Seniors over 70 can still qualify for all the various types of life insurance, including burial insurance, term life, whole life, or universal life.
The key is selecting the correct policy type that best meets your needs.
In this guide, you’ll learn how to find the most affordable life insurance for seniors over 70 and 75, which types of coverage are available, and how much coverage might cost.
Topics Covered in this article
Burial Life Insurance For Seniors Over 70
Burial insurance is a small whole life insurance policy meant to cover the cost of a cremation, burial, or other end-of-life expenses.
They don’t require a medical exam, and you can typically purchase up to $50,000 in coverage with most insurance providers.
Since it’s a whole life policy, it comes with a guarantee that the premiums, death benefit, and policy will never change or expire.
The payout from a final expense life insurance policy is usually very fast.
Generally, the insurer will payout the death benefit in the form of a tax-free cash payment within 48 hours of claim approval.
You can name a loved one(s) as your beneficiary or a funeral home.
Final expense policies are ideal for those who only need enough coverage to pay for funeral expenses.
Best final expense insurance for seniors
Mutual of Omaha burial insurance is generally the most affordable final expense insurance for seniors over 70.
They call their policy “Living Promise.” Mutual of Omaha offers up to $40,000 in coverage which your beneficiaries can use to pay for funeral costs, medical bills, or anything else.
Also, they accept many common health conditions that seniors deal with, such as diabetes and high blood pressure.
Final expense life insurance rates are determined by your exact age, medical history, and the amount of coverage you want.
The table below shows sample monthly premiums for coverage from $10,000-$40,000.
Use our free online quote tool to get free quotes from over a dozen funeral insurance companies.
You’ll see prices from many other insurers, including AARP life insurance, Trustage, Colonial Penn, and many more.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$40,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Terminal Illness Rider: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit. There is no cost for this rider. | |
| Nursing Home Confinement Rider: You can receive up to 50% of your death benefit if you are confined to a nursing home for 90 consecutive days. There is no cost for this rider. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes to 3 Business Days |
Guaranteed Acceptance For Seniors Over 70
A guaranteed issue policy is a whole life insurance plan with no health or lifestyle questions. Regardless of your past health issues, you’re still approved.
All guaranteed issue life insurance policies always have a 2-3 year waiting period.
Any non-accidental death during the waiting period will only result in a refund of your premiums plus a small amount of interest.
In addition to the waiting period, policies without health questions are much more expensive.
A life insurance company that knows nothing about your health takes on substantial risk. As with all forms of insurance, a higher risk translates to a higher price.
You don’t want to buy a guaranteed issue policy if you’re in good health. Only people who have dire illnesses should opt for this type of policy.
Best guaranteed acceptance for seniors
AAA’s guaranteed issue coverage is generally the lowest-priced option for seniors.
Uniquely, they will refund 130% of premiums during the two-year waiting period.
All other life insurance companies will only refund roughly 110% of premiums.
AAA’s low prices and much higher interest rates make them a clear-cut winner if you need a guaranteed acceptance life insurance policy.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: Yes | |
| Coverage Amount Range: $5,000-$25,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Application Details | Where to Apply: AAA Online Application |
| Phone Number to Apply: 1-888-523-1863 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: Yes | |
| Application Approval Time: Instantaneously |
Whole Life Insurance For Seniors Over 70
Whole life insurance is a type of permanent life insurance with iron-clad guarantees.
The premiums will never increase, the coverage will not decrease, and it will last forever.
Additionally, whole life builds cash value which is like a behind the scenes savings account.
With each payment you make, the cash value grows.
The policyholder can withdraw these funds at any time they want. Also, a whole life policy (not all of them do) can pay dividends or even increase in value because of the cash value growth.
A traditional whole life policy is ideal for those who want to do estate planning, pay for funeral costs, or to leave money behind for a surviving spouse.
Best whole life insurance for seniors
Foresters Financial has an excellent participating policy called “Advantage Plus.”
It aggressively accrues cash value much more than other providers’ policies.
Additionally, their whole life insurance premiums are on the lower end of the spectrum. Foresters Financial is a 140+ year-old company with impeccable financial ratings.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 0-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $25,000+ | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Optional Riders: Accidental Death (2X the payout for accidental death), Children's Term (provides life insurance on your children), Waiver of Premium (waives your premiums if you become disabled), 10 or 20 Year Term (adds on a term policy for 10 or 20 years) | |
| Application Details | Where to Apply: Agencies licensed to sell Foresters Financial products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time (No Exam): 10 Minutes- 3 Business Days | |
| Application Approval Time (With Medical Exam): 3-5 Weeks |
Term Life Insurance For Seniors Over 70
A term life insurance policy is a temporary type of life insurance (hence the name “term”).
It will generally last for a specific number of years (such as 5, 10, or 15). Alternatively, it may last until a certain age (such as 75, 80, or 85), but that is uncommon. For example, AARP burial insurance plans last until you’re 80.
Once you reach the end of the term, the policy ends, and you’re no longer insured.
Out of all types of life insurance coverage, term life is the least expensive.
The reason why it’s cheaper than all other types of life insurance because the insurer knows that the overwhelming majority of applicants will outlive the policy. That means they will collect premiums for many years and never have to pay a death benefit.
Term life insurance rates vary based on how long the policy will last. For example, a 10-year term will cost less than a 15-year term.
You should only seek a term life plan if you’re trying to cover a temporary need, such as a debt of some kind.
You don’t want term life to cover permanent needs (like funeral costs).
Best term life insurance for seniors
Classic Choice Term from Protective Life is often the best because of its low rates and competitive underwriting.
They accept applicants with a history of cardiac issues such as hypertension, stents, or even past heart attacks.
For a 70-year-old, they offer a ten and a 15-year term. If you’re above 70, a 10-year term is your only option.
| Product Details | Policy Type: Term Life Insurance |
| New Applicant Age Range: 18-75 | |
| 2-Year Waiting Period: No | |
| Coverage Amount Range: $100,000+ | |
| States Available: All States | |
| Product Benefits | Premiums Stay the Same: Yes |
| Builds Cash Value: No | |
| Policy Duration (Years): 10, 15, 20, 25, or 30 (your age dictates which term length you can buy) | |
| Max Term Length By Age: 10 Years: 18-75, 15 Years: 18-70, 20 Years: 18-65, 25 Years: 18-55 (18–52 for tobacco), 30 Years: 18-43 (18–43 for tobacco) | |
| Terminal Illness Rider: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit. There is no cost for this rider. | |
| Optional Riders: Accidental Death (2X the payout for accidental death), Children's Term (Provides life insurance on your children), Waiver of Premium (Waives your premiums if you become disabled) | |
| Application Details | Where to Apply: Agencies licensed to sell Protective Life products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-844-733-5433 | |
| Medical Exam Required: Sometimes | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 3-21 Days |
Universal Life Insurance For Seniors Over 70
Guaranteed universal life insurance is a permanent policy with a fixed price and death benefit. It operates similarly to whole life, but the cash value significantly differs.
With a “GUL” policy, there is virtually no cash value growth.
Essentially, guaranteed universal life is a lower cost (compared to whole life) form of permanent life insurance for seniors over 70.
It’s harder to qualify for this type of insurance which is one of its primary downfalls. Plus, if you miss payments, you will likely void the guarantee that keeps the premiums the same and the policy intact.
Your policy cost will significantly increase if the guarantee is voided (from nonpayment or cash value withdrawal). Also, it’s likely to terminate prematurely.
If you’re in good health, a GUL is an affordable option that could be the best life insurance for seniors who need a permanent policy.
Best universal life insurance for seniors
American National offers a reasonably priced guaranteed universal life plan that automatically includes a terminal illness benefit rider at no additional cost.
They allow older adults up to 80 years old to apply for a new policy.
| Product Details | Policy Type: Guaranteed Universal Life |
| New Applicant Age Range: 18-80 (75 for smokers) | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $25,000+ | |
| States Available: All States | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes (very minimal amount) | |
| Policy Duration (To A Specific Age): 95, 100, 105, 121 | |
| Accelerated Benefit Rider: If you are diagnosed with a terminal, critical or chronic illness, you can accelerate 25%, 50%, 75%, or 100% of the death benefit. | |
| Optional Riders: Children's Term (Provides life insurance on your children), Waiver of Premium (Waives your premiums if you become disabled), Guaranteed Cash-Out Rider (refunds your premiums if you surrender the policy) | |
| Application Details | Where to Apply: Agencies licensed to sell American National products or ANICO Direct |
| Phone Number to Apply: 1-800-697-0098 | |
| Medical Exam Required: Sometimes | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 3-6 Weeks |
How To Get Coverage With No Waiting Period
It’s imperative to understand that you must qualify for life insurance options with no waiting period.
In short, you have to apply for an underwritten policy, and you’re subsequently approved.
In other words, the application process must entail you answering health questions (a medical exam is not required).
Please note that all plans with no health questions and guaranteed approval have a 2-3 year waiting period.
There are no companies in the USA that offer guaranteed approval and no waiting period.
The Cost Of Life Insurance For Seniors Over 70
Depending on a few factors, seniors over 70 can expect to pay between $40-$250 monthly for a $10,000-$50,000 policy.
That said, all life insurance quotes are based on the following variables:
- Age
- Gender
- Type of policy (whole, universal, term, final expense)
- Resident state
- Tobacco usage history
- Lifestyle and health
- Coverage amount
That all being clarified, below are some tables with sample prices for seniors in their 70s.
70-74 sample prices
| Policy Type | $10,000 | $25,000 | $50,000 | $100,000 |
|---|---|---|---|---|
| Final Expense Whole Life | F: $52-$67 M: $69-$91 | F: $126-$162 M: $169-$224 | F: $250-$324 M: $335-$448 | F: $498-$648 M: $667-$896 |
| Traditional Whole Life | N/A | F: $142-$190 M: $157-$213 | F: $279-$374 M: $307-$421 | F: $552-$742 M: $609-$835 |
| Guaranteed Acceptance | F: $42-$77 M: $98-$106 | F: $175-$205 M: $218-$240 | N/A | N/A |
| Term Life-10 Years | N/A | F: $30-$54 M: $55-$88 | F: $60-$109 M: $110-$176 | F: $113-$213 M: $215-$351 |
| Universal Life | N/A | F: $106-$116 M: $127-$137 | F: $199-$224 M: $241-$267 | F: $386-$443 M: $470-$529 |
75-79 sample prices
| Policy Type | $10,000 | $25,000 | $50,000 | $100,000 |
|---|---|---|---|---|
| Final Expense Whole Life | F: $70-$93 M: $97-$129 | F: $171-$228 M: $237-$319 | F: $342-$453 M: $474-$634 | F: $684-$903 M: $948-$1260 |
| Traditional Whole Life | N/A | F: $200-$229 M: $225-$252 | F: $395-$457 M: $445-$504 | F: $784-$914 M: $883-$1008 |
| Guaranteed Acceptance | F: $88-$103 M: $113-$116 | F: $219-$229 M: $270-$281 | N/A | N/A |
| Term Life-10 Years | N/A | F: $60-$85 M: $96-$130 | F: $121-$170 M: $193-$260 | F: $239-$340 M: $385-$521 |
| Universal Life | N/A | F: $118-$128 M: $139-$150 | F: $231-$257 M: $274-$301 | F: $457-$515 M: $543-$603 |
No Medical Exam Life Insurance For Seniors Over 70
Today, every life insurance company offers coverage without a medical exam.
That’s generally true for all ages and policy types.
For example, life insurance for seniors over 80 has plenty of no-exam options.
However, remember that the coverage amount you want may be an issue.
Carriers typically have limits on how much coverage they offer with no exam. Also, the older you are, the less no exam coverage you can buy.
For example, if you’re 78 and want $100,000 in coverage, there are plenty of no-exam options. However, most carriers will require an exam if you need more than $100K (at age 78).
It’s best to speak with a licensed life insurance agent who can thoroughly assess your needs and present you with all your options.
Tips To Finding The Best Life Insurance For Those Over 70
If you want to buy life insurance for any reason, it’s critical that you compare offers from multiple insurers.
However, most people don’t realize that the best life insurance companies don’t sell their coverage directly. Very few insurance providers sell their policies directly online or through the mail.
Nearly all of them only offer their life insurance options through licensed agents.
The very best thing you can do to avoid higher premiums is to work with an independent insurance agent.
Independent agents freely represent multiple insurance companies on your behalf. That allows them to compare each one to pinpoint which one is best for you.
Contrast this to “captive” insurance agents that only have one insurance company they can offer. For example, State Farm is a captive company because its agents cannot suggest any other insurer.
If a captive agent has no good offer for you, they have no recourse. However, an independent agent isn’t beholden to one carrier.
They will simply match you with whichever insurance company makes you the best offer.
Independent agents don’t have fees or costs of any kind. Also, life insurance costs from independents aren’t higher. They’re usually lower since they find you the best deal.
Frequently Asked Questions
Final expense insurance is usually the best life insurance for seniors over 70. They typically don’t have to worry about paying off a mortgage or caring for young kids, so they only really need to worry about their burial expenses. However, if you still have a mortgage or other debt you want to insure, seek out a term life policy.
Life insurance is worth it after 75 if you need a way to pay for end-of-life expenses or want to leave some money behind for your loved ones. Life insurance is peace of mind knowing that the payout will not prevent a loved one from enduring a financial burden.
Life insurance absolutely pays out after 70 so long as you die while the policy is active. It does not matter what your age is. If you die while the policy is in force, it will payout the prescribed death benefit.
Life insurance is necessary if your death would result in a financial burden on someone else. Additionally, you may want coverage simply to leave money behind as a legacy. Some of the most common reasons why seniors over 70 and 75 may need life insurance:
- Final expenses
- Medical bills
- Credit card or other debts
- Financial support for surviving dependents