Life Insurance
Best Life Insurance for 60-Year-OldsThere are several reasons why you might want to get life insurance at age 60:
- To protect your family: If you have dependents, such as children or a spouse, life insurance can provide financial security for your loved ones in the event of your death.
- To cover funeral and burial expenses: Funeral and burial expenses can be expensive, and life insurance can help cover these costs so that your family is not left with the burden.
- To pay off debts and mortgages: If you have outstanding debts or a mortgage, life insurance can help pay these off in the event of your death, easing the financial burden on your family.
- To fund future goals: You may also be planning for future goals, such as your children's education or your retirement, and life insurance can provide the financial resources to achieve these goals.
When considering life insurance, you should consider your financial situation, including any debts, mortgages, and dependents, as well as your future goals. It would be best if you also considered your health and any pre-existing medical conditions, as these can affect the cost and availability of life insurance policies. In addition, you may want to consider the type of policy that is most appropriate for your needs, such as term life insurance or permanent life insurance. Below we have outlined a variety of options that may meet your needs.
Best Life Insurance for 60-Year-OldsBest Life Insurance for 60-Year-Olds
Best for 60-Year-Olds - State Farm
Best Value for the Money - Transamerica
Best for Medical History - Mutual of Omaha
Best if You Are Overweight or Smoke - Nationwide
Best for No Medical Exam - Ethos LIfe
Best for Whole Life - Mass Mutual
Best for High Coverage ($2,000,000) - Transamerica
Best Overall for 60-Year-Olds: State Farm
pros
Multiple policy offerings
Issues coverage from 0–85
Provides quotations online
Builds cash value
cons
Not available in all states
COMPANY HIGHLIGHTS
- MoneyGeek Score: 97.4
- J.D. Power (out of 1,000): 820.5
- AM Best Rating: A++
- NAIC Complaint Index: 0.19
MoneyGeek's Take: State Farm is MoneyGeek's top overall pick for 60-year-olds seeking life insurance because of its high customer satisfaction score and affordable policy offerings.
A wide range of specialty products is available from State Farm for 60-year-olds. These include term life policies with an online application and immediate response, final expenditure insurance and alternatives for joint and survivorship life insurance. In addition, many policies have riders that allow for more flexibility. Some life insurance plans sold by State Farm are eligible for a multipolicy discount.
You may pay your State Farm insurance premiums online or in person at a local State Farm office, by mail or paperless billing. Most life insurance plans can be modified online. State Farm’s website can also help you obtain estimates, applications for specific policies, customer service and document processing options.
Policy Types Offered:
- Whole life
- Universal life
- Final expense
- Term
Best Value for the Money: Transamerica
pros
Policyholders who improve their health may qualify for reduced premiums
Up to $2,000,000 in coverage available
Interactive tool to assist customers
cons
Online quotes not available
Mediocre scores from J.D. Power
COMPANY HIGHLIGHTS
MoneyGeek Score: 80
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.30
MoneyGeek’s Take: Transamerica is one of the largest life insurance firms in the United States. It provides term, whole and universal life insurance at an affordable cost. In addition, Transamerica is one of the cheapest insurers for smokers, who typically pay very high rates for life insurance.
Whether you're seeking insurance to pay your last expenditures or to leave a legacy to your grandkids, Transamerica offers a variety of coverage alternatives. If you're unsure which plan is best for you, you may evaluate your choices using Transamerica's Plan Explorer tool.
Transamerica’s dedicated agents can help you decide which policy plan would best fit your needs, answer any questions and help you make any necessary changes to your policy.
Policy Types Offered:
- Term life
- Whole life
- Universal life
Best for Complicated Medical History: Mutual of Omaha
pros
Policyholders who improve their health may qualify for reduced premiums
No medical exam required for some policies
Competitive pricing
cons
Slow buying process
No dividends offered
COMPANY HIGHLIGHTS
MoneyGeek Score: 90.8
J.D. Power (out of 1,000): 783.4
AM Best Rating: A+
NAIC Complaint Index: 1.20
MoneyGeek's Take: Mutual of Omaha has a wide range of plans and policy options that meet the needs of many different types of applicants, including those with serious health issues or a history of tobacco use. This may be a viable option for people whose age or other unique circumstances make it difficult to get inexpensive insurance elsewhere.
Mutual of Omaha insurance plans often need medical examinations. However, some whole life insurance plans [do not need any medical tests or questionnaires about one's medical history at all. Individuals who have preexisting medical issues may find this helpful. Pricing is competitive for policyholders with various health issues, ranging from anxiety to arthritis to COPD.
Benefits and riders vary widely depending on the level of coverage selected. Some are optional, while others are already included in your plan at no additional cost. A wide range of options is available, including fundamental features like expedited benefits and accidental death coverage, as well as less-common options such as disability income and the return of premium.
Also, Mutual of Omaha offers whole life insurance policies that may be purchased up to age 85. Additionally, term life insurance may be renewed yearly until 94 (coverage expires at 95), allowing older citizens to purchase and maintain coverage even into their later years.
Policy Types Offered
- Term
- Whole life
- Universal life
Best if You Are Overweight or Smoke: Nationwide
pros
Policyholders who improve their health may qualify for reduced premiums
Several options for coverage
Multiple riders available
cons
Requires medical exam
No guaranteed acceptance
COMPANY HIGHLIGHTS
MoneyGeek Score: 88.6
J.D. Power (out of 1,000): 785.5
AM Best Rating: A+
NAIC Complaint Index: 0.10
MoneyGeek's Take: Nationwide has a strong reputation for providing exceptional customer service. In addition to term and permanent life insurance choices, the company offers a variety of optional riders that allow you to tailor your policy to your specific needs, especially if you’re overweight or a smoker.
Whether you're looking for a simple term life insurance policy or an extensive variable universal life insurance policy, Nationwide offers a policy to fit your requirements. Additionally, Nationwide offers a variety of insurance riders that may be added to your policy to customize your coverage or provide access to living benefits.
If you have a Nationwide term life insurance policy, you may convert it to permanent life insurance at any time throughout the term period, up until you reach the age of 65.
Nationwide has low costs for smokers and policyholders with high BMI, making them our top choice for these customers. However, remember that Nationwide does not offer guarantee acceptance for its life insurance policies, so you may have to complete a medical exam to be approved.
Policy Types Offered:
- Term life
- Whole life
- Universal life
Best for No Medical Exam for 60-Year-Olds: Ethos
pros
No medical exams required
Easy to get quotes online
Accelerated death benefit
cons
Limited insurance types
Limited policy coverage
COMPANY HIGHLIGHTS
MoneyGeek Score: NA
J.D. Power (out of 1,000): NA
AM Best Rating: A
NAIC Complaint Index: NA
MoneyGeek's Take: Ethos accepts applications from U.S. citizens and permanent residents aged 20–85, requiring no medical examination. Term coverage is available up to age 94 for those who apply before age 65. If you are over 65 and have not applied for term coverage, a guaranteed issue whole life insurance policy is your best remaining option with Ethos.
With Ethos, it takes less than 10 minutes to receive a quotation and apply for coverage online. Ethos uses a detailed application questionnaire to qualify applicants, meaning applicants don't have to complete a medical exam but can still get competitive pricing based on their health and lifestyle. An accelerated underwriting procedure allows many applicants to qualify for coverage without a medical exam.
You can instantly get rates and apply online. Some insurers require that you talk with a representative before receiving a quote. In comparison, Ethos offers transparent pricing and enables you to get quotes and apply for policies online.
However, there are only two forms of insurance available from this company. Ethos specializes in term life and guaranteed issue whole life insurance products. Applicants up to age 65 can apply for term life, while applicants 66–85 can apply for whole life insurance.
Also, it offers a limited coverage amount. Ethos provides term life insurance policies ranging from $20,000–$2 million. If you choose a guaranteed issue whole life insurance policy, the maximum coverage offered is $30,000.
Policy Types Offered:
- Term life
- Whole life
Best for Whole Life for 60-Year-Olds: MassMutual
pros
Can easily convert policies to permanent life coverage
Account management integrated to mobile app
Easy online application
cons
Medical exams required
Limited online quotations available
COMPANY HIGHLIGHTS
MoneyGeek Score: 84.5
J.D. Power (out of 1,000): 758.1
AM Best Rating: A++
NAIC Complaint Index: 0.07
MoneyGeek's Take: Offering whole, term and universal life insurance plans, MassMutual is an excellent choice for permanent life insurance. Its whole life policies are affordable, and MassMutual makes it easy to convert other life insurance policies into whole life plans.
While MassMutual does also offer term policies, we’re most impressed by this company’s whole life insurance options. MassMutual’s whole life policies include guaranteed death benefits, meaning your beneficiaries will receive a payout as long as you pay your premiums.
These policies also build cash value over time, and policyholders can also receive dividends, which can be used to buy more life insurance, pay premiums, or be taken as cash. While MassMutual doesn’t guarantee dividends, the insurer has paid dividends to eligible policyholders every year it’s been in operation, dating back to the 1860s.
We also appreciate how simple it is to convert term policies into permanent life insurance with MassMutual. This company also offers an easy online application and seamless account management tools. When you throw in its highly reasonable price points for whole life insurance, MassMutual stands out from the competition in this category.
Policy Types Offered:
- Term life
- Whole life
Best for High Coverage ($2,000,000): Transamerica
pros
Offers a wide range of insurance products
Can purchase policies online
Customizable coverage
cons
Medical exams required
Limited online quotations available
COMPANY HIGHLIGHTS
MoneyGeek Score: 80
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.30
MoneyGeek’s Take: If you’re looking for a high level of coverage (at or above $1 million), Transamerica is a great option for you. Transamerica offers life insurance policies with higher coverage levels than many competitors without breaking the bank with excessively high premiums.
Aside from standard life insurance, Transamerica also offers a variety of products such as standalone accidental death policies and final expense coverage. It's the best company for high-coverage policies providing up to $2 million in coverage.
While some competitors charge incredibly high rates for policies with this much coverage, Transamerica keeps its rates as affordable as possible. Transamerica also offers a variety of other insurance products, including long-term care insurance, dental insurance and annuities.
Unfortunately, the company's online services are not very robust. For instance, they don't provide helpful information on filing claims or paying bills, and its online quote system has limited functionality. Still, for people seeking high-value life insurance policies, Transamerica is an excellent option.
Policy Types Offered:
- Term life
- Universal life
- Final expense
- Whole life
Company Comparison Summary: 60-Year-Olds
The table below summarizes MoneyGeek’s top life insurance picks for 60-year-olds and includes information about each company’s MoneyGeek score, coverage options and available policy types.
Company | Overall MG Score | Coverage Options | Policy Types Offered |
|---|---|---|---|
State Farm Best Overall for | 97.4 | Range of coverage: |
|
Transamerica Best Value for the | 80 | Range of coverage: |
|
Mutual of Omaha Best for Complicated | 90.8 | Range of coverage: |
|
Nationwide Best if You Are Overweight | 88.6 | Range of coverage: |
|
Ethos Best for No Medical Exam | NA | Range of coverage: |
|
MassMutual Best for Whole Life | 84.5 | Range of coverage: |
|
Transamerica Best for High Coverage | 80 | Range of coverage: |
|
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
Life Insurance Quotes for 60-Year-Olds: How Much Does a Policy Cost?
The costs shown below vary according to the type of life insurance plan. The information in the tables pertains to the most affordable level of coverage available for each insurance type.
One interesting pricing distinction pertains to gender. Because women typically have longer lifespans than men do, 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.
Life Insurance Quotes for 60-Year-Old Males
Policy Cost - Males | $250k Coverage | $500k Coverage | $1M Coverage | |
|---|---|---|---|---|
1. | Transamerica | $107.72 | $203.39 | $393.02 |
2. | State Farm | $135.94 | $259.24 | $489.79 |
3. | Mass Mutual | $137.68 | $261.88 | $499.82 |
4. | Mutual of Omaha | $147.49 | $273.70 | $541.48 |
5. | AAA | $147.62 | $284.24 | $552.64 |
6. | Nationwide | $154.88 | $296.63 | $564.81 |
7. | Progressive | $205.11 | $387.86 | $755.08 |
8. | Prudential | $309.29 | $316.79 | $632.08 |
The cost information above was generated from 20-year policy quotes for a 60-year-old male who is 5'10", 175 pounds, a nonsmoker and in good health.
Life Insurance Quotes for 60-Year-Old Females
Policy Cost - Males | $250k Coverage | $500k Coverage | $1M Coverage | |
|---|---|---|---|---|
1. | State Farm | $92.87 | $173.99 | $335.79 |
2. | Mass Mutual | $95.92 | $175.75 | $337.13 |
3. | AAA | $102.30 | $193.60 | $371.36 |
4. | Transamerica | $103.20 | $196.51 | $379.26 |
5. | Nationwide | $107.19 | $204.75 | $390.69 |
6. | Mutual of Omaha | $111.59 | $189.40 | $373.09 |
7. | Progressive | $148.14 | $280.36 | $540.71 |
8. | Prudential | $227.24 | $316.79 | $632.08 |
The cost information above was generated from 20-year policy quotes for a 60-year-old female who is 5'4", 125 pounds, a nonsmoker and in good health.
Life Insurance Quotes in Your 60s if You Smoke or Are Overweight
Life insurance prices are often much higher if you are overweight or a smoker since insurers calculate premiums based on your overall health profile.
Unless you have serious weight-related health problems, such as reduced mobility due to morbid obesity, you are unlikely to be denied coverage. That said, you’re likely to pay higher rates than most people do for similar coverage.
If you are denied coverage for a standard life insurance policy, simplified issue and guaranteed issues options are available.
Quotes for Healthy, Smoking and High-BMI 60-Year-Old Males
Healthy Individual | Smoker | High-BMI | |
|---|---|---|---|
Avg Cost per Year | $1,597.74 | $4,839.96 | $1,935.69 |
The policy costs above were generated using three profiles:
- A healthy, nonsmoking male who is 5'11" and 175 lbs.
- A male who smokes but is in otherwise good health who is 5'11" and 175 lbs.
- A nonsmoking male who is 5'11" and 260 lbs but otherwise healthy.
MONEYGEEK EXPERT TIP
At 60, term life insurance may be a better financial investment than whole life insurance. Because whole life tends to be much more expensive than term insurance, purchasing term coverage could mean significant savings.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
Should You Buy a Policy in Your 60s?
It’s usually best to buy life insurance coverage sooner rather than later. The premiums you pay for life insurance stay the same throughout your policy term unless you increase or decrease your coverage. When you get life insurance at a younger age, you'll be paying reduced premiums for the entire term, which will save you money.
As a 60-year-old purchasing 20-year insurance, the annual cost is lower than a 70-year-old purchasing the same policy. Also, take into account the entire cost of each insurance policy. For example, the average premium per year for a 60-year-old with a 20-year term policy is $3,425.60. Meanwhile, a 20-year term policy for a 70-year-old averages $15,510.96.
Policy Costs at Different Ages for Different Term Lengths
20-Year Term Policy (60-Year-Old) | 20-Year Term Policy (70-Year-Old) | |
|---|---|---|
Avg. Cost per Year | $3,425.60 | $15,510.96 |
Total Cost Over Life of Policy | $68,511.90 | $310,219.20 |
The policy cost details above are an average policy cost for 60- and 70-year-old males who are nonsmokers in good health, purchasing 20- or 30-year coverage of $500,000.
How Can You Save Money on Life Insurance in Your 60s?
It’s possible for 60-year-olds to find reasonably priced, high-quality coverage. It's crucial, though, to acquire a life insurance policy as soon as possible if you have children or other financial dependents, as this will keep your costs as low. Here's how you can save money on life insurance in your 60s:
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 promotes your health and lowers your life insurance premiums.
3
Opt for a policy that requires a medical exam.
If you’re in relatively good health, a policy that requires a medical exam is likely to be cheaper for you 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.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
FAQs About Life Insurance Policies for 60-Year-Olds
You may still have questions about life insurance policies for a 60-year-old, which is quite common. Understanding the answers to some of the most common questions can help you make an educated decision regarding your life insurance policy.
Methodology
We go the extra mile so that you can feel confident about life insurance content from MoneyGeek. Our best life insurance ranking for 60-year-olds incorporates a significant number of data points from insurance industry research companies and our unique research, including real policy quotes for people who are 60 years old and analysis of policy details. For more details, see our methodology page.
Life Insurance
About Mark Fitzpatrick
