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Best Life Insurance for 60-Year-Olds in October 2023


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Fact Checked
Updated: Nov 23, 2023
1 Expert Contribution

At 60, life insurance offers multiple benefits: it provides financial security for dependents, covers funeral costs, pays off debts and helps achieve future goals like education or retirement.

GEICO is MoneyGeek's top choice for 60-year-olds needing life insurance, thanks to its high customer satisfaction, financial stability and cost-effective policies. Allstate is the top choice for 60-year-olds who value affordability the most, while Nationwide excels in the buying process category. State Farm is the highest-scoring company for no-exam and final expense life insurance.

MoneyGeek Logo IconBest Life Insurance for 60-Year-Olds
2023

Best Life Insurance for 60-Year-Olds

Best Life Insurance for 60-Year-Olds

GEICO, with a MoneyGeek score of 96, stands out as the top life insurance provider for 60-year-olds. The company excels in customer satisfaction and financial stability, ensuring a reliable and positive experience. For a 10-year term policy with $250,000 in coverage, the average monthly cost is $62.

How was this MoneyGeek score calculated?

Best for 60-Year-Olds: GEICO

GEICO

pros

Strong financial stability with A++ AM Best rating

Low rate of customer complaints

No-exam life insurance options available

cons

Limited product diversity, mostly term life

Buying process could be smoother

Multiple payment options not available

COMPANY HIGHLIGHTS

GEICO has established itself as a reliable life insurance provider, particularly for individuals in their 60s. The company has 87 years of industry experience, and its financial stability is underscored by an A++ AM Best rating. Although GEICO collaborates with partners like Ladder to issue policies, this doesn't diminish the service quality. Features like a mobile app and 24/7 online chat support enhance policy management. GEICO presents a competitive and sensible option for older adults seeking dependable, no-nonsense insurance at a monthly rate of $62 for a 10-year term policy with $250,000 in coverage.

Best Cheap Life Insurance for 60-Year-Olds

Allstate is the go-to choice for affordable life insurance for 60-year-olds, scoring a 97 in this category. At a monthly rate of $59 for a 10-year term policy with $250,000 in coverage, it offers both value and reliability.

How was this MoneyGeek score calculated?

Best Cheap: Allstate

Allstate

pros

A+ AM Best rating highlights financial stability

Diverse product offerings, including no-exam options

Multiple payment options and 24/7 support

cons

Higher-than-average rate of customer complaints

Does not issue its own policies

No final expense/burial/funeral products

COMPANY HIGHLIGHTS

Allstate is a budget-friendly life insurance option for those aged 60 without skimping on quality. With a legacy spanning 92 years and an A+ AM Best rating, the company offers a blend of financial stability and industry expertise. Allstate provides a range of products, from term to universal life insurance, with term lengths varying from 10 to 40 years. The average monthly cost of $59 for a 10-year term policy with $250,000 in coverage is highly competitive. Despite not issuing its own policies, Allstate ensures a smooth buying process with multiple payment options and around-the-clock online support.

Best No-Medical-Exam and Final Expense Policies

State Farm is the premier choice for 60-year-olds seeking no-exam and final expense life insurance, earning a MoneyGeek score of 99 in both categories. With a century of experience, the company offers a seamless buying process and a diverse product range to meet specific needs.

How was this MoneyGeek score calculated?

Best for No-Exam and Final Expense: State Farm

State Farm

pros

A++ AM Best rating for top-notch financial stability

Low rate of customer complaints

Comprehensive product range, including no-exam and final expense policies

cons

No 24/7 online chat support available

May not be the cheapest option

COMPANY HIGHLIGHTS

State Farm excels in providing no-exam and final expense life insurance, making it an ideal choice for individuals aged 60. With an A++ AM Best rating and a low rate of customer complaints, the company ensures both financial stability and customer satisfaction. State Farm offers a variety of products, including term, whole and universal life insurance, as well as specialized final expense policies designed to cover funeral and burial costs. The company's 101 years in the business further solidify its reputation as a reliable and versatile life insurance provider.

Best Buying Process for 60-Year-Olds

Nationwide is the best life insurance company for 60-year-olds prioritizing the buying process. It earned a MoneyGeek score of 95 in this category. The average monthly cost is $84 for a 10-year term policy with $250,000 in coverage.

Best Buying Process: Nationwide

Nationwide

pros

Seamless buying process with multiple payment options

A+ AM Best rating indicates financial stability

Diverse product offerings, including no-exam options

cons

Higher average monthly cost than some competitors

No 24/7 customer service for immediate assistance

Limited term lengths compared to some competitors

COMPANY HIGHLIGHTS

Nationwide stands out for its exceptional buying process, a feature particularly beneficial for individuals aged 60 and above. With 97 years in the industry and an A+ AM Best rating, Nationwide offers a blend of experience and financial stability. The company provides various products, from term to universal life insurance, with flexible term lengths and coverage amounts. The availability of 24/7 online chat support and multiple payment options adds to the ease of the buying process. Although the average monthly cost of $84 for a 10-year term policy with $250,000 in coverage is on the higher side, the company's strengths make it a reliable choice.

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Life Insurance Costs for 60-Year-Olds

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 as they provide more financial protection.

The tables below show different companies' average costs for 10-year term life insurance policies.

Life Insurance Quotes for 60-Year-Old Males
Company
$250k Coverage
$500k Coverage
$1M Coverage

Allstate

$59

$109

$207

GEICO

$62

$113

$217

Transamerica

$65

$113

$207

Protective

$65

$120

$233

Prudential

$69

$136

$270

Mutual of Omaha

$74

$140

$275

State Farm

$83

$143

$273

Nationwide

$84

$144

$273

AAA

$86

$164

$309

Haven

$117

$229

$447

Gerber

$238

N/A

N/A

Life Insurance Quotes for 60-Year-Old Females
Company
$250k Coverage
$500k Coverage
$1M Coverage

Nationwide

$24

$40

$70

Allstate

$41

$73

$136

Protective

$44

$80

$150

Prudential

$47

$92

$183

Mutual of Omaha

$52

$96

$186

Transamerica

$57

$95

$168

AAA

$59

$107

$205

GEICO

$62

$113

$217

State Farm

$65

$107

$206

Haven

$93

$177

$348

Gerber

$159

N/A

N/A

Life Insurance Costs for 60-Year-Old Who Smoke

Life insurance prices are often much higher if you are a smoker since insurers calculate premiums based on your overall health profile.

The table below shows a quick comparison of policy costs for a healthy, nonsmoking 60-year-old and a 60-year-old who smokes but is in otherwise good health. These quotes are based on a 10-year-term policy with $500,000 in coverage.

Quotes for Healthy and Smoking 60-Year-Old Males
Average Cost Per Year
Healthy Individual
Smoker

Average Cost per Year

$ 1,693

$ 3,950

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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, especially as you get older, purchasing term coverage could mean significant savings.

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 pay reduced premiums for the entire term, saving you money.

The policy cost details below are average policy costs for 30-, 40-, 50-, 60- and 70-year-old males who are nonsmokers in good health, purchasing 10- or 20-year coverage of $500,000.

COST OF A $500K COVERAGE POLICY AT DIFFERENT AGES
Age
Average Cost Per Month
Average Cost Per Year
Total Cost Over Life Policy

30

$20

$245

$2,445

30

$28

$334

$6,685

40

$29

$350

$3,495

40

$44

$523

$10,454

50

$65

$776

$7,763

50

$106

$1,272

$25,436

60

$141

$1,693

$16,934

60

$286

$3,434

$68,687

70

$410

$4,922

$49,215

70

$1,481

$17,774

$355,484

How to Save Money on Life Insurance in Your 60s

60-year-olds can find reasonably priced, high-quality coverage. However, getting a life insurance policy as soon as possible is key if you have children or other financial dependents, as this will keep your costs 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 good 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.

FAQ

You may still have questions about life insurance policies for a 60-year-old — we've answered some of the most common ones to help you make an educated decision regarding your life insurance policy.

Experts' Tips on Getting Life Insurance at 60

  1. What are the key factors 60-year-olds should consider when choosing a life insurance policy?
  2. How does a medical history with complications affect the selection and costs of life insurance options?
  3. What actionable steps can people in their 60s take to save money on their life insurance premiums?
Michael Ryan
Michael Ryan

Retired Financial Planner & Financial Coach

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.