When you’re 70 or older, finding affordable senior life insurance might feel harder than it did when you were younger. But no matter your age, life insurance is an important way to help your loved ones cover the costs of your final expenses, so it’s important to explore your options. Comparing different policies and prices is a key way to find the right life insurance product when you’re over 70 or 75.
Table of Contents
Cost of Life Insurance for Seniors Over 70 or 75
Final Expense Life Insurance for Seniors Over 70 or 75
Term vs. Whole Life Insurance for Seniors Over 70 or 75
- Term Life Insurance
- Whole Life Insurance
Universal Life Insurance for Seniors Over 70 or 75
- Guaranteed Universal Life Insurance (GUL)
- Can I get life insurance if I'm over 70 or 75?
- What life insurance policies can I buy if I'm over 70 or 75?
- Do I need life insurance if I'm over 70 or 75?
- Do I need to take a health exam to get life insurance if I'm over 70 or 75?
- How much life insurance do I need if I'm over 70 or 75?
Cost of Life Insurance for Seniors Over 70 or 75
There are a few important factors that determine the price you’ll pay for insurance when you’re over 70 or 75:
- Your age
- Your gender
- Your health status
- The type of policy you buy
These are the common price ranges for senior life insurance options for adults in their 70s, but your premiums may vary.
Average Annual Insurance Rates for Men over 70 or 75*
| Age | Term: $50,000 - $250,000 Benefit | Whole: $50,000 - $250,000 Benefit | Universal | Guaranteed Universal: $50,000 – $250,000 Benefit | Final Expense: $5,000 Benefit | Final Expense: $10,000 Benefit |
| 70 | $600– $2.330 | $2,820 – $16,320 | Talk to your insurance provider for rates. | $2,580 – $9,830 | $490 | $970 |
| 75 | $1,140 – $4,060 | $3,750 – $22,440 | Talk to your insurance provider for rates. | $9,840 - $10,850 | $685 | $1,350 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Insurance Rates for Women over 70 or 75*
| Age | Term: $50,000 - $250,000 Benefit | Whole: $50,000 - $250,000 Benefit | Universal | Guaranteed Universal: $50,000 – $250,000 Benefit | Final Expense: $5,000 | Final Expense: $10,000 Benefit |
| 70 | $480 – $1,770 | $2,300 – $13,440 | Talk to your insurance provider for rates. | $2,180 – $6,125 | $380 | $730 |
| 75 | $840 – $2,640 | $2,940 – $18,450 | Talk to your insurance provider for rates. | $6,140 - $8,850 | $505 | $970 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Final Expense Life Insurance for Seniors Over 70 or 75
Final expense insurance, also known as burial or funeral insurance, is a great insurance option for seniors in their 70s. Burial insurance for seniors has much lower premiums than many other types of life insurance, and rather than taking a health test, you only need to answer a few simple health questions on the application. These policies are used to cover funeral costs, but the funds can also be used for other expenses. In addition, funeral insurance offers these benefits for seniors over 70:
- It’s a type of whole life policy, so it’s permanent as long as you pay the premiums.
- The premium rates are fixed, making them easy to factor into your budget, even if you live on a fixed income.
- Policies build cash value, and you can usually take a loan against them to pay for expenses while you’re still living, such as medical bills.
- The application is easy to fill out, and your approval can come in as little as a few days.
It can be tough to find affordable life insurance for adults in their 50s and older. Since final expense policies can start at just $15 per month, they’re a great option for any senior’s budget.
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Monthly Premium Rates for Men*
| $5,000 Death Benefit | ||
| Age | Determined 'In Good Health' by Insurer | No Health Questions Asked |
| 50 | $16 | $20 |
| 55 | $19 | $24 |
| 60 | $23 | $29 |
| 65 | $29 | $35 |
| 70 | $38 | $44 |
| 75 | $51 | $63 |
| 80 | $65 | $82 |
* Estimated rates do not reflect the rates of any particular life insurance company.
| $10,000 Death Benefit | ||
| Age | Determined 'In Good Health' by Insurer | No Health Questions Asked |
| 50 | $30 | $40 |
| 55 | $35 | $46 |
| 60 | $43 | $57 |
| 65 | $56 | $68 |
| 70 | $74 | $88 |
| 75 | $100 | $125 |
| 80 | $126 | $162 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Monthly Premium Rates for Women*
| $5,000 Death Benefit | ||
| Age | Determined 'In Good Health' by Insurer | No Health Questions Asked |
| 50 | $14 | $15 |
| 55 | $16 | $18 |
| 60 | $18 | $24 |
| 65 | $22 | $28 |
| 70 | $28 | $35 |
| 75 | $38 | $46 |
| 80 | $48 | $64 |
* Estimated rates do not reflect the rates of any particular life insurance company.
| $10,000 Death Benefit | ||
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked |
| 50 | $25 | $28 |
| 55 | $28 | $36 |
| 60 | $33 | $45 |
| 65 | $41 | $55 |
| 70 | $53 | $69 |
| 75 | $72 | $90 |
| 80 | $93 | $126 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Term vs. Whole Life Insurance for Seniors Over 70 or 75
Term and whole life insurance are popular choices for younger adults. These plans may be good insurance options for seniors if used along with final expense insurance, but it’s important you look at your budget and coverage needs when considering these policies to decide if they're worth it.
Term Life Insurance
Rates remain the same throughout the life of term life insurance policies as long as premiums are paid, making them appealing to seniors on fixed incomes. But there are many cons to getting term life insurance in your 70s. At this age, many providers only offer 10-year plans. They almost always require a health test, and they’re very difficult to qualify for if you’re not in great overall health or take medication of any kind. The policies don’t build any cash value, and if you outlive your policy, you won’t receive the payout. Although the premiums are low, buying term life insurance over the age of 70 may not be the safest choice.
Average Annual Term Life Insurance Rates for Men over 70 or 75*
| Age | Policy Amount | Average Rate or 10 Year Term |
| 70 | $50,000 | $600 |
| 70 | $100,000 | $1,170 |
| 70 | $250,000 | $2,330 |
| 75 | $50,000 | $1,140 |
| 75 | $100,000 | $2,250 |
| 75 | $250,000 | $4,060 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Term Life Insurance Rates for Women over 70 or 75*
| Age | Policy Amount | Average Rate for 10 Year Term |
| 70 | $50,000 | $480 |
| 70 | $100,000 | $765 |
| 70 | $250,000 | $1,770 |
| 75 | $50,000 | $840 |
| 75 | $100,000 | $1,525 |
| 75 | $250,000 | $2,460 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Whole Life Insurance
Also known as permanent life insurance, whole life insurance doesn’t expire as long as the premiums are paid. Other than final expense insurance (which has low insurance rates for seniors), these policies have higher premiums than other plans. They also require health tests, which can drive up the cost even more. Traditional whole life policies build cash value over time, which makes them different from term policies. The cash value of a policy can be withdrawn in the form of a loan, but it must be repaid before the insured passes away. If the loan is not repaid, it will be deducted from the death benefit. Because of how expensive traditional whole life insurance can be, burial insurance is often the most affordable plan for seniors in their 70s, even those with serious health conditions.
Average Annual Whole Life Insurance Rates for Men over 70 or 75*
| Age | Policy Amount | Average |
| 70 | $100,000 | $2,820 |
| 70 | $150,000 | $6,540 |
| 70 | $250,000 | $16,320 |
| 75 | $100,000 | $3,750 |
| 75 | $150,000 | $8,880 |
| 75 | $250,000 | $22,440 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Whole Life Insurance Rates for Women over 70 or 75*
| Age | Policy Amount | Average |
| 70 | $100,000 | $2,300 |
| 70 | $150,000 | $5,460 |
| 70 | $250,000 | $13,440 |
| 75 | $100,000 | $2,949 |
| 75 | $150,000 | $7,950 |
| 75 | $250,000 | $18,450 |
* Estimated rates do not reflect the rates of any particular life insurance company.
See here for more information and resources on term vs. whole life insurance.
Universal Life Insurance for Seniors Over 70 or 75
Universal life insurance (UL) is a mix of whole and term life insurance. It’s permanent with a guaranteed death benefit, but it has low monthly premiums, and it usually requires a health test. You may be able to update your policy rather than purchase a new one if your needs change, and some providers offer refunds for your premium payments after you’ve held the policy for a certain amount of years.
The cost of universal life insurance that requires a health test is lower than other UL products, such as guaranteed. However, its rates aren’t as low as final expense plans, which don’t require a health exam. Because of the complexities of universal life insurance, it’s best to talk to your life insurance agent for a quote.
Guaranteed Universal Life Insurance (GUL)
These UL plans don’t require you to take a medical test or answer health questions, so their rates are higher than standard universal life insurance. Acceptance is guaranteed for all seniors. Be sure you pay all of your premiums in full and on time, though, because if you miss even one, your coverage may be canceled.
Average Annual Guaranteed Universal Life Insurance Rates for Men over 70 or 75*
| Age | Policy Amount | Average Rate |
| 70 | $50,000 | $2,580 |
| 70 | $100,000 | $3,265 |
| 70 | $250,000 | $9,830 |
| 75 | $50,000 | $9,840 |
| 75 | $100,000 | $4,630 |
| 75 | $250,000 | $10,850 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Guaranteed Universal Life Insurance Rates for Women over 70 or 75*
| Age | Policy Amount | Average Rate |
| 70 | $50,000 | $2,180 |
| 70 | $100,000 | $2,620 |
| 70 | $250,000 | $6,125 |
| 75 | $50,000 | $6,140 |
| 75 | $100,000 | $7,950 |
| 75 | $250,000 | $8,850 |
* Estimated rates do not reflect the rates of any particular life insurance company.
FAQs: Life Insurance for Seniors over 70 or 75
Can I get life insurance if I’m over 70 or 75?
You can buy life insurance if you’re in your 70s, but you’ll need to compare policies to find one you can afford that provides the coverage you want.
What life insurance policies can I buy if I’m over 70 or 75?
The best life insurance policies for adults in their 70s are:
- Final expense (also called burial or funeral)
- Term
- Whole
- Universal and guaranteed universal
Do I need life insurance if I’m over 70 or 75?
Life insurance is a great way to help your loved ones pay for your final expenses. It helps ensure your family members won’t need to pay for the debts you leave behind, such as:
- Funeral costs
- Medical and long-term care bills
- Mortgage, auto, and personal loans
- Credit card bills
- Living expenses for dependents
Do I need to take a health exam to get life insurance if I’m over 70 or 75?
Funeral insurance and guaranteed universal insurance ask a few health questions on the application, but you don’t have to get a test from your doctor. Whole, term, and universal policies usually require a medical exam.
How much life insurance do I need if I’m over 70 or 75?
The amount of insurance you need depends on the debt your loved ones will be responsible for after you pass away. Consider these factors when deciding how much coverage you need:
- The value of your estate based on your physical and financial assets
- How many dependents you’ll leave behind
- Debts you may not pay before you pass away, including loans, medical bills, and funeral expenses
- Inheritances and cash gifts you want to give to loved ones or charity
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Featured Information
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Certainly! The provided article discusses various aspects of life insurance for seniors over the age of 70 or 75. It covers different types of insurance, including final expense, term, whole life, universal life, and guaranteed universal life insurance policies. Let's break down the concepts and information mentioned in the article:
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Cost Factors for Senior Life Insurance: The article highlights several crucial factors that determine the cost of life insurance for seniors, such as age, gender, health status, and the type of policy being purchased.
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Final Expense Insurance: This type of insurance, also known as burial or funeral insurance, is specifically tailored for seniors in their 70s. It offers lower premiums compared to other types of life insurance and requires minimal health assessment during the application process.
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Monthly Premium Rates: The article provides estimated monthly premium rates for both men and women, considering death benefits of $5,000 and $10,000, outlining the variations based on age and health status determined by insurers.
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Term Life Insurance: It discusses the limitations of term life insurance for seniors over 70 or 75, including the requirement for a health test, limited policy durations (often 10 years), and the absence of cash value or payouts if the policyholder outlives the term.
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Whole Life Insurance: This type of insurance doesn't expire as long as premiums are paid, but it comes with higher premiums and requires health tests. It builds cash value over time and offers options to withdraw that value as a loan.
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Universal Life Insurance: A blend of whole and term life insurance, providing a guaranteed death benefit with varying premium rates and potential policy updates.
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Guaranteed Universal Life Insurance (GUL): Unlike other universal life insurance plans, GUL doesn't require health tests but has higher rates. It guarantees acceptance for all seniors.
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FAQs: The article addresses common questions regarding life insurance for seniors, including the types of policies available, the necessity of life insurance at that age, health exam requirements, and the considerations for determining the necessary coverage.
Each section provides detailed insights into the costs, benefits, and considerations associated with different life insurance options available for seniors aged 70 or older, emphasizing the importance of securing coverage for final expenses and potential debts.
This comprehensive overview should help individuals in this age bracket navigate the complexities of life insurance and make informed decisions based on their needs and financial situations.
