The Top Life Insurance Options For People Over 70
Life insurance might feel out of reach after 70 — but it’s more available than you think.
With the right policy, you can still protect your loved ones and plan for what’s ahead.
Why Life Insurance Still Matters After 70
As we age, life insurance becomes more than just a policy — it’s a financial tool. Whether your goal is to cover final expenses, leave behind a legacy, or ease the burden on your family, the right plan can offer long-term security. Even if it feels like options are limited past a certain age, there are still paths available. Many insurers offer policies tailored for older adults, and understanding how they work can help you make the right decision.
Types of Life Insurance Seniors Can Consider
Most policies available to seniors over 70 fall into two main categories: term life insurance and whole life insurance.
Term Life Insurance:
This covers you for a set period — often 10 or 15 years. It’s usually more affordable and may be ideal if you’re looking to cover short-term obligations, like debt or final expenses.
Whole Life Insurance:
This offers permanent coverage, meaning it lasts for your lifetime. It also builds cash value over time and can be useful if you want to leave an inheritance or cover ongoing needs. It typically comes at a higher monthly cost than term policies.
What Affects Your Cost?
Several things influence how much you’ll pay: your health and lifestyle, the type and amount of coverage, and whether or not a medical exam is required. Some insurers offer no-exam or guaranteed issue policies — great for those with health concerns — though they may cost more or come with limited benefits.
What to Expect on Pricing
While costs vary widely, here’s a general idea: Term policies for seniors over 70 may start around $150/month for modest coverage. Whole life policies tend to be higher — often $300–$500/month, depending on your health and coverage level. Non-smokers and those in good health may also be eligible for discounts, so it pays to compare.
Features to Look For
Some policies include helpful features like accelerated death benefits (access to funds if diagnosed with a terminal illness), living benefits, cash value accumulation, or flexible payment options. These extras can make a big difference depending on your goals.
How to Choose the Right Policy
There’s no one-size-fits-all. The best choice depends on your needs, financial priorities, and overall health. It helps to compare quotes from multiple insurers, look for transparent terms, and consider what kind of legacy you want to leave. Online tools can help simplify this process, showing side-by-side comparisons based on your age and preferences.
Final Thoughts
Life insurance after 70 is not only possible — it’s more accessible than many realize. By understanding what’s available and knowing which questions to ask, you can make a decision that protects your loved ones and supports your goals.
References
- Forbes: Best Life Insurance for Seniors
- Policygenius: Best Life Insurance for Seniors
- Investopedia: Best Life Insurance for Seniors
- NerdWallet: Life Insurance for Seniors
