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Buying Life Insurance in your 70s [The Best Rates for Ages 70-79]

Fact Checked by Jason Herring & Barry Brooksby
Licensed Agents & Life Insurance Experts.
As a licensed insurance agency, Insurance and Estates is committed to integrity in our editorial standards and transparency in how we receive compensation from our insurance partners.
life insurance for ages 70-79

The following life insurance rates by age are for someone in their 70s in excellent health, with no other risk factors.

The life insurance quotes provided are from top rated insurance companies as determined by AM Best, with an A- rating and higher.

Term Life Insurance Rates in Your 70s

MaleFemale
Life Insurance In Your 70s
The following 70-79 year old sample quotes are based on a male qualifying at the top rate class.
10 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70$178.86$327.89$489.50$597.95
71$198.97$366.15$546.64$673.70
72$223.83$413.47$619.03$767.39
73$252.79$473.07$707.26$885.43
74$292.33$549.02$821.19$1,035.90
75$336.66$638.76$955.81$1,213.79
76$393.53$772.74$1,156.56$1,485.31
77$450.41$894.69$1,370.52$1,736.00
78$507.06$1,008.00$1,508.94$1,942.50
79$563.94$1,121.75$1,679.56$2,149.00
15 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70$251.59$481.70$719.95$931.69
71$307.68$595.13$890.09$1,161.34
72$367.16$705.97$1,056.38$1,384.00
73$432.86$858.49$1,285.15$1,689.97
74$519.12$1,031.34$1,544.42$2,057.72
75$620.49$1,223.63$1,863.62$2,338.34
76$733.80$1,448.24$2,171.07$2,754.58
77$840.44$1,659.80$2,488.41$3,157.92
78$981.26$1,938.87$2,907.02$3,691.12
79N/AN/AN/AN/A
20 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70$409.53$799.86$1,197.22$1,537.27
71N/AN/AN/AN/A
72N/AN/AN/AN/A
73N/AN/AN/AN/A
74N/AN/AN/AN/A
75N/AN/AN/AN/A
76N/AN/AN/AN/A
77N/AN/AN/AN/A
78N/AN/AN/AN/A
79N/AN/AN/AN/A
25 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70N/AN/AN/AN/A
71N/AN/AN/AN/A
72N/AN/AN/AN/A
73N/AN/AN/AN/A
74N/AN/AN/AN/A
75N/AN/AN/AN/A
76N/AN/AN/AN/A
77N/AN/AN/AN/A
78N/AN/AN/AN/A
79N/AN/AN/AN/A
30 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70N/AN/AN/AN/A
71N/AN/AN/AN/A
72N/AN/AN/AN/A
73N/AN/AN/AN/A
74N/AN/AN/AN/A
75N/AN/AN/AN/A
76N/AN/AN/AN/A
77N/AN/AN/AN/A
78N/AN/AN/AN/A
79N/AN/AN/AN/A
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
Life Insurance In Your 70s
The following 70-79 year old sample quotes are based on a female qualifying at the top rate class.
10 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70$109.97$198.74$296.77$365.91
71$126.83$233.96$348.60$430.41
72$145.51$272.23$406.01$501.89
73$166.11$314.47$469.36$580.80
74$189.59$362.58$541.53$670.71
75$216.30$417.34$623.67$773.06
76$271.90$530.72$793.53$971.37
77$333.20$648.72$970.53$1,188.12
78$384.13$762.13$1,140.13$1,453.50
79$435.97$865.81$1,295.66$1,708.00
15 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70$155.87$283.36$422.18$561.88
71$195.48$376.13$561.65$695.50
72$231.39$452.56$676.28$837.15
73$279.31$544.77$814.61$1,007.93
74$339.17$656.05$981.53$1,163.86
75$390.38$770.76$1,153.59$1,396.85
76$529.12$1,008.35$1,511.24$1,924.68
77$612.97$1,169.60$1,753.11$2,241.16
78$711.87$1,362.24$2,042.07$2,612.68
79N/AN/AN/AN/A
20 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70$349.13$644.14$962.26$1,129.88
71N/AN/AN/AN/A
72N/AN/AN/AN/A
73N/AN/AN/AN/A
74N/AN/AN/AN/A
75N/AN/AN/AN/A
76N/AN/AN/AN/A
77N/AN/AN/AN/A
78N/AN/AN/AN/A
79N/AN/AN/AN/A
25 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70N/AN/AN/AN/A
71N/AN/AN/AN/A
72N/AN/AN/AN/A
73N/AN/AN/AN/A
74N/AN/AN/AN/A
75N/AN/AN/AN/A
76N/AN/AN/AN/A
77N/AN/AN/AN/A
78N/AN/AN/AN/A
79N/AN/AN/AN/A
30 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
70N/AN/AN/AN/A
71N/AN/AN/AN/A
72N/AN/AN/AN/A
73N/AN/AN/AN/A
74N/AN/AN/AN/A
75N/AN/AN/AN/A
76N/AN/AN/AN/A
77N/AN/AN/AN/A
78N/AN/AN/AN/A
79N/AN/AN/AN/A
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

Whole Life Insurance Rates in Your 70s

MaleFemale
Whole Life to Age 100 Quotes
The following sample whole life insurance quotes are based on a preferred plus male wanting ordinary whole life insurance to age 100 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
Age $100,000 $250,000 $500,000 $1,000,000
20 $83 $151 $293 $580
25 $92 $178 $348 $689
30 $105 $216 $422 $839
35 $121 $267 $522 $1038
40 $141 $326 $639 $1273
45 $173 $401 $789 $1571
50 $214 $499 $982 $1959
55 $270 $629 $1239 $2473
60 $324 $802 $1582 $3158
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
Whole Life to Age 100 Quotes
The following sample whole life insurance quotes are based on a preferred plus female wanting ordinary whole life insurance to age 100 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
Age $100,000 $250,000 $500,000 $1,000,000
20 $56 $132 $255 $504
25 $66 $156 $304 $602
30 $79 $188 $368 $729
35 $96 $230 $450 $894
40 $115 $278 $544 $1081
45 $143 $350 $685 $1364
50 $175 $429 $843 $1681
55 $223 $549 $1082 $2158
60 $280 $700 $1381 $2756
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

For complimentary life insurance quotes, please give us a call today or enter your info in our quote forms below.

Term Life vs Whole Life Insurance Rates


Why Buy Life Insurance in Your 70s

Most of the time when we have a client in their 70s call us looking for life insurance, it’s usually because one of two things just occurred.

Either…

They just had a term life policy expire or is nearing its expiration, or they just became aware of how expensive funeral expense can be.

Now…

For those who are nearing the end of their term life insurance, chances are they either purchased a term policy that doesn’t offer a “guaranteed renewable clause” in which case, they are now looking to see what their current options might be or, they did purchase a “guaranteed renewable term life insurance policy” and now are infuriated at what their current insurance carrier wants to charge them for continued insurance coverage.

The good news is…

That because I&E understands what a lot of folks in their 70s are going through, we realize why its so important to try and provide our clients with as many different types of life insurance options as possible.

And this is why we work so hard to establish and maintain relationships with dozens of the most favorable companies offering whole life insurance for seniors over 70 out there and constantly strive to help our clients find the best life insurance for them.

Which is also why…

We wanted to take a moment and discuss 4 main reasons why someone in their 70s might want to consider purchasing a whole life insurance policy vs a term life insurance policy.

Top 4 Reasons To Buy Whole Life Insurance in Your 70s

  1. Insurance Needs Have Declined.

In many cases (but not all by any means) as an individual ages, his or her life insurance needs will typically decline.  This is because in most cases, an individual will purchase a life insurance policy to:

  • Protect young children,
  • Help support a spouse,
  • Cover the cost of a mortgage,

And/or replace any lost wages which would occur in the event that an individual died before retirement age.

So…

In theory, once someone enters their 70s, chances are they no longer have any dependent children living in the home with them, their mortgage will be much lower than it was 10 or 20 years ago, and they may no longer be working so they don’t need to have to worry about any potential lost wages in the event of their death.

Which…

All translates into a reduced “insurance need”.  And while most of us would love to leave behind a million dollars to our loved ones when we pass, that really isn’t what life insurance is supposed to do.

Instead, life insurance is supposed to make your loved ones “financially whole” in the event that you die, not provide a winning lottery ticket!

You see, in many cases, electing to purchase a small whole life policy from one of the best final expense insurance companies will often be an ideal option for someone in their 70s who no longer has a large life insurance need.

  1. Can’t Qualify for Term

Let’s face it, insurance companies aren’t charities, and at the end of the day, they are in business to make money.  Which means that while they were more than happy to insure you all throughout your 40s, 50s, and 60s, there’s a really good chance that for many 70 year olds, the prospect of being able to qualify for a traditional term life insurance in your 70s may simply not be possible.

In cases like these…

One’s best option might be to consider either a simplified issue whole life insurance policy or a guaranteed issue life insurance policy.

These are two types of life insurance policies that will generally be “easier” to qualify for.

However, the will be limited to only about $50,000- $25,000 in coverage, and in the case of guaranteed issue insurance policies, they will have a waiting period prior to providing coverage for “natural” causes of death such as:

  • Cancer,
  • Heart disease,
  • Stoke, or
  • Diabetes,

The good news is…

That for those who have already learned that they can’t qualify for or afford a traditional life insurance policy, these types of life insurance policies can become a great option to consider.

  1. I’m not 70, but I know someone who is!

Technically, this reason doesn’t really “fit” into our conversation about why someone in their 70s might want to buy a whole life insurance policy, but because we get so many calls pertaining to this situation, we figured we’d just throw it into our discuss here.

You see…

One major reason why a lot of folks choose to purchase a life insurance policy on someone else is because they realize that their loved one doesn’t have any life insurance in place and when their loved one passes, it will now be up to them to pay for the loved ones final expenses.

In cases like these…

It’s not all that uncommon for an individual (with the insured’s permission) to call us and purchase a small whole life insurance policy on their loved on (parent, sibling, aunt or uncle) and simply be the “owner” of the policy.

This way, when the inevitable happens, they aren’t on the “hook” for all of the funeral and final expense costs associated with providing a proper burial.

  1. Beats the Heck out of my Savings Account!

Now we have to admit that we saved the best reason for purchasing a cash value whole life insurance policy for last, because up until now, all we’re really focused on is how a whole life insurance policy can be used to provide a death benefit to your loved ones in the event of your death.

Which…

Don’t get us wrong, is a really good reason why someone might want to consider purchasing a whole life insurance policy.

However, for those might have accumulated moderate to significant savings over the years, there are many additional benefits one can take advantage of by purchasing dividend paying whole life insurance.

Particularly if…

You just have all of these savings sitting in a traditional savings account earning next to nothing.

What we’re talking about here is…

Utilizing a whole life insurance policy to implement a financial strategy that is commonly referred to as “Self-Banking” or “Infinite Banking”.  And when done properly can allow clients to:

  • Take Tax free loans,
  • Get Tax deferred guaranteed cash value growth,
  • See Improved cash flow and liquidity,
  • With a Guaranteed death benefit
  • In a Private Policy
  • That does not count against your social security

Now this is a concept that won’t be discussed with you by your “typical” nation wide call center life insurance representative.

This is why…

If you are in your 70s, and you are considering purchasing a whole life insurance policy, take a moment and give us a call.

We love to help folks purchase all sorts of different types of life insurance products and love to help folks find the “best” life insurance that they can qualify for.

We also love…

To speak to folks who have already begun working with another agent because nothing makes us prouder of what we do than to have a client tell us they had no idea there were so many options for them to choose from.

So, what are you waiting for?  Give us a call today and see what we can do for you!

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