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Life Insurance for Seniors Over 75

Life insurance can suit people in all stages of life. If you’re over 75, you may benefit from using a policy to help protect your beneficiaries financially, aid in estate planning, and help loved ones cover final expenses. This article will explain how life insurance for seniors over 75 works and how to find and apply for a policy that suits your needs and budget.

Reasons seniors over 75 should get life insurance

Here are a few reasons seniors over 75 should consider life insurance:1

Provide loved ones with added financial security

Life insurance for seniors over 75 pays a death benefit payout to your beneficiaries after you pass away. Death benefits can range from tens to hundreds of thousands of dollars, offering loved ones extra financial security. They can use the money to save for future goals and help cover expenses without financial strain.

Cover end-of-life costs

End-of-life costs can be expensive. For example, the median funeral cost in 2023, including a casket and burial, was $8,300.2 That doesn’t include medical bills, long-term care, or other costs. Loved ones can use the death benefit payout to help pay for all these costs without going into debt or dipping into savings. They can also use the death benefit to help replace income lost due to time spent traveling for the funeral or other end-of-life matters.

Pay off debts

If you have debts with a co-signer, joint account holder, or similar arrangement, that person becomes responsible for the outstanding debt if you pass away.3 For example, you and your spouse may have co-signed on a mortgage. Meanwhile, your estate pays down debts you don’t share with anyone, leaving less for your heirs. In either case, a death benefit can help pay off these debts and offer significant relief to your loved ones.

Leave a larger legacy

Death benefits are generally not taxed as income. If you place the policy in an irrevocable life insurance trust (ILIT), the death benefit won’t count toward your estate value, either. This allows you to move some of your wealth into a vehicle that can reduce your estate’s taxable value, reducing the chance you meet the threshold. As a result, your beneficiaries can receive more of your wealth without taxes.

Gain peace of mind

Life insurance ultimately helps provide added peace of mind to all parties involved. You can rest assured your loved ones are taken care of if you pass away. 

Life insurance policies for seniors over 75

Here are some life insurance policies seniors over 75 can obtain from Aflac:

  • Term life insurance: A term life insurance policy lasts for 10 to 30 years, depending on your choice, but premiums are lower than permanent life insurance.

  • Whole life insurance: Whole life insurance policies have higher premiums, lifelong coverage, and a cash value component that grows with each payment. Cash value earns tax-deferred interest, and you can borrow against or withdraw from it when it grows enough.

  • Universal life insurance: Universal life insurance works like whole life insurance, offering lifelong coverage and cash value. However, it may allow you to adjust your premiums and death benefit as needed.

Types of life insurance with no medical exam for seniors

Seniors over 75 may prefer to skip taking a medical exam to get life insurance. Besides avoiding the inconvenience or potential invasiveness of an exam, this can allow you to receive coverage more quickly. Here are some no-exam policies for seniors over 75:

  • Final expense insurance: A final expense insurance policy requires no medical exam but offers a smaller death benefit that is sufficient to help cover funeral costs, medical bills, and similar end-of-life expenses. However, premiums are lower, and there is a cash value component. Aflac offers final expense insurance that can give seniors added peace of mind.

  • Guaranteed issue life insurance: This guarantees approval, requiring no medical exam or questions. Coverage is small, but so are premiums.

  • Simplified issue life insurance: This policy is similar to guaranteed issue life insurance, but may ask some medical questions on the application.
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Which type of life insurance is best for seniors over 75? 

Here are some factors for seniors to consider when determining which life insurance policy type to get:

Loved ones

Consider your loved ones’ financial needs. For example, you may need a larger policy if you have more loved ones who depend on your support or for whom you’d like to leave a legacy. In this case, a term or whole life insurance policy could work. On the other hand, if you don’t need as much coverage, you could get a smaller policy to save money. For instance, you could get a final expense insurance policy to help loved ones with end-of-life costs.


If you have many outstanding debts, such as a mortgage, a larger policy can help take care of those. Make sure you can continue making these payments while fitting life insurance premiums into your budget. For example, a term policy may help you cover these debts without paying high premiums.

Medical exam preference

Some find medical exams for life insurance inconvenient or invasive. Others may simply prefer to get coverage quickly, since medical exams can significantly prolong the process. If either of those describes you, you may prefer a no-exam policy like final expense or guaranteed issue life insurance. However, if you’re fine with an exam and the extra time, you can go for a traditional policy.

Coverage duration

Determine how long you need coverage, whether for a fixed period or life. Weigh this alongside your life expectancy. For example, you may select a term life policy that lasts longer than your estimated life expectancy if you’d like to save on premiums while specifically ensuring your loved ones receive a larger legacy.

How to apply for a senior life insurance policy 

Here’s how to apply for a senior life insurance policy:

1. Decide how much coverage you need 

First, evaluate your current financial situation. Look at your income, expenses, assets, and debts. Factor in the needs of your dependents and your estate planning goals. Don’t forget to add end-of-life expenses to the calculation.

Furthermore, determine if you need lifelong coverage. This will help you decide between term and permanent life insurance and avoid falling short or overpaying for coverage you don’t need. You can also consider using an online calculator or working with a financial advisor.

2. Compare quotes and insurers 

Life insurers differ in costs for the same amount of coverage, so it’s smart to shop for multiple quotes across insurers. This can help you compare quotes to find the lowest rates and best terms on the coverage you need.

3. Fill out and submit your application

Once you find the best quote, apply for a policy. Many insurers offer applications online, but you may be able to print and mail them, apply over the phone, or fill out an application at a physical office.

Provide extensive personal information, answers to any medical history questions, and your financial details. Take time to complete the application, triple-checking for completeness and accuracy. Errors or omissions can slow down the claims process or cause issues if a beneficiary has to file a claim, even if you didn’t intentionally misstate or omit anything.

4. Schedule and take your medical exam, if applicable 

If you’re getting a traditional policy, such as term or whole life insurance, schedule the medical exam after completing the application. Most examiners let you choose between doing the exam in your home or at a clinic.

During the exam, the examiner will gather a detailed personal and family health history and perform a basic physical checkup. They may also take blood and urine samples to examine your health status further, assess medical risk, and confirm whether you are a nonsmoker.

5. Receive coverage 

Once you submit the application and, if relevant, finish your medical exam, the insurer determines approval and terms. If approved, you’ll receive documents outlining everything about the policy, such as:

  • Coverage amount
  • Premiums
  • Riders, if applicable
  • Other terms

Look over everything closely to make sure you understand your policy, and ask any questions you may have. Once you’ve reviewed the policy, sign the documents and pay your first premium to activate coverage.

Get a quote for Aflac life insurance

People of all ages can benefit from life insurance, including seniors over 75. They can use it to protect loved ones, cover outstanding debts, and supplement their estate planning.

Everyone has different goals, financial circumstances, and coverage needs. That’s why Aflac offers a wide range of life insurance policies for seniors over 75. Contact an agent today to explore your options and get a quote.

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