You can likely get affordable life insurance in your 70s, just keep in mind your coverage options become more limited and expensive as you get older.
If you’re unsure whether you still need life insurance, or you don’t know where to start, a broker from Policygenius can help you figure out your coverage needs and shop for life insurance.
Life insurance terms you should know
Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.
Cash value: The portion of a permanent life insurance policy’s monetary value that grows tax-deferred over the life of the policy.
Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.
Face amount: The dollar amount, or death benefit, your beneficiaries receive if you die while your life insurance policy is active.
Insured: The person who is covered by the insurance policy.
Policy: The legal document that includes the terms and conditions of your life insurance contract.
Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.
Permanent life insurance: A type of life insurance that lasts for the rest of your life and usually includes a cash value account.
Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.
Riders: Add-ons to a life insurance policy that provide more robust coverage, sometimes for an extra cost.
Term life insurance: A life insurance policy that lasts for a set number of years before it expires. If you die before the term is up, your beneficiaries receive a death benefit.
Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.
Do I still need life insurance if I’m 70 years old?
Life insurance may be worth having in your 70s, but it’s not necessarily a fit (or even an option) for everyone.
It might make sense for you to have life insurance at this age if you still have a spouse or children who depend on your income. Life insurance can also help your dependents cover any debt that you leave behind after your death, as well as end-of-life expenses.
On the other hand, life insurance may not make sense for you anymore if you don’t have any dependents or your family has enough money to live comfortably once you’re gone.
Read more about who needs life insurance
What about burial service insurance?
Burial service insurance is another term for what’s commonly called final expense coverage. This type of coverage provides a small death benefit (usually up to $50,000) that allows your family to cover your burial or cremation.
Insurance companies usually don’t require medical exams for final expense coverage, which means it can be worth it if you have age-related health conditions and no longer qualify for other types of life insurance.
What are the best types of life insurance for 70-year-olds
The type of life insurance that’s best for you depends on your coverage needs, as well as your age and health.
It can be harder to find term life insurance when you're in your 70s — many‚ insurers don’t offer policies that have a 15- or 20-year term.
Type of life insurance | Permanent? | How it works | Who may benefit |
No | Pays a benefit if you die during the set time that the policy is active (often just 10 to 15 years for ages 70+) | Someone looking for affordable coverage and a straightforward death benefit | |
Yes | Has a death benefit as well as a cash-value portion that gains value while you’re alive | High-income and high net-worth adults who can benefit from the cash-value portion | |
Yes | Has a fixed death benefit and premiums, as well as a minor cash-value portion | Someone who wants permanent coverage and the ability to customize the premium and length of their policy | |
Yes | Has a non-fixed death benefit and a cash-value portion that changes value based on sub-accounts, such as mutual funds | Someone who is comfortable with moderate risk in exchange for potentially higher returns | |
Yes | Pays a small death benefit that helps pay for end-of-life expenses | Someone who can’t qualify for traditional term or permanent coverage due to age or medical history |
* Often difficult for people in their 70s to find this type of coverage.
Read more about the best types of life insurance for older adults
Cost of life insurance for 70-year-olds
We found that the average cost of life insurance for someone who’s in their 70s is around:
$831 a month ($9,974 per year) for term life insurance
$2,293 a month ($27,522 per year) for whole life insurance
$98 a month ($1,172 per year) for final expense coverage
Keep in mind that your own cost of life insurance depends on personal factors like your age, health, medical history, and lifestyle, as well as details about your policy, including your death benefit and the type of policy that you get.
Sample term life insurance rates for 70-year-olds
Age | Term length | Death benefit | Average monthly rate | Average yearly rate |
|---|---|---|---|---|
70 | 10 | $100,000 | $112 | $1,343 |
$250,000 | $229 | $2,754 | ||
$500,000 | $419 | $5,034 | ||
$750,000 | $626 | $7,517 | ||
$1,000,000 | $764 | $9,162 | ||
15 | $100,000 | $162 | $1,939 | |
$250,000 | $325 | $3,899 | ||
$500,000 | $621 | $7,450 | ||
$750,000 | $928 | $11,142 | ||
$1,000,000 | $1,130 | $13,556 | ||
20 | $100,000 | $226 | $2,709 | |
$250,000 | $481 | $5,777 | ||
$500,000 | $918 | $11,018 | ||
$750,000 | $1,375 | $16,495 | ||
$1,000,000 | $1,774 | $21,284 | ||
75 | 10 | $100,000 | $200 | $2,399 |
$250,000 | $432 | $5,182 | ||
$500,000 | $815 | $9,776 | ||
$750,000 | $1,219 | $14,631 | ||
$1,000,000 | $1,458 | $17,501 | ||
15 | $100,000 | $314 | $3,764 | |
$250,000 | $650 | $7,794 | ||
$500,000 | $1,269 | $15,234 | ||
$750,000 | $1,902 | $22,819 | ||
$1,000,000 | $2,431 | $29,166 |
Methodology: Approximate term-life rates are calculated for non-smokers. Term life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rate illustration valid as of 09/12/2024.
Sample whole life insurance rates for 70-year-olds
Age | Coverage amount | Average monthly rate | Average yearly rate |
|---|---|---|---|
70 | $5,000 | $42 | $503 |
$10,000 | $81 | $966 | |
$25,000 | $204 | $2,452 | |
$100,000 | $587 | $7,048 | |
$250,000 | $1,457 | $17,489 | |
$500,000 | $2,910 | $34,924 | |
$750,000 | $4,363 | $52,359 | |
$1,000,000 | $5,807 | $69,680 | |
$2,000,000 | $11,609 | $139,306 | |
75 | $5,000 | $55 | $661 |
$10,000 | $107 | $1,282 | |
$25,000 | $299 | $3,589 |
Methodology: Approximate monthly rates are calculated for non-smokers for a whole life insurance policy from Mutual of Omaha, Transamerica, and MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 09/12/2024.
Sample final expense rates for 70-year-olds
Age | Coverage level | Monthly premium | Yearly premium |
|---|---|---|---|
60 | $5,000 | $22 | $268 |
$10,000 | $42 | $506 | |
$15,000 | $62 | $741 | |
$20,000 | $82 | $978 | |
65 | $5,000 | $27 | $326 |
$10,000 | $52 | $621 | |
$15,000 | $76 | $916 | |
$20,000 | $100 | $1,206 |
Methodology: Rates are calculated for male and female non-smokers obtaining a simplified issue or guaranteed issue final expense whole life policy from Mutual of Omaha or Transamerica. Rates may vary by age and health class. Not all policies available in all states. Rate illustration valid as of 09/12/2024.
6 steps to buying life insurance in your 70s
Buying life insurance as an older adult is mostly the same as when you were younger, though there are certain things at this age to be aware of:
All about life insurance for older adults
