Best Life Insurance For Seniors Over 70-74: Final Expense & Burial Insurance

Best Life Insurance for Seniors 70-74
Kim Wilhelm CEO of Final Expense Direct Life Insurance
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Written by Kim Wilhelm

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Last Updated 24 May 2022

When you’re over 70, it can be hard to find affordable life insurance. You may feel that you’re too old to get life insurance over 70, or that you can’t afford it. 

The good news is, whether you’re 70, 71, 72, 73, 74, or older, you can still get a quality life insurance policy that doesn’t break the bank.

And if you have some health issues, you might think you will get denied for life insurance. We’re happy to tell you that’s not the case and there’s a policy out there just right for you.

At Final Expense Direct, we work with seniors over 70 – all ages, really – to get you covered with the life insurance you need. 

Still not sure if you need life insurance over 70 years old? We can help you with that, too.

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Why Buy Life Insurance for People Over 70?

If you’re a senior over 70, you might wonder if you even need life insurance. Not every senior needs life insurance, but most figure out that they need at least some coverage when they pass away.

Buying life insurance for over 70 is a great way to:

  • Pay for your funeral or cremation

  • Leave an estate legacy for your kids or grandkids

  • Pay off your bills

  • Supplement your spouse’s retirement

Unless you’re independently wealthy or don’t need to pay bills, for a funeral, or leave money to loved ones, you need life insurance.

Adult children can also buy life insurance for parents over 70. They can own the policy and pay for it so that when their parents pass away, they can ensure their Mom or Dad has the funeral service and burial or cremation they want as a final send off as they move on to meet the Good Lord. Or, they can assist their parents to get their own life insurance seniors over 70.

What is the Best Life Insurance for Seniors Over 70?

The best life insurance for seniors over 70 is final expense insurance. Also called burial insurance or funeral insurance, burial insurance for seniors over 70 is one of the best ways to get permanent life insurance coverage.

Final expense life insurance for 70 year olds is a whole life insurance policy. You get rates that never increase and coverage that never goes down.

There are two options when you buy funeral life insurance over 70: simplified issue or guaranteed issue. 

With simplified issue life insurance, you have to answer a few health questions to get approved, but there’s no medical exam.

If your health isn’t the best and you have pre-existing conditions, don’t worry. There is guaranteed issue burial insurance without health questions. You can also get guaranteed universal life insurance for seniors over 70. If you can apply, you’re approved!

Why not lock in your life insurance 70 years old rate now, before your next birthday?

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Why You Should Avoid Term Life Insurance for Seniors Over 70

Buying term life insurance for age 70 and older is a terrible idea, for a few reasons. 

Term life insurance for seniors over 70 is typically limited to 10 years of coverage. Which means you can get temporary over 70 life insurance at locked-in rates for the first ten years, but that’s it.

Once your policy expires, you have the option to renew term insurance for seniors over 70. But, the rate is much more expensive because it’s charged at your current age, which is 80 or older.

Plus, you can easily outlive your term life insurance coverage. If you still need life insurance when your term is over, then you’re stuck paying much higher rates or going without life insurance.

That’s why we always recommend final expense life insurance for 70 year old and older. It’s more expensive than term, but it will last your lifetime and you’ll always pay the same rate.

Cost of Life Insurance for 70, 71, 72, 73, 74 Year Olds

How much is life insurance for a 70 year old? Does it cost much more if you’re 71, 72, 73, or 74? The price of life insurance increases with each birthday, so the sooner you get it, the cheaper it will be.

At Final Expense Direct, we work with many final expense companies to provide options for life insurance for a 70 year old. When you call us, we’ll ask you a few questions about your health and how much coverage you need. Then, our agents do all the shopping so you don’t have to. We’ll help you find the best rates for your age and health.

To find out more about the companies we partner with, check out the links below:

The sample rates provided for senior life insurance for 70, 71, 72, 73, and 74 year olds are for a $10,000 final expense policy. These rates are for life insurance for 70 year old man and woman who are non-smokers and in good health.

Cost of Life Insurance at Age 70

Company

Male

Female

Mutual of Omaha

$74

$53

Liberty Bankers

$73

$55

Prosperity

$80

$59

Baltimore Life

$84

$66

American Home Life

$87

$68

Pioneer American

$101

$74

AIG*

$98

$75

Great Western*

$120

$102

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance at Age 71

Company

Male

Female

Mutual of Omaha

$79

$57

Liberty Bankers

$78

$59

Prosperity

$87

$63

Baltimore Life

$88

$69

American Home Life

$92

$72

Pioneer American

$108

$79

AIG*

$106

$81

Great Western*

$127

$109

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance at Age 72

Company

Male

Female

Mutual of Omaha

$83

$61

Liberty Bankers

$83

$63

Prosperity

$93

$67

Baltimore Life

$92

$72

American Home Life

$97

$76

Pioneer American

$115

$84

AIG*

$114

$87

Great Western*

$134

$116

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance at Age 73

Company

Male

Female

Mutual of Omaha

$88

$65

Liberty Bankers

$88

$67

Prosperity

$99

$71

Baltimore Life

$96

$76

American Home Life

$103

$80

Pioneer American

$122

$89

AIG*

$122

$93

Great Western*

$143

$123

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance at Age 74

Company

Male

Female

Mutual of Omaha

$92

$69

Liberty Bankers

$93

$71

Prosperity

$105

$75

Baltimore Life

$101

$79

American Home Life

$108

$84

Pioneer American

$130

$94

AIG*

$130

$99

Great Western*

$150

$130

*These carriers offer guaranteed issue life insurance with no health questions

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FAQs for Senior Life Insurance Age 70, 71, 72, 73, and 74


Do I Need to Take a Health Exam to Get Life Insurance if I’m Over 70?

No, you do not need to take a health exam to get life insurance if you’re over 70. Life insurance for seniors over 70 no medical exam is easy to get when you work with Final Expense Direct, whether you’re 71, 72, 73, or 74. We work with carriers who only ask a few health questions to determine your rate. You can even get affordable life insurance for seniors over 70 with no health questions at all.

How Much Life Insurance Do I Need if I’m Over 70?

Before choosing life insurance for seniors over 70, it’s important to know how much life insurance you need. Consider what you want the life insurance payout to solve. Do you want it to just pay for your funeral, or leave some money to pay bills, too? You can even choose to leave money to your children or grandchildren. Once you decide what you want the life insurance to pay for, you can then determine how much life insurance you need.

Can Veterans Get Life Insurance at 71 Years Old?

Yes, veterans can get life insurance at 71 years old, even if they have health issues. Getting life insurance for veterans over 70 can be challenging, especially if you take pain medication or have been diagnosed with PTSD. Luckily, we work with companies like Pioneer American, which offers an immediate death benefit for veterans taking pain meds or with PTSD.

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