Life Insurance for Seniors Over 75: A Comprehensive Guide

Finding life insurance in your late 70s can be a challenge, but there are options that may work for you. While choices may be more limited than for younger applicants, there are policies designed to provide financial protection for your loved ones, cover final expenses, or leave a small legacy. Whether you’re looking for life insurance for seniors over 75 with no medical exam or simply want to understand your choices, this guide will walk you through the types of policies available for seniors, what they cost, and how to choose the best fit for your needs.

Why Seniors Over 75 Should Consider Life Insurance

Even at 75 or older, life insurance can serve an important purpose. The right policy can help loved ones cover final expenses, settle outstanding debts, or provide a small financial cushion after you’re gone.

Many seniors in their 70s seek coverage for:

• Final expenses such as funeral and burial costs
• Unpaid debts like credit cards, personal loans, or remaining medical bills
• Leaving a legacy for children, grandchildren, or a favorite charity
• Replacing lost income if a surviving spouse depends on pensions or other benefits that may be reduced

While your coverage amount might be smaller than what younger people purchase, having a plan in place can give both you and your loved ones peace of mind.

Types of Policies Available for Seniors 75+

If you’re looking for life insurance over 75, there are policy options that can meet specific financial goals. The right choice depends on your health, budget, and how you plan to use the coverage.

Final Expense (Burial) Insurance

Designed to cover end-of-life costs, final expense insurance typically offers smaller coverage amounts, often between $5,000 and $25,000. It’s meant to help pay for funeral arrangements, burial or cremation, and related expenses. Premiums are generally affordable for the coverage amount, and approval is often simple.

Guaranteed Issue Life Insurance

Guaranteed issue policies are a type of whole life policy designed for people who may not qualify for traditional coverage due to age or health conditions. Approval is guaranteed—there are no medical exams or health questions. Coverage amounts are typically modest, ranging from about $5,000 to $25,000, and the main purpose is to help cover funeral expenses and small debts. Most policies include a graded death benefit for the first two years, meaning the full benefit isn’t paid out if the insured dies from natural causes during that period.

No-Medical-Exam Whole or Term Life

Some companies, like Ethos, offer access to whole or term life insurance with simplified underwriting, which skips the medical exam but instead asks a few health questions. Coverage amounts are typically higher than guaranteed issue, and premiums depend on your age and health. This can be a good middle ground for those who want more coverage than final expense policies usually provide, but still want to avoid a lengthy application process.

Term vs Whole vs Guaranteed Issue - Which Should you Choose?

• Term life is often harder to qualify for after age 75, but a short-term policy may be available from some insurers. It’s generally the most affordable for the coverage amount, though it expires after the set term.
• Whole life provides lifelong coverage with fixed premiums and a guaranteed death benefit, though it typically comes at a higher cost, and coverage amounts may be small for older people.
• Guaranteed issue is a kind of whole life insurance with no medical exam and no health questions. Approval is guaranteed for eligible age ranges, but coverage amounts are usually lower.

Cost and Coverage Estimates for Those Over 75

At this age, premiums will be higher than for younger applicants, and coverage amounts may be more limited. Rates are based on factors like policy type, coverage amount, health status, and whether medical underwriting is required. Final expense and guaranteed issue policies often have smaller coverage amounts and predictable monthly costs, while no-medical-exam term or whole life policies—if available—may offer higher benefits but at a much greater cost.

Because life expectancy and risk are factored heavily into pricing, the most affordable options for many seniors over 75 are policies designed to cover end-of-life expenses rather than replace income. Comparing quotes from multiple insurers can help you find the balance between premium affordability and the coverage you need.

Tips for Choosing the Best Policy

When buying life insurance at 75 or older, it’s important to focus on policies that meet your goals without straining your budget. Start by deciding exactly what you want the policy to cover – whether that’s funeral expenses, paying off small debts, or leaving a modest gift to loved ones.

Look for an insurer with strong financial ratings and a history of paying claims promptly. Review the policy’s terms carefully, paying attention to waiting periods, coverage limits, and whether premiums are fixed or may increase over time. If possible, work with a licensed agent or use an online comparison tool to see side-by-side quotes from different companies.

Finally, be realistic about how much coverage you need versus how much you can comfortably afford. For many seniors over 75, a smaller policy that’s guaranteed to be in force when it’s needed is better than stretching to pay for more coverage than your budget allows.

How to Apply & What to Expect

Applying for life insurance after age 75 is typically more straightforward than many expect, especially with policies designed for older adults. In most cases, the application process involves answering basic health questions, providing personal and financial details, and consenting to a review of your prescription history or medical records.

Some policies require a short phone interview, while others (such as guaranteed issue life insurance) skip medical questions entirely. If a policy does require a medical exam, it’s usually brief and can be done at home or in a clinic. Once the application is submitted, approval times can range from a few minutes for simplified policies to a couple of weeks for those requiring more underwriting.

Quick Comparison Table

The table below offers a side-by-side look at common life insurance options for people over 75. It highlights the medical requirements, typical coverage amounts, and the situations each type of policy is best suited for, so you can quickly see which might fit your needs.

FAQs on Life Insurance for Seniors Over 75 Age

Can I get life insurance for seniors over 75, no medical exam?

Yes. While options narrow with age, there are still policies available, such as final expense insurance, guaranteed issue whole life, and certain no-medical-exam term or whole life plans. Coverage amounts tend to be smaller and premiums higher, but qualifying is still possible. 

What is guaranteed issue life insurance, and is it right for me?

Guaranteed issue is a type of whole life insurance that does not require medical exams or health questions. Approval is guaranteed as long as you meet the age requirements, making it a good fit for seniors with serious health issues. It usually has lower benefit amounts and a waiting period before full coverage kicks in. 

Why do premiums rise so much after age 75?

Premiums increase with age because the risk to the insurer is higher. At 75+, policies have a shorter expected payout timeline, so insurers charge more to cover that risk.

How much funeral or final expense coverage do most seniors need? 

Many seniors choose $10,000–$25,000 in coverage, depending on funeral costs in their area and any additional debts or legacy gifts they want to cover.

What’s a waiting period or graded death benefit?

Some policies for seniors have a waiting period—often two years—before they pay the full death benefit for non-accidental deaths. If the insured passes during this time, beneficiaries typically receive a return of premiums plus interest. 

Are policy loans or cash-value features available to seniors?

Yes, certain whole life and guaranteed issue policies build cash value over time, which can be borrowed against. However, taking loans will reduce the death benefit if not repaid.

The best life insurance for seniors over 75 depends on your goals

Even at 75 or older, it’s still possible to find life insurance that meets your needs, whether you want to cover final expenses, leave a small legacy, or protect a loved one from financial hardship. The key is to match the policy type to your health, budget, and goals, while understanding the trade-offs in cost, coverage, and eligibility.

How Ethos Can Help

At Ethos, we make it easy to explore your options online. Our application process is quick, and you won’t need a medical exam – just answer a few health questions. We work with top-rated insurance carriers to help you find coverage that fits your needs and budget, even in your later years. You can compare policies, understand your choices, and apply from the comfort of your home.