Some folks do not think buying life insurance for seniors over 70 is possible. At the same time, other retirees fear paying much higher premiums because of their older age and pre-existing medical issues.
The good news is that it has never been easier for seniors to qualify for and buy affordable life insurance over the age of 70.
Many highly-rated life insurance companies provide both term and whole life insurance to senior citizens.
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Why Seniors May Need Life Insurance
As people get older, their specific needs for life insurance coverage are usually very different from when they were younger.
However, many seniors have ongoing financial obligations that will last well into their golden years.
Some people have a current term policy ending and want to replace their expiring coverage with another term policy.
While other seniors are looking into buying a new policy that will last their entire lifetime.
Affordable Life USA has provided affordable coverage options for seniors for many years. We hope to match your underlying needs with the best policy for your family.
needs covered with life insurance
- Mortgage Life Insurance – If you are trying to find cheap mortgage life insurance protection, term life insurance can be a perfect policy for seniors needing to protect a mortgage.
- Income Protection for your spouse – If you have a spouse who relies on your salary, a life policy will secure their financial future if something happens to you.
- Pension Maximization Life Insurance – If you are retiring and elect to take a “single life option” with your pension, a pension maximization policy can provide for your spouse if you die early.
- Pay for Final Expenses – A popular and predictable way to cover your last expenses is with final expense life insurance.
- Create an Estate – If you are in decent health, universal life is the cheapest way to create an estate for children. These cash-value life insurance policies offer guaranteed premiums and death benefits that last your entire lifetime.
These are only a few needs!
According to industry veteran Marvin Feldman, in his recent post in Life Happens, there may be over 20 reasons seniors should consider life insurance.
So, what is the best type of life insurance for seniors over 70?
If you are a senior citizen and people still depend on you financially, you might want to consider either term life or universal life insurance to protect your family.
Term Life Insurance for Seniors Over 70
Term Life Insurance for Seniors Over 70Most people also realize that life insurance rates increase as you age. But, you can get affordable term life insurance rates almost any time, provided that you are in decent health.
Advantages of Term Life Insurance for seniors over 70
- Easy to Understand: Term life insurance for seniors does not have many moving parts and is easy to implement.
- Easy to Purchase: Some policies require a medical exam and blood work as part of the underwriting process. However, many insurance companies offer a term life policy without a medical exam.
- Low-Cost Option: For most seniors, the best reason to buy term life insurance is that the rates are much lower than permanent life insurance premiums.
Senior term life insurance is an excellent choice for people looking to obtain the most significant amount of insurance at the most affordable cost.
It is common for older adults with more substantial obligations to buy a $250,0000 term policy or even a more considerable $500,000 death benefit.
It is often helpful to compare the different term durations to understand better which plan would best fit your budget.
The ten-year term length will be your cheapest option, while a fifteen-year policy will cost you more money in premiums each year.
Most life insurance companies only offer a 10-year or 15-year term for people in their seventies.
You will pay a premium for a set period to cover a specific shorter-term need. If you live beyond this time frame, your coverage will either end or become cost-prohibitive.
How would you like the life insurance rates by age for a typical term life insurance policy?
No problem, we have provided you with some great sample rates!
10-Year Term Life Insurance for Seniors Over 70
| Age | $100k | $250k |
| 70 | 80 | 174 |
| 71 | 92 | 204 |
| 72 | 109 | 230 |
| 73 | 120 | 262 |
| 74 | 135 | 299 |
| 75 | 151 | 325 |
| 76 | 157 | 381 |
| 77 | 177 | 398 |
| 78 | 200 | 470 |
| 79 | 221 | 544 |
*The monthly term insurance quotes for seniors over 70 for non-smoking males
A 15-year life insurance policy is a great way to get coverage for a more extended time, and then it expires.
This can be an excellent option for people who want coverage but don’t need it for the rest of their lives.
A 15-year term policy is a prevalent mortgage protection option for elders with a fifteen-year mortgage loan.
15-Year Term Life Insurance for Seniors Over 70
| Age | $100k | $250k |
| 70 | 120 | 230 |
| 71 | 140 | 313 |
| 72 | 165 | 370 |
| 73 | 180 | 429 |
| 74 | 210 | 523 |
| 75 | 285 | 609 |
| 76 | 331 | 744 |
| 77 | 383 | 852 |
| 78 | 446 | 995 |
*The monthly term insurance quotes for seniors over 70 for non-smoking males
What if you need coverage for an extended time?
Finding longer-running life insurance for a 70-year-old man or woman can become tricky because certain term durations are available at specific ages.
For example, a 20-year term is no longer available once you reach age 71 and above in today’s marketplace. So, age seventy is the magic cut-off age for buying a 20-year term life insurance for a 70-year-old man or woman.
If you are above age 71, a few companies offer an affordable alternative to term insurance called guaranteed universal life insurance.
Life Insurance for Over 75
Life Insurance for Over 75Many carriers offer a limited-term insurance portfolio above 75, so shop around and compare rates before applying for coverage.
Your best option will often be a universal life insurance policy that pays a death benefit regardless of when you die.
These universal life plans also offer coverage locked until a specific age (90, 95, 100) at a similar cost structure to term insurance.
Ultimately, the best life insurance for seniors over 75 depends on your needs and budget.
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Case Study:
Comparison of term life insurance for seniors over 75
At age 75, Peter wants to find an affordable policy to protect his outstanding mortgage balance.
He has two options depending on the length of his mortgage and the anticipated time before selling his house.
First, a $250,000 term life insurance policy for ten years at age 75 will cost Pete only $325 monthly.
Alternatively, Peter could also spend $609 monthly for a 15-year term until age 90.
The additional cost is that a 15-year term policy will provide coverage until the age of 90 compared to only age 85 with a 10-year plan.
So, the probability of paying a life insurance claim is higher because the 15-year term policy will run further into Pete’s life expectancy!
Permanent Life Insurance for Seniors
Universal and whole life insurance build cash values, with the premium and death benefit remaining the same for your entire lifetime.
So, should seniors buy term life or permanent life insurance?
Many elderly life insurance clients want to know how to buy life insurance wisely. So, it would help if you always answered these questions before deciding to buy term life insurance:
- Are you concerned that your term insurance coverage may end before you do?
- Do you want your premium and death benefit to remain the same for your entire lifetime?
- Are you only looking for an affordable premium and need a small policy to pay final expenses?
If any of the above situations pertain to you, you probably should not buy term life insurance!
So, what is the best life insurance for seniors over 75?
First, when evaluating the best life insurance for elderly citizens, we usually recommend that coverage be a permanent universal or whole-life policy.
Besides, for many older Americans, universal life is available at a similar price to term life and will last for the rest of your lifetime.
Not to mention that many companies do not typically sell term life insurance for seniors over 75 years old!
whole life insurance for seniors with no medical exam
Are you looking for an easy method to pay for your burial expenses? A popular and predictable way to cover your final costs is with whole life insurance.
Many people start their initial search with expensive, straightforward life insurance often promoted on television and radio.
AARP Whole Life, Gerber Life, and Mutual of Omaha offer popular senior life products frequently seen on TV. These heavily marketed policies are the best life insurance option for people who do not want to do a medical exam.Look before you jump!
When you purchase life insurance online, it is always best to research before making a final decision.
Here are three things for you to consider:
- Life insurance for seniors over 75 with no medical exam required is suitable for people with medical conditions that prohibit them from getting regular life insurance.
- No medical exam or whole life insurance for seniors is often only available up to a $25,000 death benefit.
- Most companies advertising cheap whole-life insurance with no medical examination offer much higher rates.
However, a no-exam policy may still be a solid choice for life insurance for seniors over 80 or when needing life insurance for parents with significant health issues.
AIG and Gerber Life offer easy-to-understand, guaranteed acceptance policies.
These final expense policies have no health questions to answer, and you are automatically approved!
Universal life insurance for seniors with a medical exam
You can always find a much better coverage option with guaranteed universal life if you are healthy!
Universal life insurance policies typically start at a $25,000 death benefit and are often significantly cheaper than policies that do not require a quick exam.
These policies can be a perfect option for seniors who cover burial expenses, provide college tuition for grandchildren, and cover potential medical costs for surviving spouses.
A $ 50,000 or even a $100,000 universal life policy would be an excellent place to start for seniors who don’t want to spend excessive money.
Universal life insurance for seniors over 70 years old provides a happy medium between term and more expensive whole life insurance.
Guaranteed universal life has no waiting period and offers a guaranteed premium and death benefit that will last your entire lifetime.
Would you like to know the monthly premiums for a small permanent policy?
Look no further!
Here are the best life insurance rates for seniors over 70 for a $25,000 and a $50,000 policy.
Universal or Whole Life Insurance for Seniors
| Age | $25k | $5ok |
| 70 | $84 | $164 |
| 71 | $90 | $174 |
| 72 | $94 | $183 |
| 73 | $101 | $195 |
| 74 | $106 | $207 |
| 75 | $112 | $220 |
| 76 | $119 | $233 |
| 77 | $128 | $251 |
| 78 | $137 | $270 |
| 79 | $147 | $290 |
| 80 | $160 | $316 |
*The universal life insurance quotes for seniors over 70 are for non-smoking males with guaranteed coverage until age 100.
How Much Does Universal Life Insurance Cost?
- Select Lifetime
- Select Amount
- Press Get Quote
Best Senior Life Insurance Companies
Best Senior Life Insurance CompaniesSince many companies sell life insurance, finding insurers that sell low-cost coverage is often difficult.
Who has the cheapest life insurance for seniors?
We decided to simplify things for you by including only the top two companies offering both term and universal life insurance.
TERM LIFE INSURANCE companies
We have chosen two highly-rated life insurance companies that typically offer seniors inexpensive term life insurance.
AIG (American General)
It should be mentioned AIG has been rebranded with the new name Corebridge Financial.
Corebridge Financial’s Select-a-Term, offers 18 permutations for term length, including ten years, 15 to 30 years, and 35 years.
Corebridge Financial’s term policies start at $100,000 and go as high as a 10 million death benefit.
According to AM Best, Corebridge Financial is financially stable and has an A (Excellent) rating.
- Policy names: Select-A-Term
- Minimum coverage amount: $100,000
- Maximum coverage amount: $10,000,000+
- Policy riders: Accidental Death Benefit, Child Rider, Terminal Illness Rider, Waiver of Premium Rider, Select Income Rider
- Guaranteed conversion option: Yes
- Financial Stability Rating: A.M. Best (A)
Banner Life
Banner’s OPTerm series of term life insurance products are contractually guaranteed to remain the same for ten and 40-year term lengths.
During its 2022 annual Banner Life review, AM Best confirmed its long-standing A+ rating.
- Policy names: OPTerm
- Minimum coverage amount: $100,000
- Maximum coverage amount: $10,000,000+
- Policy riders: Waiver of Premium Rider, Term Rider, Children’s Rider
- Guaranteed conversion option: Yes
- Financial Stability Rating: A.M. Best (A+)
universal LIFE INSURANCE companies
In our opinion, the two best guaranteed universal life carriers for seniors are Pacific Life and Protective Life.
Protective Life
Protective Life has introduced a new universal life policy called Lifetime Assurance UL, which is cheaper than its Advantage Choice product.
Lifetime Assurance UL offers lifetime guarantees starting at a $50,000 death benefit.
Protective Life Insurance has an A+ rating from the independent rating agency AM Best.
- Policy name: Lifetime Assurance UL
- Type of policy: Guaranteed universal life insurance
- Maximum coverage length: To the age of 120
- Health classifications: preferred plus, preferred, standard & tobacco
- Issue ages: (ages 18-85)
- Coverage amounts: $50,000 – $10,000,000+
- Protective Life policy riders: accidental death benefit rider, children’s term rider, disability benefit rider, extended care rider, income provider option, terminal illness rider
- A.M. Best’s rating: (A+) superior rating for financial strength
Pacific Life
The Pl Promise is one of the most affordable universal life policies in today’s competitive marketplace.
Pacific Life offers permanent coverage starting at only $25,000 with cheaper pricing than whole life insurance.
The Pl Promise is unique because it can be tailored for shorter guarantee periods (age 90-95-100).
CNBC has rated Pacific Life as one of the top life insurance companies for 2023, with its universal life portfolio ranking number one!
Regarding providing peace of mind, it’s good to know that Pacific Life has received an A+ rating from AM Best.
- Policy name: PL Promise UL
- Type of policy: Guaranteed universal life insurance
- Maximum coverage length: To the age of 120
- Health classifications: preferred plus, preferred, standard plus, standard & tobacco
- Coverage amounts: $25,000 – $10,000,000+
- Issue ages: (ages 0-80)
- Pacific riders: accidental death benefit rider, children’s term rider, guaranteed insurability rider, waiver of monthly deduction rider
- A.M. Best’s rating: (A+) superior rating for financial strength
We have compiled a list of highly-rated companies offering term and universal life insurance.
These carriers offer a good combination of smaller death benefits, open-minded underwriting, and inexpensive rates.
Financial ratings for life insurance companies are critical when selecting a life insurance provider for our clients.
We monitor life insurance companies’ financial strength and claims-paying ability using several rating agencies such as A.M Best, BBB, and JD Power.
Many of these companies are included in Business Insider’s list of the Best Life Insurance Companies in the United States.
| COMPANY | BBB | AM Best | JD Power |
| American General | A+ | A | 718 |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | N/A |
| Principal Financial | A+ | A+ | 774 |
| Protective Life | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
Tips for Buying Senior Life Insurance
Tips for Buying Senior Life InsurancePlease take the time to shop around before you buy life insurance.
This way, you can explore your available coverage options and select the most affordable policy for your unique needs.
Purchasing cheap life insurance for seniors requires your policy to be medically underwritten.
Although more expensive, buying life insurance without a medical exam is a solid option for many people with medical conditions.
So, it is crucial to check whether you can qualify for coverage before deciding which application process to pursue.
The most effective way to obtain the best offer is to work with an agent who understands the senior life insurance marketplace.
Remember that when applying for life insurance with a medical condition, always try to disclose your diagnosis to your agent.
Your honesty will allow your agent to select carriers that offer more liberal underwriting and faster approval.
Good news!
We represent many niche life insurance companies for seniors and can use our insider knowledge to direct you to the company specializing in your pre-existing medical condition.
We have found that the best company for someone with high cholesterol may not be the best for an older person with diabetes.
When we recommend insurance, we consider your lifestyle, health, and unique planning needs.
We assist seniors by providing affordable term and universal life insurance comparisons with easy-to-understand insurance planning concepts.
If you want to analyze specific plans for your specific planning needs, you can use our search engine to evaluate some affordable life insurance quotes.
Trending Senior Life Insurance Topics
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Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
Eric Van Haaften, LUTCF
1-877-249-1358
