Buying Life Insurance After 70 (Includes Quotes for Ages 70 to 79)


Last Updated: 10/25/2017


Are you 70 or older and considering life insurance? We’ve created this extensive guide to life insurance after 70 to give you all the information you need about the most affordable options available. We’ve also included some sample pricing for applicants aged 70 to 79 to help you estimate the cost of your policy.

At Term Life Advice, we work with more than 60 top-rated life insurance companies to provide our clients with the best life insurance options available for their needs. If you’re in perfect health or have a few issues, we’ll be able to pinpoint the company that is best for you.

Continue reading to learn which type of coverage is the best fit for your needs.

Quick Article Guide:

1. Types of Life Insurance Policies Available for Applicants Aged 70 to 79
2. Term Life Insurance Quotes by Age and Gender – Ages 70 to 79
3. Whole Life Insurance Quotes by Age and Gender – Ages 70 to 79
4. Guaranteed Universal Life Insurance Quotes by Age and Gender – Ages 70 to 79
5. Insider’s Tips to Help You Save Money on Your Life Insurance Policy

Search from over 60 providers

Get your free life insurance quote in less than a minute

Coverage Amount

$500,000

  • $25,000
  • $50,000
  • $100,000
  • $200,000
  • $250,000
  • $300,000
  • $400,000
  • $500,000
  • $600,000
  • $700,000
  • $750,000
  • $800,000
  • $900,000
  • $1,000,000
  • $1,500,000
  • $2,000,000
  • $3,000,000
  • $4,000,000
  • $5,000,000
  • $10,000,000+

Term Length

20 Years

  • 10 Years
  • 15 Years
  • 20 Years
  • 25 Years
  • 30 Years
  • 20-Year Return of Premium
  • 30-Year Return of Premium
  • Lifetime

or (855) 902-6494

Types of Life Insurance Policies Available for Applicants Aged 70 to 79

After the age of 70, there are 3 types of life insurance policies that are commonly available; term life insurance, whole life insurance, and guaranteed universal life insurance. We’ll explain each of these options below:

What is Term Life Insurance?

Term LifeTerm life insurance is usually the least expensive type of life insurance available. It provides a set amount of coverage for a fixed period of time. The “term” of your policy is the number of years your life insurance rates and coverage are guaranteed not to change. Term life insurance is usually available in 5 year increments with coverage amounts ranging from $50,000 to $5,000,000.

Term life insurance is usually more affordable than other types of life insurance because it is not designed to provide permanent or lifetime coverage. After the age of 70, the longest term available with most life insurance companies is 10 or 15 years. If you need insurance coverage for the rest of your life, we recommend avoiding term life insurance.

What is Whole Life Insurance?

Whole LifeWhole life insurance is the most commonly purchased life insurance after the age of 70, but it is not necessarily the best deal. Whole life insurance usually provides fixed rates and coverage until the age of 100, but this is always the case. Some companies like AARP or New York Life offer “whole life” insurance that increases in cost EVERY 5 YEARS and cancel your coverage when you turn 80.

Many financial advisors recommend avoiding whole life insurance, especially for people in average or better health. This is due to the fact that most whole life insurance policies do not require a free health exam, so the insurance companies must charge an “average” rate to everyone. If you use tobacco, these polices may be the best deal, but for most people they are not competitively priced.

What Is Guaranteed Universal Life Insurance?

Guaranteed Universal LifeGuaranteed universal life insurance combines the best elements of whole life insurance and term life insurance. It provides affordable lifetime coverage that is guaranteed until the age you choose, usually until age 90, 95, 100, 105, 110, or even 121. The policies are affordable because they DO NOT require an investment to build a cash value like traditional universal life insurance policies do.

With guaranteed universal life insurance, you pay for the cost of your coverage only, and your rates are guaranteed not to change as you get older. We never recommend buying a non-guaranteed universal life insurance policy or any policy that builds a “cash value” after the age of 70. These policies are very expensive and they can take decades to build a sizable cash value.

If you’re in fair or better health, guaranteed universal life insurance is more affordable than whole life insurance. Guaranteed universal life insurance policies require a free in-home medical exam which allows the insurance company to charge you a rate that is based on your health, instead of an average rate for people in your age bracket. Most life insurance companies offer $50,000 to $5,000,000 in guaranteed universal life insurance coverage.

If you have extremely severe health issues and do not want to take an exam, your best option for lifetime coverage may be guaranteed issue insurance. These policies provide up to $25,000 dollars of coverage without an exam or health questions. To learn more about guaranteed acceptance life insurance, please see our article, “What is Guaranteed Issue Life Insurance”. 

In the next section we’ve provided some life insurance rates by age and gender for each type of life insurance coverage explained above.

Life Insurance Quotes by Age and Gender – 70 to 79

To help you estimate the cost of your life insurance policy, we’ve provided some actual life insurance quotes by age for males and females. The rate class we’ve displayed is “preferred best”, and this insurance rate class is usually available to non-smokers who are in overall good health. Most life insurance companies will offer this rate class to applicants who are less than 30 pounds overweight even if they take a blood pressure or cholesterol medication.

Term Life Insurance Rates By Age for a Male – 10-Year Level Term, $100,000 to $500,000

Age $100,000 $250,000 $500,000
70 $79.75 $178.06 $321.93
71 $91.08 $203.62 $367.67
72 $97.66 $230.65 $420.26
73 $107.78 $264.17 $480.93
74 $125.17 $299.20 $547.45
75 $154.49 $339.21 $649.39
76 $187.26 $405.60 $774.77
77 $224.53 $480.85 $924.54
78 $269.43 $573.62 $1,120.71
79 $307.50 $670.94 $1,307.36

*Displayed monthly rates are from “A” rated life insurance company and they are accurate as of 02/15/2018

Term Life Insurance Rates By Age for a Female – 10-Year Level Term, $100,000 to $500,000

Age $100,000 $250,000 $500,000
70 $58.22 $108.26 $200.28
71 $66.18 $134.14 $240.47
72 $74.80 $152.86 $275.55
73 $85.10 $174.35 $323.34
74 $97.24 $198.99 $380.90
75 $109.10 $226.11 $424.41
76 $138.83 $275.57 $530.72
77 $170.49 $340.29 $627.52
78 $209.35 $406.33 $752.90
79 $250.50 $483.56 $909.66

*Displayed monthly rates are from “A” rated life insurance company and they are accurate as of 02/15/2018

If you need life insurance for the rest of your life, instead of purchasing term life insurance, you’ll need to purchase whole life insurance or guaranteed universal life insurance. If you need less than $50,000 of coverage, whole life insurance may be your only option. However, whole life insurance tends to be more expensive than other types of permanent coverage because it does not require a health screening.

To help you determine your best option, we’ve provided quotes for $10,000, $25,000, and $50,000 of whole life insurance below. If you’re in fair or better health, a guaranteed universal life insurance policy may provide you more permanent coverage at a lower cost.

Whole Life Insurance Rates By Age for a Male – Level Cost to Age 100, $10,000 to $50,000

Age $10,000 $25,000 $50,000
70 $72.91 $176.58 $355.74
71 $77.57 $190.63 $379.84
72 $82.13 $202.03 $407.55
73 $87.16 $214.61 $435.57
74 $93.16 $228.08 $464.49
75 $99.53 $244.02 $496.33
76 $106.87 $262.37 $529.48
77 $113.76 $279.30 $564.76
78 $119.86 $294.83 $598.34
79 $126.23 $310.77 $635.10

*Displayed monthly rates are from “A” rated life insurance company and they are accurate as of 02/15/2018

Whole Life Insurance Rates By Age for a Female – Level Cost to Age 100, $10,000 to $50,000

Age $10,000 $25,000 $50,000
70 $52.47 $124.65 $244.95
71 $55.36 $131.87 $259.39
72 $58.72 $140.27 $276.18
73 $62.38 $149.42 $294.50
74 $66.42 $159.51 $314.68
75 $71.11 $171.24 $338.13
76 $76.43 $184.55 $364.75
77 $82.28 $199.19 $394.02
78 $88.44 $215.43 $426.52
79 $93.41 $228.73 $463.32

*Displayed monthly rates are from “A” rated life insurance company and they are accurate as of 02/15/2018

If you’re considering a whole life insurance policy, please also review the rates for $50,000 or more of guaranteed universal life insurance. Even if you have a few health issues, guaranteed universal life insurance is usually less expensive for more coverage. In addition, you can customize how long your rates and coverage are guaranteed for.

Below we’ve provided level rates for guaranteed universal life insurance coverage to age 90, but most companies also offer guaranteed universal life policies that are guaranteed to age 95, 100, 105, 100 or 120. These policies are usually 5-20% more than guaranteed universal life insurance policies with level rates to age 90.

Guaranteed Universal Life Rates By Age for a Male – Level Cost to Age 90, $50,000 to $250,000

Age $50,000 $100,000 $250,000
70 $121.65 $189.80 $465.50
71 $127.15 $198.20 $486.75
72 $132.95 $207.40 $509.50
73 $138.15 $215.30 $529.50
74 $143.05 $225.50 $554.75
75 $149.00 $244.80 $603.00
76 $155.10 $265.50 $654.75
77 $165.00 $284.80 $703.00
78 $181.15 $300.00 $741.00
79 $197.50 $322.50 $797.25

*Displayed monthly rates are from “A” rated life insurance company and they are accurate as of 02/15/2018

Guaranteed Universal Life Rates By Age for a Female – Level Cost to Age 95, $50,000 to $250,000

Age $50,000 $100,000 $250,000
70 $96.05 $153.70 $375.25
71 $102.15 $161.90 $395.75
72 $109.20 $171.20 $419.00
73 $117.15 $181.70 $445.25
74 $126.00 $194.30 $476.75
75 $135.55 $212.80 $523.00
76 $148.65 $229.80 $565.50
77 $164.90 $249.50 $614.75
78 $181.15 $272.30 $671.75
79 $197.50 $297.80 $735.50

*Displayed monthly rates are from “A” rated life insurance company and they are accurate as of 02/15/2018

The examples above illustrate that a guaranteed universal life insurance policy is less than half the cost of a comparable whole life insurance policy for non-smokers. This is due to the fact that guaranteed universal life insurance policies typically require a free in-home exam to verify that the applicant is insurable and not a cigarette smoker. In fact, most guaranteed universal life insurance companies will even overlook an occasional cigar smoker as long as they do not have nicotine in their system when they complete their exam.

If you would like quotes for a specific amount of coverage, or if you would like to compare options from more than one company, please feel free to call us toll-free at 855-902-6494. You can also request a free instant quote online to compare rates from dozens of companies in less than a minute.

Insider’s Tips to Help You Save Money on Your Life Insurance Policy

We Can HelpIf you’re currently in the market for any type of life insurance, make sure you work with an experienced independent agent that represents at least a few dozen insurance companies. Every life insurance company has their own underwriting guidelines and pricing, and some companies are more lenient with health issues than others.

At Term Life Advice, we represent 63 “A” rated life insurance companies. By having access to so many companies and their guidelines, we’re able to save most of our time and money by matching them with the company that will provide them the best rates.

Our agency has more than 60 years of collective experience and our number one priority is to provide our clients with the best customer service in the industry. In addition, by having access to so many companies, we routinely to save our clients up to 35% on the cost of their life insurance.

Give us a call today toll-free at 855-902-6494 and one of our experienced agents will be able to help you determine your best options for coverage. Our consultative services are free and our agents do not have sales quotas. We’re here to help. You can also request a free instant quote online below to compare rates from more than a dozen life insurance companies in less than a minute.

Search from over 60 providers

Get your free life insurance quote in less than a minute

Coverage Amount

$500,000

  • $25,000
  • $50,000
  • $100,000
  • $200,000
  • $250,000
  • $300,000
  • $400,000
  • $500,000
  • $600,000
  • $700,000
  • $750,000
  • $800,000
  • $900,000
  • $1,000,000
  • $1,500,000
  • $2,000,000
  • $3,000,000
  • $4,000,000
  • $5,000,000
  • $10,000,000+

Term Length

20 Years

  • 10 Years
  • 15 Years
  • 20 Years
  • 25 Years
  • 30 Years
  • 20-Year Return of Premium
  • 30-Year Return of Premium
  • Lifetime

or (855) 902-6494

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