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How much is life insurance for a 70 year old?

Apr 24, 2020 4 Minute Read

Life insurance protects what matters most to you – and that’s important at any age. When you reach 70, those needs may look different than they did years ago. Instead of young children and a mortgage, you may be thinking of providing for your partner after you’re gone or taking care of debts and final expenses.

Whether your term policy has just expired or you’re applying for the first time, here’s some good news: You still have options. Here’s what you need to know about life insurance over 70.

How much is life insurance for a 70 year old?

Your rate will depend in large part on how much coverage you need and how long you want it to last.

While you may have already fulfilled many of your financial obligations, life insurance for seniors is still a good idea if:

  • You’re supporting others, like a disabled child or other relative.
  • You’re still paying college tuition or other big expenses for your kids.
  • You still have unpaid debts to pay.
  • You’re still working and have a spouse who depends on your income. Over the last 20 years, the percentage of Americans working in their 70s has jumped to 15% from less than 10%, according to Census Bureau data.
  • You’re retired, but want to ensure your spouse has enough to live on top of retirement savings.
  • You want to set aside money for end-of-life expenses, like a funeral or medical bills.

For most people in their 70s, the biggest concerns are whether they’ll qualify for life insurance coverage and how much it will cost. In general, life insurance rates go up as you get older, but you can still find flexible policy options later in life. Keep in mind you may still need to complete extra requirements, like certain tests during a medical exam.

An agent can help you compare policies and understand your life insurance rates. Start by getting personalized quotes here.

What type of life insurance is best for seniors?

The best choice when it comes to life insurance for senior adults is different for everyone. Your health, age, and personal goals are major factors when it comes to choosing a plan and whether you’re eligible.

Here’s a quick look at your main options:

  • Term life insurance: A good fit if you still have big financial responsibilities. Term life coverage amounts typically start at $50,000, and some insurance companies will still approve you for a 10-year policy at 70 if you’re healthy.
  • Final expense: Ideal for those who just want to cover end-of-life costs affordably. Funerals can cost $10,000 or more, not including medical bills or other debts. With coverage amounts up to $40,000, final expense can help you make sure you don’t leave unexpected expenses behind. It’s easy to qualify for, and you can generally apply until you’re 85 years old.
  • Simplified or guaranteed issue: If you have health issues, these policies can be great options for you, though at higher insurance rates than traditional term life. Simplified issue often allows you to get quick coverage with a short health survey, rather than a medical exam. Guaranteed issue ensures you’ll be covered, regardless of your health.

We’re here to help

Don’t wait to get senior coverage. eFinancial can help you answer questions about your life insurance needs and find the right policy for you.


At eFinancial, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed and updated regularly to ensure the information is as relevant as possible.