Let's address the elephant in the room: shopping for life insurance after 70 feels daunting. Maybe you've heard you're too old, or that premiums will cost a fortune. Here's the truth—you can absolutely get life insurance after 70, and for many people, it makes perfect financial sense. Yes, your options are more limited than they were at 40. Yes, you'll pay higher premiums. But if you need to cover final expenses, protect a spouse, or handle estate planning, the right policy can deliver real peace of mind.
What Types of Life Insurance Can You Get After 70?
Your choices narrow after 70, but you're not out of options. Most insurers offer guaranteed issue whole life insurance for applicants between ages 50 and 80, with some extending coverage up to age 85. These policies don't require medical exams or health questionnaires—if you're in the age range, you're automatically accepted. Coverage amounts typically range from $2,000 to $25,000, which makes them ideal for covering funeral costs, medical bills, and outstanding debts rather than replacing income or leaving substantial inheritances.
Term life insurance is technically available, though most insurers cap eligibility at age 85. At 70, you could get a 10-year or 15-year term policy, but expect significant costs. A 70-year-old nonsmoking male pays around $143 per month for a 10-year term with $100,000 in coverage, while a 15-year term with $500,000 coverage runs about $463 per month. If you're in good health and need substantial coverage for a specific period—say, to cover a mortgage or business obligation—term might work. But for most people over 70, guaranteed issue whole life makes more financial sense.
Whole life and guaranteed universal life policies build cash value over time and last your entire life as long as you pay premiums. These policies cost two to three times more than term insurance but provide permanent coverage, which matters when you're buying insurance at an age where a 10-year term might outlast you anyway. If you're using life insurance for estate planning—to cover estate taxes, equalize inheritances among heirs, or make charitable donations—permanent policies deliver the most value.
How Much Does Life Insurance Cost After 70?
Here's where it gets expensive. Life insurance premiums increase an average of 8-10% for every year of age, and by 70, you're paying significantly more than someone in their 40s or 50s. For guaranteed issue policies designed to cover final expenses, a 70-year-old might pay $40 to $100 per month for $10,000 in coverage. By age 80, that same $10,000 policy costs $90 to $140 per month, while $20,000 in coverage runs $180 to $280 monthly.
If you need larger coverage amounts, the numbers climb fast. An 80-year-old in relatively good health could pay more than $20,000 annually for a 10-year term policy with $500,000 in coverage. At 70, a $500,000 policy over 20 years averages $9,702 per year. These premiums reflect the reality that insurers face a much higher likelihood of paying out claims for older policyholders, and they price accordingly.
Gender also affects pricing. Women typically pay less because they live longer on average. A 70-year-old woman might pay $36 to $71 per month for $100,000 in 10-year term coverage, while a man in the same situation pays $51 to $100. If you're a nonsmoker in decent health, you'll get better rates, but even then, age is the dominant factor driving your premium.
Understanding the Guaranteed Issue Waiting Period
Guaranteed issue policies come with a significant catch: the waiting period. Almost all guaranteed issue life insurance includes a two-year waiting period where full coverage doesn't kick in if you die from natural causes. If you pass away from illness or disease during those first two years, your beneficiaries receive only the premiums you paid, plus interest—not the full death benefit. If you die from an accident during the waiting period, the full benefit is typically paid out.
This waiting period exists because guaranteed issue policies don't require health screenings. Insurers use this buffer to protect against applicants who know they're in poor health and are trying to secure a quick payout. Some carriers extend the waiting period to three years, so read your policy documents carefully. Once you survive the waiting period, your coverage functions like any other whole life policy—your beneficiaries get the full death benefit whenever you pass away, and premiums stay level for life.
Using Life Insurance After 70 for Estate Planning
Final expense coverage is the most common reason people buy life insurance after 70, but estate planning is where permanent life insurance really shines. If you have significant assets, life insurance can help your heirs manage estate taxes, which currently kick in at $13.99 million per individual in 2025. That threshold sounds astronomical, but it's scheduled to drop to roughly $6.8 million in 2026 when current tax provisions expire. If your estate approaches or exceeds these limits, a permanent life insurance policy can provide liquidity to pay estate taxes without forcing your heirs to sell property or investments.
Life insurance also helps equalize inheritances when you have assets that can't be easily divided. Maybe you're leaving the family business to one child and want to provide an equivalent financial gift to your other children. A life insurance policy can bridge that gap. Or perhaps you want to make a substantial charitable donation without depleting assets your family depends on—life insurance lets you name a charity as beneficiary while preserving your estate for heirs.
For business owners, life insurance can fund buy-sell agreements, ensuring your business partners can purchase your ownership stake from your heirs without financial strain. These strategies require permanent policies like whole life or universal life because they need to remain in force indefinitely. The cash value component also provides flexibility—you can borrow against it if needed, though outstanding loans reduce the death benefit.
How to Decide If Life Insurance After 70 Is Right for You
Start by clarifying what you're trying to accomplish. If your primary goal is covering funeral and burial expenses, guaranteed issue life insurance makes sense. The average funeral costs $7,000 to $10,000, so a $10,000 to $15,000 policy handles that without burdening your family. If you have outstanding debts—a mortgage, car loan, or credit cards—factor those into your coverage amount. But if you have substantial savings and your family can handle final expenses without financial stress, you might not need life insurance at all.
Think about your dependents. If you have a spouse who relies on your income, pension, or Social Security benefits, life insurance can help replace that lost income. If you're caring for an adult child with disabilities or supporting grandchildren, permanent coverage ensures they're provided for after you're gone. But if you're financially independent with no dependents and enough assets to cover end-of-life costs, paying high premiums for life insurance might not make financial sense.
Compare premiums to the death benefit you'll receive. If you're 75 and paying $150 per month for a $10,000 policy, you'll pay $18,000 over 10 years—nearly double the death benefit. That math only works if you pass away within the first few years or if the peace of mind justifies the cost. Run the numbers honestly. For some families, setting aside money in a dedicated savings account for final expenses delivers better value than buying insurance with a waiting period and high premiums.
How to Get Started
Shopping for life insurance after 70 is straightforward because your options are limited and most policies don't require medical exams. Start by requesting quotes from several insurers that specialize in senior coverage—companies like Mutual of Omaha, Gerber Life, and others offer guaranteed issue policies with transparent pricing. Compare coverage amounts, premiums, waiting periods, and any additional riders like accidental death benefits.
Read the fine print on waiting periods and payout terms. Make sure you understand exactly when full coverage begins and what happens if you die during the waiting period. Ask about premium payment schedules—some policies let you pay monthly, while others require annual payments. If you're using life insurance for estate planning, work with a financial advisor or estate attorney to structure the policy correctly, potentially using an irrevocable life insurance trust to keep the death benefit out of your taxable estate.
Once you choose a policy, keep your beneficiary designations current. Life changes—divorces, remarriages, deaths, births—and your policy should reflect your current wishes. Review your policy annually to ensure it still serves your needs. And talk to your family about your coverage so they know what to expect and how to file a claim when the time comes. Life insurance works best when everyone understands the plan. If you're ready to explore your options, getting a quote takes minutes and there's no obligation. The right policy can remove a significant burden from your loved ones at a time when they'll already be dealing with enough.
