Life Insurance for People Who Are 71

Written by The Life Insurance Blog

While many people may automatically feel that those who are young and have young families to protect should have life insurance protection, it should not be ruled out that those who are older in age need not have this important coverage. Just because your dependent children are grown and are no longer depending on you for income does not mean that you should not be protected by life insurance. In fact, as a person ages, there could be reason to purchase even more life insurance, depending on your specific situation. Keep reading to learn about your options including term life insurance with no exam required. There are many different types of insurance such as declining term life insurance. Let us answer what questions you have and help you get the coverage you deserve.

life insurance for 71 year oldsFor example, in many situations, life insurance for people who are 71 can be just as essential as it is for those who are 31 or 41 – and in some cases, it can be more important, depending on what your specific protection needs are. Do you have a condition such as arthritis and wondering if you can qualify for life insurance with arthritis? Are you in need of affordable high risk life insurance? We can answer this question and help you obtain the coverage that suits your individual needs.

Is Life Insurance Still Needed for People Who Are 71?

There are many reasons why someone who is 71 – or even older – may need to have life insurance coverage. Just some of these can include the following:

Retirement Income Replacement for Spouse / Significant Other

Just as a younger couple may need to protect ongoing income for a surviving spouse, those who are older may also need to do the same – except, in this case, the need to protect income would be in case the deceased spouse’s pension or other retirement income source were to be lessened, or even eliminated, leaving the survivor without a way to pay their living expenses.

For example, in many cases, pension income sources will be reduced – or may even go away completely – upon the death of the primary recipient. Therefore, if a spouse or significant other is also counting on that income stream to pay his or her living expenses, it is essential to ensure that there is some way to replace this income source. Life insurance is the ideal tool for doing this.

Funeral / Final Expenses

Those who are in their 70s should also be mindful of how their final expenses may be paid. Today, funeral and other final expenses – which will often include the cost of one’s memorial service, as well as a burial plot, headstone, and flowers – can exceed $10,000. This amount can be a lot for a surviving spouse or other family members to come up with.

Therefore, having life insurance to cover final expenses is great way to relieve the stress that may be put on loved ones. Final expense life insurance policies are often fairly easy to qualify for – even for those who are in the age range of 71 and over. These policies can have death benefit coverage of $5,000 up to $100,000 or more, depending on the insurance carrier. Often, you will be able to qualify for final expense life insurance coverage, even if you have certain types of health issues.

Mortgage / Debt Payoff

In the past, many people who were in their early 70s would have had their major expenses like mortgage and auto loans paid off. Today, however, due in large part to longer life expectancy, there are many people who are considered to be “seniors” who are taking on new mortgages, and purchasing other big ticket items.

Because of this large – and longer term – debt that is being taken on, loved ones could be left with some significant financial obligations in case of the unexpected. Therefore, having life insurance coverage readily available as a way of paying it off can help to alleviate this issue. Also – especially in the case of a mortgage – it can also help to ensure that a surviving spouse or other loved ones can remain in their home and not have to drastically change their life during an already difficult time.

Estate Tax Payoff

Depending on your financial situation, your estate may be subject to taxation – and in some cases, the amount of estate taxes can be substantial. Without a way to pay estate taxes, many families are forced to sell off assets to come up with the liquid cash. (Unfortunately, these assets are often sold at below their market value).

By planning ahead for the payment of estate taxes with life insurance, you won’t have to worry about your loved ones selling off precious family assets – and, the assets can rightfully go to those that you intended them to go to.

Charitable Donation

Often, those who are in their 70s will have a particular charity (or possibly even more than one charity) that they wish to make a donation to at the end of their life. While making a direct donation of cash or assets is certainly generous, there are ways that you can multiply the amount that you give. This can be done through life insurance.

By naming a charitable organization as the beneficiary of a life insurance policy, the amount that you pay (the premium) can be expanded (the face amount) – and, the organization can receive 100 percent of this benefit tax-free as a 501(c)3 organization.

What Type of Life Insurance Can People Who are 71 Buy?

As someone who is 71 or over, you may feel that you are limited in the type of life insurance that is available to you. The truth is, though, that there are many options that are open to you. These include both term and permanent coverage.

Term life insurance provides pure death benefit protection. This type of coverage is limited to a certain amount of time, such as 10 or 20 years. For those who are age 71, you may be limited to term life insurance policies that only go out to a certain number of years. This, however, will typically depend on the insurance company that you are working with. Because of that, it will often be beneficial to shop and compare before you make your final policy decision.

Working with an independent life insurance specialist will typically be the best way to go about searching for the most beneficial policy for you. This is because independent agencies or brokers will usually have access to multiple carriers, which will allow you to compare numerous plans all at one time.

There are also various permanent life insurance options that may be available to those who are age 71 and over. With permanent life insurance coverage, you will have death benefit protection, along with cash value build up.

Unlike term life insurance, there is no time limit as to how long the coverage will last on a permanent policy. Therefore, once you qualify for a permanent life insurance plan, your coverage will last for life, provided that you continue to make the premium payment.

There will also be cash value build up. This means that there is a type of savings component within the policy. This will grow on a tax-deferred basis, meaning that there is no tax due on the growth, unless or until you withdraw the funds from the policy.

How Much Will Your Life Insurance Cost?

The cost of life insurance coverage at age 71 will depend on some different factors. Certainly, age is one of them. However, other criteria will also include:

  • Type of coverage
  • Amount of the death benefit
  • Gender
  • Smoking status / tobacco usage
  • Health history

What If You Can’t Qualify?

If you are not able to qualify for a medically underwritten life insurance policy, then there may still be other options for you to obtain the coverage that you need. One way may be to apply for a no medical exam life insurance plan.

This type of policy does not require that you undergo a medical examination as a part of the underwriting process. For those who are in their 70s, this can be helpful, as it could mean getting the life insurance coverage even if you have health problems. Are you wondering if you can qualify for life insurance for overweight people? We can help answer this question and many more.

How Can You Get the Best Premium Quotes on Life Insurance for People Who Are 71?

Getting the best premium quotes on life insurance for people who are 71 can often be done by working with a company or an agency that has access to more than just one life insurance company.

If you are age 71 or over and are ready to move forward with finding the best life insurance coverage for you, we can help. We work with many of the top life insurers in the marketplace, and we can assist you with attaining all of the details that you require. Just fill out the form on this page to get started.

We understand that finding the right life insurance at age 71 may seem to be overwhelming. But the good news is that there are many coverage options that are available to you at age 71 and older. So, contact us today – we’re here to help.


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