Life Insurance Options for Older Adults: Leaving a Legacy for Your Family

Many people believe that once they reach a certain age, they can no longer get life insurance. That’s simply not true! While premiums may be higher, there are still plenty of options for older adults looking to provide financial security for their loved ones. Whether you want to cover final expenses, leave an inheritance, or support a cause you care about, here are some life insurance options to consider.

Term Life Insurance

  • Offers coverage for a set period (10, 15, or 20 years)

  • More affordable than permanent life insurance

  • Great for covering specific financial obligations, such as a mortgage or outstanding debts

  • Available to many applicants up to their late 70s, depending on the insurer

  • Provides lifelong coverage with a guaranteed payout

  • Builds cash value over time that can be borrowed against

  • Premiums remain fixed, making it a predictable option for estate planning

  • Ideal for those who want to leave an inheritance or cover final expenses

Whole Life Insurance

Guaranteed Issue Life Insurance

  • No medical exam required; acceptance is guaranteed regardless of health

  • Typically available for people ages 50-85

  • Coverage amounts are usually lower ($5,000–$25,000), making it a good option for final expense planning

  • Higher premiums compared to other policies, but a good solution for those with health issues

Universal Life Insurance

  • Flexible permanent coverage with adjustable premiums and benefits

  • Builds cash value that can be accessed during your lifetime

  • Good for those looking to leave a legacy while maintaining some financial flexibility

Final Expense Insurance

  • Designed to cover funeral and burial costs, medical bills, and other end-of-life expenses

  • Lower coverage amounts, making it more affordable

  • Provides peace of mind knowing your family won’t bear financial burdens after your passing

Life Insurance with Living Benefits

  • Allows policyholders to access a portion of their death benefit if diagnosed with a terminal, chronic, or critical illness

  • Helps cover medical costs and long-term care while still leaving a legacy

  • Available in many permanent life insurance policies

Leaving a Legacy Beyond Insurance

Even if traditional life insurance isn’t the right fit, there are other ways to leave a financial legacy for your family:

  • Annuities – Provide a stream of income for beneficiaries after your passing

  • Estate Planning – Setting up a trust can help distribute assets efficiently

  • Investments & Savings – Passing down stocks, retirement accounts, or property can build generational wealth

Final Thoughts

No matter your age, life insurance can still be a powerful tool for securing your family’s financial future. Whether you want to cover final expenses, leave an inheritance, or provide financial protection, there’s a policy that can fit your needs.

At 62 Ky’s For You, we want to help you navigate your retirement options with confidence. If you’re curious about how life insurance fits into your financial plan, reach out for guidance!