Legal & General, Pacific Life, Protective and GEICO are the best life insurance providers for seniors over 60. These companies received the highest MoneyGeek scores in their respective categories based on our proprietary analysis methodology, which evaluates factors including financial strength, customer satisfaction and policy features. The table highlights the top insurance providers for different categories:
Best Life Insurance for 60-Year Olds & Over in 2025
Updated: September 15, 2025
Advertising & Editorial Disclosure
Key Takeaways
Legal & General is MoneyGeek's top pick for the best term life insurance company for seniors over 60, ranking first across applicant profiles for this type of policy.
Protective earns the highest ratings for whole and universal life insurance, making it the best permanent life insurance company for 60-year-olds.
Pacific Life earns the highest score for no-medical-exam term life insurance, making it the top choice for this type of policy. It's also the best option for permanent policies (whole and universal) for seniors over 60 who smoke.
GEICO is the top-rated guaranteed acceptance life insurance company, offering the best alternative policy option for seniors seeking instant approval.
What is the Best Life Insurance for Seniors Over 60?
Term Life | Legal & General | 94 | $220 (men); $155 (women) | $2,643 (men); $1,866 (women); |
No-Exam Life | Pacific Life | 93 | $220 (men); $155 (women) | $2,643 (men); $1,866 (women); |
Whole Life | Protective | 100 | $1,901 (men); $1,612 (women) | $22,817 (men); $19,346 (women) |
Universal Life | Protective | 100 | $682 (men); $582 (women) | $8,178 (men) $6,984 (women) |
Guaranteed Acceptance | GEICO | 96 (men) 97 (women) | $53 (men); $43 (women) | $634 (men); $512 (women) |
*The rates for term, no-exam, whole and universal life insurance are average quotes for $500,000 coverage for 60-year-olds. For guaranteed acceptance, we used a $10,000 coverage amount. Individual quotes may vary significantly based on health, location, and insurer underwriting guidelines.
Best Term Life Insurance for Seniors Over 60: Legal & General
Best Term LifeLegal & General
MoneyGeek Score:
94/ 100
Average Monthly Rate$155
Average Annual Rate$1,866
Overview
Legal & General is the best term life insurance provider for seniors over 60, offering broad coverage limits and flexible policy features. Legal & General supports applicants up to age 75 and provides term lengths as long as 40 years, working well for older adults who want long-term protection. With an A rating from AM Best and a complaint index of 0.35, Legal & General balances financial stability with consumer satisfaction.
For seniors, average monthly and annual costs for a $500,000 policy are $220 per month or $2,643 annually for men and $155 per month or $1,866 annually for women.
Legal & General also offers valuable riders to enhance protection, including an accelerated death benefit, child rider, stacking rider, guaranteed insurability and conversion options up to age 70. These additions allow seniors to adjust coverage as needs change, while maintaining affordability and access to permanent coverage if desired.
The company also ranks first across different categories for term life insurance, including:
-
Smokers
Men: $701 per month / $8,409 annually
Women: $494 per month / $5,936 annually
-
Applicants in Poor Health
Men: $266 per month / $3,191 annually
Women: $187 per month / $2,252 annually
-
Overweight Applicants
Men: $354 per month / $4,241 annually
Women: $226 per month / $2,717 annually
*The rates above are based on quotes for a $500,000, 10-year term life policy from LifeQuotes.com. Individual rates may vary significantly based on health, location, and insurer underwriting guidelines.
Best No-Exam Term Life Insurance for Seniors Over 60: Pacific Life
Best No-Exam TermPacific Life
MoneyGeek Score:
93/ 100
Average Monthly Rate$155
Average Annual Rate$1,866
Overview
Pacific Life offers strong no-exam term life insurance options for seniors over 60, making it a leading choice for those who prefer a simpler application process without a medical exam. With coverage available up to $3 million through accelerated underwriting for eligible applicants, Pacific Life provides flexible solutions that meet different financial needs. It holds an A rating from AM Best, a low NAIC complaint index of 0.08, and ranks seventh in J.D. Power’s life insurance study.
For seniors over 60, here are the average monthly and annual costs for a $500,000, 10-year no-exam term policy:
- Men: $220 per month / $2,643 annually
- Women: $155 per month / $1,866 annually
Pacific Life also enhances policies with a wide range of riders, including an accelerated death benefit at no extra cost, a child term rider, waiver of premium for disability, accidental death benefit, guaranteed insurability and conversion options to permanent coverage.
*The rates above are based on quotes for a $500,000, 10-year term life policy from LifeQuotes.com. Individual rates may vary significantly based on health, location, and insurer underwriting guidelines.
Best Whole Life Insurance for Seniors Over 60: Protective
Best Whole LifeProtective
MoneyGeek Score:
100/ 100
Average Monthly Rate$1,612
Average Annual Rate$19,346
Overview
Protective is a leading provider of whole life insurance for seniors over 60, offering stable coverage and strong financial backing. Average costs are $1,612 per month ($19,346 annually) for women and $1,901 per month ($22,817 annually) for men.
The company, founded in 1907, has an A+ AM Best rating and provides multiple rider options to customize policies. While Protective requires a medical exam and offers online quotes only for term life, its affordability and wide-ranging features make it a top option for older adults, including applicants with health challenges.
Protective also offers the best whole life insurance policies for seniors over 60 who are:
-
Overweight
Men: $2,050 per month / $24,599 annually
Women: $1,711 per month / $20,532 annually
-
In Poor Health
Men: $2,149 per month / $25,786 annually
Women: $1,822 per month / $21,863 annually
* Rates above are based on $500,000 coverage amount.
Best Whole Life Insurance for Seniors Over 60 Who Smoke: Pacific Life
Best Whole Life for SmokersPacific Life
MoneyGeek Score:
90/ 100
Average Monthly Rate$3,007
Average Annual Rate$36,086
Overview
Pacific Life is one of the strongest providers of whole life insurance for seniors over 60 who smoke, offering reliable financial protection with competitive coverage options. Founded in 1868, Pacific Life has built a reputation for stability and policy flexibility. Its whole life products provide guaranteed lifetime coverage, a cash value component, and access to riders that help tailor protection to individual needs.
For seniors who smoke, Pacific Life offers robust coverage at the following average costs for a $500,000 whole life policy:
- Men: $3,554 per month / $42,648 annually
- Women: $3,007 per month / $36,086 annually
Best Universal Life Insurance for Seniors Over 60: Protective
Best Universal LifeProtective
MoneyGeek Score:
100/ 100
Average Monthly Rate$682
Average Annual Rate$8,178
Overview
Protective is a top choice for universal life insurance for seniors over 60, earning a MoneyGeek score of 100. Protective offers competitive rates, financial stability and a long history of serving policyholders. Founded in 1907, Protective holds an A+ AM Best rating and provides flexible coverage options supported by rider availability.
Although applicants must complete a medical exam and online quotes are limited to term life, Protective remains one of the strongest providers for older adults seeking lifetime protection with cash value growth.
Average costs for universal life insurance are $682 per month ($8,178 annually) for men and $582 per month ($6,984 annually) for women. Protective also ranks first for the following:
-
Overweight Applicants
Men: $735 per month / $8,817 annually
Women: $618 per month / $7,412 annually
-
Applicants in Poor Health
Men: $770 per month / $9,242 annually
Women: $658 per month / $7,893 annually
*Rates are based on average universal life insurance quotes for $500,000 coverage amount.
Best Universal Life Insurance for Seniors Over 60 Who Smoke: Pacific Life
Best Universal Life for SmokersPacific Life
MoneyGeek Score:
85/ 100
Average Monthly Rate$1,086
Average Annual Rate$13,027
Overview
Pacific Life stands out as the best choice for seniors over 60 who smoke seeking universal life insurance. With flexible options such as universal, indexed universal, and variable universal life, Pacific Life provides long-term financial protection with policy structures that can last until age 121.
Backed by an A rating from AM Best and a low NAIC complaint index of 0.08, Pacific Life demonstrates reliability. For smokers, average costs for a $500,000 policy are $1,274 per month ($15,286 annually) for men and $1,086 per month ($13,027 annually) for women, making it a leading option in this category.
Best Guaranteed Acceptance Life Insurance for Seniors Over 60: GEICO
Best Guaranteed AcceptanceGEICO
MoneyGeek Score:
97/ 100
Average Monthly Rate$43
Average Annual Rate$512
Overview
GEICO offers one of the best options for 60-year-olds seeking guaranteed acceptance life insurance, ideal for covering final expenses or modest financial needs. Policies are issued through partner insurers, but the application process remains simple and requires no medical exam. GEICO earned a MoneyGeek score of 96 for men and 97 for women over 60, reflecting its affordability and ease of access.
For a $10,000 guaranteed life insurance policy, average costs are:
- Men: $53 per month / $634 annually
- Women: $43 per month / $512 annually
*Rates are based on LifeQuotes.com quotes for 60-year-old nonsmokers with average weight and health ratings. Individual rates may vary significantly based on health, location, and insurer underwriting guidelines.
Life Insurance in Your 60s: Buying Guide
Buying life insurance in your 60s offers benefits like estate planning, final expense coverage and financial security for loved ones. This buying guide will help you understand how life insurance for 60-year-olds works and learn how to find the best policy for you.
How Much Is Life Insurance for Seniors Over 60?
Various factors affect the cost of life insurance for 60-year-olds, including gender. Because women typically have longer lifespans than men, they tend to pay lower rates for life insurance. Men are more likely to pass away during their life insurance terms, hence the higher premiums.
The coverage amount also impacts premium rates. Higher coverage levels tend to cost more because they provide more financial protection. The tables below show different average costs for different types of life insurance:
Cost of Term Life Insurance for Seniors Over 60
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Gender:Female
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Coverage Level:$1,000,000
| 10 years | $328 | $3,941 |
| 15 years | $365 | $4,386 |
| 20 years | $458 | $5,492 |
*The rates above are average quotes for 60-year-old nonsmokers with average weight and health ratings. Actual life insurance prices will differ based on your coverage needs and profile.
Cost of Whole Life Insurance for Seniors Over 60
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Gender:Female
| $50,000 | $174 | $2,086 |
| $100,000 | $348 | $4,171 |
| $150,000 | $521 | $6,257 |
| $200,000 | $695 | $8,343 |
| $250,000 | $869 | $10,428 |
| $300,000 | $1,043 | $12,514 |
| $350,000 | $1,217 | $14,600 |
| $400,000 | $1,390 | $16,685 |
| $450,000 | $1,564 | $18,771 |
| $500,000 | $1,738 | $20,857 |
| $550,000 | $1,912 | $22,942 |
| $600,000 | $2,086 | $25,028 |
| $650,000 | $2,260 | $27,114 |
| $700,000 | $2,433 | $29,199 |
| $750,000 | $2,607 | $31,285 |
| $800,000 | $2,781 | $33,371 |
| $850,000 | $2,955 | $35,456 |
| $900,000 | $3,129 | $37,542 |
| $950,000 | $3,302 | $39,628 |
| $1,000,000 | $3,476 | $41,713 |
| $1,500,000 | $5,214 | $62,570 |
| $2,500,000 | $8,691 | $104,284 |
*The rates above are average quotes for 60-year-old nonsmokers with average weight and health ratings. Actual life insurance prices will differ based on your coverage needs and profile.
Cost of Universal Life Insurance for Seniors Over 60
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Gender:Female
| $50,000 | $63 | $753 |
| $100,000 | $125 | $1,506 |
| $150,000 | $188 | $2,259 |
| $200,000 | $251 | $3,012 |
| $250,000 | $314 | $3,765 |
| $300,000 | $376 | $4,518 |
| $350,000 | $439 | $5,271 |
| $400,000 | $502 | $6,024 |
| $450,000 | $565 | $6,777 |
| $500,000 | $627 | $7,530 |
| $550,000 | $690 | $8,282 |
| $600,000 | $753 | $9,035 |
| $650,000 | $816 | $9,788 |
| $700,000 | $878 | $10,541 |
| $750,000 | $941 | $11,294 |
| $800,000 | $1,004 | $12,047 |
| $850,000 | $1,067 | $12,800 |
| $900,000 | $1,129 | $13,553 |
| $950,000 | $1,192 | $14,306 |
| $1,000,000 | $1,255 | $15,059 |
| $1,500,000 | $1,882 | $22,589 |
| $2,500,000 | $3,137 | $37,648 |
*The rates above are average quotes for 60-year-old nonsmokers with average weight and health ratings. Actual life insurance prices will differ based on your coverage needs and other individualized factors.
Cost of Guaranteed Acceptance Life Insurance for Seniors Over 60
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Gender:Female
| $1,000 | $4 | $54 |
| $2,000 | $9 | $105 |
| $3,000 | $14 | $167 |
| $4,000 | $19 | $222 |
| $5,000 | $23 | $274 |
| $6,000 | $27 | $328 |
| $7,000 | $32 | $383 |
| $8,000 | $37 | $438 |
| $9,000 | $41 | $493 |
| $10,000 | $48 | $575 |
| $11,000 | $50 | $594 |
| $12,000 | $54 | $648 |
| $13,000 | $59 | $702 |
| $14,000 | $63 | $756 |
| $15,000 | $68 | $810 |
| $16,000 | $74 | $889 |
| $17,000 | $79 | $944 |
| $18,000 | $83 | $1,000 |
| $19,000 | $88 | $1,056 |
| $20,000 | $93 | $1,111 |
| $21,000 | $94 | $1,132 |
| $22,000 | $99 | $1,186 |
| $23,000 | $103 | $1,240 |
| $24,000 | $108 | $1,294 |
| $25,000 | $112 | $1,348 |
| $26,000 | $93 | $1,116 |
| $27,000 | $97 | $1,159 |
| $28,000 | $100 | $1,202 |
| $29,000 | $104 | $1,244 |
| $30,000 | $107 | $1,287 |
| $31,000 | $85 | $1,015 |
| $32,000 | $87 | $1,048 |
| $33,000 | $90 | $1,081 |
| $34,000 | $93 | $1,113 |
| $35,000 | $96 | $1,146 |
| $36,000 | $98 | $1,179 |
| $37,000 | $101 | $1,212 |
| $38,000 | $104 | $1,244 |
| $39,000 | $106 | $1,277 |
| $40,000 | $109 | $1,310 |
| $41,000 | $112 | $1,343 |
| $42,000 | $115 | $1,375 |
| $43,000 | $117 | $1,408 |
| $44,000 | $120 | $1,441 |
| $45,000 | $123 | $1,473 |
| $46,000 | $126 | $1,506 |
| $47,000 | $128 | $1,539 |
| $48,000 | $131 | $1,572 |
| $49,000 | $134 | $1,604 |
| $50,000 | $136 | $1,637 |
| $51,000 | $139 | $1,670 |
| $52,000 | $142 | $1,703 |
| $53,000 | $145 | $1,735 |
| $54,000 | $147 | $1,768 |
| $55,000 | $150 | $1,801 |
| $56,000 | $153 | $1,834 |
| $57,000 | $156 | $1,866 |
| $58,000 | $158 | $1,899 |
| $59,000 | $161 | $1,932 |
| $60,000 | $164 | $1,965 |
| $61,000 | $166 | $1,997 |
| $62,000 | $169 | $2,030 |
| $63,000 | $172 | $2,063 |
| $64,000 | $175 | $2,096 |
| $65,000 | $177 | $2,128 |
| $66,000 | $180 | $2,161 |
| $67,000 | $183 | $2,194 |
| $68,000 | $186 | $2,227 |
| $69,000 | $188 | $2,259 |
| $70,000 | $191 | $2,292 |
| $71,000 | $194 | $2,325 |
| $72,000 | $196 | $2,358 |
| $73,000 | $199 | $2,390 |
| $74,000 | $202 | $2,423 |
| $75,000 | $205 | $2,456 |
*The rates above are average quotes for 60-year-old nonsmokers with average weight and health ratings. Actual life insurance prices will differ based on your coverage needs and other individualized factors.
Compare Life Insurance Quotes for 60-Year-Olds
Comparing quotes from multiple providers will help you accurately estimate your life insurance costs. Use our quote tool below to get quick quotes without personal information.
Life Insurance Calculator
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Factors Affecting Life Insurance Costs for Seniors Over 60
Life insurance premiums increase as people age, and seniors over 60 generally face higher costs. Several key factors influence what you pay, from your health to lifestyle choices. Understanding these factors helps you compare policies more effectively.
Age
Premiums rise steadily as you age because insurers factor in shorter life expectancy. Seniors in their 60s often pay more for coverage than those in their 40s. Rates can also vary depending on the type of policy and coverage length.
Also read: Best Age to Get Life Insurance and When Should You Get Life Insurance?
Health
Medical conditions such as diabetes, heart disease and high blood pressure can increase premiums. Insurers look closely at how well these conditions are managed when determining costs. Seniors who maintain good health and follow treatment plans often qualify for better rates than those with uncontrolled issues.
Also read: Life Insurance for High-Risk Applicants and Can You Get Life Insurance With a Pre-Existing Condition?
Gender
Women usually pay less than men for life insurance at the same age because they live longer on average. The difference depends on the insurer. In some states, insurers must use unisex pricing, meaning men and women pay the same rates. State insurance regulations vary greatly; consult your state insurance department for specific requirements in your area.
Smoking
Smoking has one of the largest impacts on senior premiums. Smokers often pay double or more compared to non-smokers for similar coverage. Many insurers reclassify you as a non-smoker if you’ve been tobacco-free for at least 12 to 24 months, which can lower your costs.
Also read: Best Life Insurance for Smokers and Cheapest Life Insurance for Smokers
Location
Where you live can affect life insurance pricing. States with higher health care costs or stricter regulations may see slightly higher premiums. While location matters, age, health, and smoking usually play a bigger role in determining what you pay.
How to Find Affordable Life Insurance for Seniors Over 60
Seniors over 60 can find reasonably priced, high-quality coverage. But getting life insurance quickly is important if you have children or other financial dependents because buying coverage early will keep your costs low. You can save money on life insurance in your 60s by:
- 1
Buy your life insurance as young as possible
Premiums can increase dramatically as you age, even from age 60 to 70. Buying coverage now can ensure you’re getting the most affordable premiums available.
- 2
Maintain a healthy lifestyle
Staying active, not smoking and eating well promote good health and lower your life insurance premiums.
- 3
Opt for a policy that requires a medical exam
If you’re in relatively good health, a policy requiring a medical exam is likely cheaper than one that doesn’t.
- 4
Keep an eye on the policy’s expiration date to ensure it meets your needs
Be sure that the length of your policy’s protection period is long enough that your loved ones will be able to benefit from your policy payout.
Health conditions become more common with age, and seniors should consult healthcare providers about any medical concerns before applying for life insurance. This information is for educational purposes and should not replace professional medical or financial advice.
LIFE INSURANCE MEDICAL EXAM FOR SENIORS OVER 60
Most life insurance applications for seniors over 60 require a medical exam, typically conducted at your home by a nurse examiner. The exam includes basic measurements (height, weight, blood pressure), blood and urine tests and medical history questions.
Common health conditions like diabetes, high blood pressure and heart disease won't automatically disqualify you, but may increase premiums. Well-controlled conditions typically result in better underwriting decisions.
If you can't pass a traditional medical exam, no-exam life insurance alternatives include simplified issue policies (health questionnaire only) and guaranteed acceptance coverage (no health questions but limited amounts and waiting periods).
Should You Have Life Insurance After 60?
Whether you should buy life insurance after 60 depends on your financial situation. Buying life insurance coverage sooner rather than later is usually better. Life insurance premiums stay the same throughout your policy term unless you increase or decrease coverage. When you buy life insurance at a younger age, you'll pay lower premiums for the entire term, saving money.
The policy cost details below are average costs for nonsmokers aged 20 to 70 in good health purchasing $500,000 term life insurance coverage.
Data filtered by:Results filtered by:
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Term Length:10 years
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Gender:Female
| 20 | $18 | $220 |
| 30 | $20 | $235 |
| 40 | $31 | $369 |
| 50 | $65 | $778 |
| 60 | $174 | $2,087 |
| 70 | $479 | $5,746 |
TERM VS WHOLE LIFE INSURANCE
At 60, term life insurance may be a better financial investment than whole life insurance. Because whole life insurance tends to be much more expensive than term insurance, especially as you get older, purchasing term coverage could mean significant savings.
Life Insurance Estate Planning for Seniors Over 60
Estate planning becomes increasingly important for seniors over 60, with life insurance offering strategic advantages beyond basic financial protection. Understanding how life insurance fits into your broader legacy plan can help maximize benefits for your heirs and minimize tax burdens.
Senior Life Insurance Estate Planning Benefits
Senior life insurance provides immediate liquidity when you pass away, helping your beneficiaries cover estate taxes, probate costs and other final expenses without selling family assets. Life insurance liquidity is especially valuable if your wealth is tied up in real estate, business interests or retirement accounts that may face penalties or tax consequences when liquidated.
Tax Advantages for Beneficiaries
Life insurance death benefits are generally income-tax-free to beneficiaries, making life insurance death benefits an efficient wealth transfer vehicle. But large policies may trigger estate taxes if your total estate exceeds federal exemption limits. Strategic ownership structures can help minimize tax exposure while preserving benefits.
Trust Integration Options
Placing life insurance in an irrevocable life insurance trust removes the policy value from your taxable estate while maintaining control over how benefits are distributed. Trusts can provide structured payouts to beneficiaries, protect assets from creditors and ensure funds are used according to your wishes.
Legacy Planning for Education
Many seniors use life insurance to fund their grandchildren's education expenses. Policies can be structured to provide specific amounts for college costs, creating a lasting educational legacy that continues your family's values and priorities across generations.
Charitable Giving Strategies
Life insurance enables significant charitable contributions at a fraction of the gift's value. You can name charities as beneficiaries, donate existing policies or use new coverage to replace assets donated during your lifetime, maximizing both charitable impact and family inheritance.
Best Life Insurance for 60-Year-Olds: Bottom Line
At 60, life insurance offers multiple benefits, like providing financial security for dependents, covering funeral costs, paying off debts and helping achieve future goals like education or retirement. Finding the right coverage ensures adequate financial protection. We analyzed the best life insurance companies for 60-year-olds based on customer satisfaction, financial stability and affordability.
Legal & General is MoneyGeek's top choice for 60-year-olds needing term life insurance, thanks to Legal & General's high customer satisfaction, financial stability and cost-effective policies. Pacific Life is the top option for no-exam term life insurance policies. Protective is the top choice for 60-year-olds who prefer permanent coverage. For those seeking guaranteed acceptance, GEICO is the best company.
Shop around and compare quotes to ensure you get the best policy for your coverage needs.
Life Insurance at 60: FAQ
We answer common questions about life insurance for 60-year-olds:
What is the best life insurance company for a 60-year-old?
The best life insurance company for a 60-year-old varies depending on personal needs and preferences. Based on MoneyGeek's analysis, the top overall life insurance providers for 60-year-olds are Legal & General, Pacific Life, Protective and GEICO.
Can you buy life insurance in your 60s?
You can buy life insurance in your 60s if you're healthy and will have plenty of affordable options. If you're not in excellent health, you may need to choose guaranteed issue life insurance, which is more costly but eliminates the risk of rejection.
Is 60 a good age to buy a life insurance policy?
Buying life insurance at 60 depends on your situation. If you're still working, have a high net worth, have financial dependents or intend to live off the cash value of a whole life policy, you may benefit from a life insurance policy in your 60s. But if you've paid off your significant debts, have no dependents and your children's educations are paid for, you may not benefit significantly from life insurance.
How much does a life insurance policy cost for a 60-year-old?
Life insurance costs for 60-year-olds vary widely because of different health factors experienced by people in this age group. MoneyGeek broke down the potential costs and best companies into specific categories to help you find the right option for your needs.
What health conditions affect life insurance rates for seniors over 60?
Common health conditions such as diabetes, high blood pressure and heart disease often increase premiums for seniors over 60. Depending on severity and management, rates can rise by 25% to 100%. Insurers evaluate your entire health profile, so well-controlled conditions usually have a smaller impact than unmanaged issues.
Can I get life insurance without a medical exam at 60?
You can get life insurance without a medical exam at 60. No-exam life insurance options include simplified issue policies, which require only a health questionnaire, and guaranteed acceptance coverage, which has no health questions. No-exam policies cost more than traditional life insurance but are valuable for applicants who can't or prefer not to undergo a medical exam.
How does life insurance fit into estate planning for seniors?
Life insurance fits into estate planning for seniors by providing immediate liquidity that can cover final expenses, debts or estate taxes if your estate exceeds federal or state exemption limits. Life insurance can also be placed in a trust to manage how funds are distributed, support charitable giving or transfer wealth to heirs in a tax-efficient way. Proper structuring ensures proceeds are protected and used according to your wishes.
What’s the difference between term and whole life insurance for 60-year-olds?
Term and whole life insurance differ significantly for 60-year-olds. Term life insurance offers temporary coverage at a lower upfront cost, but premiums rise steeply with age and coverage may become harder to obtain after age 70. Whole life insurance provides permanent coverage with fixed premiums and a cash value component but costs substantially more. The right choice depends on your budget and long-term goals.
Do smoking habits affect life insurance rates for seniors?
Smoking is one of the biggest cost factors in senior life insurance. Smokers often pay more than double what nonsmokers pay for the same coverage. If you quit smoking and remain tobacco-free for 12 to 24 months, many insurers will reclassify you at nonsmoker rates, lowering your premiums.
Should I consider life insurance for grandchildren’s education costs?
You should consider life insurance for grandchildren's education costs if you want to create a lasting educational legacy, but planning is required. Setting up a trust or structured beneficiary designations ensures proceeds are directed toward education rather than left to heirs' discretion. This approach creates a lasting educational legacy while offering tax-efficient wealth transfer.
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Best Life Insurance Companies for Seniors Over 60: Our Ratings Methodology
Shopping for life insurance in your 60s feels overwhelming. Premiums jump significantly, health questions become more complex, and coverage options seem designed for younger buyers. That's why we built our research specifically around the realities seniors face when buying life insurance. We analyzed 1,488 life insurance quotes alongside customer satisfaction data, financial stability reports, and product offerings to find companies that actually serve 60-year-olds well.
Coverage costs and company information were updated in 2025.
Our Research Approach
We focused on what matters most to seniors: affordability without sacrificing reliability, companies with strong customer service (you'll likely interact with them more than younger policyholders), and coverage options that make sense for your life stage.
Our scoring system ranks companies across three weighted categories:
- Affordability (50%)
- Customer Experience (30%)
- Coverage Options (20%)
Why these weights?
Cost becomes the primary concern at 60. You're likely on a fixed income or planning for one. However, poor customer service can turn a stressful claim into a nightmare, so we heavily weighted satisfaction data from the National Association of Insurance Commissioners (NAIC) customer complaint index.
Financial Stability Analysis
We incorporated AM Best ratings and years in business because seniors need companies that'll be around for decades. A cheap policy from an unstable insurer isn't a bargain if they can't pay claims when you need them most.
Sample Customer Profile
Our standard profile represents a typical 60-year-old buyer:
- 60-year-old male
- Non-smoker
- 5'9" tall, 160 pounds
- Average health rating
We then modified this profile by age, gender, height, weight, tobacco use, health rating, and geographic location to collect quotes across different scenarios. This approach revealed patterns in how companies price policies for various senior demographics.
Coverage Analysis
We collected quotes for whole, universal, guaranteed acceptance life insurance with varying coverage amounts and term life insurance with varying term lengths and coverage amounts. Then, we used data trends to calculate projections beyond our original sample. This method helps us identify which companies consistently offer competitive rates for seniors across coverage needs.
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About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.