Updated: May 23, 2025
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GEICO is the top choice for 70-year-olds seeking life insurance, with an overall MoneyGeek score of 96 out of 100. GEICO offers affordable and reliable coverage at $176 monthly for a $250,000 10-year term policy.
State Farm leads for no-medical-exam life insurance and final expense policies for 70-year-olds, with a MoneyGeek score of 99 in both categories.
Transamerica gets a MoneyGeek score of 97 for the best cheap life insurance, making it the top choice for those who value affordability. The company's average monthly rate is $176.
GEICO is the best insurer overall for 70-year-olds, balancing cost and service quality. Although GEICO is our top pick in this age category, it may not be the best choice for everyone. Below are the best life insurance companies by category.
Company | Best for | MoneyGeek Score | Monthly Cost |
|---|---|---|---|
Best Overall | 96 | $176 | |
Best No-Medical-Exam & Final Expense | 99 | N/A | |
Best Cheap | 97 | $176 |
GEICO, with 87 years of experience, stands out for 70-year-olds seeking life insurance. Its partnerships, such as with Ladder, offer a range of term life options, with coverage from $100,000 to $8 million and terms from 10 to 30 years. The company's strong customer satisfaction and financial stability ensure seniors have access to reliable life insurance solutions. With competitive pricing and comprehensive online resources, GEICO caters to those seeking value and reliability in life insurance plans.
State Farm stands out for its no-medical-exam and final expense life insurance policies, designed to meet the needs of individuals aged 70 and above. With 101 years of service, the company offers a seamless buying experience, issuing its own policies and providing various payment options. Coverage is accessible, with term life starting at $100,000 and terms from 10 to 30 years. State Farm's guaranteed issue final expense insurance is a noteworthy product, designed to cover funeral and burial costs, medical bills and other debts without the need for a medical exam, simplifying the process for seniors.
Transamerica offers an average monthly cost of $176 for a $250,000 10-year term for 70-year-olds. The company's 95 years in business reflect a longstanding commitment to providing life insurance options, including term lengths from 10 to 30 years and coverage amounts up to $10 million. While Transamerica offers the convenience of no medical exams for certain term life policies and the flexibility to convert term to permanent coverage, it also faces challenges with customer satisfaction and financial stability.
Buying life insurance in your 70s can help you financially protect your loved ones and save you money. This buying guide provides information to help you find the best rates.
When shopping for life insurance quotes for 70-year-olds, you can save on your premiums by taking the following actions:
Several companies offer life insurance for individuals over age 70. Limiting yourself to a company with high financial stability ratings can save you money. It is more likely that stable companies will process your claim faster and provide the death benefit to your beneficiary sooner.
Shopping around helps you understand how much you are likely to pay in premiums. By comparing prices, you can determine the best coverage option for your needs and ideal price class.
Most insurers base premiums on unit costs per thousand dollars of coverage called banded rates. The more coverage you buy, the less you could pay per unit. For example, you may be able to pay less for $100,000 in life insurance than you would for $75,000.
A renewal guarantee entitles you to a new term once the current term expires. However, this usually means your rate increases each year after the term expires. A policy that also allows conversion gives you more options while the policy is still active and when it expires.
Certain activities that pose a risk to your health may cause your life insurance rates to spike significantly. Maintaining a healthy weight and quitting smoking, for instance, can help you save on premiums.
Premiums for life insurance policies for individuals aged 70 can vary significantly based on several factors, such as coverage amount, term length, applicant health and insurance company. The table below presents life insurance quotes for 70-year-olds from leading insurance providers, offering a clear comparison to help you make an informed decision.
| GEICO | $176 | $313 | $634 |
| Transamerica | $176 | $313 | $589 |
| Allstate | $176 | $313 | $598 |
| Protective | $204 | $361 | $683 |
| Mutual of Omaha | $214 | $393 | $780 |
| State Farm | $217 | $416 | $788 |
| Prudential | $219 | $684 | $777 |
| AAA | $249 | $487 | $907 |
Smoking is a significant factor that insurance companies consider when determining policy rates due to the associated health risks. As a result, smokers often face higher premiums compared to their nonsmoking counterparts. The table below shows the average annual rates for 70-year-olds who smoke compared to those who do not, demonstrating the financial impact of smoking on life insurance premiums.
| Average Cost per Year | $ 4,922 | $ 11,479 |
While purchasing life insurance for 70-year-olds, you might need to complete a medical exam to be approved. Some insurers may sell you a policy without an exam, but the rate could be higher as you would be labeled high-risk, even if you are not.
Life insurance costs may vary widely among insurance providers. To ensure you're getting the best rates possible, compare personalized quotes from multiple carriers. The life insurance quote tool below can give you accurate estimates based on your coverage needs.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Jun 06, 2025
MoneyGeek analyzed and ranked life insurance quotes and policy details to help you find the best life insurance companies for 70-year-olds. GEICO, State Farm and Transamerica are the best-rated providers for 70-year-olds. In this article, we also explored average costs from major companies and provided tips you can use when shopping for the best life insurance policy. Compare offers and quotes from multiple insurers to find the best deal.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
Life insurance companies consider various factors when determining their rates. Here are frequently asked questions about life insurance options for 70-year-olds.
You can buy life insurance in your 70s. Insurance companies set different age limits for eligibility to purchase various types of life insurance. You may buy term or permanent life insurance based on your needs. Depending on the policy and carrier, you may also have the option to convert temporary insurance to permanent insurance.
While it is possible to purchase life insurance at age 70, you may find that the costs will be higher than those paid by younger individuals. Not all 70-year-olds require extensive coverage, in which case a final expense or whole life policy may be the best choice. To secure the best rates, consider comparing quotes from different providers.
The best life insurance company for a 70-year-old varies based on individual needs and circumstances. GEICO is top-rated overall based on MoneyGeek's analysis. State Farm excels in no-medical-exam and final expense policies, while Transamerica is the best for affordability.
The actual cost of life insurance policies for a 70-year-old varies significantly depending on several factors, including choice of insurer, coverage amount and health rating.
Why Trust MoneyGeek?
We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for 70-year-olds.
Recency
Coverage costs and company information for life insurance providers were updated in 2025.
Methodology
MoneyGeek created a scoring system to compare life insurance companies across five categories and ranked them based on their scores. We chose to review these companies based on their broad national coverage and ability to provide online quotes.
MoneyGeek’s Scoring System
In our scoring system, companies can earn up to five points in each of five categories. We then use these category scores to calculate an overall MoneyGeek score out of 100. We applied the following weightings to score insurers:
MoneyGeek determined the company scores and ranked the best life insurance providers for a final expense life insurance policy for 70-year-olds using the following weights:
We used the same weights for no-medical-exam providers. We did not weigh affordability as we did not collect final expense and no-exam life insurance quotes.
MoneyGeek determined the best cheap life insurance company for 70-year-olds using the following weightings:
Each company’s score incorporates:
Sample Customer Profile
MoneyGeek used a standard profile to obtain life insurance quotes:
Premiums are based on the standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the best life insurance company for several types of customers. We collected quotes for term life insurance with varying term lengths and coverage amounts as well.
We identified trends in the dataset and used those patterns to calculate projections and extend the data beyond what was originally collected.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
