Life Insurance Options After 60
You have more options than you might think. While premiums are higher at 60 than at 30, coverage is readily available and can still be affordable — especially for smaller policy amounts.
Term Life Insurance
Still available at 60, typically in 10 or 15-year terms. Some carriers offer 20-year terms up to age 60-65.
- Best for: Covering a remaining mortgage, income replacement for a spouse, or bridging to Social Security
- Availability: 10-year terms widely available to age 70+; longer terms may require age 65 or under
Whole Life / Final Expense
Permanent coverage designed for smaller amounts, focused on covering funeral costs, medical bills, and small debts.
- Best for: Funeral and burial expenses, leaving a small legacy, paying off final debts
- Coverage: Typically $5,000-$50,000
Guaranteed Issue
No health questions, no medical exam, guaranteed acceptance. The trade-off is higher premiums and a graded death benefit.
- Best for: Seniors with significant health conditions who cannot qualify for other coverage
- Coverage: $5,000-$25,000
Monthly Rates for Ages 60-70
Term Life (Preferred Non-Smoker)
| Age | $100K / 10-Year | $250K / 10-Year | $500K / 10-Year |
|---|---|---|---|
| 60 | $38/mo | $78/mo | $135/mo |
| 62 | $45/mo | $92/mo | $160/mo |
| 65 | $58/mo | $120/mo | $215/mo |
| 68 | $78/mo | $165/mo | $298/mo |
| 70 | $95/mo | $205/mo | $378/mo |
Whole Life / Final Expense (Non-Smoker)
| Age | $10,000 | $15,000 | $25,000 |
|---|---|---|---|
| 60 | $42/mo | $58/mo | $90/mo |
| 65 | $55/mo | $78/mo | $120/mo |
| 70 | $72/mo | $102/mo | $160/mo |
Guaranteed Issue (No Health Questions)
| Age | $10,000 | $25,000 |
|---|---|---|
| 60 | $55/mo | $125/mo |
| 65 | $68/mo | $155/mo |
| 70 | $85/mo | $195/mo |
All rates are estimates. Guaranteed issue includes a graded death benefit (reduced payout in first 2-3 years).
Final Expense Insurance
Final expense insurance (also called burial insurance) is the most popular type of life insurance purchased after 60. It is a small whole life policy designed to cover end-of-life costs:
- Funeral and burial costs: $7,000-$15,000 average
- Outstanding medical bills: Variable
- Small debts: Credit cards, personal loans
- Legal and probate costs: $2,000-5,000
Why final expense works well for seniors:
- Coverage amounts match actual needs ($10K-$50K)
- Premiums are affordable at smaller coverage amounts
- Permanent coverage — never expires as long as you pay
- Simplified underwriting — easier to qualify than large term policies
- Cash value builds over time
Guaranteed Issue for Seniors
If health conditions make standard underwriting impossible, guaranteed issue policies are always available:
How Guaranteed Issue Works:
- No medical exam, no health questions
- Everyone ages 50-85 is accepted (age range varies by carrier)
- Premium is fixed for life
- Graded death benefit: If you die in the first 2-3 years, beneficiaries receive a return of premiums paid plus interest (typically 10%) rather than the full death benefit
- After the waiting period, the full death benefit applies
Top Guaranteed Issue Carriers for Seniors:
- Mutual of Omaha — up to $25K, strong reputation
- AIG — guaranteed acceptance, competitive rates
- AARP/New York Life — trusted name, easy application
- Globe Life — mail-in and phone applications available
Guaranteed issue is the most expensive life insurance per dollar of coverage, but it serves an important role: it ensures no one is left without options.
How to Choose the Right Policy
Step 1: Identify your need.
- Mortgage protection → Term life matching your remaining mortgage term
- Final expenses only → $15K-$25K whole life or final expense policy
- Income replacement for spouse → Term life, 10-15 years
- Legacy / inheritance → Whole life
Step 2: Assess your health.
- Good health → Apply for fully underwritten term or whole life for best rates
- Moderate health issues → Try simplified issue (no exam, health questions)
- Serious health conditions → Guaranteed issue as a safety net
Step 3: Set your budget.
- Under $50/month → $100K-$250K in 10-year term, or $10K-$15K in final expense
- $50-$100/month → $250K-$500K in 10-year term, or $15K-$25K in final expense
- $100-$200/month → $500K+ in term, or $25K-$50K in whole life
Ready to find coverage? Get a free life insurance quote and compare rates for ages 60 and above.
Frequently Asked Questions
Can I still get life insurance at 60?
Yes. Term life, whole life, and guaranteed issue policies are all available after 60. A healthy 60-year-old can get $250,000 in 10-year term coverage for about $78-100/month. Final expense policies ($25K) cost $100-135/month.
Is it worth buying life insurance at 60?
It depends on your situation. If you have a mortgage, a dependent spouse, or want to cover final expenses, life insurance at 60 provides real financial protection. If you have substantial savings and no debts, you may not need it.
What is the cheapest life insurance for seniors?
A 10-year term policy is the cheapest option. For small coverage needs, a final expense whole life policy ($10K-25K) provides affordable permanent coverage. Guaranteed issue is available but costs the most per dollar of coverage.
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