Life Insurance for 71 Years Old Male and Female


Are you 71 years old and thinking about your future life, finances, and your dependents? Do you want some peace for the remaining period of time? Then life insurance is an excellent option to start with.

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If you want to find peace and live a smooth life when you are 71 years old, then you need a life cover. There are several benefits that you will get for taking a life cover at this age that you never thought of.

In this article, you will find all the information you need about life protection at this age.

Can I Get a Life Insurance at the Age of 71 Years Old


You can obviously get a life cover. There are several options available at this age. Actually, not just at this age, there are affordable options as well for seniors over 75 years. All you have to do is make sure that you take your time when shopping for a cover. This is because it can be challenging to find the right one.

At the same time, it would be so unfortunate to take a cover that does not work very well for you at this age. If you are not sure of what to do, make sure that you find an insurance advisor to guide you.

In this article, you will also find out about the best policies for you.

Benefits of Life Insurance at 71 Years

Here are some of the benefits you get by taking a life insurance cover at this age.

Financial Freedom

When you reach such an age, there is no point in struggling financially. You are too old to work, and maybe you do not have some investments. Based on the type of cover you take, you can benefit from withdraws.

Better Financial Life for Your dependents

What type of life do you want your dependents to live once you are dead? If you want them to have enough money to take care of them, then this is the best choice to make.

Handle Your Funeral Bills

It is a genius thing to do. Your family, children, and grandchildren already have their bills to take care of. You should not expect them to take care of your funeral expenses. Help them deal with that by taking a life insurance cover.

Clear Any Medical Bills

There is peace in knowing that your dependents do not have to struggle with medical bills once you are gone. Especially for people who are sick. You should not allow your family to suffer, yet you can take coverage that will give them enough benefits.

Pay Debts

If you have any debts, it is the right way to clear them. You should not be the man or woman who died and left loved ones paying his debts. Death benefits from insurance policies can easily deal with all that.

Does My Gender Affect My Coverage?


It does not matter whether you are male or female. When it comes to taking a life insurance cover at the age of 71 years, there are other factors considered other than your gender.

Do not shy away from shopping for life protection simply because you are a male or female.

Life Insurance Policies at 71 Years or Above

If you have attained 71 years old, it does not matter whether you are a male or female. Here are some of the life insurance covers you can work with.

Term Life Insurance

Term life insurance is the most common in the market currently. It is a type of insurance that is designed to cover you for a specific period. When you die within that period, then you will get the death benefits.

However, in case you die outside that period, you do not get any benefits. In case you do not pay your premiums during the period and you die, then you also do not get any benefits.

For males and females over 70 years old, you can get a term life cover of between 10 and 15 years. This means that you will be paying your premiums throughout that period.


  • Fixed premiums throughout the period
  • Simple and straightforward. Nothing complicated about the cover
  • It comes with low premiums. It is the most affordable


  • In case you die outside the term, no benefits.

Whole Life Insurance

Whole life insurance is a type of insurance that is designed to cover you for the rest of your life. With whole life protection, you are required to pay the premiums for the rest of your life. As long as you are paying your premiums, the policy remains active, and you get death benefits.

Whole life insurance attracts cash value. With time, the cash value increases. When you have whole life protection, it is possible to withdraw the cash value.


  • You get a permanent cover
  • It comes with a cash value
  • The death benefits are significantly huge


  • You will have to pay the premiums for the rest of your life
  • It is the most expensive among other options

Guaranteed Universal Life Insurance

Guaranteed universal life insurance is a type of cover that is designed to cover you for life. This means that when you take the protection, you will be covered permanently as long as you are paying your premiums.

You may confuse this with a whole life insurance policy, but they are not the same. The difference is that when you take a guaranteed universal life cover, you get the same affordability as the one you get with a term life insurance.

As a result, it can be considered as a term life cover that is insuring you for life.

With this type of cover, you are guaranteed death benefits at the end.

Another difference between GUL and whole life insurance is that there is no cash value.


  • Get a permanent coverage
  • Ability to adjust your death benefits hence adjusting your premiums
  • Guaranteed death benefits irrespective of when you die.
  • Affordable rates just like a term life cover
  • The guaranteed same level of premiums unless you want to change your death benefits


  • You will have to pay the premiums for the rest of your life.

What If I Have a Severe Health Condition?

Are you at 71 years, and you are worried because you have a severe health condition? There is no need to worry. It is possible to get a life cover.

Having a severe pre-existing condition does not mean that you will not get an insurance cover. You will get a life cover only that your case is special, and several factors will be considered.

If you decided to opt for the normal life covers, you would undergo a medical exam, and when any insurer finds out about your condition, then you will have to pay higher premiums.

This is because at the age of 71 and with a serious pre-existing health condition, then you are considered a high risks client to the company. As a result, your premiums will be higher than normal.

Consider No Medical Exam Coverage

It does not require you to take any medical exam. So, in any case, that you feel you do not want to undergo any medical exams, you can take this option.

However, it comes with its advantages and disadvantages. One the right side is that no one will know about your medical condition, and you do not have to worry about being rejected.

However, on the flip side is that you have to pay more on premiums. An insurer will consider it a higher risk covering you since they do not know what medical conditions you have. Which means that the chances of you dying cannot be estimated. The premiums will be higher.

Can You Take a Joint Policy?

Yes. It is possible to take a joint cover, even at 71. Many people at the age of 71 are weak, and as a result, working can be difficult. This also means that the level of income reduces significantly.

Joint life insurance can be an excellent option to work with. This is an option where you and your partner take the same cover. As a couple, you pay the premiums jointly. The main advantage of this is that you can save a lot on premiums.

It does not matter the type of policy you decided to take; whether it is guaranteed universal or whole life insurance, you can talk to your agent to find out if it is possible to take it jointly.

Factors that Will Affect Premiums

The following factors will affect your premiums when taking life insurance at 71 years old.

  • Lifestyle
  • Type of cover
  • Health condition
  • Age

The Bottom Line

Life insurance at the age of 71 years old is a crucial step for both males and females. Do not wait until it is too late when there are many benefits. At the same time, there are several options to choose from.

All you have to do is take enough time when shopping. Make sure that you do enough research to make sure that you get the best plan.