $255
AskLily is an insurance education and referral service, not an insurance company or agency. AskLily does not sell, bind or underwrite coverage. Content is general information, not advice for your situation; consult a licensed insurance professional. Last reviewed 2026-09-06.