Who is the best company to get life insurance through?

A 70-year-old should buy life insurance only if they have unpaid debts, a spouse who relies on their income, or no personal savings to cover final funeral and burial expenses.

For many people in their 70s, children are grown, houses are paid off, and life insurance is no longer necessary. You should carefully evaluate your financial situation before buying a new policy, as detailed in the CBS Guide on Senior Life Insurance.

When to Buy Life Insurance at 70

• Final Expenses: Your savings cannot cover funeral or burial costs, and you want to protect your family from these bills.
• Surviving Spouse: Your spouse depends on your pension, Social Security, or regular income that will drop after you pass away.
• Dependent Care: You still financially support an adult child or a relative with special needs.
• Estate Planning: You have a high net worth and need to cover specific estate or inheritance taxes.

When You Do Not Need Life Insurance

• No Dependents: No one relies on your money to live day-to-day.
• Good Savings: You have enough money in the bank to pay for your own final expenses and emergencies.
• Fixed Income: The monthly cost (premium) of the policy is too high for your retired budget and causes financial stress.

Common Policy Types for Seniors

• Term Life Insurance: Provides temporary coverage for a set number of years (like 10 or 20). It costs less than whole life, but the price is very high for a 70-year-old, and the policy eventually ends.
• Whole Life or Final Expense Insurance: Lasts your entire life and builds a small cash value. It is more expensive, but the payout is guaranteed as long as you pay the monthly bill.
• Guaranteed Issue Insurance: Does not require a medical exam or health questions. Approval is certain, but the payout amounts are low (often $2,000 to $35,000) and it usually has a two-year waiting period before full benefits kick in.

You can learn more about finding the right coverage by reading the U.S. News Senior Life Insurance Overview.

For $9.95 a month, Colonial Penn gives you one "unit" of guaranteed acceptance whole life insurance, but the actual payout amount depends entirely on your age and gender.

What You Get for $9.95 a Month

• Coverage Amount: Varies widely by age and gender. For example, a 50-year-old female might get about $2,000 in coverage for one unit, while a 70-year-old male might get around $689, and an 80-year-old male receives significantly less.
• Guaranteed Approval: No medical exam, health questions, or physical are required. Acceptance is guaranteed if you are between the ages of 50 and 85 (in most states).
• Locked-In Rates: Your monthly premium of $9.95 per unit will never increase as you get older.
• Permanent Coverage: The policy provides lifetime coverage and will not be canceled as long as your premiums are paid.
• Cash Value: The policy builds a small cash value after the first year, which you can borrow against.

Important Limitations

• Two-Year Waiting Period: If you die from non-accidental (natural) causes within the first two years, your beneficiaries will not receive the full death benefit; instead, they receive a refund of your paid premiums plus interest.
• Low Value per Unit: A single $9.95 unit rarely provides enough money to cover a full burial or funeral, meaning most people must buy multiple units (up to 25 maximum), which increases the monthly cost.

A 65-year-old typically pays anywhere from $30 to over $1,000 per month for life insurance, depending heavily on the type of policy and coverage amount chosen.

Average Costs by Policy Type

• Term Life Insurance (Temporary, 10–20 years): A 10-year term policy with a $250,000 benefit often starts around $140 to $430+ per month, depending on health and gender.
• Whole Life Insurance (Permanent): A permanent policy with a larger death benefit ($250,000) can easily exceed $1,100 per month. Smaller whole life amounts (like a $10,000 to $25,000 policy) are much more common for this age group and typically cost $50 to $150+ per month.
• Final Expense / Burial Insurance: Small permanent policies designed specifically to cover funeral costs (typically $5,000 to $20,000) range from $30 to $100 per month.

Key Factors Affecting the Price

• Health Status: Medical history and whether you need a medical exam have the largest impact on your final rate.
• Gender: Men generally pay higher average rates than women of the same age.
• Tobacco Use: Smoking or using nicotine products significantly increases monthly premiums.
• Coverage Amount: Higher payouts mean higher monthly costs.

Opinions on Reddit are mixed regarding whether high permanent life insurance payments are worth it at an older age, with some finding monthly costs over $150 too expensive for small benefits while others see it as standard for locked-in lifelong coverage. You can compare tailored options and estimates using the Policygenius Cost Guide.

What happens after 10 years of paying life insurance depends entirely on whether you have a 10-year term policy or a 10-pay permanent policy.

10-Year Term Life Insurance

If you bought a 10-year term policy, the contract reaches its end date after 10 years.

• Coverage ends: Your protection stops, and no death benefit is paid out if you outlive the term.
• No money back: Term insurance does not build cash value, so you do not get your paid premiums back (unless you bought a rare return-of-premium rider).
• Your options: You can let the policy expire, apply to renew it at a much higher rate based on your current age, or convert it to permanent coverage if your policy allows.

10-Pay Whole Life Insurance

If you bought a specialized 10-pay whole life policy, you planned to finish all required payments in 10 years. Read more details on how this works via Western & Southern.

• Policy is paid-up: You no longer owe any monthly or annual premium payments.
• Lifelong coverage: Your permanent death benefit stays active for the rest of your life.
• Cash value continues: The accumulated cash value inside the policy keeps growing on a tax-deferred basis, and you can still borrow against it if needed.

No, 52 is not too old to get life insurance, and many major providers write new term and permanent policies for healthy applicants into their 70s and 80s.

📊 Comparing Coverage Options at Age 52

💡 Key Factors to Evaluate at 52

• Shorter Terms: Choose a 10- or 20-year term to match your remaining working or mortgage years.
• Health Status: Excellent health secures preferred non-smoker rates.
• Hidden Costs: Older age brackets trigger higher premiums and potential medical exams.
• Financial Need: Buy only if dependents or major debts still rely on your income.