Is Life Insurance for Parents Over 70 Still Affordable?

When considering life insurance for parents over 70, many families worry about costs, health qualifications, and whether policies are still worth pursuing. While it’s true that premiums increase with age, life insurance for seniors, even those in their seventies, can still be both affordable and valuable. Whether the goal is to cover final expenses, leave a small legacy, or ease financial stress for surviving loved ones, there are practical options available.

Available Life Insurance Options for Seniors Over 70

At age 70 and older, some types of life insurance become less accessible. However, several strong options remain:

Final Expense Insurance (Burial Insurance)

Whole-life policies designed for funeral costs and small debts. Coverage usually $5,000–$30,000. Permanent, no medical exam required.

Guaranteed Issue Life Insurance

Approval is automatic, no health questions. Higher premiums, smaller coverage (up to $25,000). Includes a two-year waiting period.

Simplified Issue Whole Life Insurance

Short health questionnaire, no exams. Coverage up to $40,000. Affordable for healthier seniors.

Term Life Insurance

Some carriers offer 10–15-year terms for healthy seniors. Higher initial coverage but may expire by age 80–85.

Traditional Whole Life Insurance

Lifetime coverage with cash value. Expensive, best for healthy seniors with higher incomes.

How to Find Budget-Friendly Coverage

Affording life insurance for elderly parents comes down to balancing needs with budget:

• Compare multiple quotes
• Focus on final expense plans ($10k–$15k)
• Work with independent agencies
• Set realistic expectations

Pros and Cons of Final Expense Insurance

Pros

• Lifetime coverage
• Affordable, smaller benefit amounts
• Simplified or guaranteed approval
• Peace of mind

Cons

• Limited coverage ($30k–$40k)
• Higher cost per dollar of coverage
• Waiting period for guaranteed issue plans

What to Expect When Applying at Age 70+

Applying for life insurance in your seventies looks different from earlier in life:

• Health questions and prescription review
• Higher premiums due to age
• Quick approvals (no exams)
• Smaller coverage limits

Tips to Lower Premiums for Seniors

Even at 70+, families can save:

1. Choose the right policy (final expense or simplified issue)
2. Apply sooner to lock rates
3. Pay annually for discounts
4. Work with specialists
5. Avoid overinsuring

FAQs

Can parents over 70 still qualify?

Yes, especially for final expense or guaranteed issue.

Is burial insurance better than term?

Usually, since it never expires and is designed for seniors’ needs.

How do I help my parents apply?

Discuss their needs, then work with an agency to compare carriers and secure the right plan.

Protecting Loved Ones with Affordable Coverage

Life insurance for parents over 70 is not only possible, but also often essential. While options narrow with age, policies like final expense insurance provide peace of mind and protect families from financial hardship.

Since 2009, The Paul Group, founded by Patrick & Cynthia Paul, has specialized exclusively in Final Expense Insurance. Our dedication to serving families has made us one of the leading agencies in the industry.

Contact us today to explore the best options for your parents and protect your family’s future.