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Life insurance at 71

Should I buy Universal Life Insurance at age 45?

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

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Age will take its toll and many in their seventies have developed health conditions as they have gotten older.

You may be thinking that your hypertension or cardiovascular problems will make the life insurance you need too expensive. But this is not necessarily so.

These problems at 38 cause insurers much more concern than someone seeking life insurance at 71, especially if you have your condition under control with a healthy lifestyle and a doctor’s advice.


Insurance at 71 Still, the time to act is now. Waiting will only cost you money. You can protect your family’s financial future with life insurance, and you can get started right away!

We will take a quick look at four common questions those seeking life insurance at 71 ask:

What is term versus permanent life insurance?
Why do I need life insurance at 70?
How much life insurance do I need?
How much does life insurance at 70 cost?

We have some tables set up at the end of this article with sample quotes from some top insurers. We will almost certainly not answer all your questions here. In just a few minutes you will be ready to get in touch with Ogletree Financial and to get answers to all your questions as you begin to secure the life insurance coverage you and your family need.

At Ogletree Financial Services we consider our clients’ unique needs, planning with them and considering over thirty top insurers to secure the life insurance coverage they want at the very best rate the market has to offer.

What is term versus permanent life insurance?

Life insurance at 71


While many who seek life insurance at 71 settle on a short term policy to meet their coverage needs, others may be interested in a permanent policy that combines the death benefit that is the basis of all life insurance (both term and permanent), with a cash account that earns tax-favored interest.

We are mainly concerned with term life insurance here; the sample quotes we provide are for term insurance. Term life insurance policies are generally simpler contracts that last for a specific period of time. This is difference number one between term and permanent life insurance – the length of contract.

As I just mentioned, many in their seventies decide upon a short term policy that will get their household to a point where they are settled into their retirement and other financial obligations in their lives have been taken care of.

There are times when permanent coverage is appropriate for someone in their seventies, and we provide some links to articles that cover how a type of permanent life insurance called indexed universal life (IUL) can address some of the financial issues we mention here.

Number two difference between term and permanent life insurance are the cash accounts I mentioned earlier. These accounts make permanent life insurance contracts more complicated and the premiums more expensive than for term insurance.

The advantages you obtain with permanent policies and their cash accounts are
known as living benefits.
We won’t be getting into any details, but living benefits have to do with the tax-favored interest your cash account earns and your relatively free access to these funds throughout the life if your policy.

Why do I need life insurance at 71?

Life insurance at 71

As it turns out, most folks who look for life insurance at 71 know why they need life insurance. You may have a policy in place now or in the past, and have a new reason to purchase life insurance coverage as you enter your golden years.

A short term policy as a bridge into retirement is very common. These are simple and inexpensive policies that make sure your spouse will live be living a happy retirement no matter what happens to you.

Little known secret to get more pension income at retirement
Six Reasons to use IUL in Retirement Planning

Many people still work well into their seventies. Saving for retirement, staying busy, staying sane, or just plain ethic seem to be some of the reasons why. Protecting the support your salary provides to your household may be an important part of why you are considering life insurance.

4 Minutes to a Better Retirement using Indexed Universal Life Insurance
IUL used for Retirement?

Is there still some debt you are paying down? This is another common reason to buy life insurance at any age. You wouldn’t want this type of liability to be a weight on your family after you are gone.

Indexed Universal Life for Mortgage Protection?

Life insurance is also a good way to protect your interest in a small business partnership you have worked hard to build. The unexpected death of an owner can sometimes bankrupt a business and cancel years of hard-earned sweat equity.

Funding buy sell agreements with indexed universal life insurance

Do you have a favorite charity? What about leaving an inheritance to your loved ones?

What about a gift to a grandchild? My father bought a $100,000 whole life policy for my niece when she was two years old. The policy was paid up in ten years and the cash value is already more than his premiums paid and continuing to build. What a great gift for a young person to be able to rely on for school or other expenses when they are ready to venture from home.

Life insurance at 71

Talk to your Ogletree Financial independent agent and get this sorted out today. You can easily begin right now!

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!

How much life insurance do I need?

This will be a matter of looking at each of the financial obligations you would like to insure for and determining the amount of death benefit that would be necessary to indemnify (make financially whole again) that obligation. This could be pretty straightforward or it may involve a little more legwork.

Life insurance at 71

To cover the support your salary provides your household, many recommend multiplying by a factor of three to five at this point in your life. How long you think this support would be necessary after you are gone is also an important consideration. This a good way to get started.

It is important to think about your spouse’s ability to earn if they aren’t already. What is the status of your retirement savings? What about any valuable assets you possess that might be liquidated for cash in the event of a tragedy?

Leaving an inheritance is usually a matter of what you can afford. The amount of a gift to a favorite charity may be determined based on previous donations.

Sometimes the math is pretty simple and you should know that it is rare for clients in their seventies to need a high face value life insurance policy. A few hundred thousand is a common range of benefit for those thinking about life insurance at 71.

How much does life insurance at 71 cost?

You can afford it. We can work with you and over thirty top insurers to make sure you get your family covered at a price you can afford. No matter your circumstances we can get you some level of appropriate coverage and valuable peace of mind that your family is protected.

We have a couple of handy infographics the help you understand what health category you may fall into. This is very important when determining what your premiums will be.

Following are four tables with sample monthly premiums for a 71-year-old male and female.

  • The sample quotes shown here are for term life insurance.
  • These quotes are for non-smokers.
  • There is a table for a preferred plus health category and one for a standard health category.
  • Term lengths of 10 and 15 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown.
  • These are only sample monthly premiums; your premium will be based on how your unique risk is assessed.
  • These sample quotes were gathered in August of 2016.

71-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


71-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


71-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


71-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


Life insurance at 71: The coverage you need right now!

That’s all you need to get started.  The rates above are for fully underwritten life insurance policies.  Some more studying will be necessary along the way, but you can talk to an agent right now and get this show on the road. You know you need life insurance coverage, so get in touch with Ogletree Financial and trust the experts to show you the way.

And… read our article about Life Insurance for Seniors over 70 NO MEDICAL EXAM!

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!

Frequently Asked Questions

How much is term life insurance for a 71-year old?

Your premiums will depend on your health, build, as well as age and other factors. An independent life insurance agent can provide quotes from several different insurance carriers.

At what age should you get life insurance?

The younger the better, ideally age 35 or under. It is possible to get life insurance at almost any age, health permitting. An independent life insurance agent can get some quotes for you.

What is the cost of a $500,000 term life insurance policy?

A sample premium for a 15-year term policy on a 71-year old male in the standard non-tobacco health class is $1.071.65 per month.

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