The Best Life Insurance for Seniors Over 70

Finding the right life insurance as a senior over 70 doesn't have to be complicated. Whether you're looking to cover final expenses, protect your family's financial future, or leave a legacy, there's a policy designed for your needs. We've researched the top life insurance companies for seniors in 2026 to help you make an informed decision that fits your budget and coverage goals.

Why Life Insurance Matters for Seniors Over 70

Many people assume life insurance is only for younger workers, but seniors over 70 have unique financial reasons to consider coverage. Life insurance can provide peace of mind and a financial safety net for loved ones in several important situations:

• Final expenses aren't covered: Funeral and burial costs typically range from $7,000 to $12,000, which can strain family finances^[1]
• You have dependents: If you have a spouse, disabled adult child, or others who rely on your income or care, life insurance can protect them
• Outstanding debt remains: A mortgage, personal loans, or medical bills could burden your family if left unpaid^[1]
• Estate planning needs: Life insurance can help provide inheritance, equalize estates among heirs, or cover estate taxes^[1]
• Business succession: If you own a business, life insurance can provide financial protection during ownership transition^[1]

Types of Life Insurance for Seniors Over 70

Term Life Insurance

Term life insurance provides coverage for a fixed period—typically 10 to 30 years—and offers the most affordable premiums for substantial death benefits^[3]. For seniors over 70, this option works well if you need long-term protection at a reasonable cost. However, you'll need to renew or obtain new coverage if you outlive the term.

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, while women typically pay $7,994 per year^[3]. Some companies like USAA offer excellent options for converting term coverage to permanent coverage later if your needs change^[2].

Whole Life Insurance

Whole life insurance provides lifetime coverage and builds cash value over time, though premiums are significantly higher than term policies. 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^[3].

Whole life insurance is ideal if you want permanent protection that won't expire and don't mind paying higher premiums. Many seniors choose whole life for final expense coverage or to leave a guaranteed inheritance to their heirs.

Final Expense Insurance

Also called burial insurance, final expense policies are specifically designed for seniors and typically offer smaller death benefits ($10,000 to $50,000) at lower costs. Many companies like Mutual of Omaha and AARP specialize in these policies, which are perfect for covering funeral costs and other end-of-life expenses^[1].

Best Life Insurance Companies for Seniors Over 70 in 2026

Mutual of Omaha – Best Customization Options

Mutual of Omaha tops our list for seniors seeking customization. They offer the maximum issue age of 80 (85 for final expense policies) and provide term, whole, universal, and final expense life insurance options available in all 50 states plus Washington D.C.^[1]. Their plan variety allows you to tailor coverage exactly to your needs.

AARP – Best Premiums

AARP stands out for competitive premiums on life insurance designed specifically for seniors^[1]. With a maximum issue age of 80, they offer term, whole, and final expense life insurance in all 50 states plus Washington D.C. If affordability is your primary concern, AARP's rates are hard to beat.

MassMutual – Best for Older Seniors

MassMutual is an excellent choice if you're in your late 70s or 80s. They offer a maximum issue age of 90 for whole life policies and have numerous riders available, including long-term care access, accelerated death benefits, and guaranteed insurability options^[2]. This flexibility makes them ideal for complex coverage needs.

Northwestern Mutual – Best Customer Experience

Northwestern Mutual earns a 4.9 NerdWallet rating for customer experience and offers term coverage up to age 70 and whole life coverage up to age 85^[2]. They're known for exceptional service and support throughout your policy lifetime.

USAA – Best for Convertible Coverage

If you think you might want to convert term coverage to permanent protection later, USAA is your best option^[2]. They offer term life to age 70 and whole life to age 85, with excellent conversion features that give you flexibility as your needs change.

Fidelity Life – Best for Older Seniors

Fidelity Life has been serving seniors for over a century and offers a maximum issue age of 85—among the highest available^[1]. Their premiums are lower and benefits higher than carriers like Mutual of Omaha, making them ideal for older adults just now considering life insurance. Note that seniors ages 65 and over cannot access term life plans exceeding 20 years^[1].

Colonial Penn – Most Affordable with Guaranteed Acceptance

Colonial Penn specializes in guaranteed acceptance whole life insurance with no medical exam required^[5]. Coverage options start at just $9.95 per month for ages 50-85 in most states, with locked-in premiums that never increase^[5]. This is perfect if you have health concerns that might make traditional underwriting difficult.

Corebridge Direct – Best Coverage Amounts

If you need substantial death benefits, Corebridge Direct offers coverage amounts up to $10 million^[1]. With a maximum issue age of 80, they provide term, whole, universal, and final expense life insurance in 48 states (not available in New York or Vermont).

Comparing Costs: What You'll Actually Pay

Premium costs vary significantly based on your age, health, smoking status, and the type of coverage you choose. Here's what you can expect:

• Final expense/guaranteed acceptance policies: Starting at $9.95 to $40 per month^[5]
• Term life insurance ($500,000, 20 years): $7,994 to $9,702 per year for nonsmokers^[3]
• Whole life insurance ($500,000): $20,973 to $25,153 per year for nonsmokers^[3]

Your actual premiums depend on factors like your current health, medical history, lifestyle, and whether you use tobacco. Maintaining a healthy lifestyle can help you qualify for better rates^[3].

Key Features to Look For

When comparing life insurance policies, consider these important features:

• No medical exam required: Guaranteed acceptance policies skip medical underwriting, though premiums may be higher
• Flexible payment options: Monthly, quarterly, or annual payments help you budget confidently
• Riders and add-ons: Look for accelerated death benefits, waiver of premium, long-term care access, and guaranteed insurability options
• Convertibility: The ability to convert term coverage to permanent protection gives you future flexibility
• Issue age limits: Higher maximum ages (85-90) mean more options if you're in your late 70s or 80s
• Availability in your state: Some companies don't operate in all 50 states, so verify coverage in your location

How to Choose the Right Policy

Start by determining how much coverage you actually need. Consider your final expenses, outstanding debts, and any income your family would lose. A simple rule of thumb: aim for coverage that equals 5 to 10 times your annual income, or at minimum, enough to cover funeral costs and outstanding debts.

Next, decide between term and whole life based on your timeline and budget. Term insurance is more affordable but expires, while whole life costs more but lasts your lifetime. Many seniors choose a combination—term coverage for larger amounts and whole life or final expense insurance as a safety net.

Finally, get quotes from multiple companies. Most insurers offer free quotes online or by phone, and comparing options takes just 15-20 minutes. Don't assume you'll be denied coverage due to health issues—companies like Colonial Penn specialize in guaranteed acceptance policies.

Frequently Asked Questions

Can I get life insurance if I'm over 80?

Yes. Several companies offer coverage up to age 85 or 90, including MassMutual (whole life to age 90), Mutual of Omaha (final expense to age 85), and Fidelity Life (to age 85)^[1][2]. You may have fewer options and higher premiums, but coverage is available.

Do I need a medical exam?

Not necessarily. Guaranteed acceptance policies like Colonial Penn require no medical exam or health questions^[5]. Traditional policies may require an exam, but many companies now offer no-exam options for smaller coverage amounts. Ask each company about their specific requirements.

What if I have pre-existing health conditions?

Pre-existing conditions don't automatically disqualify you. Traditional insurers will consider your health history during underwriting, which may affect your premiums. Guaranteed acceptance policies accept all applicants regardless of health, though premiums are typically higher^[5].

How long does it take to get approved?

Guaranteed acceptance policies typically approve within days. Traditional policies with medical underwriting may take 2-4 weeks, depending on your health history and the company's process. Ask about approval timelines when you request quotes.

Can I cancel my policy if I change my mind?

Most companies offer a 30-day money-back guarantee^[5]. If you're not satisfied, you can cancel and receive a full refund. After that period, cancellation policies vary by company, so read your policy documents carefully.

Will my premiums increase over time?

For guaranteed acceptance policies, premiums are locked in and won't increase^[5]. For traditional policies, rates are typically locked when you purchase but may have adjustment periods. Always ask about rate guarantees when comparing quotes.

Getting Started: Your Next Steps

Life insurance doesn't have to be overwhelming. Start by identifying your coverage needs—whether that's final expense protection, debt coverage, or leaving an inheritance. Then request free quotes from 2-3 companies that match your situation. Most quotes take just 10-15 minutes online or over the phone.

Compare not just premiums, but also company ratings, available riders, and customer service reviews. Read the fine print on any guarantees or rate locks. Once you've chosen a policy, complete the application and provide any required medical information or exam results.

Remember, the best life insurance is the one you'll actually keep. Choose a company with good customer service, affordable premiums you can comfortably pay, and coverage that genuinely protects your family's financial future. Getting started today means your loved ones will have peace of mind tomorrow.

Sources & References

1. The Best Life Insurance Plans for Seniors in 2026 - SeniorLiving.org — seniorliving.org
2. 5 Best Life Insurance Policies for Seniors in February 2026 - NerdWallet — nerdwallet.com
3. Best Life Insurance for Seniors Over 70 - Aflac — aflac.com
4. Best Life Insurance Companies for Seniors of 2026 - Ethos — ethos.com
5. Colonial Penn: Affordable Life Insurance Quotes for Seniors — colonialpenn.com
6. Cheapest Life Insurance for Seniors: Affordable 2026 Rates - MoneyGeek — moneygeek.com