Best Life Insurance for Seniors Over 70 in 2025 | Compare Rates & Top Companies
Why Life Insurance Still Matters After 70
Do you think that life insurance for seniors over 70 no longer makes sense? That can be a costly misconception. Even in your 70s, life insurance can cover funeral expenses, outstanding debts, and provide a legacy for loved ones.
In 2025, insurance companies have tailored products specifically for seniors over 70, including guaranteed acceptance and final expense plans that require no medical exam and offer fixed premiums for life.
This guide breaks down everything you need to know about life insurance for seniors over 70 — types of policies, sample rates, pros and cons, and the best life insurance companies.
What Type of Life Insurance Is Best for Seniors Over 70?
Choosing the right life insurance for seniors over 70 depends on your health, budget, and goals. Here are the main types available:
1. Final Expense Life Insurance (Burial Insurance)
- Best for: Covering funeral costs, medical bills, or small debts.
- Coverage amounts: $5,000 – $50,000
- Ages accepted: Typically 50–85
- Medical exam: None required
- Key benefit: Guaranteed acceptance and lifetime coverage.
2. Guaranteed Universal Life (GUL)
- Best for: Leaving an inheritance or protecting a spouse.
- Coverage amounts: $50,000 – $500,000+
- Ages accepted: Up to 85
- Medical exam: Usually required
- Key benefit: Combines affordability with permanent protection.
3. Simplified Issue Whole Life
- Best for: Seniors with manageable health conditions.
- Coverage amounts: $10,000 – $250,000
- Ages accepted: Up to 80–85
- Medical exam: No, but health questions apply.
- Key benefit: Full death benefit from day one.
💰 Average Cost of Life Insurance for Seniors Over 70 (2025)
Below are average monthly rates for seniors aged 70 (non-smoker) for $10,000 in coverage:
| Age | Gender | Policy Type | Estimated Monthly Rate |
|---|---|---|---|
| 70 | Male | Guaranteed Issue Whole Life | $95 – $110 |
| 70 | Female | Guaranteed Issue Whole Life | $70 – $85 |
| 72 | Male | Simplified Issue Whole Life | $80 – $100 |
| 75 | Female | Final Expense Whole Life | $85 – $95 |
| 78 | Male | Guaranteed Issue Whole Life | $110 – $130 |
Note: Rates vary by state, company, and health. Always compare multiple carriers before buying.
🏆 Best Life Insurance Companies for Seniors Over 70 in 2025
Here are the top-rated insurers offering senior life insurance — with key benefits, features, and sample rates.
1. Gerber Life Insurance – Guaranteed Life Plan
Best for: Seniors needing guaranteed approval with no health questions.
Ages accepted: 50–80
Coverage: $5,000 – $25,000
Medical exam: None
Waiting period: 2-year graded benefit
Highlights:
- Acceptance guaranteed regardless of health.
- Premiums never increase.
- Builds small cash value over time.
Sample Rates (Age 70):
- Male, $10,000 coverage – $99/month
- Female, $10,000 coverage – $75/month
Why we like it:
Gerber’s Guaranteed Life is one of the most accessible final expense policies for seniors. If you’re in poor health, you’ll still qualify. The policy ensures your family won’t be burdened by funeral costs.
2. AIG – Guaranteed Issue Whole Life
Best for: Seniors with serious health conditions.
Ages accepted: 50–85
Coverage: $5,000 – $25,000
Medical exam: None
Waiting period: 2 years
Highlights:
- Guaranteed acceptance — no health questions.
- Level premiums and lifetime coverage.
- 10% interest added if death occurs during waiting period.
Estimated Rates (Age 70):
- Male, $10,000 coverage – $100/month
- Female, $10,000 coverage – $80/month
Why we like it:
AIG offers one of the broadest age ranges and is ideal for applicants with severe health issues who’ve been declined elsewhere.
3. Transamerica – Final Expense Whole Life (Immediate Solution)
Best for: Seniors in decent health who want full coverage from day one.
Ages accepted: 45–85
Coverage: $5,000 – $50,000
Medical exam: Simple health questions
Highlights:
- Full death benefit immediately upon approval.
- Lower premiums for healthy applicants.
- Level premiums for life.
Sample Rates (Age 70):
- Male, $10,000 coverage – $75/month
- Female, $10,000 coverage – $60/month
Why we like it:
Transamerica’s Immediate Solution offers better rates than guaranteed issue if your health qualifies. It’s a great “middle ground” option for healthy seniors.
4. Foresters Financial – PlanRight Whole Life
Best for: Seniors wanting member benefits and flexibility.
Ages accepted: 50–85
Coverage: $10,000 – $50,000
Medical exam: Health questions only
Highlights:
- Optional charitable benefit rider (Foresters donates an extra 1% to charity).
- Access to Foresters membership benefits (discounts, grants, scholarships).
- Fixed premiums and immediate coverage.
Sample Rates (Age 70):
- Male, $10,000 coverage – $80/month
- Female, $10,000 coverage – $65/month
Why we like it:
Foresters combines strong whole-life protection with social impact and extra benefits for members.
5. Mutual of Omaha – Living Promise Whole Life
Best for: Seniors wanting top-tier customer service and flexible options.
Ages accepted: 45–85
Coverage: $2,000 – $50,000
Medical exam: None (simplified issue)
Highlights:
- Full benefit from day one.
- Competitive rates for non-smokers.
- Riders available for terminal illness and nursing home.
Sample Rates (Age 70):
- Male, $10,000 coverage – $70/month
- Female, $10,000 coverage – $55/month
Why we like it:
Mutual of Omaha has some of the best financial ratings and a smooth online application process — great for tech-savvy seniors.
⚖️ Comparison Table: Best Life Insurance for Seniors Over 70
| Company | Type | Max Age | Coverage | Medical Exam | Waiting Period | Monthly Cost (M/F, $10k) |
|---|---|---|---|---|---|---|
| Gerber Life | Guaranteed Issue Whole | 80 | $25,000 | No | 2 years | $99 / $75 |
| AIG | Guaranteed Issue Whole | 85 | $25,000 | No | 2 years | $100 / $80 |
| Transamerica | Simplified Whole | 85 | $50,000 | No | None | $75 / $60 |
| Foresters | Whole Life | 85 | $50,000 | No | None | $80 / $65 |
| Mutual of Omaha | Simplified Whole | 85 | $50,000 | No | None | $70 / $55 |
🧠 Tips for Buying Life Insurance After 70
- Compare at least three quotes – Rates can differ by 20–40%.
- Choose level premiums – Avoid policies that increase costs annually.
- Ask about waiting periods – Some policies delay full coverage for 2 years.
- Stay within budget – Pick a premium you can comfortably afford for life.
- Review financial strength – Stick with A-rated or better insurers.
- Designate a clear beneficiary – Update names to avoid probate delays.
- Work with a licensed agent – Seniors often qualify for hidden discounts.
✅ Conclusion: The Best Life Insurance for Seniors Over 70 in 2025
The best life insurance for seniors over 70 depends on your health, budget, and goals:
- Best for guaranteed approval: Gerber Life Guaranteed Life
- Best for poor health: AIG Guaranteed Issue
- Best for healthy seniors: Transamerica Immediate Solution
- Best overall value: Mutual of Omaha Living Promise
- Best with member perks: Foresters PlanRight
At age 70+, your focus should be affordability, reliability, and lifelong coverage. Whether you want to leave a legacy, protect a spouse, or simply cover final expenses, the right life insurance policy can give you and your family lasting peace of mind.
