Last Updated: March 2020
Life insurance in your 70s can be challenging but it’s by no means impossible.
Below, we’ll help you learn how to shop for life insurance in your 70’s. You’ll see the best companies for this age and tips to save on your policy.
There are actually many options available to people in this age group which can be very affordable.
Life Insurance at Age 70 and Up
We have an archive of articles dedicated to helping people in their 70s get a policy that works for them.
We suggest looking through our articles below to find out more about life insurance in your 70s:
- Life Insurance Over Age 70 – This is a comprehensive article on what to expect if you’re interested in securing life insurance and you’re over age 70.
- Term Life Insurance for Seniors – Don’t make the same mistake many seniors make, and contact the life insurance companies on TV. Find out how to get the best rates for seniors your age here.
- Life Insurance for Seniors over 75 Years Old – The options for seniors over 75 can still be affordable but will be different than you might know about. Find out more about your options here.
- Senior Final Expense Information – If you’re in the market for a final expense policy and need more information about these policies, please review this article.
Why Get Life Insurance in Your 70’s?
At this point, you’re either nearing retirement or are 100% retired. You’re most likely living on a fixed income determined by your savings.
The need for life insurance for age 70 and up, usually arises for one of two reasons.
- Estate planning – Many people use life insurance as a way to protect their estate for their once they’re gone. If you pass and your family has tax burdens, the policy can help cover it.
- Final expenses – Funeral and other final expense costs are increasing every year. They can often be well over $10,000. A final expense, or burial insurance policy, can help your family with the costs.
How Much is Life Insurance in Your 70’s?
Life insurance will be expensive in your 70’s, compared to previous years. Also, the cost of waiting to purchase life insurance keeps going up as you age.
The actual price will depend on.
- How much coverage you purchase
- Which type of policy you get
- Your age
- Your health
If you are in average or good health, use our quote tool to compare rates from the top carriers.
The advice we like to give is that no matter where you are, it’s never too late to purchase life insurance if you can afford it. Some coverage is better than no coverage.
If it’s too expensive to purchase life insurance at 70 years old, it may also make sense to speak with any family members who might be able to help you pay for the premiums.
The Best Life Insurance Companies for Age 70 to 79
The best life insurance company for you will depend on a number of factors, not just your age. However, these companies usually have great rates for people in their 70’s.
Age 70 – 75
- Banner Life – low term life insurance rates for this age range.
- Mutual of Omaha – best rates for whole life insurance in smaller amounts to cover burial costs.
- AIG – low rates for high-risk life insurance for this age range.
Age 76 or Older
- AIG – Very few companies offer term life insurance above age 75. AIG is usually the best or the only option.
- Mutual of Omaha – Again, Mutual of Omaha has the best burial life insurance for over 70.
- AIG – They offer the best term rates, and they take on more high-risk medical conditions than the others.
The 5 Best Burial Insurance Companies for Seniors Over 60
For most seniors, burial insurance is the best type of coverage because of its affordability and value. The 5 companies below are the best burial insurance companies for anyone over age 60.
- Mutual of Omaha – Great for low rates, and reputation with strong financial ratings.
- Family Benefit Life Insurance – Great for low rates, especially for high-risk applicants. Only available in 28 states.
- Prosperity Life – Good rates for non-cigarette smokers (marijuana, chew, dip, or cigar smokers) & diabetics.
- Guarantee Trust Life – Great for high-risk applicants who can’t qualify for level coverage with other companies. Only 5 health questions on the application. Graded death benefit life insurance policy, but cheaper and better than other guaranteed acceptance policies.
- Royal Neighbors of America – Great for extra benefits with your coverage. They also accept a lot of risks that other companies won’t.
Applying for Life Insurance in Your 70’s
When most people apply for life insurance, they must undergo both a medical exam and an underwriting process.
The medical exam is the same thing as a physical and is used to detect any medical conditions that might cause the insurance companies to perceive them as being higher risk.
Then the underwriting process is to get to the root of these issues. You can sometimes still receive great rates, even with a medical condition, if you can prove that your condition is under control and doesn’t affect you too much.
No Medical Exam Policies are Available in Your 70’s
On the other hand, there are also policies that don’t require a medical exam.
These types of policies are much more expensive than policies with medical exams. Someone in great health should never go for a no medical exam policy.
If you feel the medical exam would uncover a medical condition that might cause you to have expensive premiums or would prevent you from obtaining life insurance entirely, then it might even be cheaper to look at the no medical exam policies.
Can You Be Declined for Life Insurance in Your 70’s?
The unfortunate part, is that once you reach the age of 70, there is no guarantee you will be accepted for life insurance.
Still though, in all but the most extreme cases, there are ways for seniors in their 70s to obtain life insurance. Even if you have to get guaranteed issue life insurance.
Most people who are in their 70s and looking to obtain life insurance have many concerns. They think it will be entirely impossible to obtain life insurance coverage at their age, never mind life insurance with affordable premiums.
While it’s definitely true that life insurance for people in their 70s can be very expensive, if you want to get the best rates, it’s best not to wait any longer and start the application process now. Fill out our quote tool or contact our network of life insurance agents to compare rates from all the best life insurance companies for people in their 70’s.