As you age, securing the right life insurance becomes more challenging—but not impossible. If you’re over 70, you may need coverage for final expenses, debt repayment, or leaving an inheritance. This 2025 guide covers the best life insurance options for seniors over 70, including no-medical-exam policies, affordable rates, and top-rated providers. (Best life insurance for seniors over 70)
Why Do Seniors Over 70 Need Life Insurance?
Life insurance for seniors over 70 can help with:
✅ Covering funeral costs (Avg. $7,000–$12,000)
✅ Paying off remaining debts (Mortgage, medical bills)
✅ Leaving an inheritance for loved ones
✅ Providing financial security for a spouse
Since traditional term life insurance becomes expensive or unavailable after 70, seniors often turn to guaranteed whole life, burial insurance, or simplified-issue policies.
Best Life Insurance Companies for Seniors Over 70 (2025)
1. Mutual of Omaha – Best for Guaranteed Acceptance
- Type: Guaranteed whole life
- Coverage: $2,000–$25,000
- No medical exam (No health questions)
- Pros: Instant approval, fixed premiums
- Cons: 2-year waiting period for full benefits
2. AARP (New York Life) – Best for Seniors on a Budget
- Type: Term & whole life (via AARP)
- Coverage: Up to $100,000
- Medical exam? Sometimes required
- Pros: Affordable, AARP discounts
- Cons: Limited to AARP members
3. Colonial Penn – Best for Low-Cost Burial Insurance
- Type: Guaranteed acceptance
- Coverage: $5,000–$50,000 (price per unit)
- No health questions
- Pros: Locked-in rates, easy approval
- Cons: Graded death benefits (limited payout in first 2 years)
4. Transamerica – Best for Seniors with Health Issues
- Type: Final expense whole life
- Coverage: $1,000–$50,000
- No medical exam (Simplified underwriting)
- Pros: Fast approval, competitive rates
- Cons: Slightly higher premiums
5. State Farm – Best for High Coverage Amounts
- Type: Whole life
- Coverage: Up to $100,000+
- Medical exam? Sometimes required
- Pros: Strong financial ratings, flexible options
- Cons: More expensive than burial insurance
Types of Life Insurance for Seniors Over 70
1. Guaranteed Issue Life Insurance
- No medical exam or health questions
- Approval is 100% guaranteed
- Best for: Seniors with serious health conditions
- Drawback: 2-3 year waiting period before full payout
2. Simplified Issue Life Insurance
- No medical exam, but a few health questions
- Faster approval than guaranteed issue
- Best for: Seniors in decent health who want quick coverage
3. Final Expense (Burial Insurance)
- Small coverage ($5,000–$25,000)
- Affordable premiums
- Best for: Covering funeral costs only
4. Term Life Insurance (Rare After 70)
- Only available if you’re in excellent health
- Cheaper than whole life, but expires
- Best for: Seniors who need temporary coverage
How to Get the Cheapest Life Insurance After 70
- Compare Multiple Quotes (Use Policygenius or SelectQuote)
- Opt for Smaller Coverage ($10K–$25K is often enough)
- Avoid Tobacco Use (Smokers pay 2–3x more)
- Choose a No-Exam Policy (If you have health issues)
- Pay Annually (Some insurers offer discounts)
Frequently Asked Questions (FAQs)
❌ Can you get life insurance at 80?
✅ Yes! Guaranteed issue and burial insurance are available up to age 85+ (varies by insurer).
❌ What if I’m denied life insurance?
✅ Try guaranteed issue policies (no health checks) or pre-need funeral insurance.
❌ How much does life insurance cost at 70?
✅ $50–$200/month for $10,000–$25,000 in coverage, depending on health.
❌ Is there a waiting period?
✅ Guaranteed issue policies often have a 2-year waiting period (partial payout if death occurs early).
Final Verdict: Best Life Insurance for Seniors Over 70
| Company | Best For | Coverage | Avg. Monthly Cost |
|---|---|---|---|
| Mutual of Omaha | Guaranteed approval | $2K–$25K | $70–$150 |
| AARP (New York Life) | Budget-friendly | Up to $100K | $50–$120 |
| Colonial Penn | Low-cost burial | $5K–$50K | $30–$100 |
| Transamerica | Health issues | $1K–$50K | $60–$130 |
| State Farm | High coverage | $100K+ | $100–$250 |
💡 Pro Tip: Use an independent broker (like Policygenius) to compare rates from multiple insurers at once.
