Best Life Insurance Companies for 70-Year-Olds in January 2024


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Updated: May 22, 2024

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GEICO is the best insurer overall for 70-year-olds, balancing cost and quality service.

Although GEICO is our top overall pick in this age category, it may not be the best choice for everyone. State Farm ranks first for no medical exam and final expense life insurance policies. Those who prioritize affordability may benefit from Transamerica.

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.

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Coverage costs and company information for life insurance providers were updated in 2024.

1,488Quotes Analyzed
 
14Companies Compared
 
50ZIP Codes

Best Overall Life Insurance Company for 70-Year-Olds

GEICO shines as the top choice for 70-year-olds seeking life insurance, boasting an overall MoneyGeek score of 97. At $176 monthly for a $250,000 10-year term policy, GEICO offers a blend of affordability and security.

How was this MoneyGeek score calculated?

Best Overall for 70-Year-Olds: GEICO

GEICO

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Good customer satisfaction track record

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Robust financial stability with A++ AM Best rating

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Accessible 24/7 online chat support

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Limited product diversity

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No direct issuance of life insurance policies

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Buying process scored lower comparatively

COMPANY HIGHLIGHTS

GEICO, with 87 years of experience, stands out for 70-year-olds seeking life insurance. Its partnerships, such as with Ladder, allow for a range of term life options, with coverage amounts from $100,000 to $8 million and terms from 10 to 30 years. The company's strong performance in customer satisfaction and financial stability ensures seniors have access to reliable life insurance solutions. With competitive pricing and comprehensive online resources, GEICO caters to those seeking value and reliability in their life insurance plan.

Best No-Medical-Exam and Final Expense Life Insurance for 70-Year-Olds

State Farm leads the pack for no medical exam life insurance and final expense policies for 70-year-olds, earning a MoneyGeek score of 99 in both categories. Its top rating in financial stability and product diversity also ensures a broad selection of reliable coverage options.

How was this MoneyGeek score calculated?

Best No-Medical-Exam and Final Expense: State Farm

State Farm

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Comprehensive product range

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A++ AM Best rating signifies financial reliability

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Over a century of industry experience

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No 24/7 online chat support

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Customer satisfaction has room for improvement

COMPANY HIGHLIGHTS

State Farm stands out for its no medical exam and final expense life insurance policies, tailored 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 a variety of 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.

Best Cheap Life Insurance Company for 70-Year-Olds

Transamerica receives a MoneyGeek score of 97 for best cheap life insurance company for 70-year-olds, making it the top choice for those who value affordability. The company has an average monthly rate of $176 for a $250,000 10-year term policy.

How was this MoneyGeek score calculated?

Best Cheap for 70-Year-Olds: Transamerica

Transamerica

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Affordable premium rates

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Wide range of life insurance products available

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Offers no medical exam for qualifying applicants

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Higher-than-average rate of customer complaints

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No 24/7 chat support for immediate assistance

COMPANY HIGHLIGHTS

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 the 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, areas where there is potential for enhancement.

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Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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MONEYGEEK EXPERT TIP

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 Quotes for 70-Year-Olds: How Much Does a Policy Cost?

Premiums for life insurance policies for individuals aged 70 can vary significantly based on several factors, such as coverage amount, term length, the health of the applicant and insurance company.

The tables below present life insurance quotes for 70-year-olds from leading insurance providers, offering a clear comparison to help you make an informed decision.

Life Insurance Quotes for 70-Year-Old Males
Transamerica$250,000$176$500,000$313$1 Million$589
GEICO$250,000$176$500,000$313$1 Million$634
Allstate$250,000$176$500,000$313$1 Million$598
Protective$250,000$204$500,000$361$1 Million$683
Mutual of Omaha$250,000$214$500,000$393$1 Million$780
State Farm$250,000$217$500,000$416$1 Million$788
Prudential$250,000$219$500,000$684$1 Million$777
AAA$250,000$249$500,000$487$1 Million$907
Life Insurance Quotes for 70-Year-Old Females
Allstate$250,000$109$500,000$197$1 Million$366
Prudential$250,000$131$500,000$255$1 Million$456
Transamerica$250,000$142$500,000$251$1 Million$443
Mutual of Omaha$250,000$151$500,000$254$1 Million$502
Protective$250,000$152$500,000$271$1 Million$504
State Farm$250,000$166$500,000$314$1 Million$592
GEICO$250,000$176$500,000$313$1 Million$634
AAA$250,000$211$500,000$374$1 Million$717

Life Insurance Quotes for 70-Year-Old Smokers

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 tables below illustrate the average annual rates for 70-year-olds who smoke compared to those who do not, providing a clear perspective on the financial impact of smoking on life insurance premiums.

Average Annual Cost for Nonsmokers and Smokers (Male)
Average Cost per YearNonsmoker$ 4,922Smoker$ 11,479
Average Annual Cost for Nonsmokers and Smokers (Female)
Average Cost per YearNonsmoker$ 3,344Smoker$ 7,407

How to Save Money on Life Insurance in Your 70s

When shopping for life insurance quotes for 70-year-olds, you can save on your premiums by taking the following actions:

1
Purchase insurance from financially sound insurers

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.

2
Compare prices and product offerings

Shopping around helps you understand how much you are likely to pay as your premium. By comparing prices, you can determine the best coverage option for your needs and ideal price class.

3
Watch out for premium discounts

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.

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For term policies, get renewal guarantees and conversion opportunities

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.

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Consider lifestyle changes

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.

Compare Life Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

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Frequently Asked Questions About Life Insurance Policies for 70-Year-Olds

Life insurance companies consider various factors when determining their rates. Here are some commonly asked questions about life insurance options for 70-year-olds.

Can you buy life insurance in your 70s?
Is 70 a good age to buy a life insurance policy?
What is the best life insurance company for a 70-year-old?
How much does a life insurance policy cost for a 70-year-old?

About Mark Fitzpatrick


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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.