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While it’s common for Americans in their 60’s to either be retired or approaching retirement, there still may be some beneficial value in investing in a life insurance policy. Some typical costs you may wish to think about at this age are:
Any outstanding debt.
Estate planning.
Future medical expenses.
Funeral costs.
Keep scrolling for an in-depth understanding of how life insurance works for applicants over 60 years old.
Companies that offer policies for adults aged 60 or older
Why should I consider life insurance after my 60th birthday?
Your mortgage is paid off and your kids have grown up and left home, so the financial security life insurance offers may not seem as crucial as it did once upon a time.
However, life insurance can benefit not only you, but your family most especially. When you have life insurance at 60, you may be able to leave something behind not only for your kids, but for your grandchildren as well. You’ll also be removing any financial stress that can come with burial expenses if you have adequate life insurance coverage.
Benefits
There are plenty of reasons why you should consider buying life insurance:
Provide for your loved ones. Allows you to provide financial support for your loved ones if illness or injury strike, or if you pass away unexpectedly. This means you 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, so taking out life insurance cover can help them cope with the cost of your funeral and other immediate expenses.
You’re still young. If you’ve just turned 60 or 65 then you shouldn’t think it’s too late to take out a policy — you could still have 20 years or more left to live. It’s important to make sure you’re protected in the years to come.
Peace of mind. Life insurance gives you the security and peace of mind of knowing that you, your spouse and family will be protected should the worst happen.
Drawbacks
Pre-existing conditions. If you have an illness or there’s an illness that runs in your family medical history, you my be offered a policy, but with excluded coverage when it comes to that specific ailment.
Insurance cost. In general, older people are seen as greater risks to life insurance providers, this means you may be paying significantly higher premiums the later in life you apply.
What if I'm no longer working?
It doesn’t mean you can’t benefit from life insurance. In fact, although you might not have the same financial obligations as you used to, having life insurance in place as you transition into your senior years is extremely important.
Protect your loved ones
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Life insurance. When you die or are diagnosed with a terminal illness, this lump sum benefit can be used to help your loved ones pay off debts, manage ongoing expenses, pay for your funeral and maintain their standard of living.
Critical illness. A lump sum benefit is paid if you suffer a serious medical condition, such as cancer, heart attack or stroke. This coverage can be bundled with life insurance and can prove especially useful as you get older and are more likely to suffer a serious medical event.
Disability. Disability pays a lump sum if you become totally and permanently disabled. This benefit can be used to cover medical and rehabilitation expenses, pay for home modifications and generally help with your everyday living expenses. It can be purchased as standalone cover or bundled with life cover.
Burial insurance. Funeral insurance provides a lump sum benefit to help your loved ones cope with their immediate expenses following your death. This can help reduce the financial burden of your death and provide important support at a very difficult time.
Is it possible to get life insurance over the age of 60 with no medical exam?
If you have struggled in the past to find life insurance due to a pre-existing condition, you may wish to consider options that require very little or no medical underwriting whatsoever — funeral insurance never requires any underwriting or exams. There’s also guaranteed life insurance — it’s exactly what it says it is — however, the premiums will be much higher to match the risk of insuring someone with an unknown background.
Factors that affect how much life insurance costs for people over 60
As there are many different aspects to life insurance policies, there are a number of things related to your life and health that largely determine the premiums, such as:
Your age.
Gender.
Current health status.
Pre-existing medical conditions.
Smoking status.
Premium style policies (graded and level).
How can I save on the cost of life insurance?
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.
Take advantage of your gender. Gender also plays an important role in how much you will pay for cover. A 60-year old woman will pay one-third less in premiums than a 60-year old man.
Compare. Shopping for life insurance online can let you get a quote in minutes — this will allow you to see which life insurance provider is willing to offer you the most affordable policy that suits your needs.
Avoid extras. If you don’t have any life insurance in place, it can be difficult to know where to start. There are many different policies on the market so it’s best to read up and research in order to find what type of coverage makes sense for your individual situation.
How are life insurance premiums paid?
Both level and graded premiums are good options, but of course it depends on each individual situation. It’s important to carefully assess your current financial situation and choose the premium style that you can afford in the short or long run.
These premium payments are calculated on an average over the life of your policy, making the payments fixed and easy to budget around. When compared to graded premiums, they seem to be higher at the beginning of your policy, however, they even out over the long term.
Graded premiums initially cost less and when reevaluated annually, premiums will increase with age. Graded premiums are better for a short-term life insurance policy because near the end of the policy the premiums can get quite expensive.
Estimated monthly costs for a 60-year-old
We pulled sample rates for a 20-year, $500,000 term life policy for a healthy 60-year-old man and woman in perfect health.
Rates are provided by Quotacy based on 20 year term policy, and valid as of April 2021 in all states except Montana.
Bottom line
Remember that when you have already found the life insurance policy you need, be sure that you understand the limitations of the policy before you affix your signature on the dotted line. If there are some parts that are not clear to you, ask for clarifications so you know what and what not to expect from your life insurance policy.
Frequently asked questions
I’ve got a lot of money stashed away in investments — how necessary is life insurance?
Although you may have a sufficient amount invested to fund your retirement, will you be able to access money quickly in an emergency? Life insurance offers peace of mind and a financial safety net, protecting you against the uncertainty of the future.
How do I get covered anywhere in the world?
You’ll generally be able to access worldwide coverage unless the are restricted countries listed in your policy.
How much life insurance cover can I take out?
Limits vary depending on the type of coverage and the insurer you select, $1 million is typically the highest for most providers, but there may be others that are willing offer more.
Megan B. Shepherd is a personal finance editor at Finder where she helps people navigate the financial world of loans.
Her personal finance expertise has been featured on Forbes, Nasdaq, MediaFeed, Fox News, Time, Reviews.com, and carinsurance.com, adding invaluable information related to personal loans, financial strategies and smart borrowing tactics.
Megan graduated from the University of Texas at Dallas with a BS in Business Administration with an entrepreneurial focus. She's worked as a certified financial adviser and has earned certificates of completion from A.D. Banker & Company.
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