Final expense insurance for people over 70

Your options in your 70s

Every main policy type is still available, but the choices begin to narrow near 80. Mutual of Omaha's Living Promise level plan issues to 85, while its graded plan stops at 80.

Guaranteed issue also stays open. Gerber Life issues its guaranteed policy to 80, and Mutual of Omaha and Colonial Penn issue guaranteed policies to 85 in most states.

Transamerica's optional accidental death rider is only offered at issue ages 18 to 70. Small riders like this often disappear first as you age.

Foresters PlanRight is another level option through your 70s. It issues at 50 to 85 for $5,000 to $35,000, on simplified issue with no bloodwork or paramedical visit.

Face amount limits after 70

Expect lower maximums than you saw in your 60s. Transamerica allows $30,000 on its Immediate Solution through age 75, then $25,000 from 76 to 85.

Foresters PlanRight allows up to $35,000, and Mutual of Omaha's graded Living Promise up to $20,000. Guaranteed issue policies from Gerber Life and Mutual of Omaha cap at $25,000.

For most people in their 70s, $10,000 to $15,000 covers a simple funeral and last bills. That amount also keeps the premium manageable on a fixed income.

Buying two policies does not always get around a cap. Gerber Life, for example, limits each person to $25,000 across all of its Guaranteed Life policies combined.

How health affects approval in your 70s

The level plan is still the goal, and many people in their 70s qualify. Carriers look most closely at recent events: hospital stays, heart attacks, strokes, cancer treatment and oxygen use.

Answer every question accurately, even if a "yes" seems likely to cost you. During the two-year contestability period, a carrier can review a claim against your application and your prescription records.

Height and weight also matter. Mutual of Omaha's Living Promise build chart sets a separate, higher maximum weight for the graded plan than for the level plan.

If you have a condition, check our pages on stroke, kidney disease and heart disease. They explain which tier is realistic.

Graded and guaranteed issue: the trade-off

Guaranteed issue plans ask no health questions, but they limit the benefit for the first two years. Gerber Life pays 110% of earned premiums, and Mutual of Omaha's graded Living Promise pays all premiums plus 10%.

After two years, the full amount is paid for any cause. Accidental death is paid in full from the start on these plans.

If you are in reasonable health, try a simplified issue level plan first. Guaranteed issue is a fallback, and it costs more per $1,000.

What the application looks like

Applying takes one phone call or meeting, with no exam or blood test. You answer yes-or-no health questions, and the carrier checks your prescription history and the MIB, an industry database of past applications.

Some carriers decide quickly. Transamerica says its automated underwriting can approve some applicants the same day, with coverage starting right away.

Others may follow up. Mutual of Omaha may call you for a recorded phone interview of about 20 minutes, and your answers become part of the application. Have your medication list ready.

Why waiting gets expensive after 70

Rates climb faster each year in your 70s. In Mutual of Omaha's level rate table, a 75-year-old man pays about 36% more per $1,000 than a 70-year-old, and an 80-year-old about 41% more than a 75-year-old.

Health also changes faster at this age. One new diagnosis can move you from a level plan to a graded one, which adds a two-year wait.

If you are unsure about the amount, it is usually better to buy a smaller policy now than a larger one later. A $10,000 policy at 71 often costs less per year than a $10,000 policy at 76, and it starts full coverage sooner.

See cost by age for how age, sex and tobacco change the price.

Women pay less at every age in most states. In Mutual of Omaha's level table, a 70-year-old woman pays about 30% less per $1,000 than a 70-year-old man.