Best Term Life Insurance for Seniors Over 70 in 2025 (10 Standout Companies)

AIG offers the best term life insurance for seniors over 70, with rates starting at $33 per month. Its low prices and reliable service make it a good option for older people.

AIG also has flexible plans with different coverage amounts and lengths to meet various needs. If AIG doesn’t seem right, John Hancock and Mutual of Omaha are also excellent choices. View this guide, “Life Insurance Cost by Age: How Your Age Impacts Life Insurance Premiums,” for more insights.

Our Top 10 Company Picks: Best Term Life Insurance for Seniors Over 70

They have affordable rates and helpful plans for seniors. These companies make life insurance simple and easy to understand, giving seniors peace of mind.

Getting affordable life insurance with a medical issue can be a challenge, but it’s not impossible. Use our free quote comparison tool to find the lowest rates.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption

#1 – AIG: Top Overall Pick

Pros

• Customizable Plans: AIG offers flexible term life insurance options designed to fit the unique needs of seniors over 70.
• Affordable Term Policy Rates: It costs $48 per month, and it is a smart and affordable option for seniors over 70 who want to save money.
• Lifetime Coverage: Seniors over 70 can change their AIG term life plans into permanent lifetime coverage.

Cons

• Higher Costs for Whole Life Insurance: AIG’s whole life policies can be expensive, starting at $200 per month, which might not work for everyone.
• Small Discounts for Bundling: The 12% bundle discount for seniors is lower than other competitors’ offers. Look at this “AIG Life Insurance Review” guide for more details.

#2 – John Hancock: Best for Healthy Rewards

Pros

• Healthy Rewards: John Hancock rewards seniors over 70 a benefit for staying healthy.
• High Financial Strength: With an A+ rating, John Hancock is financially strong and trustworthy for seniors over 70.
• Good Starting Price: Term policy starts at $58 per month. It is suitable for seniors over 70. For more details, refer to this “John Hancock Life Insurance Review” guide.

Cons

• Higher Whole Policy: It costs $225 per month, which may be too high for some seniors over 70.
• Lower Bundling Discount: The 9% bundling discount is not as high as other insurers offer for seniors over 70.

#3 – Mutual of Omaha: Best for Senior Coverage

Pros

• Senior-Friendly Plans: Mutual of Omaha has policies that cater specifically to seniors over 70. View this “Mutual of Omaha Term Life Insurance Policies Review ” guide to learn more.
• Excellent Financial Rating: An A+ rating from A.M. Best shows it is financially stable, which is fantastic for seniors over 70.
• Affordable Price: Term policy starts at $47 per month, making it a good option for seniors over 70.

Cons

• Whole Coverage Can Be Expensive: Whole coverage starts at $195 per month, which might be too much for some seniors over 70.
• Limited Policy Options: There may be less variety in policy choices for seniors over 70 than in other companies.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption

#4 – Prudential: Best for High Limits

Pros

• High Coverage Limits: Prudential offers high coverage limits, which is excellent for seniors needing more protection.
• Strong A+ Rating: Prudential is reliable for seniors over 70 with its high A+ financial rating.
• Variety of Plans: Prudential has different types of plans for seniors over 70. For more information, visit this guide, “Prudential Life Insurance Review.”

Cons

• Higher Monthly Price: Term coverage costs $51 per month, which is high for some seniors over 70.
• Lower Bundling Discount: Prudential’s 8% bundling discount for seniors is not very high compared to other options.

#5 – Transamerica: Best for Affordable Policies

Pros

• Cost-Effective: Affordable options—term policy starts at $49 per month. Specifically, those seniors over 70 will find the policy budget-friendly.
• Solid A+ Rating: Transamerica has an excellent financial rating, making it safe for seniors as well.
• Senior-Focused Plans: Ideally, Transamerica has these specific plans for seniors over 70 years old.

Cons

• Higher Cost for Whole Policy: At $205 per month, it may prove too expensive for some seniors over 70.
• Fewer Policy Choices: Some seniors may find the options are more limited. Find out more by checking out this “Transamerica Life Insurance Company Review” guide.

#6 – Globe Life: Best for Simple Application

Pros

• Easy Application: Globe Life makes applying for insurance simple for seniors over 70.
• Good Financial Rating: An A+ rating shows it is a trustworthy company for seniors needing insurance.
• Low Starting Price: Term policy is just $33 per month, a helpful choices for seniors over 70. This “Globe Life Insurance Company Review” guide provides all the details.

Cons

• Higher Cost for Whole Coverage: The policy costs $145 per month, which is higher than other companies’ rates for seniors over 70.
• No Bundling Discount: Globe Life does not offer seniors a discount for bundling multiple policies.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption

#7 – Banner Life: Best for Affordable Premiums

Pros

• Low Premiums: The lowest coverage plan starts at $36 per month, a great option for seniors over 70.
• Solid A+ Placement: Banner Life has an A+ financial rating, making it a solid choice for seniors over 70.
• Good Options for Seniors: Provides low rates that cater to seniors’ needs. Check out this “Banner Life Insurance Company Review” guide for more details. 

Cons

• Fewer Policy Choices: Banner Life may not offer seniors as many policy choices as other companies.
• Higher Whole Coverage Price: The policy costs $178/month, which might be too high for some seniors over 70.

#8 – State Farm: Best for Local Agents

Pros

• Local Agents: Seniors over 70 can get help from local agents for better service. For additional information, look at this “State Farm Life Insurance Review” guide.
• Big Bundling Discount: State Farm offers seniors over 70 the highest bundling discount at 17%.
• Reputable Company: State Farm is known and trusted for its insurance services for seniors over 70.

Cons

• Higher Monthly Cost: The term policy starts at $63 per month, which is a higher cost for seniors over 70.
• Expensive Whole Coverage: The policy costs $245 per month, which is unsuitable for other seniors’ budgets.

#9 – AARP: Best for Seniors Plan

Pros

• Senior-Focused Plans: AARP has plans specially designed for seniors over 70.
• Top Financial Rating: AARP’s A++ rating shows that it is very stable, making it a good choice for seniors over 70.
• Low Starting Price: Term policy costs $42 per month, a good quality option for seniors over 70. Don’t miss this “AARP Life Insurance Company Review” guide for more guidance.

Cons

• Higher Whole Policy Rate: It costs $155 per month, which might be too high for some seniors over 70.
• Less Customization: Policy options for seniors over 70 may be less flexible than other companies offer.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption

#10 – Lincoln Financial: Best for Flexible Terms

Pros

• Policy Terms: Lincoln Financial provides options for policy terms for seniors over 70.
• Strong A: An A rating indicates Lincoln Financial is a dependable insurer for seniors over 70.
• Senior-Friendly Policies: The plans focus on meeting seniors’ needs. Learn more in this “Protective Life Insurance Review” guide.

Cons

• Higher Whole Policy Price: It costs $235 per month, which might be too high for some seniors over 70.
• Mid-Range Bundling Discount: The 14% bundling discount is not the highest available for seniors over 70 compared to other insurers.

When Term Life Insurance for Seniors over 70 Doesn’t Make Sense

I wanted to put this first so that I won’t waste your time. It’s important to avoid assuming that you need it just because others say so. There are several reasons you may want to skip term life insurance.

Seniors Over 70 Term Life Insurance Monthly Rates by Provider & Coverage Level

It may not be necessary if you own your home outright and have no significant financial obligations, such as properties, boats, or vehicles. Additionally, having enough savings to cover your burial expenses and grown children who are no longer dependent on your income can eliminate the need for a new policy.

Finally, if you already have a life insurance policy that provides enough coverage to meet your needs and protect your loved ones financially, you may not need to buy more insurance or take out an additional policy.

Getting Term Life Insurance If You Are Over 70

The insurance company looks at more than aging a policy. You would go through underwriting, and approval will depend upon several factors, such as your health, prescription usage, hobbies, profession, and even your current income.

Since term life insurance is generally used as an income replacement, there is a “table factor” every life insurance company uses in order to determine a sufficient death benefit amount, and it’s related to the insured’s income multiplied by a number (a factor which they come up with). So, in your 40s, you can multiply your income by 35, the maximum amount they will issue.

Life Insurance Discounts From the Top Providers for Seniors Over 70

However, in your 70s, you can only get five times your income. The main reason is that as you get older, you have fewer bills and obligations compared with a 40-year-old. Policies often vary depending on factors like age, health, and coverage needs. For instance, the age at which term life insurance ends depends on the policy, but some extend well into later years.

People often ask, Can a 70-year-old get term life insurance? Or can you get long-term care insurance at age 70? The answer is generally yes, though premiums like how much life insurance is for a 70-year-old man or how much life insurance costs for a 75-year-old. It may increase significantly.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption

Expected Duration of a Term Life Insurance Policy

If you are 70 years old, you can find term life up to 20 years with most companies. If you are 71 years or older, you will only find 10- or 15-year terms. If you need a longer protection, you could opt for a guaranteed universal life (GUL) policy, which will give you a protection based on age rather than a specific term. For instance, you could get GUL up to the age of 90, 95, 100, 105, 110 or even 121.

Life insurance can give you the protection you need to live life on your terms. Use our interactive experience to discover what life insurance can do for you by exploring how others are protecting their families. https://t.co/5O2kiLG7Eh pic.twitter.com/jE17gQmAgd

— Prudential (@Prudential) September 28, 2022

The older you are, the higher the cost. For temporary coverage, term life insurance is the most affordable option. Can you get term life insurance at age 70? Many seniors wonder about their choices, and the good news is that term life for seniors is widely available. Considering the cost of long-term care insurance at age 77 or even earlier is wise for those planning ahead.

Considering Burial Insurance Only and What You Need to Know

Burial insurance differs from term life insurance, with more lenient underwriting. It uses simplified issue, requiring you to answer basic health questions. If you only need $25,000 of coverage or less, you may opt for burial insurance, or final expense, as we call it.

Final expense policies come in three types: level, graded, and guaranteed issue. They do not require a medical exam and your health history. It is the best option for whole-life coverage of $25,000 or less.

Tips for Getting the Best Term Rates If You’re over 70

Use a broker with access to multiple insurers for underwriting guidance at no extra cost. Compare online rates to estimate costs and maintain good health to qualify for better rates. Read this guide, “Term Life Insurance Rates by Age,” for more details. Don’t wait—delays can raise rates and shorten coverage. At 70, you might get a 20-year policy, but at 80, it could be only 10 years and cost more.

To keep your coverage, make sure the policy stays affordable. Avoid companies like Globe Life or Colonial Penn, where rates may increase every five years. It’s also important to ask, at what age is it too late to get life insurance? While options diminish with age, policies like guaranteed term life insurance for seniors ensure some availability.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption

Case Studies: Life Insurance for Seniors Over 70

Choosing the right term life insurance can be difficult, but these real stories show how AIG, John Hancock, and Mutual of Omaha help seniors find the best options for their needs. For additional details, view this guide, “Types of Life Insurance: Find the Right Policy for Your Needs. ”

• Case Study #1 – James Saved Money with AIG: At 72, James got $100,000 in coverage for $48 a month. AIG’s affordable rates matched his budget and gave him the reassurance he needed.
• Case Study #2 – Susan Found Flexibility with John Hancock: Susan, 74, needed a plan that worked with her health issues. John Hancock gave her an affordable, customized policy that met her needs.
• Case Study #3 – Robert Chose Reliable Service from Mutual of Omaha: Robert, 76, wanted great service. Mutual of Omaha gave him a solid plan with fair rates and helpful support.

These examples show how seniors over 70 can find affordable, reliable coverage with the right provider. If you’re looking to protect your family’s future at a low cost, enter your ZIP code to buy affordable whole life insurance prices with our free quote comparison tool.

Compare Quotes From Top Companies and Save

 Secured with SHA-256 Encryption