Cheapest Life Insurance for Seniors Over 70

Turning 70 is a milestone that often prompts people to reflect on their legacy and financial preparedness. Many seniors in the United States consider life insurance not as a luxury but as a practical tool to protect loved ones and pay for end‑of‑life expenses. At this age, people may worry that insurance will be too expensive or that their health issues will make coverage unattainable. In reality, several affordable life‑insurance options exist specifically for seniors over 70, and understanding how they work can provide peace of mind.

This guide aims to demystify those options. We’ll explore different policy types—term, whole, guaranteed issue, simplified issue, and final‑expense insurance—and discuss the factors that influence premiums. We’ll also look at realistic price ranges for popular coverage amounts, eligibility requirements, myths that often discourage seniors from applying, and tips on choosing a policy that fits your budget and goals. Finally, we’ll explain how working with a trusted advisor such as Liberty Financial Group can simplify the process and help you secure cost‑effective coverage.

Types of Life Insurance for Seniors

Understanding the different types of life‑insurance policies is the first step toward finding an affordable plan. Each category has unique features, benefits and trade‑offs, and knowing how they work can help you decide which option aligns with your needs.

Term Life Insurance

Term life insurance provides coverage for a specific period—typically 10, 15, 20 or 30 years. It pays a death benefit to your beneficiaries if you pass away during the term; otherwise the policy expires with no payout. Because it lacks a savings or “cash‑value” component, term life is usually the most affordable form of coverage. The lower cost makes term policies attractive for seniors seeking temporary protection—for example, to cover a mortgage or other debts that will not last forever.

Term life’s main benefit is its affordability. An Investopedia analysis notes that term policies are significantly cheaper than whole life; for a 40‑year‑old, a $250,000 term policy costs roughly $27 per month for men and $22 for women. Premiums rise substantially with age, but term life still remains less expensive than permanent policies. A key drawback is that the coverage eventually ends; if you outlive the term, you receive no benefit and must reapply for new coverage at higher rates due to age. Some term policies offer conversion options that allow you to switch to a permanent policy later.

For seniors over 70, term policies generally come in shorter terms—often 10 or 15 years. Rates depend heavily on age, gender and health. For example, a 2025 Insurance Geek analysis found that a 70‑year‑old man could expect to pay roughly $191 per month for a 20‑year $100,000 term policy, while a woman of the same age paid around $198 per month. For $1 million in coverage, term premiums at age 70 averaged $2,500–$2,600 per month. Those figures may seem high, but they underscore how term insurance can still be cheaper than permanent coverage for large death‑benefit needs.

Whole Life Insurance

Whole life insurance is a form of permanent coverage that lasts your entire life as long as premiums are paid. Unlike term policies, whole life includes an investment component that builds cash value at a guaranteed rate. Policyholders can borrow against this cash value or withdraw funds, making whole life an attractive tool for estate planning or supplemental retirement savings. The drawback is cost. Whole life is significantly more expensive than term insurance because the insurer expects to pay a death benefit and manage an investment account.

For seniors over 70, whole life can be useful if you want permanent coverage and can afford higher premiums. A 70‑year‑old woman might pay $233 per month for a $500,000 term policy, whereas a man would pay $351 per month. Premiums for whole life are often even higher because of the cash‑value component. Permanent policies like indexed universal life (IUL) are similar to whole life but offer adjustable premiums and death benefits. Insurance Geek notes that a $100,000 IUL policy at age 70 costs about $331 per month, while a $1 million IUL policy costs roughly $4,996 per month. Many seniors use whole life or IUL for final‑expense planning or to leave a legacy because the coverage never expires and premiums remain level.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance, sometimes called guaranteed acceptance, is a permanent policy that requires no medical exam and no health questions. Progressive explains that this coverage is ideal for individuals who have serious health conditions or are at advanced ages. Because insurers accept everyone, coverage amounts are modest (often under $25,000) and premiums are higher than standard policies. Guaranteed issue policies often include a graded death benefit: during the first two or three years, the insurer will pay only a partial benefit or refund premiums if you die. Age limits typically range from 50 to 80 years old.

The main pros of guaranteed issue coverage are its accessibility and speed: you can get approved quickly without worrying about health conditions. The cons are higher premiums, small coverage amounts and waiting periods. Seniors should consider guaranteed issue policies when other options are unavailable due to severe health issues. In those cases, having some coverage—enough to cover final expenses or small debts—is better than none.

Simplified Issue Life Insurance

Simplified issue life insurance eliminates the medical exam but asks applicants to answer a short health questionnaire. According to Aflac, simplified issue policies allow quick approval—sometimes within days—because underwriting is limited to basic health questions. This coverage is permanent and can last the rest of your life. However, premiums are generally higher than fully underwritten policies because the insurer lacks comprehensive medical information to price risk.

Simplified issue policies typically cap death benefits at $40,000–$50,000. They are a good fit for seniors who want permanent coverage without a lengthy underwriting process but still have relatively manageable health conditions. The trade‑off is that premiums cost more than traditional term or whole life policies of similar size. Simplified issue can also be a stepping stone for those who may later qualify for a larger policy after health improvements or lifestyle changes.

Final‑Expense Insurance

Final‑expense insurance, also known as burial insurance, is a type of whole life policy designed to cover end‑of‑life costs like funerals, medical bills and small debts. Investopedia notes that these policies usually offer death benefits under $50,000. Premiums are lower than traditional whole life because coverage amounts are smaller; for example, a $10,000 policy for a healthy 60‑year‑old woman may cost $40–$60 per month. Final‑expense insurance is generally easier to qualify for since underwriting is simplified.

Pros include affordability, accessibility for seniors with health conditions, and the ability to build some cash value. Cons include limited coverage amounts and potentially high premiums relative to the death benefit. Final‑expense insurance is ideal for seniors who want to ensure that loved ones are not burdened with funeral or medical costs and who do not need large death benefits.

Current Rates and Cost Factors

Life‑insurance premiums for seniors over 70 vary widely based on several factors: age, gender, health status, lifestyle choices, coverage amount and policy type. Understanding these variables can help you manage expectations and identify affordable options.

Age and Gender

Age is the most significant determinant of cost. As you get older, the likelihood that the insurer will pay a death benefit increases, so premiums rise accordingly. Insurance Geek reports that at age 70, a $100,000 20‑year term policy costs roughly $191.50–$198.50 per month. For the same coverage at age 75, the monthly premium can rise to about $274. For high coverage amounts ($1 million), premiums at age 70 average $2,500–$2,600 per month and increase to roughly $3,200–$3,300 per month at age 75.

Gender also affects cost. Women generally live longer than men, so they receive lower rates. Insurance Geek notes that a 70‑year‑old woman may pay about $233 per month for a $500,000 term policy while a man pays around $351. This gap reflects actuarial statistics on life expectancy. As you shop for policies, ask agents to explain how gender influences quotes.

Health Status

Health is another major factor. Insurers evaluate medical conditions like diabetes, high blood pressure, cholesterol levels, weight and smoking history. Seniors in excellent health qualify for preferred rates, while those with chronic conditions or a history of tobacco use face higher premiums or limited coverage.

Smoking has one of the largest impacts. Money Geek’s 2025 analysis indicates that a male smoker aged 66–70 pays $116–$143 per month for a 10‑year $100,000 term policy, while a female smoker pays $82–$101. These costs are significantly higher than rates for non‑smokers of the same age. If you smoke, quitting even a few years before applying can lead to lower premiums.

Coverage Amount and Policy Type

The size of your death benefit directly influences your premium. Insurance Geek explains that for estate planning or high‑coverage needs, $1 million term policies at age 70 cost around $2,500–$2,600 per month, while a $100,000 policy costs under $200 per month. Permanent policies are even more expensive; for example, a $100,000 no‑lapse IUL at age 70 runs about $331 monthly, and a $1 million IUL costs roughly $4,996 monthly. Final‑expense policies with $10,000 coverage may cost $40–$60 per month for healthy seniors.

Underwriting and Lifestyle

Underwriting refers to how insurers evaluate your risk. Fully underwritten policies require medical exams that include bloodwork, height and weight measurements, blood pressure readings and sometimes an electrocardiogram. Simplified issue and guaranteed issue policies skip the exam, but premiums are higher because insurers rely on limited information. The faster approval process of simplified issue (often days) appeals to seniors who want coverage quickly.

Lifestyle choices such as driving history, hobbies (e.g., skydiving), occupation, and even credit history can also influence premiums. Maintaining a healthy lifestyle—exercising regularly, eating a balanced diet and attending routine checkups—may improve your insurability and lower rates over time.

Tips for Getting Better Rates

1. Shop around – Work with independent agents who can compare quotes from multiple insurers. Prices vary widely, even for similar policies.
   
2. Improve your health – Address controllable factors such as blood pressure, cholesterol and weight. Quitting smoking and reducing alcohol consumption can significantly reduce premiums over time.
   
3. Choose the right coverage amount – Don’t over‑insure. Determine how much your family needs to cover final expenses, debts and income replacement, then purchase an amount that fits your budget.
   
4. Consider term length – Shorter terms cost less. If you only need coverage for 10–15 years to cover a mortgage or other debt, opt for a shorter term.
   
5. Bundle with other policies – Some insurers offer discounts when you purchase multiple types of coverage (e.g., life and home insurance) together.
   

Eligibility and Application Tips

Applying for life insurance after age 70 may sound daunting, but understanding the process makes it manageable. Here’s what to expect:

Medical Exams and Underwriting

Most traditional term and permanent policies require a medical exam. This exam usually involves height and weight measurements, blood pressure readings, blood and urine samples, and sometimes an electrocardiogram. The insurer may also ask for medical records and a list of current medications. Results help insurers determine your risk class and premium.

Simplified issue policies require only a brief health questionnaire. Guaranteed issue policies skip both the exam and questionnaire, but cost more and provide limited coverage. Because simplified issue and guaranteed issue policies are easier to get, approval can be instantaneous or within a few days.

Documentation and Waiting Periods

For fully underwritten policies, gather the following documents: list of prescriptions, physicians’ names and contact details, medical history for the last decade and financial information to justify large coverage amounts. Having this information ready speeds up the process. Approval for fully underwritten policies typically takes four to eight weeks. Simplified issue decisions are much faster, and guaranteed issue policies can be issued immediately but may have a waiting period during which only part of the death benefit is payable.

Age Limits and Coverage Caps

Many insurers set maximum ages for new applications. Guaranteed issue policies often accept applicants until age 80, while simplified issue policies may accept applicants into their mid‑80s. Term policies typically limit coverage for people over 75; for example, some companies offer 10‑ or 15‑year terms starting at age 70 but not longer terms. Coverage amounts may also be limited for seniors; simplified issue and guaranteed issue policies usually cap coverage at $25,000 to $50,000. Knowing these limits helps set realistic expectations.

When to Apply

It’s generally best to apply sooner rather than later. Insurance Geek warns that waiting to shop for life insurance while “shopping around” can backfire if new health issues arise. If you’re healthy now, lock in a policy because premiums will only rise with age. Even if you plan to compare multiple companies, you can apply with your top choice first and then evaluate other offers.

Benefits and Drawbacks

Each type of life insurance has distinct advantages and disadvantages for seniors over 70. Understanding these trade‑offs helps you choose the policy that fits your priorities.

Term Life Insurance

Benefits:

• Affordability. Term life provides the largest death benefit for the lowest premium. Shorter terms like 10 or 15 years can cost less than permanent policies while covering debts or obligations.
  
• Simplicity. There’s no cash‑value component or investment account to manage. You pay the premium, and if you pass away during the term, your beneficiaries receive a tax‑free payout.
  
• Flexibility. You can tailor the term length to match specific financial obligations, such as paying off a mortgage or funding a grandchild’s education.
  

Drawbacks:

• Coverage ends. If you outlive your term, there’s no payout. You’ll need to purchase new coverage at higher rates if you still need protection.
  
• Renewal costs. Renewing or purchasing a new term policy after the original term expires can result in sharply higher premiums due to age and health changes.
  
• No cash value. You can’t borrow against or withdraw from a term policy because it doesn’t build a savings component.

Whole Life and IUL Policies

Benefits:

• Permanent protection. Whole life policies last your entire life as long as premiums are paid.
  
• Cash value. A portion of your premiums goes into a tax‑deferred cash‑value account that grows over time. You can borrow against this value for expenses like medical bills or emergencies.
  
• Stable premiums. Whole life typically features level premiums that never increase.
  
• Living benefits (IUL). Indexed universal life policies may include riders for critical illness or chronic illness, providing funds if you’re diagnosed with certain conditions.

Drawbacks:

• Cost. Whole life and IUL premiums are much higher than term premiums. For seniors, large death benefits may be cost‑prohibitive.
  
• Complexity. Managing the cash‑value component requires understanding investment options and potential fees.
  
• Interest rate risk (IUL). Although IUL offers growth potential based on market indexes, returns can vary and caps may limit gains.

Guaranteed Issue and Simplified Issue Policies

Benefits:

• Accessibility. Guaranteed issue policies require no medical exam or questions; simplified issue requires only a brief questionnaire.
  
• Fast approval. Simplified issue policies often activate within a few days; guaranteed issue may be issued immediately.
  
• Permanent coverage. Both policy types provide lifetime protection as long as premiums are paid.
  

Drawbacks:

• Lower death benefits. Coverage amounts are modest, typically capped at $25,000–$50,000.
  
• Higher premiums. Because insurers accept greater risk, premiums are higher per dollar of coverage.
  
• Waiting periods. Guaranteed issue policies often impose a graded death benefit, limiting payout in the first few years.

Final‑Expense Insurance

Benefits:

• Targeted purpose. Final‑expense insurance is designed to cover funeral costs and small debts. It prevents your family from dipping into savings or taking on debt to pay for burial.
  
• Affordable premiums. Because coverage amounts are small (usually under $50,000), premiums remain relatively low.
  
• Easy to qualify. Underwriting is simplified and often requires no medical exam.
  

Drawbacks:

• Limited coverage. Death benefits rarely exceed $50,000, which may not cover larger debts or income replacement.
  
• Potentially high cost per dollar. Compared to term coverage, final‑expense policies can be expensive relative to the small death benefit.

How to Choose the Right Policy

Finding the best life‑insurance policy over 70 involves balancing your financial goals, health status and budget. Here’s a step‑by‑step approach:

1. Identify your purpose. Determine why you need insurance. Are you protecting a spouse’s income, covering funeral costs, paying off a mortgage or leaving an inheritance? Final‑expense insurance may suffice for funerals and small debts, whereas term or permanent policies are better for replacing income or estate planning.
   
2. Calculate coverage needs. Add up any debts, estimated funeral expenses (which average around $10,000) and the amount you want to leave behind. Subtract any savings or assets that will cover those costs. The remainder is your coverage gap.
   
3. Decide on policy type. If you only need coverage for a limited time, consider term life. For lifelong coverage with potential cash value, choose whole life or IUL. If health issues make traditional underwriting difficult, look into simplified issue or guaranteed issue policies.
   
4. Consider your health and lifestyle. Obtain copies of your medical records and talk to a doctor about ways to improve your health. Being in better health could qualify you for preferred rates.. Quitting smoking and maintaining a healthy weight can reduce premiums.
   
5. Shop multiple quotes. Premiums vary widely among insurers. Use an independent agent or broker who can access multiple companies. Provide the same health information to each company to get accurate comparisons.
   
6. Check insurer strength. Look up financial strength ratings from agencies like A.M. Best or Standard & Poor’s. A financially strong insurer has a greater ability to pay claims.
   
7. Review riders and features. Many policies include optional riders such as accelerated death benefits, chronic illness riders or return‑of‑premium features. These add cost but may provide valuable flexibility.
   
8. Evaluate premium affordability. Make sure premiums fit comfortably within your budget. Insurance Geek warns that premiums can triple after age 70. Consider paying annually for a small discount or monthly for easier budgeting.
   
9. Seek professional guidance. A licensed agent who specializes in senior life insurance can help you navigate underwriting requirements and find appropriate coverage. Liberty Financial Group offers personalized assistance tailored to your needs.

Common Myths and Misconceptions

“It’s too late to buy life insurance after 70.”

Many seniors believe they’re too old for life insurance. In reality, insurers offer policies to applicants well into their 70s and sometimes early 80s. Even with health issues, options like simplified and guaranteed issue can provide coverage. Waiting only increases premiums, so applying sooner is beneficial.

“Life insurance is unaffordable for seniors.”

While premiums do rise with age, they vary widely depending on the type of policy and coverage amount. Term life remains relatively affordable, especially for smaller death benefits. For example, a 70‑year‑old may pay around $191 per month for a $100,000 term policy. Final‑expense policies offer coverage amounts under $50,000 for $40–$60 per month. Working with an agent can help you find affordable options.

“You must undergo a medical exam.”

Traditional underwriting often involves medical exams, but simplified issue and guaranteed issue policies bypass the exam and require only minimal health information. These options allow seniors with health concerns to secure coverage quickly.

“Final‑expense policies aren’t real life insurance.”

Final‑expense insurance is a form of whole life. It provides lifelong coverage with a small death benefit that can be used for any purpose. Although it won’t replace a full income, it does protect loved ones from funeral costs and small debts.

“Insurance companies won’t pay out if you die soon after buying.”

Most policies become effective immediately upon payment. Guaranteed issue policies may have a waiting period, but simplified issue and fully underwritten policies generally pay the full death benefit as soon as they are in force. Always read policy details to understand any waiting periods or graded benefits.

Work With Liberty Financial Group

📞 Call Liberty Financial Group at 888.414.3873

📩 Or click here to request a free quote

Choosing the right life‑insurance policy after age 70 can be overwhelming, but you don’t have to navigate it alone. Liberty Financial Group specializes in helping seniors and their families find affordable, appropriate life‑insurance solutions. Their licensed agents understand the nuances of term, whole, guaranteed issue, simplified issue and final‑expense policies. They’ll listen to your goals, assess your health and budget, and present options tailored to your unique situation.

Beyond policy selection, Liberty Financial Group can explain underwriting requirements, assist with paperwork and advocate for you during the application process. They stay current on market rates and insurer stability so you can feel confident in your decision. If you’re ready to explore your options, connect with Liberty Financial Group for a free consultation and personalized quote. 

Final Thoughts

Life insurance remains an important tool for seniors over 70 who want to protect their loved ones, settle final expenses and leave a legacy. With multiple policy types available and premiums varying widely, there is no one‑size‑fits‑all solution. By understanding your goals, health profile and budget, you can identify the right blend of coverage and cost. Whether you opt for term life to cover specific obligations, whole life for permanent protection, final‑expense insurance for funeral costs or simplified/guaranteed issue to bypass medical underwriting, know that affordable options exist. Don’t let misconceptions or fear of high premiums deter you from seeking coverage. With guidance from trusted advisors like Liberty Financial Group, you can find a policy that aligns with your needs and provides lasting peace of mind.