fbpx Term Life Insurance For Seniors Over 70 (2024 Update)

Term Life Insurance For Seniors Over 70 (2024 Update)

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Note: Most seniors only qualify for the “standard” health class.

Term life insurance rates for seniors

Term life insurance for seniors over 70 is available! There are a few types of term life insurance that are offered depending on your situation.

Read on to see sample rates and types of term life insurance to seniors over 70.

Table Of Contents

Term Life Insurance Age Range

Seniors can get new term life insurance all the way up to age 80.

While most companies do not offer term life insurance to seniors over 70, there are still some that give good rates, depending on your health and the coverage amount.

Types Of Term Life Insurance Over 70

There are really 3 types of term life insurance available to seniors over 70.

Fully Underwritten (Requires Medical Exam)

Fully underwritten term life insurance policies are usually the cheapest and take almost everyone and their health conditions.

However, they do require a medical exam and take 1-2 months to get approved. The life insurance company will have to request medical records from each doctor that you have seen with any serious health conditions, dragging out the process.

However, with these policies, if you put in the time, you can get the lowest rates possible. These are also the only option for many seniors over 70 that have serious health conditions.

Simplified Issue (No Medical Exam)

Simplified issue term life insurance policies are available up to age 75 for seniors. They do not require a medical exam and are approved within 3-4 business days most of the time.

However, they are a little bit more than fully underwritten policies most of the time. How much more will depend on your height/weight and other health issues.

You should also know that these policies are actually pretty picky. If you have any heart issues or any history of cancer you do not qualify for simplified issue term life insurance.

Mortgage Protection (Decreasing Term, No Medical Exam)

Mortgage protection for seniors over 70 is a type of term product that decreases in coverage amount over time.

These are also with no medical exam and are approved in just a few business days and are more strict with who they let in.

However, they are sometimes cheaper than traditional term life insurance, sometimes not. It will depend on your unique health conditions and situation.

Many seniors get mortgage protection just to cover the mortgage to protect their family or spouse.

Term Life Insurance Rates For Seniors Over 70

Final rates will depend on your ultimate health outcome.

However, below are some standard rates for each type of product.

Click here to read our top picks for term life insurance for seniors.

Note: most seniors only qualify for “standard” health class on our quoter so make sure to pick that.

Male Rates $100,000

AgeFully Underwritten (Medical)Simplified (Non-Med)Mortgage Protection

Female Rates $100,000

AgeFully Underwritten (Medical)Simplified (Non-Med)Mortgage Protection

Which product is best for you will depend on your unique health situation.

Can a 70 Year Old Get Term Life Insurance?

Yes, a 70 year old can get term life insurance. In fact, term life insurance is available all the way up to age 80 for a 10 year term.

How much in coverage you need and your current health will determine the monthly rate, but most people are eligible to get term life insurance.

What Is The Best Life Insurance For Seniors Over 70?

The best life insurance for seniors over 70 will depend on your unique situation.

Many people who buy term life insurance over 70 need large amounts of insurance to protect a mortgage.

Other who only want to pay for final expenses may be better off getting a small final expense whole life insurance policy.

We at Seniors Mutual offer both!

Do You Get Your Money Back At The End Of Term Life Insurance?

While some companies do offer “return of premium” term life insurance, it is not available for seniors over 60.

At age 60 there are some companies who do offer this type of return of premium insurance.


Term life insurance is the most affordable insurance per $1,000 in coverage so it is your best choice if you need large amounts of life insurance for some reason.

On top of that, rates can be very affordable for most seniors!

You just need to know where to look.

The spread of companies’ rates increases as you get older so it is more important than ever to work with an independent agency that works with many different companies.

We at Seniors Mutual will shop the market for you to find the lowest rates possible with your given health conditions.

We look forward to working with you!