Last Updated: August 2020
Life insurance over age 70 can be affordable if you know where to look. At 70 years old, your policy options are more limited, but most people don’t need a large death benefit at this age.
Below, we’ll show you everything you need to know about life insurance over age 70. You’ll see sample rates, the top companies for this age group, and tips to save on your policy.
In this article, we’ll cover:
- Life Insurance Underwriting for Seniors Over Age 70
- 5 Tips to Save on Life Insurance Over 70 Years Old
- Rates for Term Life Insurance Over 70 Years Old
- The Best Life Insurance Companies for Seniors Over Age 70
- The 5 Best Burial Insurance Companies for Seniors
- How to Apply for Life Insurance Over 70 Years Old
Life Insurance Underwriting for Seniors Over Age 70
The life insurance underwriting process is slightly different, and more in-depth, for seniors over 70 years old.
Don’t Let Your Health Issues Deter You!
Older life insurance applicants are more likely to have chronic impairments, including hypertension, cardiovascular disease, and diabetes. However, these health issues are less of a concern for life insurance underwriters than they are for younger applicants, especially if they’re well controlled and there is regular follow up and compliance with treatment.
If you do have multiple impairments, make sure you seek out a high-risk life insurance agent who can help you find the best rates.
Social Activities and Exercising Factors Play a Role
Evidence of the following activities can help you find a cheaper policy.
- Regular exercise
- Active hobbies
- A social life
However, these questions usually aren’t listed on a life insurance application, so how are underwriters supposed to know?
Volunteering this information on a cover letter to the underwriting can help you secure the best rates.
Your life insurance agent is supposed to make it known. Make sure you have a life insurance agent that’s experienced in helping older people find life insurance in their 70’s.
Issues of Concern for Older People
Frailty, balance problems, falls, unexplained weight loss, weakness, fatigue, low physical activity, and recent hospitalizations are all specific life insurance concerns for older people over 70 years old.
To life insurance underwriters, indicators of any of these show an increased mortality risk.
Also, life insurance with mental health conditions can be more expensive. Dementia and Alzheimer’s disease, for example, can cause rates to go up. Sometimes the diagnosis of mild cognitive impairment may be made in someone with memory loss but who is still able to perform daily living activities. This would suggest an increased risk of progression to dementia and you will have trouble finding affordable life insurance rates.
Also common for older people over age 70 are creatinine levels that may be in the normal range for a younger person but reflects kidney disease in an older person. Along the same lines, a low cholesterol or albumin level could also reflect a serious condition. Unexplained anemia might make obtaining life insurance tough as well.
5 Tips to Save on Life Insurance Over 70 Years Old
Generally, there are a few things people over age 70 can do to save money on their life insurance policy.
#1: Consider a Small Whole Life Insurance Policy
These are often referred to as final expense policies. These policies are typically between $10,000 and $25,000 in coverage with premium payments guaranteed level for the life of the policy. This is a form of life insurance with no medical exam, and it’s very popular among seniors over age 70.
#2: If You’re Healthy, Buy Guaranteed Universal Life Insurance
If you’re in good health, a guaranteed universal life insurance policy will be the cheapest permanent life insurance you can find. Just like the final expense policy explained above, the death benefit and premiums are guaranteed level for the life of the policy. However, you do have to take a medical exam which is why you need to be healthy to qualify for this product.
#3: If You Don’t Need Coverage Long, Get Term Life Insurance
If you only need coverage for a certain amount of time, then term life insurance will be your least expensive option. However, you do have to take a medical exam to qualify.
Life insurance consumers over age 70 typically only buy term life insurance to cover short term needs, but it will give you the biggest amount of life insurance for the lowest cost.
#4: Give Your Agent Every Detail Regarding Your Health
Your agent is on your side. An independent life insurance broker works on your behalf and not on behalf of any life insurance company. The worst thing you can do is withhold important health information from your agent.
Every life insurance company will look at your health differently. The key is to find the company that will look most favorably at your unique health situations.
#5: Work with a Life Insurance Agent Who Can Compare Multiple Companies
This may seem like a no-brainer, but not many people know to use an independent life insurance agent so they end up overpaying for life insurance.
Rates for Term Life Insurance Over 70 Years Old
As you age, the cost of life insurance gets more expensive. Here are some sample rates so you can see what’s available for you.
Rates shown below are preferred rates on a 10-year term. Rates are shown as monthly for people in the “preferred” health class.
Rates for Men Over 70
Rates for Women Over 70
As you can see, the cost of life insurance gets much more expensive as you age. Use the figures above as a ballpark range if you’re in good health.
Again, if you’re in fair health, you may want to consider a final expense life insurance policy.
The Best Life Insurance Companies for Seniors Over Age 70
When choosing a life insurance company, you should always get quotes from multiple carriers before deciding the best policy for you. That said, these three companies should be considered for people searching for life insurance at age 70 or older.
- Banner Life Insurance: Banner Life often has the lowest rates for term life insurance at age 70 and up.
- Mutual of Omaha: This company has great rates for final expense or burial insurance.
- AIG: For high-risk life insurance with medical conditions, AIG offers competitive rates. They also have term life insurance available for people over 75 years old, which many companies don’t offer.
Again, be sure to compare other top-rated carriers against our list above. Fill out our quote tool or call us to work directly with an experienced life insurance agent.
The 5 Best Burial Insurance Companies for Seniors
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 70.
- 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.
How to Apply for Life Insurance Over 70 Years Old
You have a lot of options when you’re searching for life insurance over age 70. The best advice we can give is to make sure you compare multiple companies.
Every company will view your situation differently, so the more companies you can compare, the more likely you are to find a lower rate.
The easiest way to get started is to fill out the quote form on this page. You’ll be able to see rates instantly. Then, one of our independent agents will contact you to help you with the entire life insurance application process. We’ll advise you on what policies and company to go with based on your goals, and work within your budget as well.
This is simply the best way to make sure you get the best life insurance policy as a senior over 70 years old.