A simple, real-life way to choose a coverage amount that protects your family (without overbuying, overthinking, or losing sleep)
“If something happened tomorrow… would my family be okay?”
Most people don’t say that out loud.
They think it quietly — usually when they’re lying in bed, or after hearing a story about a friend’s family scrambling to cover costs, paperwork, and decisions while they’re still in shock.
And then the next morning, life kicks back in. Appointments. Grandkids. Work. Dinner.
So the question gets shoved back on the mental shelf next to “clean the garage”, “go through the mail”, and “write my will”. (P.S. that last one should not be staying on your shelf for later either.)
And if you’ve been Googling “how much life insurance do I need at 65” late at night, or avoiding this conversation because you’re not sure where to start — you’re in good company. This stuff isn’t intuitive, and nobody teaches you this in school.
If you’re over 60 and you’ve been wondering how much life insurance you should have, you’re in the right place.
Let’s make this simple. No insurance alphabet soup. No fear tactics. Just a straightforward way to land on a coverage range that fits your real life — your family, your values, your budget.
The emotional part nobody wants to admit (but everyone feels)
A lot of seniors don’t avoid this conversation because they don’t care.
They avoid it because:
- They don’t want to think about death
- They don’t want to be “sold”
- They don’t want their kids to worry
- They’re afraid they won’t qualify
- They’re trying to be responsible… without getting taken advantage of
If that’s you, I get it.
My job is not to pressure you into a number. It’s to help you sort through your goals, walk through real options, and make sure what you choose actually matches how you live.
(And yes, if you’ve got a pile of mail on your kitchen table right now, you’re not alone. Turning 60+ comes with a bonus subscription to “Insurance Stuff You Didn’t Ask For Monthly.”)
As a licensed insurance advisor serving seniors in Minnesota and nationwide, I’ve helped tons of seniors sort through life insurance options for years, and I’ve seen what happens when families have the right coverage — and when they don’t. The peace of mind is worth the 30 minutes it takes to get it right.
The big mistake seniors make
They assume life insurance is either:
- A giant policy meant for young families with mortgages and college funds, OR
- A tiny policy meant “just for a funeral,” and that’s it.
So they either skip it entirely (thinking “I’m too old for that”), or they grab the first thing that arrives in the mail and end up with coverage that doesn’t actually match what their family needs.
Reality is: for most seniors, the “right amount” sits somewhere in-between, and it depends on what you’re trying to accomplish.
So instead of starting with a random number, start with one question:
What job do you want your life insurance to do?
Most needs fall into 4 simple buckets.
The 4 buckets that determine “how much” you need
1) Final expenses and immediate costs
This is the “please don’t make my family swipe a credit card during the worst week of their life” bucket.
This can include funeral or cremation costs, final medical bills, travel expenses for family coming in from out of town, and legal or administrative costs like certificates and paperwork.
If this is your only goal, many people look at smaller policies designed specifically for final expenses (also called burial insurance or final expense insurance). These typically range from $5,000 to $25,000 and are designed with simplified underwriting to make them accessible for seniors.
I have another blog post on this topic that dives deeper into this bucket. Check it out here.
2) Debt cleanup
This is the “don’t leave your spouse or kids holding the bag” bucket.
Common examples include mortgage or rent coverage for a period of time, credit cards, personal loans, co-signed debt, or any recurring bills you wouldn’t want someone else stuck with.
A simple way to estimate this bucket: Add up the debts you’d want paid off (or at least reduced) so your family isn’t under financial pressure.
3) Spouse support and breathing room
Even if the house is paid off, the loss of one person’s income (or the impact on Social Security or pension) can change the math fast.
This bucket is about giving your spouse time and stability: covering 6–24 months of living expenses, helping them avoid rushed decisions (like selling the house immediately), and creating a cushion so grief isn’t mixed with panic.
This is even more of a consideration if you’re snowbirds splitting time between Minnesota and Arizona or Florida. Your spouse might face decisions about maintaining two places — or selling one — during the hardest time of their life.
This is often the bucket people don’t realize they need… until they’ve lived through it with someone they love.
4) Legacy and “I want to leave something meaningful”
Some seniors don’t need life insurance for expenses. Instead, they want it for impact.
That could mean a gift to kids or grandkids, helping with education or a home down payment, leaving a donation to a church or charity, or equalizing inheritance if one child gets an asset (like a cabin up north) and the others don’t.
This bucket is personal. There’s no “right” number — just what feels aligned with your values.
A simple coverage range approach (without turning this into a spreadsheet nightmare)
Here’s a practical way to get a starting range:
- Minimum coverage: Final expenses (Bucket 1)
- Moderate coverage: Final expenses + debt cleanup (Buckets 1–2)
- More protective coverage: Add spouse breathing room and/or a legacy amount (Buckets 1–4)
That’s it. Your number is basically the total of the buckets that matter to you.
And here’s the honest truth:
Two seniors can both be 67 years old and need completely different coverage amounts — because their goals, family dynamics, debts, and budgets are different.
How plan types connect to your goals (plain English)
Different policy types are designed for different jobs. Here’s the simple way to think about it:
If your goal is mainly final expenses:
Final expense policies (also called burial insurance) are designed specifically for this. They’re typically smaller policies ($5,000–$25,000) with simplified underwriting, which means fewer health questions and easier approval for seniors. They stay in force as long as premiums are paid.
If your goal is covering debt or protecting a spouse for a period of time:
Term life insurance can work well if you’re in good health and under a certain age (usually 75-80, depending on the carrier). It provides larger coverage amounts for a set period (like 10 or 20 years). Premiums are typically lower than permanent insurance, but coverage ends when the term expires.
If your goal is lifelong coverage and/or legacy planning:
Whole life or guaranteed universal life policies stay in force as long as premiums are paid, which makes them good for leaving an inheritance, covering estate taxes, or ensuring your family receives a benefit no matter when you pass. These tend to have higher premiums but provide permanent protection.
If health is a concern:
There are options that involve fewer health questions, and in some cases guaranteed-issue policies may be available. These policies typically have tradeoffs, like higher cost per dollar of coverage or waiting periods (meaning if you pass within the first 2-3 years, beneficiaries may only receive premiums paid back plus interest).
⚠️Important note: None of these are “one-size-fits-all.” The best fit depends on what you’re trying to do and what you qualify for based on your age, health, and budget.
Okay, so I’ve figured out my buckets. Now what?
Once you know your coverage amount, the next step is to look at what you qualify for based on your health and age, compare a few options from different carriers, and find the best fit for your budget.
The whole process typically takes 2-4 weeks from start to finish, depending on the carrier’s underwriting speed. Some policies (like guaranteed-issue or simplified-issue) can be approved in just a few days.
Here’s what actually happens when you work with me:
- We talk through your 4 buckets and figure out a realistic coverage range
- I research plans from multiple carriers based on your situation
- I contact you with 2-3 options to review together
- You choose what feels right (or decide it’s not the right time — no pressure either way)
That’s it. No weird sales tactics. No pressure to decide on the spot. Just honest guidance from someone who’s been helping seniors with this decision for years.
Want help figuring out your number?
If you want, we can talk through your 4 buckets and narrow it down into a realistic coverage range that fits your budget.
When you call or text, you’ll talk directly with me — not a call center. We’ll spend about 20-30 minutes going through your buckets, and then I’ll do the research on plans that match your needs. Once I’ve compared options from different carriers, I’ll reach out to go over 2-3 choices with you at another time. No pressure. No obligation. Just clarity.
You can schedule a no-cost, no-obligation educational call here:
👉 Schedule a call with Stephen
Or, if it’s easier, you’re always welcome to reach out directly:
- Text/Call: (952) 522-3838
- Email: stephen@markercoverage.com
No pressure. Just answers.
Want to read more from other sources too?
Smart move. I’m a big fan of doing your homework.
Here are some reputable sources I recommend:
- NAIC Consumer Guide to Life Insurance – Independent overview of policy types and consumer protections
- American Council of Life Insurers – Industry basics and life insurance terminology
- FTC Funeral Rule – Understand funeral pricing and your rights as a consumer
- Medicare.gov – If you’re also navigating health coverage decisions
Disclaimer: Stephen Marker is a licensed insurance producer. Products, plans, and availability may vary by carrier and by state. Benefits, premiums, costs, and rules vary by plan, carrier, and location. Review each plan’s official documents before making a decision.
This information is provided for educational purposes only and is not intended as a guarantee of coverage, pricing, eligibility, or benefits. Stephen does not offer every plan available in all areas. Information shared is limited to plans he is appointed to offer.
Stephen Marker is not a licensed tax or legal professional. For tax or legal advice, please consult a qualified professional.
Free language interpreter services are available. Contact us for assistance.
