People age 70 and over may be able to qualify to purchase a life insurance policy.
However, the amount you pay for your life insurance coverage will be high compared to people who purchased their life insurance at a younger age.
In addition, the amount of life insurance available to people over age 70 may be limited to $30,000 or less, depending on your health and the insurance company.
Whether or not you qualify for life insurance will depend on your age, health, if you smoke, your height-to-weight ratio, and other relevant risk factors.
There are several types of life insurance plans available for people over 70.
Permanent life insurance provides lifetime coverage and will be the most costly.
Term life insurance for up to 10 years or less will be the least costly.
No exam life insurance or guaranteed acceptance life insurance plans will cost the most, since there is no physical exam required.
Graded benefit life insurance plans may provide a limited amount of life insurance but the full coverage is not available until you have been insured by the company for at least 2 years, in most cases.
Here's how to learn more about life insurance for people over age 70.