Complete Rates For Life Insurance Over Age 70
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are looking for life insurance for over age 70, you’ve come to the right place!
“The average life expectancy for a man is 76.4 years, and the average life expectancy for a woman is 80.5 years.” The number of people living to be over 70 has increased exponentially in recent decades due to better healthcare, but as we age our health can change quickly and drastically.
For many seniors, this means not only are they concerned with their own mortality but also that of their loved ones who may need protection should something happen to them without warning.
Insurance policies such as whole life insurance can offer peace of mind for seniors by providing coverage until death or disability occurs no matter what age one reaches while also offering long-term investment growth options like dividends and interest on loans.
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Can You Get Life Insurance After Age 70 That Is Affordable
Yes, you can still get coverage!
For one thing, it’s never too late to protect your loved ones with term life insurance for seniors over 70 years of age. Whether you are looking for life insurance for a 70-year-old man or woman, it will come down to health and medications that will determine the best rate.
Overall, life insurance for people over 70 is extremely achievable, but this is not the age to kick the can down the road. For example, your monthly premium will increase 50-75% between the ages of 70 and 75.
In fact, this is for, term insurance, universal life insurance, and final expense insurance. In addition, even guaranteed issue whole life will see a 50% increase. Above all, you are going to want to buy life insurance closer to 70 than life insurance at 75.
Furthermore, life insurance companies will rate you with a tighter belt as when you are over 70 you are within a decade of mortality statistically. Due to the natural body breaking down and health issues arise at this age, it will be more difficult for you to get the best rate for the right coverage amounts.
What Type of Life Insurance is Best for Seniors Over 70
What is the best paying life insurance for seniors over 70?
Well, it depends on what your goals are. If you have any outstanding debts you don’t want to leave behind, then a term life insurance policy would work. However, you are only able to cover maybe 10-15 years.
Above all, universal life should be avoided as you don’t have 20-30 years to allow the investment mechanism to appreciate. All that happens is the cost increases due to age and the investment part does n to make up the difference. So the death benefits get cut or your price becomes unaffordable.
Then there is whole life, simplified whole life which are burial or final expense policies. These are usually to cover the end of life costs between $1,000-$50,000. These types of policies are lifetime policies that don’t require exams. These are usually called life insurance for seniors over 70 no medical exam can be approved instantly over the phone making it very convenient.
In particular, there are 4 different policy types that we recommend for people in their 70s:
1. 10-Year Term:
Are you in good health and still active? You may qualify for medically underwritten life insurance — the most affordable term life insurance coverage for seniors over 70! This is a great option for an insurance plan if you have more than a burial to cover! Some carriers will offer living benefits built into the policy. For the cheapest life insurance for seniors over 70 reach out to us!
2. Guaranteed Issue:
No matter how bad your health is, you’re guaranteed acceptance. It doesn’t require a medical exam or health questions. However, it can be costly, but you’re guaranteed to leave cash behind for your loved ones. This type of policy is usually for funeral expenses.
3. Simplified Issue:
There’s no medical exam with this type of policy, either. Just answer a questionnaire about your medical history in order to apply. It’s not guaranteed, but acceptance rates are higher than policies that require a medical exam. This is better known as final expense life insurance for seniors.
4. Burial Policy And/Or Final Expense:
These policies will cover your final expenses such as burial and small minor debts so your family won’t have to. Face amounts for these policies usually range between $2,000-$50,000. Our go-to carrier is Mutual of Omaha. They have a final expense policy called “Living Promise”, which is the best product on the market for life insurance for older adults.
It’s important to find the combination of cost of life insurance at age 70 and older along with quality. So if you’re asking yourself what is the best life insurance for seniors over 70, you are at the right place.
In that case, ask yourself this; Can your family afford to pay for a funeral or your final medical expenses? If not, life insurance can help. Call me for a free one-on-one consultation: 855-380-3300
My Goal Is To Provide Peace Of Mind!
The Facts And Rates About Over 70 Life Insurance Comparison
How much does life insurance cost for a 70 year old?
Below we will show comparisons from age 70 to age 74. In addition, we will compare the rates between males and females. These will be the best life insurance for 70 year old women and over as well as term life for 70 year old male and older.
In addition, you may ask what are the best life insurance companies for people over 70? That is sometimes tricky, and where an independent agent will come in.
You see, every life insurance carrier has different guidelines, build charts, underwriting niches, and different rates. Above all, you must be matched up with the carrier that specializes in your unique health profile.
Furthermore, when talking about rates, whole life insurance for seniors over 70 will be more pricey than a 10, 15 year term. With this in mind, the insurance company knows that with a whole life policy they will be cutting a check. Another key point is that they don’t offer 30 year terms and accidental death policies after 70.
Term Life Insurance Rates for Age 70-74
When you are looking at the best life insurance for a 70-year-old whether a woman or a man it will come down to overall health and medications.
Above all, your rate will be determined by age, health, build, medications, and lifestyle. In addition, your rate will also depend on whether it is a no medical exam term, or fully underwritten.
So we will show you rates for a male and female for $100,000 and $250,000 on a 10 and 15 year terms.
Ask Us About Our Go To Senior Carrier That Is A Price Buster!
Below are the best term life insurance rates for a 70 years old man and woman.
Term Life Insurance For Men Ages 70-74
| Age | $100,000 10yr Term | $100,000 15yr Term | $250,000 10yr Term | $250,000 15yr Term |
|---|---|---|---|---|
| 70 Year Old Male | $86.52 | $120.87 | $167.44 | $233.69 |
| 71 Year Old Male | $94.50 | $150.62 | $188.00 | $281.71 |
| 72 Year Old Male | $104.36 | $181.39 | $212.83 | $342.51 |
| 73 Year Old Male | $116.79 | $214.45 | $243.86 | $414.44 |
| 74 Year Old Male | $132.62 | $245.65 | $276.54 | $473.81 |
Term Life Insurance For Women Ages 70-74
| Age | $100,000 10yr Term | $100,000 15yr Term | $250,000 10yr Term | $250,000 15yr Term |
|---|---|---|---|---|
| 70 Year Old Women | $59.29 | $76.76 | $106.00 | $155.87 |
| 71 Year Old Women | $67.34 | $114.01 | $122.31 | $193.50 |
| 72 Year Old Women | $76.27 | $132.08 | $141.30 | $232.17 |
| 73 Year Old Women | $86.11 | $154.18 | $162.71 | $278.82 |
| 74 Year Old Women | $97.32 | $177.78 | $188.08 | $335.11 |
Again, this is the best rate available, if you want a free consultation to find out your accurate rating class fill out this pre-qualification questionnaire (CLICK HERE) and one of our agents will call you to go over your options.
Or fill out the quote form to the right and we will reach out to you.
Burial Insurance Rates For Age 70-74
What is the best burial insurance rate for seniors 70-74?
Above all, a final expense/burial insurance policy is the best way to make sure that your loved ones are not stuck with an expensive bill on a day’s notice.
Final expense insurance is a simplified whole life policy that is available for immediate coverage, YES SAME DAY!! Well, in most cases if you can medically qualify.
Below are the best rates available for men and women age 70-74.
Burial Insurance For Men Ages 70-74
| Age | $5,000 Final Expense | $10,000 Final Expense | $15,000 Final Expense | $20,000 Final Expense |
|---|---|---|---|---|
| 70 Year Old Men | $38.91 | $73.15 | $107.98 | $141.99 |
| 71 Year Old Men | $41.01 | $78.81 | $116.51 | $153.25 |
| 72 Year Old Men | $43.60 | $83.99 | $124.38 | $164.54 |
| 73 Year Old Men | $46.33 | $89.46 | $132.59 | $175.27 |
| 74 Year Old Men | $49.03 | $94.87 | $140.27 | $185.48 |
Burial Insurance For Women Ages 70-74
| Age | $5,000 Final Expense | $10,000 Final Expense | $15,000 Final Expense | $20,000 Final Expense |
|---|---|---|---|---|
| 70 Year Old Women | $28.22 | $53.12 | $78.26 | $103.28 |
| 71 Year Old Women | $29.70 | $56.20 | $82.70 | $109.20 |
| 72 Year Old Women | $30.83 | $58.46 | $86.08 | $113.71 |
| 73 Year Old Women | $33.38 | $63.55 | $93.72 | $123.89 |
| 74 Year Old Women | $35.49 | $67.78 | $100.07 | $132.36 |
Overall, these are the best rates available. If you want a free consultation to assist in isolating the best rate for you here is our pre-qualification questionnaire (CLICK HERE) and we will be in touch to go over YOUR best options.
FAQs
The cost varies widely based on the policy type, coverage amount, health status, and lifestyle factors. Rates can range from moderate to significantly high.
Factors include overall health and medical history, lifestyle (such as smoking status), the type of insurance policy, and the coverage amount.
This depends on individual needs. Term life might be less expensive but harder to obtain, while whole life offers lifelong coverage but at higher rates.
Yes, there are no-exam policies available, but these often come with higher premiums and lower coverage limits.
Age limits vary by insurer, but it’s typically more challenging to find new coverage past 80. Some policies, however, cater specifically to seniors.
Yes, some policies are designed for seniors, focusing on covering final expenses and offering smaller death benefits.
Compare rates from multiple insurers, consider smaller coverage amounts, and look for policies tailored to seniors.
Benefits include covering final expenses, leaving an inheritance, paying off debts, or contributing to the financial stability of surviving dependents.
Yes, the focus might shift from income replacement to covering final expenses and leaving a financial legacy.
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Conclusion
Overall, when shopping for life insurance it can be very confusing leading to frustration. I am here to tell you it does not have to be that challenging.
In fact, getting life insurance is extremely simple if you are dealing with the right agent. For example, experience in knowing which carrier will cover a specific health impairment that all the others won’t.
Or, knowing the most efficient way for YOU, out clients will achieve success in getting the policy that is right for them. We specialize in the senior market over 70, and we have thousands of clients that can say the same.
Look forward in discussing your life insurance needs and placing you in the very best options available.
