Best Life Insurance For Seniors Over 70 In 2024
If you’re over 70 and considering life insurance, or if you’re seeking information for a parent in this age bracket, rest assured, you’ve come to the right place. Life insurance is an essential part of financial planning at any age, but it becomes even more critical as we get older.
The reality is that the risk for a 70-year-old not having life cover can be quite high. This can leave loved ones with unexpected expenses and financial burdens during an already challenging time.
With five years of experience representing a life insurance company specializing in the senior market, I understand the unique needs and concerns of seniors when it comes to life cover.
Leveraging that experience, I’m here to guide you through the maze of options and help you find a policy that provides peace of mind for you and your family. Read on to explore, compare, and decide on the best life insurance for seniors over 70
Key Takeaways
Affordable life insurance is available for seniors over 70
Seniors can choose from multiple policy types, including whole, term, and universal life
Guaranteed issue life insurance is available for the elderly with a lengthy health history
Average Cost of Life Insurance for Seniors Over 70
When it comes to life policy rates, several key factors come into play.
First and foremost, age is a crucial determinant. The older you are, the higher your premiums will typically be, simply because insurance companies associate age with an increased risk of health issues and mortality.
Another significant factor is your health history. Insurers will carefully examine your medical records, looking for any chronic diseases or conditions such as heart disease, diabetes, or cancer. A history of severe health problems can significantly hike up your premiums.
Similarly, lifestyle habits like tobacco use also weigh heavily on your insurance rates. Smokers are often charged more due to the associated health risks, including a higher likelihood of lung cancer and other smoking-related illnesses.
Rates for Men Over 70
Average Annual Rates for Men Over 70 or 75
| Age | Term Life | Whole Life | Guaranteed Universal Life | Final Expense |
| 70 | $480 – $1,770 | $2,300 – $13,440 | $2,180 – $6,125 | $380 |
| 75 | $840 – $2,640 | $2,940 – $18,450 | $6,140 – $8,850 | $505 |
Average Annual Rates for Women Over 70 or 75
| Age | Term Life | Whole Life | Guaranteed Universal Life | Final Expense |
| 70 | $480 – $1,770 | $2,300 – $13,440 | $2,180 – $6,125 | $380 |
| 75 | $840 – $2,640 | $2,940 – $18,450 | $6,140 – $8,850 | $505 |
Types of Life Insurance
Final expense life insurance
Final expense, also known as burial or funeral insurance, is a popular choice for seniors over 70. It’s designed to cover end-of-life expenses, including funeral costs and medical bills, ensuring that these financial burdens don’t fall onto your loved ones after you’re gone.
Unlike other life insurance types, final expense policies typically offer a lower death benefit, ranging from $2,000 to $50,000. This makes them more affordable, with average monthly premiums usually falling between $30 and $80.
Final Expense Rates for Men
Average Monthly Final Expense Rates for Men
$5,000 Death Benefit
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked |
| 70 | $38 | $44 |
| 75 | $51 | $63 |
$10,000 Death Benefit
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked |
| 70 | $74 | $88 |
| 75 | $100 | $125 |
Final Expense Rates for Women
Average Monthly Final Expense Rates for Women
$5,000 Death Benefit
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked |
| 70 | $28 | $35 |
| 75 | $38 | $46 |
$10,000 Death Benefit
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked |
| 70 | $53 | $69 |
| 75 | $72 | $90 |
Term vs. Whole Life Insurance
When it comes to life insurance, the choice between term and whole is a crucial one. Both types of policies offer their unique advantages and can be tailored to suit an individual’s needs and circumstances, but they differ significantly in structure, cost, and benefits.
Term life insurance is often the more affordable option and can provide substantial coverage for a set period, typically up to 10 years. It’s a wise choice for those who need significant financial protection without the hefty price tag.
According to CBS News, term life is generally better for seniors who want the protection a life insurance policy can provide but don’t want to break the bank. However, it’s important to note that term life doesn’t accumulate cash value and expires after the term ends, leaving the policyholder without coverage.
On the other hand, whole life insurance, though more expensive, provides lifelong coverage and has a cash value component that grows over time. This type of policy can be kept as long as the premiums are paid, up to a maximum age such as 95. Therefore, it’s an excellent option for those looking for a permanent safety net and an investment opportunity.
Term Life Insurance
Term life is a straightforward and cost-effective form of life insurance that provides coverage for a specified term, typically ranging from 10 to 30 years. If the policyholder passes away within this term, the insurance company pays out a death benefit to the designated beneficiaries.
This type of insurance is particularly appealing due to its affordability and simplicity, making it an excellent choice for individuals seeking substantial coverage without a hefty price tag.
Term Life Rates for Men over 70
| Age | Policy Amount | Average Annual Rate for 10 Year Term |
| 70 | $50,000 | $600 |
| 70 | $100,000 | $1,170 |
| 70 | $250,000 | $2,330 |
| 75 | $50,000 | $1,140 |
| 75 | $100,000 | $2,250 |
| 75 | $250,000 | $4,060 |
Term Life Rates for Women Over 70
| Age | Policy Amount | Average Annual Rate for 10 Year Term |
| 70 | $50,000 | $480 |
| 70 | $100,000 | $765 |
| 70 | $250,000 | $1,770 |
| 75 | $50,000 | $840 |
| 75 | $100,000 | $1,525 |
| 75 | $250,000 | $2,460 |
Whole Life Insurance
Whole life insurance is coverage that doesn’t merely last for a term but extends for your entire lifespan. This policy type not only guarantees a death benefit to your beneficiaries but also includes a cash value component that grows over time, serving as an investment-like savings account.
While it comes with higher premiums compared to term life insurance, the trade-off is its lifetime coverage and cash accumulation feature.
Whole Life Rates for Men Over 70
| Age | Policy Amount | Average Annual Rate |
| 70 | $100,000 | $2,820 |
| 70 | $150,000 | $6,540 |
| 70 | $250,000 | $16,320 |
| 75 | $100,000 | $3,750 |
| 75 | $150,000 | $8,880 |
| 75 | $250,000 | $22,440 |
Whole Life Rates for Women Over 70
| Age | Policy Amount | Average Annual Rate |
| 70 | $100,000 | $2,300 |
| 70 | $150,000 | $5,460 |
| 70 | $250,000 | $13,440 |
| 75 | $100,000 | $2,949 |
| 75 | $150,000 | $7,950 |
| 75 | $250,000 | $18,450 |
Universal Life Insurance
Universal life insurance offers the lifelong protection of whole life while also providing a cash value component that grows over time. The difference between the two is universal life insurance allows you to adjust your premium payments and death benefit as your circumstances change.
Universal Life Rates for Men Over 70
| Policy Amount | Average Annual Rate |
| $250,000 | $7,524 |
| $500,000 | $14,900 |
| $1,000,000 | $29,856 |
Universal Life Rates for Women Over 70
| Policy Amount | Average Annual Rate |
| $250,000 | $6,552 |
| $500,000 | $13,032 |
| $1,000,000 | $25,944 |
Guaranteed Universal Life Insurance (GUL)
Guaranteed Universal Life Insurance offers the best of both worlds—the cost-effectiveness of term insurance and the lifelong coverage of whole life insurance, all with a guarantee attached. With GUL, your premium payments and death benefit are fixed, meaning that no matter how the market performs, your loved ones are guaranteed to receive the full death benefit.
Guaranteed Universal Life Rates for Men Over 70
| Age | Policy Amount | Average Annual Rate |
| 70 | $50,000 | $2,580 |
| 70 | $100,000 | $3,265 |
| 70 | $250,000 | $9,830 |
| 75 | $50,000 | $9,840 |
| 75 | $100,000 | $4,630 |
| 75 | $250,000 | $10,850 |
Guaranteed Universal Life Rates for Women Over 70
| Age | Policy Amount | Average Annual Rate |
| 70 | $50,000 | $2,180 |
| 70 | $100,000 | $2,620 |
| 70 | $250,000 | $6,125 |
| 75 | $50,000 | $6,140 |
| 75 | $100,000 | $7,950 |
| 75 | $250,000 | $8,850 |
How to Find the Best Life Insurance for Seniors
With the right approach, finding the perfect life insurance for seniors over 70 can be managed efficiently. Start by identifying your specific needs and goals. This could include paying off debts, providing for loved ones, or leaving a legacy.
Once you’ve identified your goals, decide on the type of insurance that best suits your needs – term life, whole life, or universal life. Each has its unique benefits and drawbacks, and understanding these can help you make an informed choice.
The next step is to compare policies from various providers. Use online comparison tools like Insuranceopedia to get quotes and compare premiums, coverage amounts, policy terms, and other features. Pay attention to customer ratings and reviews, as they can provide insights into a company’s reputation and quality of service.
Why Seniors May Need Life Insurance
Life insurance is often associated with younger people who are in the midst of raising families or paying off mortgages. However, many seniors find that having life cover can provide peace of mind and financial security. There are several compelling reasons why seniors may need life insurance.
Dependent Children or Grandchildren
One reason seniors might consider life insurance is if they have dependent children or grandchildren. In today’s society, it’s not uncommon for grandparents to take on the role of primary caregivers for their grandchildren. Having a life insurance policy can ensure these dependents are financially secure should the policyholder pass away.
Covering Final Expenses
Another reason seniors may need life insurance is to cover final expenses. These can include funeral costs, burial or cremation expenses, and any outstanding medical bills. A life policy can help alleviate the financial burden these costs may place on loved ones.
Leaving a Legacy
Some seniors choose life insurance as a means of leaving a legacy. This could be in the form of an inheritance for their children or grandchildren, or as a donation to a charity. A life policy can make this possible, providing a financial gift that can make a significant impact long after the policyholder’s passing.
3 Best Life Insurance Companies for Seniors
Best Overall
Key Statistics
Why We Like Them
⇅Mutual of Omaha is my top pick for the best life insurance for seniors due to its comprehensive array of life insurance offerings. They provide some of the best life insurance for older people, including burial insurance (whole life), term, and universal life. These coverage options are designed to meet the diverse needs of seniors, providing flexibility and peace of mind.
One feature that sets Mutual of Omaha apart is its accidental death rider, which is particularly beneficial for seniors who enjoy travel and seek additional protection against unforeseen circumstances. Furthermore, they offer long-term care riders that can be set up to the maximum death benefit, providing extra coverage for seniors who may need long-term care services.
Benefits & Drawbacks
⇅- Has guaranteed issue coverage available
- A+ (Superior) rating from AM Best for financial stability
- Wide variety of policy options ✓
- Limited information available on its website
- Higher term life rates than some competitors
- Not all policies are available to seniors above age 80 ✘
Best for Payment Flexibility
Key Statistics
Why We Like Them
⇅When it comes to life insurance for seniors, Guardian Life emerges as a top choice due to its payment flexibility. Seniors often have varying income streams or might wish to adjust their premium payments to fit their budget.
Guardian Life’s universal life policy caters to these needs by allowing premiums to be adjusted up or down within a certain range. This feature can be a lifeline for seniors navigating the complexities of retirement finances.
Guardian Life also impresses with its top-tier financial stability, high no-medical-exam life insurance coverage, and dividend-paying policies. Its whole life policies even offer long-term care riders, and waivers of premium should one become disabled.
Benefits & Drawbacks
⇅- Customizable policy riders
- Excellent customer satisfaction ratings
- A++ (Superior) rating from AM Best for financial stability ✓
- Potentially higher premiums
- Policies can be complex for some seniors to grasp
- Limited online information is available ✘
Best Universal Life Insurance for Seniors
Key Statistics
Why We Like Them
⇅Prudential stands out as a leading provider of universal life insurance policies for seniors, offering competitively priced plans with valuable death benefit protection.
The company’s universal life policies come with a no-lapse guarantee, which ensures continuous coverage, even if the cash value of the policy drops to zero or below.
This feature is particularly beneficial for seniors who don’t want to worry about the policy lapsing due to fluctuations in the cash value.
Additionally, Prudential’s universal life insurance policies offer the potential to build cash value. This aspect can be an attractive feature for seniors looking for an insurance product that not only provides a death benefit but also serves as a financial tool for wealth accumulation.
Benefits & Drawbacks
⇅- Competitive rates for seniors over 70
- Policies can be customized
- Offers several no-medical exam policies ✓
- Average customer satisfaction level
- Company doesn’t pay dividends on any policies
- Term policies have limited options for seniors ✘
Is there life insurance for seniors with no medical exam?
Yes, life insurance with no medical exam is available. Several leading providers, including AARP and Ethos, offer policies that don’t require a medical examination. These plans provide an excellent opportunity for seniors who may have health concerns or simply wish to avoid the inconvenience of a medical exam.
Also, companies like Nationwide offer Simplified Whole Life policies, which also do not require a medical exam and offer coverage from $10,000 to $50,000. Other providers, such as Banner Life, Gerber Life Insurance, and Haven Life also offer life insurance without the need for a medical exam.
Can you get life insurance after age 70?
Yes, it is certainly possible to secure life cover after the age of 70. Many highly-rated life insurance providers offer policies for seniors, even those over 70 years old. Options range from term life to whole life and universal life. Some insurance providers also offer no-medical exam policies, which can be beneficial for seniors with health issues.
FAQs
What kind of life insurance should a 70-year-old get?
Whole life insurance, term life insurance, and universal life are all viable options for seniors. Your choice should align with your financial goals, whether it’s providing for final expenses, leaving an inheritance, or ensuring financial stability for your loved ones.
Is it worth getting life insurance at 70?
Absolutely. Getting life insurance at 70 can be a smart and strategic move. While it’s true that premiums might be higher at this age, the benefits it provides should not be overlooked.
What is the cheapest life policy for seniors over 70?
Though term life insurance is usually the least expensive policy type for seniors, there are many variables that determine which is the cheapest life insurance for seniors, particularly their personal health status. Remember, the “cheapest” may not necessarily mean it’s the best policy for your specific circumstances,
