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State Farm is the best insurer overall for 70-year-olds when it comes to cost and customer satisfaction.

Although State Farm is our top overall pick in this age category, it may not be the best choice for everyone. For example, if you have a history of health complications, Mutual of Omaha may offer better coverage than other providers. Those who want a high-coverage policy may benefit from Transamerica.

MoneyGeek Logo IconBest Life Insurance for 70-Year-Olds
2023

Best Life Insurance for 70-Year-Olds

Best Overall for 70-Year-Olds: State Farm

State Farm

pros

Wide selection of temporary and permanent insurance options

Flexible premium payments and increasing death benefit options for permanent coverage

Instant phone support

cons

No online quote tool for permanent coverage options

Not available in Massachusetts

COMPANY HIGHLIGHTS

MoneyGeek Score: 97.4
J.D. Power (out of 1,000): 820.5
AM Best Rating: A++
NAIC Complaint Index: 0.19

MoneyGeek's Take: State Farm ranks as the best overall life insurance provider for 70-year-olds. The company boasts high financial stability, excellent customer satisfaction and affordable coverage.

State Farm is one of the top life insurance companies around today, combining affordable and a best-in-class customer service experience. The company provides three life insurance options: term life insurance, whole life insurance and universal life insurance.

Term life insurance covers an individual for a specified period, while whole and universal life insurance options provide permanent coverage. You have the opportunity to convert temporary insurance to permanent coverage up to age 75, regardless of your health.

Customers may also receive temporary coverage during the application approval process, although the coverage amount will vary, depending on the type of policy for which they applied.

Policy Types Offered:

  • Select Term Life Insurance
  • Survivorship Universal Life Insurance
  • Joint Universal Life Insurance

Best Value for the Money: Transamerica

Transamerica

pros

Short application process

Riders for living benefits, accidental death and disability

Can convert policies to permanent without an exam

cons

Higher than average customer complaints

Online quote tool only available for select life insurance types

COMPANY HIGHLIGHTS

MoneyGeek Score: 80
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.30

MoneyGeek's Take: Based on MoneyGeek’s research, Transamerica provides the best cheap life insurance for 70-year-olds. The company may not have the best customer complaint ratings, but it has an excellent financial strength score, demonstrating its ability to pay out claims.

Apart from term, universal and whole life insurance policies, Transamerica offers final expense coverage, which pays for end-of-life costs. Final expense life insurance may be the best choice of life insurance for seniors who have a small need for life insurance or only need it to pay for their funeral.

Transamerica applications can be processed in as few as 48 hours, excluding immediate delivery for final expense life Insurance coverage.

Transamerica provides rate reconsiderations to policyholders who improve their health over time. However, keep in mind that smokers have to wait two years to qualify for a rate reconsideration. Policyholders can convert term life insurance coverage to permanent coverage without an additional medical examination.

Term coverage limits vary significantly across different ages. The limit is $400,000 for applicants between the ages of 66 and 75 and $100,000 for those aged 76 or older. Insureds can tailor these coverage amounts based on their specific needs.

Transamerica also provides a living benefits rider for policyholders diagnosed with a chronic or terminal illness, allowing beneficiaries to access the death benefit early. An accidental death benefit rider covers higher costs if a policyholder dies due to accidental injury.

Policy Types Offered:

  • Index Universal Life Insurance
  • Final Expense Life Insurance
  • Whole Life Insurance
  • Life Insurance for Foreign Nationals

Best for Complicated Medical History: Mutual of Omaha

Mutual of Omaha

pros

Access to some term and permanent life insurance options without a medical exam

Offers a long list of riders, many for unique circumstances not provided by other carriers

cons

No online tool for universal life coverage types

Up to one-year waiting period for rate reconsideration

Higher than average customer complaint rating

COMPANY HIGHLIGHTS

MoneyGeek Score: 90.8
J.D. Power (out of 1,000): 783.4
AM Best Rating: A+
NAIC Complaint Index: 1.20

MoneyGeek's Take: Mutual of Omaha provides the best life insurance for 70-year-olds with a complicated medical history. Older adults can qualify for coverage without a medical exam in many cases.

MoneyGeek found that Mutual of Omaha offers low policy costs for individuals with complicated medical histories that result in low health scores. This company also provides high-quality short-term and permanent life insurance coverage options for this age group.

Applicants aged 70 and over can apply for 10- and 15-year term coverage, with the option to convert it to permanent life insurance before age 75. Policyholders can qualify for coverage of up to $1,000,000 for term life insurance depending on the type of policy they select.

With guaranteed whole life insurance through Mutual of Omaha, seniors can enroll in coverage without medical exams or questions. However, keep in mind that benefits range from $2,000 to $25,000. If you need more coverage, a different policy might better fit your needs.

Additionally, applicants may be eligible for certain riders that will benefit them during unique circumstances, including terminal illness, sudden unemployment, disability and damage to the policyholder’s primary residence.

Policy Types Offered:

Best for No Medical Exam for 70-Year-Olds: Ethos

Ethos LIfe

pros

Short online application process

Guaranteed level premiums

Accelerated death benefit available on all policies

cons

Only two coverage options available

Death benefit duration depends on eligibility and may be limited for up to three years

COMPANY HIGHLIGHTS

MoneyGeek Score: N/A
J.D. Power (out of 1,000): N/A
AM Best Rating: A
NAIC Complaint Index: N/A

MoneyGeek's Take: Ethos is MoneyGeek’s top pick for over 70 life insurance providers that don’t require a medical exam.

Ethos offers affordable premiums for guaranteed acceptance insurance for 70-year-olds, making it MoneyGeek’s top pick for policies with no medical exams.

Ethos allows applicants to complete the application process online and only requires them to answer a few health questions. Ethos uses the responses to these questions to determine the best coverage options for each individual’s needs. This company provides whole life insurance for seniors between the ages of 65 and 85, with coverage up to $30,000.

Coverage with Ethos’s whole life insurance policy lasts a lifetime, as long as the policyholder pays their premiums. Coverage continues without premiums once the policyholder reaches age 100.

Policy Types Offered:

  • Whole Life Insurance for Seniors

Best for Permanent Coverage for 70-Year-Olds: MassMutual

Mass Mutual

pros

Online claims processing

High financial stability and low customer complaints ratio

Flexible premiums

cons

Medical exam needed for all policies

No online quote tool for permanent life insurance coverage

Must go through a MassMutual agent to obtain quotes

COMPANY HIGHLIGHTS

MoneyGeek Score: 84.5
J.D. Power (out of 1,000): 758.1
AM Best Rating: A++
NAIC Complaint Index: 0.07

MoneyGeek's Take: MassMutual provides several permanent life insurance policies, making it our top pick for whole life policies for 70-year-olds.

MassMutual provides customers with a variety of permanent life insurance options, including universal life, CareChoice One and CareChoice Select. MassMutual’s universal life insurance offers flexible premiums for different coverage levels. Customers can build account values based on their premiums and access these through borrowing or withdrawals.

CareChoice One and CareChoice Select provide long-term care benefits that cover medical care, nursing home and other medical expenses for older policyholders, making them particularly useful for adults in their 70s. CareChoice One is a single premium life insurance plan, meaning it’s funded by one lump sum payment, while ChareChoice Select has premiums payable for 10 years.

The company also has available rider options for individuals who become disabled or terminally ill and offers temporary coverage of up to $1 million until you’re approved for coverage.

Policy Types Offered:

  • Whole Life Insurance
  • Universal Life Insurance
  • CareChoice One
  • CareChoice Select
  • Variable Universal Life Insurance

Best for High Coverage Amounts: Transamerica

Transamerica

pros

Online quote tool available for most policy options

Various riders and benefits for chronic illness, accidental death and disability.

Policyholders can get permanent coverage without a medical exam

cons

Higher than average customer complaints

Delayed rate reconsideration for policyholders who smoke

COMPANY HIGHLIGHTS

MoneyGeek Score: 80
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.30

MoneyGeek's Take: Transamerica provides the most affordable high-coverage policies to customers in their 70s, making it our top choice for this category.

While some people in their 70s only need life insurance to pay for final expenses, others want more coverage to leave behind a larger inheritance for their family, pay off any outstanding debts or cover dependents. However, life insurance policies — especially those with high coverage amounts — can be expensive, especially for people in their 70s.

Transamerica provides a variety of low-cost, high-coverage life insurance policies, including term, universal, whole life and final expense insurance. The insurer has a short processing time, and you may be approved for a policy in as few as 48 hours after submitting your application.

Cost reconsiderations may be applied if your health improves over time. If you’re a smoker, you may have to wait up to two years before Transamerica will review your rates. You may be able to convert a temporary life insurance policy into permanent coverage without an additional medical exam.

Transamerica offers riders to help policyholders if they suffer a disability, chronic illness, or accidental death.

Policy Types Offered:

  • Term Life Insurance
  • Universal Life Insurance
  • Final Expense Life Insurance
  • Whole Life Insurance

Company Comparison Summary: 70-Year-Olds

The table below compares the best life insurance providers for 70-year-olds based on the overall MoneyGeek score, coverage options and available policy types.

Company
Overall MG Score
Coverage Options
Policy Types Offered

State Farm

Best Overall for
70-Year-Olds

97.4

Starts at $25,000

  • Select Term Life Insurance
  • Survivorship Universal Life Insurance
  • Joint Universal Life Insurance

Transamerica

Best Value for
the Money

80

Starts at $1,000

  • Index Universal Life Insurance
  • Final Expense Life Insurance
  • Whole Life Insurance
  • Life Insurance for Foreign Nationals

Mutual of Omaha

Best for Complicated
Medical History

90.8

Starts at $2,000

  • Guaranteed Issue Whole Life
  • Term Life
  • Universal Life

Ethos

Best for No Medical
Exam for 70-Year-Olds

N/A

$1,000–$30,000

  • Whole Life Insurance for Seniors

MassMutual

Best for Permanent
Coverage for 70-Year-Olds

84.5

Contact an agent
for more information

  • Whole Life Insurance
  • Universal Life Insurance
  • CareChoice One
  • CareChoice Select
  • Variable Universal Life Insurance

Transamerica

Best for High Coverage
($1,000,000)

80

Starts at $1,000

  • Term Life Insurance
  • IndexUniversal Life Insurance
  • Final Expense Life Insurance
  • Whole Life Insurance
  • Life Insurance for Foreign Nationals

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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.

How Can You 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.

4

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.

5

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.

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

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FAQs 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.

Methodology

MoneyGeek carried out extensive research to ensure that you get enough life insurance content to make informed decisions. Our scores for the best life insurance providers for 70-year-olds were determined using data points from insurance industry research companies plus our unique research, which includes analyzing policy quotes for people who are 70 years old. For more details, see our methodology page.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.