Updated: November 20, 2024
Advertising & Editorial Disclosure
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.
Best Life Insurance for 70-Year-OldsBest Life Insurance for 70-Year-Olds
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.
Coverage costs and company information for life insurance providers were updated in 2024.
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?
MoneyGeek evaluated top life insurance providers for 70-year-olds, applying the following weightings:
Costs reflect quotes for a 10-year term policy with a $250,000 coverage amount. MoneyGeek compiled these quotes using a representative profile as follows:
Good customer satisfaction track record
Robust financial stability with A++ AM Best rating
Accessible 24/7 online chat support
Limited product diversity
No direct issuance of life insurance policies
Buying process scored lower comparatively
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.
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?
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. The company below has the highest score among the companies that offer these policies.
Comprehensive product range
A++ AM Best rating signifies financial reliability
Over a century of industry experience
No 24/7 online chat support
Customer satisfaction has room for improvement
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.
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?
MoneyGeek determined the best cheap life insurance company for 70-year-olds using the following weightings:
Affordable premium rates
Wide range of life insurance products available
Offers no medical exam for qualifying applicants
Higher-than-average rate of customer complaints
No 24/7 chat support for immediate assistance
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.
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.
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.
| Transamerica | $176 | $313 | $589 |
| GEICO | $176 | $313 | $634 |
| 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 |
| Allstate | $109 | $197 | $366 |
| Prudential | $131 | $255 | $456 |
| Transamerica | $142 | $251 | $443 |
| Mutual of Omaha | $151 | $254 | $502 |
| Protective | $152 | $271 | $504 |
| State Farm | $166 | $314 | $592 |
| GEICO | $176 | $313 | $634 |
| AAA | $211 | $374 | $717 |
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 Cost per Year | $ 4,922 | $ 11,479 |
| Average Cost per Year | $ 3,344 | $ 7,407 |
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 as your premium. 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.
Life insurance companies consider various factors when determining their rates. Here are some commonly asked questions about life insurance options for 70-year-olds.
You can buy life insurance in your 70s. Insurance companies state different age limits as eligibility for purchasing various types of life insurance. You may decide to buy term or permanent life insurance based on your needs. You may also have the option to convert temporary insurance to permanent insurance, depending on the policy and carrier.
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 a lot of insurance, 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 go-to for affordability.
The actual cost of life insurance policies for a 70-year-old varies significantly depending on various factors, including choice of insurer, coverage amount and health rating.
About Mark Fitzpatrick
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.
