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Life insurance for seniors over 60

Over 60 years old? This is when riders really make the difference in your coverage.

Narrow down life insurance companies by coverage levels, riders offered, medical exam requirements and more to get a quote.

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
18 - 85 years old
10, 15, 20, 25, 30 years
Depends on provider and policy
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
Everyday Life
20 - 75 years old
10, 15, 20, 25, 30, 35 and 40 years.
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
JRC Life Insurance
18 - 85 years old
10, 15, 20, 25, 30, 35, 40 years to lifetime/age 121
May be required
Compare policies up to $10 million from 45+ top insurance companies with the click of a button.
Nationwide life insurance
18 - 80 years old
10, 15, 20 and 30 years
Get term, whole, universal or no-exam life insurance with up to $1 million in coverage.
Haven Life
20 - 64 years old
10, 15, 20, 25 or 30 years available to those aged 20 - 49 years old.
10, 15, or 20 years available to those aged 50 - 64 years old.
No exams for some applicants
Fill out a quick online application and get approval in minutes with up to $3 million in coverage.

Compare up to 4 providers

At the age of 60, you may be inching closer towards retiring and finding that your financial obligations — like dependents — are no longer as reliant on you. A life insurance policy can help you plan for the future and make sure you’re prepared for unexpected costs with help of policy add-ons. People over 60 are typically charged higher rates, but comparing insurers can save you hundreds of dollars over the life of your policy.

Do I need life insurance at 60?

It depends on your financial obligations at this stage of your life, and where you’re at with estate planning. While you may not have young children or dependents anymore, it may be worth taking out a life insurance policy with riders that help plan for retirement. Some reasons to consider getting a policy are to:

  • Plan for retirement using life insurance riders
  • Leave a legacy to not only your children, but your grandchildren
  • Take care of large purchases, like college tuition
  • Pay off any outstanding debt, like a mortgage or credit card
  • Cover your own funeral, burial and end-of-life expenses, such as medical bills

On the other hand, if you’re leaving behind other assets to your loved ones, you may not have as much of a need for coverage.

Types of life insurance policies for people over 60

As a senior, you have a few coverage options open to you:

  • Term life insurance. The cheapest and most straightforward policy, term life insurance offers coverage for a set period of time — like 10 or 15 years. The premiums stay the same for the life of the policy, and your beneficiaries will receive a payout if you die within the term. However, you may need to take a medical exam, which could raise your rates if you have a serious health condition.
  • Permanent life insurance. If you want to treat your life insurance policy as an investment, consider a permanent policy like whole life insurance. These provide lifelong coverage and build cash value over time at either a fixed or variable interest rate. Once you’ve accumulated enough, you can withdraw that money and use it to fund your retirement or leave a larger legacy to your family.
  • Final expense insurance. Open to those over 50, final expense insurance is specifically designed to pay for end-of-life expenses, such as funeral and burial costs as well as medical bills. It aims to reduce the financial burden on your family immediately after your death, and you don’t need to take a medical exam to qualify. But it can be expensive, and coverage is capped at small amounts — like $2,000 to $10,000.

Is it possible to get life insurance over the age of 60 with no medical exam?

Yes — though you can expect to pay a higher premium because the insurer doesn’t have a complete picture of who they’re covering. Final expense insurance policies don’t require a medical exam, and you can get term life insurance policies with accelerated underwriting. You may need to answer questions about your health and lifestyle, but you won’t need to do any blood work.

Life insurance riders to prepare for retirement

Depending on your insurer, you may be able to customize your coverage with important riders that can support you and your family and give you peace of mind. These include:

    • Accelerated death benefit rider. Pays out a portion of your death benefit early if you’re diagnosed with a terminal illness, and you can use the money however like — not just on medical bills.
    • Critical illness rider. Pays out a lump sum if you’re diagnosed with a critical illness specified in the policy, like heart disease, cancer or stroke.
    • Long-term care rider. Allows you to access money from your death benefit to cover the cost of a nursing home or similar expenses if you’re diagnosed as chronically ill.
    • Disability income rider. Offers a monthly benefit if you become ill or injured and can’t work for a period of time — which is worth considering if you’re still in the workforce and have a family relying on your income.
    • Spouse rider. Pays out a death benefit if your spouse passes away, and is typically limited to half of the policy’s face value.
    • Estate protection rider. Usually only available on joint policies, this rider offers an additional death benefit if both policyholders die within a specified time frame.

Best life insurance for seniors over 60

The best life insurance for seniors over 60 comes down which insurers offer policies for your age, whether you can get a no-medical exam option if you need one and which living benefit riders it offers.

CompanyAccelerated death benefit riderCritical illness riderLong-term-care riderDisability income riderWaiver-of-premium riderNo-medical exam optionMax issue age
New York LifeYesYesNoNoYesYes90

Read review

Legal and GeneralYesNoNoNoYesYes75

Read review

Mutual of OmahaYesYesYesOnly 55 and underYesYes85

Read review

TransamericaYesYesNoYesYesOnly 55 and under75

Read review

NationwideYesYesYesNoYesYes80Go to site
Haven LifeYesNoNoNoYesOnly 55 and under65Go to site
Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

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Life insurance rates for ages 60 to 69

The average cost of life insurance for a $500,000, 20-year term policy is $228.63 for a 60-year-old man, and $162.88 for a 60-year-old woman. This premium increases significantly depending on age, so expect to pay nearly double that average at the age of 65 and nearly triple at the age of 70.

AgeM/W$250,000 policy$500,000 policy$1,000,000 policy
Rates are provided by Quotacy based on 20 year term policy, and valid as of April 2021 in all states except Montana.
To get a better idea of how costs differ per age, compare senior rates with those of different age groups.

Cheapest life insurance rates for people in their 60s

We averaged rates for a 500k, 20-year term policy for healthy people 60 to 69 with five top life insurance companies and found that average rates with Protective are cheapest for both men and women in their 60s.

AIG Life Ins (American General)$412.67$330.15
Banner Life (Legal & General America)$410.60$332.79
United of Omaha$467.86$328.16
Rates are provided by Quotacy based on 20 year term policy, and valid as of April 2021 in all states except Montana.

How to compare life insurance quotes in your 60s

In addition to the benefits, features and price of the policy being applied for, there are some key questions to ask yourself when comparing quotes on life insurance policies.

  • Benefit amount. What’s the maximum amount of coverage you can get? And how much do you need?
  • Cost. Are there expensive extras that you don’t need? Are the premiums level or rising?
  • Maximum entry age. What’s the cut-off age for applying?
  • Free look period. How long do you have to cancel and get a refund?
  • Claims process. What is the insurers claims process?
  • Policy renewal. What’s the maximum age you can renew coverage?

Factors that affect life insurance costs over 60

Life insurance companies look at a range of factors when setting your rate, and unfortunately age and health are the big ones — which can lead to higher rates for seniors.

  • Your age
  • Gender
  • Current health status
  • Pre-existing medical conditions
  • Smoking status
  • Type of policy and any riders

How to save on the cost of life insurance

There are a few ways to lower the cost of your coverage:

  • Buy a policy as soon as you identify a need for it. The sooner you can lock in a rate, the better — as they’ll continue to go up over time.
  • Improve your health and lifestyle. If you’re a smoker or have some health conditions, it could cost you. However, there are still a lot policies which have competitive life insurance premiums for those who smoke and have health conditions.
  • Compare a handful of insurers. Shop around! Each insurer has different underwriting standards, so it pays to compare companies to get the best possible coverage at the lowest possible rate.

Pros and cons of life insurance over 60

There are plenty of reasons to consider buying life insurance, though weigh the benefis against the cost and any exclusions you may face.


  • Provide for your loved ones. Allows you to provide financial support for your loved ones if you die unexpectedly. Plus, add-ons can help cover medical and rehabilitation costs while your spouse maintains their current standard of living.
  • Cover immediate expenses. Your death could place a significant financial burden on your family, taking out life insurance cover can help them cope with the cost of your funeral and other immediate expenses.
  • Peace of mind. Life insurance gives you the security and peace of mind of knowing that you, your spouse and family are protected should the worst happen.


  • Pre-existing conditions. If you have an illness or there’s an illness that runs in your family medical history, you may be offered a policy with excluded coverage for a specific ailment.
  • Insurance cost. In general, older people are seen as greater risks to life insurers, this means you may be paying significantly higher premiums the later in life you apply.

Bottom line

As a senior over 60, you may not have as much of a need for life insurance as someone in their 30s, 40s or 50s who’s in the workforce or has financial dependents. But a life insurance policy can offer peace of mind and a way to leave behind a legacy to your loved ones, while helping to ease any financial burdens after you die.

Before committing to coverage, be sure to compare insurance companies to make sure you’re getting the best possible deal.

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