Life Insurance Over 70: How to Find the Right Coverage
Life insurance over 70 can be affordable and relatively easy to purchase, especially if you have an experienced independent agent guiding you and your family through the process.
This insider's guide offers an overview of the types of policies available to applicants in their 70's. We've also included some tips that could help you save money and some sample rates to help you estimate the cost of your coverage.
Quick Article Guide
Here’s what we'll cover in this post:
Types of Life Insurance
Understanding the different types of life insurance can be difficult, especially if this is your first time shopping. But you shouldn’t let that stop you from protecting your loved ones, so let’s start with a quick rundown of the policies you will come across:Term Life Insurance
We describe term life insurance as pure protection. Term life provides a death benefit (money paid to your spouse or heirs to cover income loss and assets in the event of your death) at a fixed premium, for a set period of time (your term).
Terms are generally available in 5-year increments ranging from 5 to 30 years, after which the policy will usually become renewable on an annual basis. Term life insurance is generally the most affordable and cost-effective option for most people.
We included some sample rates for a 10-year and 15-year term for a male in excellent health. If you would like to see additional quotes or quotes for a female, please visit our guide, Life Insurance Rates By Age.
After the age of 71, term life insurance in no longer available in a 20 year term. If you need to secure life insurance until age 90, 95, or even 100 with guaranteed rates that do not increase as you get older, skip below to Life Insurance to Leave an Inheritance.
Term Life Insurance Rates for a Male in Excellent Health - 10 Year Term
| Current Age | $100,000 of Coverage | $250,000 of Coverage | $500,000 of Coverage |
| 70 | $85.79 | $167.44 | $294.56 |
| 71 | $94.43 | $190.06 | $335.76 |
| 72 | $104.29 | $216.41 | $383.86 |
| 73 | $116.72 | $243.86 | $441.71 |
| 74 | $132.46 | $276.54 | $510.16 |
| 75 | $149.79 | $318.19 | $592.51 |
| 76 | $200.03 | $418.29 | $784.08 |
| 77 | $249.54 | $505.52 | $955.35 |
| 78 | $302.18 | $598.61 | $1,144.47 |
| 79 | $342.81 | $670.59 | 41,299.31 |
*Displayed monthly rates are accurate as of 12/31/2022 and are provided for illustration only.
Term Life Insurance Rates for a Male in Excellent Health - 15 Year Term
| Current Age | $100,000 of Coverage | $250,000 of Coverage | $500,000 of Coverage |
| 70 | $119.78 | $233.69 | $439.16 |
| 71 | $150.70 | $281.71 | $530.11 |
| 72 | $181.47 | $342.51 | $646.11 |
| 73 | $207.32 | $414.44 | $778.36 |
| 74 | $243.10 | $473.81 | $934.71 |
| 75 | $273.88 | $562.64 | $1,096.06 |
| 76 | $323.60 | $715.28 | $1,377.43 |
| 77 | $374.09 | $819.19 | $1,578.88 |
| 78 | $435.97 | $956.46 | $1,844.50 |
| *79 | *N/A | *N/A | *N/A |
*Displayed monthly rates are accurate as of 12/31/2022 and are provided for illustration only.
Whole Life Insurance
Whole life insurance provides lifetime protection at fixed periodic premiums and builds cash value in addition to your death benefit.
There are many different types of whole life insurance, from indexed universal life policies embedded in stock market indexes to variable universal life, which is actually invested in the stock market.Guaranteed Universal Life Insurance (GUL)
Despite the implication of its name, guaranteed universal life insurance (GUL) is not whole life insurance. It does not build cash value, nor does it carry the expensive management fees of whole life, allowing you to keep your payments low.
A GUL policy functions similarly to a term life policy, except rates are fixed to a specified age (90, 95, 100, 105, 110, and even 121) rather than a specified number of years.
At JRC, we are strong proponents of guaranteed universal life insurance over its non-guaranteed counterpart—learn why here.
The Key to Buying Life Insurance Over 70
After the age of 70, the majority of well-known or “big-box” life insurance companies have stopped offering term life insurance. In fact, many stop offering competitive rates much sooner—even after age 50!Agents working for big-name insurers are what we call “captive agents,” meaning they are only able to sell their employer’s products. Likewise, these companies have for decades built their names on home and auto insurance, with life insurance as an afterthought, add-on, or “bundle” deal.
While it may seem like a quick and comfortable solution to call your longtime auto insurance agent and ask about life insurance, understand that this will severely limit your options, and you will likely end up spending 25 to 30 percent more than you should. That’s if they are even interested in providing you with life insurance over 70.For this reason, many older folks who call us are surprised to find that term life insurance is indeed available to them. JRC is an independent agency, meaning we can impartially shop dozens of carriers across the market on behalf of our clients.
We are not owned by an insurance company, and our services are completely free to you. Only after you are approved for and 100% happy with your policy are we compensated by the insurance company.
The takeaway: it’s especially important for you to work with an independent agent.
Life Insurance to Leave an Inheritance
If you are 70 or older and need life insurance for longer than 10 years, you will want to purchase guaranteed universal life insurance to lock in your rates and coverage until the age of 90 or later. These policies are often called “term to 90,” “term to 95,” or “term to 100” life insurance, because they work just like a term policy, with rates and coverage guaranteed to a specific age.Many of our clients purchase life insurance to leave an inheritance. With a guaranteed policy to age 90 or later, you can spend your retirement savings and still leave a legacy, tax-free.
In quite a few cases, it even turns out that a GUL policy offers longer coverage and greater savings than term life insurance.
The tables below show average rates for a male in excellent health seeking "Lifetime" coverage or a GUL policy to age 90, 95, or 100. You may notice that at age 76, you could buy a 15-year term life policy with a $500,000 death benefit for roughly $1,377.43. Or, you could lock in the same coverage up to age 100 with a GUL policy that would cost roughly $1,590.00 a month.
Monthly Rates for a MALE in Excellent Health - To Age 90
| Current Age | $100,000 of Coverage | $250,000 of Coverage | $500,000 of Coverage |
| 70 | $198.93 | $439.05 | $851.28 |
| 71 | $211.79 | $468.09 | $909.08 |
| 72 | $224.65 | $497.12 | $966.79 |
| 73 | $237.53 | $526.19 | $1,024.50 |
| 74 | $248.12 | $550.14 | $1,072.14 |
| 75 | $257.08 | $570.39 | $1,112.52 |
| 76 | $324.00 | $797.50 | $1,590.00 |
| 77 | $338.00 | $835.00 | $1,665.00 |
| 78 | $373.00 | $922.50 | $1,840.00 |
| 79 | $391.00 | $967.50 | $1,925.00 |
Monthly Rates for a MALE in Excellent Health - To Age 95
| Current Age | $100,000 of Coverage | $250,000 of Coverage | $500,000 of Coverage |
| 70 | $240.80 | $535.58 | $1,062.22 |
| 71 | $258.00 | $589.50 | $1,172.07 |
| 72 | $274.40 | $623.75 | $1,241.00 |
| 73 | $292.20 | $660.75 | $1,315.50 |
| 74 | $312.20 | $702.50 | $1,398.50 |
| 75 | $333.27 | $750.25 | $1,494.00 |
| 76 | $405.00 | $1,002.50 | $2,000.00 |
| 77 | $429.00 | $1,062.50 | $2,120.00 |
| 78 | $472.00 | $1,172.50 | $2,335.00 |
| 79 | $503.00 | $1,250.00 | $2,495.00 |
Monthly Rates for a MALE in Excellent Health - To Age 100
| Current Age | $100,000 of Coverage | $250,000 of Coverage | $500,000 of Coverage |
| 70 | $262.50 | $601.00 | $1,195.50 |
| 71 | $280.90 | $641.00 | $1,275.00 |
| 72 | $299.70 | $682.00 | $1,357.00 |
| 73 | $320.60 | $727.75 | $1,448.50 |
| 74 | $342.80 | $776.75 | $1,546.50 |
| 75 | $367.30 | $831.00 | $1,654.50 |
| 76 | $440.00 | $1,072.00 | $2,120.00 |
| 77 | $469.00 | $1,162.50 | $2,320.00 |
| 78 | $517.00 | $1,282.50 | $2,560.00 |
| 79 | $554.00 | $1,377.50 | $2,750.00 |
Life Insurance to Cover Final Expenses
If you are in a place where you already have money to leave behind to your spouse or heirs, we might recommend a minimalist policy designed to cover final expenses and burial costs.Final expense policies carry death benefits between $5,000 and $25,000. Just like all other life insurance policies, the money is paid to your beneficiaries tax-free, in a lump sum if they wish, or in monthly installments. The two main things to look for in a final expense policy are a fixed rate and coverage for your entire lifetime.
To obtain a quote for a final expense policy, please give us a call at 855-247-9555. We shop dozens of companies, and we'll be able to find you the best rate.
Life Insurance to Reduce Estate Taxes
Life insurance is also purchased to protect estates for high-net-worth families. This can be accomplished with an individual policy or a “second to die” life insurance policy (meaning your heirs will receive a death benefit after both you and your spouse pass away).On January 1, 2023, the estate tax exemption increased to an all-time high of $12,920,000. If your estate is worth more than the exemption, your assets that exceed this number will be subject to a 40% tax rate. In addition to Federal estate taxes, some states will also levy their own inheritance and estate taxes against your assets.
Its also important to note that the federal exemption is set to reduce to roughly $6,000,000 in 2026. To minimize or eliminate the tax burden for your heirs, you may wish to consider permanent life insurance to cover taxes and the cost of an estate settlement.Real-Life Example
JRC recently worked with an older gentleman who lives in the Mid-Atlantic U.S. with his wife. He loves his profession and happily goes to work every day, despite having accumulated notable wealth and being well past the typical retirement age. He uses life insurance for estate planning, to effectively shield his two children from estate taxes down the road.
The client was originally working with a large, well-known non-profit in hopes of getting a third second-to-die life insurance policy. After becoming frustrated with the organization’s lack of responsiveness, he searched online for a life insurance agent and found JRC.
After shopping 63 top insurance carriers to find the right solution, we were able to help him funnel the cash value from his two second-to-die cash accumulation accounts toward one policy. This allowed him not only to condense his life insurance from a prospective three plans down to one, but also secure 15% more coverage and save roughly $24,000 per year in premiums—all at zero extra cost.
Now, he pays no monthly premiums and has peace of mind knowing that his life insurance is aligned with his estate taxes. He was even able to put the residual money he was going to spend on a third policy into a trust fund instead.
Life Insurance for Pension Maximization
Are you in your 60s and considering buying life insurance to enable you to retire with full pension benefits? Using a strategy called pension maximization, you can supplement your pension with life insurance to accept the full payout while still providing financial protection for your spouse and family.
For example, if your full pension pays $4,500 per month, taking the spousal benefit might drop your payout to $3,700 per month. Life insurance, on the other hand, can provide the same peace of mind and perhaps even a larger death benefit for, say, $200 per month.So, by accepting your full $4,500 per month pension and buying life insurance separately, you are putting $600 more in your pocket each month ($7,200 per year) compared to the spousal benefit.
If you are currently weighing the options of your pension, we’ve created the only guide you’ll ever need to determine whether pension maximization will be a viable strategy for you.
The Medical Exam
You may or may not be aware that many life insurance policies require a medical exam. The exam is free to you, paid by the insurance company you apply with (regardless of whether you are approved). A nurse can visit you to administer an in-home test, or we can make arrangements for you to go to an approved lab in your area, such as Quest Diagnostics.A medical exam for life insurance typically includes measuring your height and weight, taking your blood pressure, and giving a small blood and urine sample. You should also be sure to have all of your age appropriate checkups up to date at this time. An insurance underwriter will then review your lab work results, along with your medical records, as part of standard due diligence. This all requires absolutely no work or payment from you.
If you’re shopping for life insurance after age 70, you may still be able to obtain life insurance without a medical exam, although your death benefit will likely be capped at $25,000, and your rates will be higher. Without reviewing your lab work results, a life insurance company is accepting a higher risk. Therefore, you’ll be treated as “high risk” even if you’re not.
An insurance company that offers coverage without an exam has no way to determine if you are overweight, a smoker, or have other underlying health issues. Many policies purchased without an exam increase in cost every give years. For these reasons, we strongly recommend that you take a medical exam for life insurance.
How to Apply
- Give JRC a call at 855-247-9555, or get a free life insurance quote online.
- We will discuss your needs and begin shopping 50+ carriers to find you the best rates.
- Complete your application with the insurance company of your choice. (Don’t worry–it only takes a few minutes!)
- Complete a free, in-home life insurance health screening physical. This will be required unless you’re buying a $5,000-$25,000 “final expense” policy. After age 65, life insurance companies want to make sure you don’t have any serious issues. (Worried that you’ll be declined? You might be surprised to learn that many serious health issues are insurable.)
- Wait for your approval (typically 6-8 weeks) and review your policy when received. At this time, you can decline the offer for insurance at no cost, adjust your death benefit amount, or make your first payment to start your policy.
Were here to help. Give us a call today at 855-247-9555 or request a free quote below. In less than a minute, you'll be able to compare policy rates and coverage options from dozens of life insurance providers.
Clifford Pendell
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.
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Questions From Our Visitors
Some of the questions we received from our website visitors:
Will be 69 may 2017 i want 300 thous term life for 20 yra. Give me a quote in good health non smoker
Mr. Katz, Thank you for visiting JRC's life insurance site. There are only a handful of companies which offer 20 year term life insurance to an applicant in their late 60's, so we're glad you contacted us. We'd want to compare these rates to another type of policy guaranteed to age 90. Sometimes rates are actually less costly, even though the price is guaranteed for an additional year or two compared to a term policy to age 89. We'll need your state of residence and a brief conversation to review medications and your health history. We can then provide very accurate quotes from highly rated life insurers...this will be much more helpful than trying to "self underwrite" by searching around the internet. Our agents are fully licensed, having helped thousands of clients over the years save thousands of dollars in life insurance premiums. Call JRC life insurance services at (855) 247-9555. We look forward to helping you protect your family with affordable, high quality life insurance.
I would love get good offers on a life insurance that is term to 90 as well as final expense insurance, or bundled emailed to me at myselrocket at gmail My great mother lived to be 90 and she didn't eat too well. I am 70, my daughter turned me vegan I feel as if I am ten years younger energywise, any pain I may have felt years ago I don't feel, I am not a smoker, I eat organic mostly raw meals and exercise ten to fifteen minutes a day, senior exercises, but it's at least something. My hair is showing gray and I never thought of life insurance. I should. I am hoping to keep the monthly low - what companies would be my right choices to approach. Met life quote online saw 70 and I couldn't go further. People who look at me guess me way younger than I am
Georgina, Thank you for your question and visiting JRC's life insurance site. JRC represents over 40 life insurance companies, with varying types of coverage and death benefits. Call JRC at (855) 247-9555 and we'll help you determine the most affordable options you could qualify for your age, good health, and the death benefit you'd life to leave your daughter or other beneficiaries. These will be accurate pre-qualified quotes, not the "guesstimates" you'll fine online. Thank you again, and best regards
Can I get insurance for my 72 year old healthy husband?
Mrs. Bradford, We're unable to tell if our previous reply to you was blocked. To reconfirm, your husband won't be denied coverage for age if we choose the correct companies which insurance healthy men in their 70's licensed for your state of residence. Call us at (855) 247-9555 and a licensed agent will pre-qualify him and determine his best options within your life insurance budget. Best Regards, JRC Insurance Group (855) 247-9555
My mom is 78 and iam her daughter and i would like to get term or whole life insurance policy on her. I want to pay the premium and b the beneficiary is that possible and want it for 15000 $
Hello, Ms. Allred, Thank you for visiting JRC Life Insurance's website. Yes, as long as your mother is "on board" and can verbally approve those two items, we can help you shop her coverage for her to purchase the $15,000 death benefit providing the best rates/value. Call JRC at (855_ 247-9555 and a licensed agent will assist you. JRC LIFE INSURANCE
I am a 68 year old man with congestive heart failure, which has required 2 recent hospitalizations. I have a pace maker/defibrilator and a mechanical mitral valve. I have had term insurance for 30 years, which will not be renewable when I turn 70. I currently pay about $ 4000 per year for this policy. Is there any company which will write me a new 10 year term policy? If so, what is do you estimate the cost will be?
Mr. Karan, We’re following up your question regarding the ability to qualify for life insurance. Some of our replies appear to have been blocked by spam filters, but did want to try again in the hopes of helping you. Based on the health history you shared, you'll be limited to "guaranteed issue" policies where no medical questions are asked. Accidental death is provided immediately, with death due to medical conditions added two years later following this "waiting period". Most of these policies are available with death benefit options of $5000 to $25,000 . We've reviewed these extensively and offer the best of these types of life insurance available in various states. Call us at (855) 247-9555 for quotes. Best Regards, JRC Life Insurance Group (855) 247-9555
I’m looking for an insurance policy that would cover paying the mortgage company off in the event of my death . I’m 71 and in good health.
Mr. Sinkovic, We’re following up your question regarding the ability to qualify for life insurance. Some of our replies appear to have been blocked by spam filters, but did want to try again in the hopes of helping you. Mortgage protection life insurance provides a declining death benefit to match a declining mortgage balance. There are only a handful of companies offering these types of policies. Our customers have found better value in a level term life policy where the death benefit remains consistent through the duration. Often times these policies cost less than "mortgage insurance" since there are more companies competing for your business. We can provide pre-qualified estimates for various term lengths to match your need and budget. Some offer a one-time option to reduce the death benefit and corresponding premium. Call us at (855) 247-9555 and a licensed agent for your state will be glad to assist you. Hopefully we'll help you qualify for a policy more affordable than you've anticipated, freeing up funds to help you pay down your mortgage more quickly. With these term policies, you can cancel anytime you choose without penalty Best Regards, JRC Life Insurance Group