Term Life Insurance for Seniors Over 70: What They Don’t Tell You

Whether or not your life insurance policy will actually cover you for your entire life is not something that you should have to worry about.

Especially when you’re over 70.

You may have felt safe and secure in your life insurance policy when you first purchased your term life insurance plan in your 30s or 40s and passed your medical exam with flying colors. You may have signed up for a 30-year term policy, and put it to the back of your mind to worry about in 30 years.

Now, those 30 years have quickly come around, and you are worried that you may not be able to obtain life insurance again or extend your coverage.

Term Life Insurance Does Not End at 70

Term Life Insurance for Seniors Over 70

In a different scenario, you may have never purchased life insurance, and are looking to purchase a term life insurance policy or “death benefit” at over 70 years old that would cover the final expenses such as funeral costs.

In either of these circumstances, you may have naysayers around you who are trying to cast doubt in your mind that you will even be able to obtain life insurance at this point in your life, especially term life insurance.

After all, term life insurance is for young people in their 20s, 30s, and 40s, right?


Although it may be more difficult to obtain term life insurance over 70, it is certainly possible. Here are some tips for obtaining term life insurance over 70 that they don’t tell you.

You Can Pick the Length of the Term You Sign up For

Now, this isn’t necessarily the case with all term life insurance providers. 

However, there are term life insurance companies that will let you purchase a 5 to 10-year term life policy, irrespective of life expectancy.

Some do not even require 5-year increments, and after the 5 years, they let you go up by just one year (so, theoretically you could purchase a 6-, 7- or 8-year term).

Depending on the life insurance provider and the death benefit you require, you may be eligible for new coverage up until age 80–85, so the term policy that you are eligible for will depend on your age and your provider.

You may also be eligible to renew your term life insurance policy after this period, up until age 95–100, again, depending on your provider.

You Can Convert Your Term Policy to Permanent Life Insurance

If you already have a term life insurance plan and passed any required medical exam, you may be able to actually convert it into a permanent life insurance policy that will cover you for the rest of your life.

There are certain life insurance providers like Transamerica that provide you with this very option with their Trendsetter Super policy. Usually, you do need to apply to convert your policy before age 70, but with providers like Transamerica, Symetra, and United of Omaha, you may be eligible to do so up to age 75.

This is a great option if you do not want to worry about having to renew your policy, or are worried that you may not be eligible to renew when it comes to the end of your term.

A Term Life Insurance Policy May Be the Smartest Choice for You

You can convert your term policy to permanent life insurance

You may have heard that, in your 70s, buying an insurance policy seems like an unwise choice, and that you should purchase a permanent or “whole” life insurance policy that will be guaranteed to protect you for the rest of your life.

However, you may not feel that it is necessary to pay the higher premium for a permanent life insurance policy.

It is no secret that a term life insurance premium is costs less than a permanent life insurance premium.

You may rather save your money instead of paying the extra monthly or yearly amount in premiums for a permanent policy, which is perfectly understandable. If you feel that it is the right decision for you in your 70s to purchase, say, a 10-year term, and have the option of renewing it every 5 years, which is a perfectly reasonable decision, and a decision that is very much within reach.

If you are 80 years or older, our opinion does change and term policies are no longer a good option.

You Can Likely Still Afford the Premium in Your 70s, Even with a Medical Condition

There is no denying that if you are both in your 70s and have a pre-existing medical condition, it will be more costly purchasing life insurance for the first time. However, it certainly may not be out of your reach financially.

Websites like SimpleLifeInsure.com can help you compare all of your options at once, giving you the help you need to find the right insurance policy for you, with a premium that you are able to afford.  

This may be scary to do if you are worried about getting approved by a life insurance carrier at all in your 70s, but it is important not to panic.

Again, there are independent agents that can help you make the right decision for you, and not be hasty in one of the most important purchases you will ever make.

You Can Obtain Life Insurance for the First Time in Your 70s

We just want to reiterate that it is certainly possible to obtain life insurance for the first time in your 70s and to not let anyone tell you otherwise.

There are many options that are available to you in your 70s, whether you are looking to renew or change your current life insurance policy, or looking to purchase an insurance policy for the first time.

If you feel that obtaining life insurance will take some or the entire burden off of your family when you reach the end of your life, it is more than worth it for you to make that investment and purchase a term life insurance policy.

Final Thoughts

Some people may try to discourage you or insist that you don’t need term life insurance or won’t be eligible for coverage with any insurance company. These same people may not have much knowledge of the marketplace, especially for someone who is in their 70s. 

At whatever age you decide to purchase life insurance, know you are making a wise decision. Above all, coverage for seniors is entirely possible, though it may come with higher premiums.

Compare quotes today right here on our site and we are happy to help personally guide you.


  • Ty Stewart

    Ty Stewart is a founder and contributor of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent he has helped clients nationwide to secure affordable coverage while making the process simple.

  • Bennett Bier

    I’m Bennett Bier, owner, author and fact checker of Simple Life Insure. I believe working with a small independent broker offers consumers more personal attention and superior customer service. As an independent agent licensed in all 50 states and the District of Columbia I have access to many of the top A+ rated life insurance carriers. This lets me locate a plan that you will qualify for while saving you money at the same time. Over the years I have mastered the art of underwriting, getting approvals even for my highest risk clients. I’m also likely the person that will answer the phone when you call.