Best Life Insurance for Seniors Over 70

Q: Do seniors need life insurance?

Life insurance for seniors works similarly to life insurance for people of any age, covering loved ones with a substantial death benefit if you pass away while the policy is active. This death benefit can help seniors over 70 in several ways

Q: How much does life insurance for seniors cost?

A 10-year, $500,000 term life insurance policy for healthy, 70-year-old nonsmokers costs an average of $351 per month for men and $233 per month for women. Whole life insurance can be much more to account for lifelong coverage and cash value. A small, $35,000 policy for healthy, nonsmoking 70-year-olds can cost an average of $263 per month for men and $209 for women.

As you enter your golden years, financial planning and security remain crucial for ensuring a stable and comfortable retirement. Life insurance can help provide additional peace of mind and a financial safety net for loved ones. The best life insurance for seniors over 70 balances affordability, adequate coverage, and eligibility criteria. Aflac offers whole life and term life insurance policies that can support the needs of seniors.

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Table of Contents

Key Takeaways

Life insurance can help seniors give their loved ones’ financial protection and peace of mind.
Some factors that can affect the cost of life insurance for seniors over 70 include age, gender, health status, and policy type.
Aflac offers affordable whole life and term life insurance policies that can help address seniors’ financial planning goals.

Why do seniors need life insurance?

Life insurance is a type of insurance policy that pays a death benefit to chosen beneficiaries if you pass away while the policy is active. Life insurance for seniors is important for several reasons:

Provides financial support: The death benefit can help a spouse or other loved ones who depend on your financial support cover out-of-pocket expenses after you pass away.
Helps with end-of-life costs: Life insurance can ease the financial burden of end-of-life costs, such as medical bills, funeral arrangements, and other outstanding expenses.
Can help build wealth: Life insurance with cash value grows over time, increasing the amount your beneficiaries stand to receive. Policies with living benefits can also provide an additional income source when you're living on a fixed income.

Types of life insurance for seniors over 70

Here are some life insurance options for seniors over 70 to consider:

Term life insurance 

Term life insurance lasts for a fixed policy term of your choice, between 10 to 30 years, meaning you’ll have to renew or get new coverage if you outlive the term. However, term life insurance premiums are reasonable for a significant death benefit. This can help seniors over 70 get long-term coverage at a reasonable cost.

Whole life insurance

Whole life insurance offers lifelong coverage and a cash value growth component in exchange for higher premiums. Typically, some of the premium goes into the cash value, which grows tax-deferred at a fixed, guaranteed interest rate set by the insurer. Eventually, you can borrow against or withdraw from this cash value. Plus, you receive it minus surrender charges if you give up the policy.

Guaranteed issue life insurance

Guaranteed-issue life insurance is a type of whole life insurance that doesn’t require a medical exam, making it a good potential option for seniors who want convenient coverage quickly. These policies don't typically offer high face value amounts (death benefits), but they help provide coverage for those who may have a difficult time getting approved for a life insurance policy.

Guaranteed issue life insurance policies may have a one to three-year waiting period during which coverage is not officially active. If you pass away during this period, the beneficiaries may only receive a refund of the premiums you paid.

Final expense insurance

Final expense insurance for seniors is another small whole life policy with no medical exam. This type of policy is designed to help loved ones with end-of-life expenses, like funeral costs and medical bills. Final expense insurance has a small death benefit but reasonable premiums, like guaranteed issue life insurance. Its cash value works like other permanent life insurance policies as well.

How much does life insurance for seniors cost?

The average cost of a $500,000, 20-year term life insurance policy for a 70-year-old nonsmoking man is $9,702 per year. For women, this type of policy can cost $7,994 per year.¹ The average cost of a $500,000 whole life insurance policy for 70-year-old nonsmokers is $25,153 per year for men and $20,973 per year for women.¹

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Factors that affect the cost of life insurance for seniors over 70

Some of the most significant factors that can impact life insurance premiums for seniors over 70 include:

Age: Premiums increase with age, so seniors over 70 will likely pay higher premiums than other age groups.
Gender: Men generally pay more than women for the same coverage because men have a lower average life expectancy.²
Health history: Applicants with personal or family histories of certain health issues may pay higher premiums.
Smoking status: Smokers pay more for life insurance than nonsmokers. Quitting for 12 months or more can cause insurers to classify you as a nonsmoker.³
Policy type: Permanent life insurance policies cost more than term policies since they offer lifelong coverage and cash value.
Hobbies: Insurers may charge higher premiums if you have high-risk hobbies like rock climbing or scuba diving.

Tips for getting life insurance as a senior over 70

Follow these tips when looking for life insurance:

Determine your coverage needs: Evaluate your current income, assets, debts, and lifestyle expenses. Determine how much coverage your spouse, partner, or loved ones need. Aim to get enough insurance to help cover all your needs without getting too much coverage and overpaying.
Consider getting a life insurance rider: Riders are add-ons that further customize coverage. For example, you may get a long-term care rider that lets you withdraw from your death benefit while living to help pay for long-term care costs.
Evaluate your health: If you’re in good health, a traditional policy could work. However, you may benefit from a no-exam policy if you are concerned about any health conditions.
Compare quotes: Life insurers may offer different rates for the same coverage. Comparing quotes helps you find the most competitive rates on the policy you need.

Get a quote for Aflac life insurance

Life insurance can provide peace of mind for seniors over 70 and support your financial planning goals. Aflac offers affordable term life and whole life insurance policies to support your specific needs. Some policies may not require a medical exam, and maintaining a healthy lifestyle can help seniors qualify for even better premiums. To learn more about coverage options and get a life insurance quote, speak with an Aflac agent today.

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