Life insurance for Seniors Over 60

Eric Van Haaften Apr 3, 2025 Best Life Insurance Rates by Age

Finding affordable life insurance after the age of 60 can be simple and stress-free! We’ll help you choose the proper term or permanent life insurance policy that suits your needs and budget.

Whether it’s providing financial support for loved ones, covering final expenses, or leaving a legacy, we’ve got you covered.

Think of this as your no-nonsense guide to figuring it all out. There is no insurance jargon or sales pitch – just straightforward advice to help you make the right call.

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Why do seniors need to have life insurance?
Is term life insurance for seniors a good idea?
What is the best term length for older adults?
When should seniors buy permanent life insurance?
How can life insurance be used to pay for long-term care?
Is life insurance available for seniors without medical exams?
Which companies offer the best senior life insurance policies?
FAQ: Life Insurance Over 60

Do You Need Life Insurance Over 60?

Thinking about life insurance after 60? You’re not alone. While some folks may feel they don’t need coverage, many recognize its significance in financial planning.

Here’s something interesting: according to Experian, about 57% of Americans over 65 have active life insurance policies.

This interesting statistic shows that more than half of seniors recognize the importance of coverage in their golden years.

If you’re considering life insurance, we’re here to help. Our team has assisted thousands of seniors in making informed decisions about their coverage needs.

Here are several compelling reasons why many of our clients choose to invest in life insurance after reaching the age of sixty.

Reasons people over sixty buy life insurance

Income Replacement: For seniors with dependents relying on their income, a life insurance policy ensures financial security for loved ones in case of an untimely demise.
Mortgage Protection: Life insurance can serve as a safety net by paying off any remaining mortgage balance, alleviating financial burdens on the family.
Debt Clearance: Personal loans and credit card debt are still prevalent among many seniors, and a policy can help clear these debts, ensuring they don’t become a liability for heirs.
Final Expenses Coverage: The costs associated with final expenses can be significant, often around $10,000; life insurance provides peace of mind by covering these expenses.
Pension Maximization: In cases where pension income ceases upon death during retirement, acquiring pension-specific life insurance secures ongoing financial support for surviving spouses.
Estate Creation: Incorporating universal life insurance into an estate plan enhances its value by providing immediate liquidity and creating an instant legacy for beneficiaries.
Long-term Care Options: Seniors worried about future nursing home costs might consider hybrid long-term care policies that allow access to part of the death benefit for such expenses.
Charitable Contributions: Purchasing charitable-oriented life insurance enables individuals to leave a lasting impact on causes dear to their hearts.

Term Life Insurance for Seniors Over 60

Term life insurance can be an excellent option for healthy seniors who want to maximize their overage at reasonable premiums. Term coverage offers guaranteed fixed premiums for policies typically lasting 10 to 20 years.

We work closely with our clients to identify a term length that best suits their protection needs, ensuring coverage meets their goals.

Shorter terms generally have lower premiums and are ideal for time-limited financial obligations, while longer terms provide extended coverage but come with higher costs.

Most policies also include a conversion privilege until age 70, which allows you to switch from term to permanent coverage without needing a new medical exam.

This feature offers flexibility for seniors whose health may have declined or whose life insurance needs have changed.

Remember that if you outlive your term policy and choose to renew without converting, you’ll face substantially higher premiums.

Term Insurance Rates for Seniors

Exploring various term lengths can be incredibly helpful if you think a term life insurance plan might be a good fit for your family.

For instance, a 10-year term can effectively address short-term needs, such as providing income protection until retirement or ensuring mortgage coverage for a surviving spouse.

We recently helped a 60-year-old man secure a 10-year, $500,000 policy for just $113 monthly. This solution ensured his wife would be well cared for until he retired at 70.

Let’s discuss 20-year term life insurance, a popular option because locking in rates now protects you from age-related premium increases, making it easier to budget.

Although the monthly premiums are higher than those of a 10-year policy, you will typically spend less than purchasing multiple shorter policies.

Twenty-year plans are ideal for covering your mortgage, as you don’t want to search for new coverage when a shorter policy expires.

For example, we recently assisted a healthy 70-year-old woman in securing a $250,000 policy lasting twenty years for only $315 per month. The policy pays off her mortgage, allowing her spouse to stay in their home if she passes away.

We have compiled a detailed breakdown of monthly term life insurance rates for seniors to give you a solid starting point.

10-year Term Life Quotes for Men

	$250k	$500k	$750k	$1mm
	10	10	10	10
60	$60	$113	$171	$214
70	$173	$319	$476	$610

10-year Term Life Quotes for Women

	$250k	$500k	$750k	$1mm
	10	10	10	10
60	$40	$74	$106	$140
70	$104	$195	$294	$368

20-year Term Insurance Rates for Men

	$250k	$500k	$750k	$1mm
	20	20	20	20
60	$115	$211	$322	$406
70	$407	$819	$1,227	$1,578

20-year Term Insurance Rates for Women

	$250k	$500k	$750k	$1mm
	20	20	20	20
60	$74	$141	$207	$265
70	$315	$606	$906	$1,099

Term Life Insurance for 65 and Older

Are you turning 65? It’s the perfect time to reassess your life insurance needs. Remember, age impacts your options and premiums in the world of life insurance.

When selecting a policy, always compare prices among different providers and be honest about your medical history to ensure you get the best deal possible.

Insurers often impose age restrictions on longer-term life insurance policies, while shorter-duration options are readily available in your sixties.

For instance, a 25-year term policy is generally unavailable to individuals over 65, while a 20-year term often has an age limit of 70.

If you’re over 65, permanent life insurance might be more suitable since it offers a guaranteed payout regardless of when you pass away.

Permanent Life Insurance for Seniors

Living beyond one’s life expectancy is increasingly common, and securing permanent life insurance ensures your family remains protected.

Both universal and whole life insurance policies offer lifelong coverage with consistent premiums, death benefits, and a cash value component that appreciates over time.

However, it’s important to note that these permanent policies generally have higher premiums than term life insurance.

We typically recommend guaranteed universal life (GUL) because it is more affordable than whole life and can be customized to your needs.

The death benefit from a GUL policy offers pure protection without complicated investment components, making it ideal for seniors who want to create a reliable legacy without worrying about complex investment strategies.

Here’s a real example: One of our senior clients recently switched from whole life to guaranteed universal life insurance. As a result, they maintained the same death benefit while reducing their premiums by 45%.

We also offer flexible options to help you reduce your premiums. For example, we can create policies that offer coverage until a specific age—such as 90 or 95—instead of providing lifetime coverage.

For illustration purposes, a $100,000 universal life policy for men usually costs significantly less when the coverage extends to age 90 or 95 rather than to age 100.

$100,000 GUL Insurance Rates for Seniors

	Age 90	Age 95	Age 100
Age 60	$103	$118	$128
Age 61	$106	$125	$136
Age 62	$110	$130	$143
Age 63	$117	$139	$153
Age 64	$126	$150	$161
Age 65	$135	$160	$171
Age 66	$134	$166	$182
Age 67	$137	$171	$193
Age 68	$146	$183	$207
Age 69	$158	$196	$222

Life Insurance and Long-Term Care

According to the National Council on Aging, about 70% of people who reach age 65 will need long-term care in their lifetime.

That’s why we urge seniors to consider permanent life insurance with a long-term care rider, also known as hybrid life insurance.

With this innovative policy, you can tap into the death benefit to cover qualified expenses such as home care or assisted living facilities.

If you don’t use the long-term care portion or only use a portion of it, your beneficiaries will receive the remaining death benefit tax-free.

While hybrid policies typically cost more than standalone options, they offer guaranteed premiums and more flexibility.

Are you interested in comparing life insurance costs for seniors? Our insurance calculator allows you to compare permanent coverage easily without the hassle of lengthy phone conversations with numerous agents.

Life Insurance Rates for Seniors

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Buying Life Insurance Over 60

Navigating the life insurance market after age 60 can seem overwhelming, but we’re here to simplify the process.

By understanding your specific needs, we aim to secure an affordable policy quickly. To begin this process, we will need answers to a few key questions:

How much coverage are you seeking?
Are you leaning toward term or permanent life insurance?
What does your medical history look like?

Our independent agency does the heavy lifting by tailoring our search strategy to connect your unique health profile with competitive rates from various providers.

Life Insurance for Seniors with No Medical Exam

A notable shift in the industry is toward no-exam life insurance policies, which are gaining popularity among seniors.

The appeal lies in their straightforward underwriting process, replacing traditional medical exams with a simple phone interview to collect some health details.

No-exam life insurance streamlines coverage for seniors over 60, offering a swift path to obtaining policies.

However, it’s important to note that insurers may impose age restrictions and limit coverage amounts for older applicants.

While many companies offer coverage up to $250,000 without an exam, some insurers extend it to one million dollars or more.

Yet, opting for a short medical exam allows seniors above the age limits and those needing more significant death benefits.

Such policies are widely available and can provide lower premiums since they give insurers a detailed overview of your medical history.

Life Insurance Companies for Seniors

Whether you prefer the convenience of no-exam policies or seek cost savings through medically underwritten plans, we have partnered with some of the most reputable insurers in the industry.

We spend countless hours comparing policies and negotiating with underwriters, so we are excited to share our insider’s guide to the insurance companies we trust the most.

Each company on our list has strong financial ratings, fair pricing, and a solid track record of paying claims to beneficiaries.

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Banner Life

Banner Life offers low-cost term insurance for seniors on its fully underwritten and no-exam policies.

US News & World Report ranks Banner Life among the top providers of term insurance policies tailored to seniors’ needs.

Their unerwriting process is accommodating for older applicants with many health concerns, including obesity and depression.

It is good to know that Banner Life holds an “A+” financial strength rating from A.M. Best.

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Corebridge Financial

Corebridge Financial, formerly AIG, is a key player in the life insurance market with an “A” financial strength rating from A.M. Best.

American General offers competitively priced term and universal life insurance to seniors over 60.

What makes them special? They offer 18 different term lengths – way more flexibility than you’ll find with other insurance companies.

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Lincoln Financial

Lincoln Financial is renowned for its top-notch offerings and flexible underwriting, making it an excellent choice for healthy individuals and those with health issues.

Lincoln Financial offers competitive rates for term and universal life insurance, making it a top choice for seniors across various ages.

Additionally, its financial strength is highlighted by an “A+” rating from A.M. Best, demonstrating the company’s robust fiscal health and dependability.

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Pacific Life

Pacific Life is a premier choice for seniors, offering competitive rates across different age brackets.

Their term life insurance options start at $50,000, and universal life insurance starts at as low as $25,000.

Pacific Life offers up to a $1,000,000 life insurance policy without a medical exam until you reach age 69.

Moreover, Pacific Life boasts an “A+” financial rating from A.M. Best, highlighting its reliability and financial health.

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Protective Life

Boasting over a century of history, Protective Life stands out for its exceptional financial stability, reflected in its “A+” rating from A.M. Best.

They are known for offering some of the most competitively priced, fully underwritten term and universal life insurance policies.

It’s among the select insurers providing permanent coverage options starting at a modest death benefit minimum of $50,000.

Forbes Advisor ranks Protective Life among the top permanent life insurance providers in the United States.

FAQ: Best Life Insurance for Seniors

What is the cheapest life insurance for seniors? Choosing term life insurance over permanent options is the easiest way to get affordable coverage. Additionally, lowering your coverage amount can further reduce premiums. Properly managing pre-existing health issues can lead to cheaper premiums when applying for coverage.

How much life insurance should a senior get? Seniors should strive for coverage of 7 to 10 times their yearly income to substitute any lost income for dependents. It’s also important to account for any existing debts, such as mortgage payments, car loans, or credit card debt.

Is whole life insurance good for seniors? Whole life insurance has higher premiums than term and universal life insurance policies. However, it can be suitable for elderly seniors with health issues who must pay their final expenses. Evaluate your financial situation, budget, and long-term objective before choosing whole-life coverage.

What is the average cost of life insurance for a 60-year-old? The cost of term life insurance for someone aged 60 can differ due to health status, the amount of coverage, and the policy’s duration. Remember to compare quotes from different insurers to find the best fit for your needs.

Is it worth having life insurance after 65? The relevance of life insurance for seniors over 65 varies based on personal situations. Term insurance is beneficial for those still employed and supporting their families. Permanent coverage is ideal for those aiming to leave a financial legacy to their children.