Affordable Life Insurance for People Over 70
Finding life insurance after the age of 70 can seem difficult—but it’s far from impossible. Whether you’re looking to cover final expenses, leave a legacy, or provide peace of mind to your loved ones, there are several affordable life insurance options available specifically for people over 70.
This guide explains how to find affordable life insurance over 70, what to look for, and which companies offer the best value without sacrificing essential coverage.
Why Life Insurance Is Still Important After 70
Even in your 70s, life insurance can serve several valuable purposes:
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Covering funeral and burial costs
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Paying off remaining debts (loans, medical bills, etc.)
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Providing financial support to a spouse or dependent
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Leaving an inheritance or donation
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Offsetting estate taxes
With increased life expectancy, many seniors today live well into their 80s and 90s. Having a policy in place ensures your family isn’t left with unexpected expenses.
Types of Life Insurance Available After Age 70
1. Final Expense (Burial) Insurance
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Designed for seniors
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No medical exam required
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Coverage amounts typically between $2,000 and $50,000
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Fixed premiums and guaranteed coverage
2. Guaranteed Issue Whole Life
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No health questions asked
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Guaranteed acceptance (usually up to age 85)
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Two-year graded benefit period
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Meant for covering final expenses or small legacy
3. Simplified Issue Term or Whole Life
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Limited medical questions (no exam)
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Faster approval
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Higher coverage available than guaranteed issue
Best Affordable Life Insurance Companies for Seniors Over 70
| Company | Policy Type | Age Range | Coverage Amount | Exam Required? |
|---|---|---|---|---|
| Mutual of Omaha | Final Expense Whole Life | 45–85 | $2,000 – $40,000 | No |
| AIG | Guaranteed Issue Whole Life | 50–80 | $5,000 – $25,000 | No |
| Transamerica | Whole Life / Term | Up to 80 | $25,000 – $100,000+ | Optional |
| Colonial Penn | Guaranteed Acceptance | 50–85 | Varies by unit | No |
| Globe Life | Term and Whole Life Options | 60–90 | $5,000 – $100,000 | No |
Tips for Finding Affordable Life Insurance Over 70
1. Choose the Right Policy Type
If your primary goal is to cover burial or final expenses, a guaranteed issue whole life policy may be sufficient. If you need larger coverage, look for simplified issue term or whole life policies.
2. Compare Quotes from Multiple Providers
Prices can vary significantly between insurers. Use comparison tools or consult a licensed agent to find the best deal based on your health and goals.
3. Apply Sooner Rather Than Later
Premiums increase with age. Applying at 70 will always be more affordable than applying at 75 or 80.
4. Watch for Waiting Periods
Guaranteed issue policies typically include a 2-year graded death benefit, meaning the full payout only applies after two years. Some exceptions may apply in the case of accidental death.
5. Consider Working With a Senior Insurance Specialist
They can help identify companies that specialize in coverage for seniors and find policies that don’t penalize you for age alone.
What to Expect in Terms of Cost
Here’s a rough monthly premium estimate for a $10,000 whole life policy for a healthy 70-year-old:
| Gender | Monthly Premium (Approximate) |
|---|---|
| Male | $70 – $100 |
| Female | $50 – $80 |
Note: Premiums vary based on health, provider, state, and whether you smoke.
Final Thoughts
Affordable life insurance is absolutely possible for people over 70. Whether you want to protect your family from final expenses or leave behind a small financial legacy, there are many policies that offer dependable coverage without requiring a medical exam.
Focus on your specific goals, shop around, and don’t delay—the earlier you apply in your 70s, the more options and lower rates you’ll have.
Frequently Asked Questions
Q1: Can I get life insurance at 70 with no medical exam?
Yes. Many companies offer no-exam or guaranteed issue policies specifically for seniors aged 70 to 85.
Q2: Is term or whole life better after 70?
Whole life is often more suitable for seniors, especially for final expense planning, since it provides lifetime coverage.
Q3: How much coverage do I need at this age?
Most seniors choose coverage between $10,000 and $50,000—enough to cover funeral costs, small debts, or a legacy gift.
