Do you think getting life insurance in your 70s is impossible? Think again. These days, securing coverage in your golden years is easier than ever.
Many top insurance companies now offer senior-friendly policies, from straightforward term life policies to comprehensive permanent coverage.
Whether you’re looking to cover final expenses or leave a legacy for your family, we can find a policy that fits your needs and budget.
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Why Seniors Need Life Insurance
After years of helping families with their life insurance needs, let me tell you something I’ve noticed: Life changes, and so should your coverage.
Many seniors come to us when they realize their financial responsibilities are not winding down as they expected in retirement.
Some people may have a current term policy ending and want to replace their expiring coverage with another affordable term policy.
Meanwhile, many affluent seniors are interested in a new permanent coverage that will last their entire lifetime.
At Affordable Life USA, we’ve spent years matching people with coverage that fits their needs and budget. It’s not about selling a policy but finding the best solution for your family’s unique situation.
Let me walk you through some common needs that seniors typically cover with life insurance.
Senior life insurance needs
- Mortgage Life Insurance: Your home is probably your biggest investment. If you’re still paying off your mortgage, we can set up a term life policy that matches your payoff timeline.
- Income Protection: If a spouse relies on your income, a life policy will secure their financial future if something happens to you.
- Pay for Final Expenses: Final expense coverage is a popular and predictable way to cover your last expenses so that your family does not need to cover the cost.
- Leaving a Legacy: If you’re thinking about leaving something behind for your children or grandchildren, universal life insurance can be a smart way to create an inheritance.
But that’s just scratching the surface. According to industry veteran Marvin Feldman, there may be over twenty reasons why seniors may need life insurance.
Term Life Insurance for Seniors Over 70
Affordable term life insurance is available for seniors over 70, provided they are in decent health.
However, once you’re in your 70s, your choices narrow down slightly because most carriers only offer 10 and 15-year term policies. This is just how the industry works.
Term life insurance is an excellent choice for seniors who want to cover a specific need at an affordable cost.
Remember, you’re buying peace of mind for a specific time window. Once that window closes, your coverage will either end or become cost-prohibitive.
We usually show seniors both shorter and longer options so they can see what works best for their wallets.
If you want to keep your costs down, a 10-year policy is your best friend. Meanwhile, a 15-year term policy is more expensive but provides an extra cushion of time.
We find that most older adults with financial obligations buy at least a $100,000 term policy or a more considerable $250,000 death benefit.
Would you like us to show you what these policies typically cost? We have provided you with the average term life insurance rates by age, which might help put things into perspective.
These monthly quotes are for 10 and 15-year term insurance quotes for healthy, non-smoking seniors over 70.
10-Year Term Life Insurance for Seniors Over 70
| Male | $100k | $250k |
| 70 | 80 | 163 |
| 71 | 92 | 195 |
| 72 | 109 | 224 |
| 73 | 120 | 253 |
| 74 | 135 | 288 |
| 75 | 160 | 328 |
| 76 | 174 | 395 |
| 77 | 202 | 451 |
| 78 | 265 | 509 |
| 79 | 293 | 544 |
| Female | $100k | $250k |
| 70 | 56 | 104 |
| 71 | 60 | 121 |
| 72 | 80 | 140 |
| 73 | 89 | 161 |
| 74 | 99 | 186 |
| 75 | 109 | 217 |
| 76 | 141 | 277 |
| 77 | 175 | 330 |
| 78 | 201 | 374 |
| 79 | 239 | 427 |
15-Year Term Life Insurance for Seniors Over 70
| Male | $100k | $250k |
| 70 | 120 | 244 |
| 71 | 140 | 297 |
| 72 | 165 | 353 |
| 73 | 180 | 434 |
| 74 | 210 | 520 |
| 75 | 285 | 609 |
| 76 | 331 | 716 |
| 77 | 379 | 821 |
| 78 | 446 | 958 |
| 79 | n/a | n/a |
| Female | $100k | $250k |
| 70 | 77 | 145 |
| 71 | 108 | 203 |
| 72 | 123 | 244 |
| 73 | 141 | 276 |
| 74 | 160 | 332 |
| 75 | 182 | 397 |
| 76 | 215 | 485 |
| 77 | 248 | 561 |
| 78 | 287 | 652 |
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 only available at specific ages.
For example, in today’s marketplace, a 20-year term is no longer available to people over age 71.
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.
Term Life Insurance for Over 75
Term Life Insurance for Over 75While it’s a fact that some insurance providers offer fewer term insurance options in your mid-70s, there are still viable paths to explore.
For instance, 10 and 15-year term policies are often available until age 78, with niche insurers specializing in providing coverage to seniors.
According to Aflac, term life insurance is more affordable than most permanent life policies for those over 75.
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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 15-year term policy costs more because it provides coverage until 90, compared to only 85 with a 10-year plan.
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 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?
The best life insurance for seniors, we usually recommend that coverage be a universal or whole-life policy.
We recommend universal life plans, which offer options to customize coverage to a specific age (90, 95, 100) at a cost similar to term insurance.
whole life insurance for seniors
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 seniors over 80 or those needing life insurance for parents with significant health issues.
Our insurance policies from AIG and Gerber Life are guarantee acceptance—no health questions, no hassle, just automatic approval!
Universal life insurance for seniors
We often recommend guaranteed universal life coverage to our senior clients, as it offers excellent value for those in decent health.
These policies are surprisingly affordable, starting with $25,000 in coverage. The best part? A quick health screening can help you secure even better rates than no-exam alternatives.
Think how this coverage could help with final expenses, set aside money for your grandkids’ education, or provide a financial cushion for your spouse’s future medical needs. I’ve seen firsthand how this peace of mind changes lives.
For many seniors, a $50,000 or $100,000 policy hits that sweet spot of providing lifetime protection without breaking the bank.
It’s that perfect middle ground between term life and the more expensive whole-life options, especially for those enjoying their golden years.
What sets guaranteed universal life apart is that there’s no waiting period. Once approved, your premiums and death benefit are locked in for life.
Would you like to see some numbers? 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
| Males | $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 |
| Females | $25k | $5ok |
| 70 | 78 | 143 |
| 71 | 82 | 151 |
| 72 | 89 | 161 |
| 73 | 95 | 168 |
| 74 | 98 | 177 |
| 75 | 105 | 187 |
| 76 | 114 | 198 |
| 77 | 118 | 217 |
| 78 | 127 | 231 |
| 79 | 130 | 247 |
| 80 | 141 | 263 |
*The universal life insurance quotes for seniors over 70 are for 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.
Banner Life
Banner’s OPTerm series of term life insurance products is contractually guaranteed to remain the same for ten- and forty-year terms.
During its 2024 annual Banner Life review, AM Best confirmed its long-standing A+ rating.
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.
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.
CNBC has rated Pacific Life as one of the top life insurance companies for 2024, with its universal life portfolio ranking number one!
It’s reassuring to know that Pacific Life has earned an A+ rating from A.M. Best, reflecting their commitment to financial strength and reliability.
We have also selected a list of top-rated insurers that provide both term and universal life coverage.
These companies stand out for their affordable rates, flexible underwriting, and range of death benefits.
We verify each carrier’s financial strength through A.M. Best, BBB, and JD Power ratings to ensure they’re solid choices for our clients.
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 InsuranceWe have been in this business long enough to know that finding the right policy isn’t about rushing into the first option you see.
Here’s the deal: most affordable policies require a medical exam. Yes, there are no-exam options if you’ve got health concerns, but you’ll pay more.
Before we pursue either option, let’s determine your eligibility. We specialize in finding the perfect fit for each client.
That’s why being upfront about health conditions is crucial – it helps us point you toward insurers who’ll give you the best rates.
The best part? We work with dozens of specialized insurance companies. Please think of us as your personal insurance matchmaker.
We consider your health, lifestyle, and goals to find coverage that makes sense for your budget.
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.
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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
