Life insurance at 70: options and costs

Yes, you can buy life insurance at 70. Most insurers sell fully underwritten whole life and guaranteed universal life at that age, many sell short term policies, and simplified issue and guaranteed issue policies take people with health conditions. Prices are much higher than at 50 because the chance of a claim is higher, and the right choice depends on why you want coverage and how long you need it.

First, decide whether you need it

At 70 the usual reasons for buying have changed. Children are grown and the mortgage is smaller or gone, so the question is what a death would still cost. Common answers:

• Funeral and final bills, discussed in what a funeral costs and how families pay for it.
• Income your spouse would lose, such as the larger of two pensions or a Social Security check that drops when one spouse dies; the survivor generally keeps the higher of the two benefits.
• Debt a spouse or co-signer would inherit.
• Estate taxes or an equal inheritance for heirs, which matters for few households given the 2026 federal estate tax exemption of $15,000,000 per person (see life insurance and the federal estate tax).
• Care for a dependent adult child.

If none applies, you may not need new coverage, and existing assets may do the job. Review old policies, employer coverage you can convert, and savings first; see life insurance in retirement: keep, cut or cash out.

Your options at 70

Term coverage may be sold to age 70 and beyond, but insurers set their own maximum ages and term lengths, and many cap new term policies at an issue age somewhere in the 70s. A short term that ends in your 80s may leave you uncovered when you want it most. term life insurance at 60 and beyond covers the details, and a conversion option, if your policy has one, is explained in converting term life to permanent: how the conversion option works.

What drives your price

Age and health dominate. Insurers price on age at purchase (some use "age nearest birthday", which can round you up; see age nearest vs last birthday: why your insurance age rounds up), sex, tobacco use, medical history, medications and the amount. A useful anchor is what government programs charge. The VA's published rates for Veterans' Group Life Insurance (VGLI), updated July 1, 2025, show how steeply price climbs: for $500,000 of coverage, a veteran aged 65 to 69 pays $690 a month and one aged 70 to 74 pays $1,075, per the VA. VGLI is a special program and not a market quote, but the pattern, roughly 50% more every five years, is typical of how mortality costs rise.

For a rough sense of risk, the Social Security Administration's 2023 period life table shows life expectancy at age 65 of 18.12 more years for men and 20.66 for women, per the SSA. Those are averages for the general population, and many people live well past them, which is why a lifetime policy can cost you more in premiums than it pays out if you live to 95; the life expectancy calculator can give you a personal estimate.

A hypothetical example

These numbers are made up to show the trade-off and are not quotes. Say a 70-year-old nonsmoker in good health wants $25,000 to cover final expenses and leave a small cushion.

1. A fully underwritten whole life policy at $230 a month, level for life.
2. A guaranteed universal life policy at $190 a month, guaranteed to age 100.
3. A guaranteed issue policy at $300 a month with a two-year limited benefit.

If he lives to 85, he pays $41,400, $34,200 or $54,000 respectively. All three exceed the $25,000 benefit. This is what a permanent policy at that age means: it is a purchase of certainty, not an investment. The alternative of saving $190 a month would take about 11 years to reach $25,000, longer than the risk window for early death; so insurance wins if death comes early and savings win if it comes late. See is whole life insurance worth it? for the general trade-off.

How to shop

1. Start with the smallest amount that solves the problem. Use the final expense and funeral cost calculator.
2. Apply for fully underwritten coverage first if you are in decent health. The cost difference to a guaranteed issue policy can be large.
3. Get simplified issue quotes next. They ask a few questions and pay in full from day one.
4. Use guaranteed issue as a last resort if you are declined; see Declined for life insurance? What to do next and guaranteed issue life insurance: no health questions, with limits.
5. Compare cost per $1,000 and the policy's guarantees, not just the monthly price.
6. Make sure the premium fits your budget for the long run. A lapsed policy pays nothing, and lapse is the most common way retirees lose coverage; see life insurance grace periods and lapses.
7. Use the free look. You can usually return a new policy for a refund within a short period; see the free-look period: returning a policy for a refund.

Be honest on the application. Material misstatements can lead to a denied claim during the two-year contestability window; see the two-year contestability period.

Key takeaways

• You can buy life insurance at 70, but premiums are far higher than at younger ages and some types, especially term, are limited by insurer maximum ages.
• Fully underwritten coverage costs least if you are healthy; guaranteed issue costs most and pays a reduced benefit for natural death in the first two years.
• Buy only the amount you need, usually final expenses, a spouse's income gap or a specific debt.
• Permanent coverage at 70 is paid for with level premiums that may exceed the benefit if you live long; budget for the full period.
• Compare at least three quotes and read the policy during the free-look period.