The best life insurance company for 60-year-olds is GEICO. The company received the highest overall MoneyGeek score. The table below highlights the top insurance providers for different categories to help find the right fit for you.
Best Life Insurance for 60-Year-Olds in 2025
Updated: May 23, 2025
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Key Takeaways
GEICO is MoneyGeek's top pick for the best life insurance company for 60-year-olds. It earned an overall rating of 96.
State Farm earns the highest score for no-medical-exam and final expense life insurance, making it the top choice for these policies.
Allstate is the best cheap life insurance company for 60-year-olds, while Nationwide provides the best buying process.
What Is the Best Life Insurance Company for 60-Year-Olds?
Company | Best for | MoneyGeek Score | Monthly Cost |
|---|---|---|---|
Best Overall | 96 | $62 | |
Best No Medical Exam and Final Expense | 99 | N/A | |
Best Cheap | 97 | $59 | |
Best Buying Process | 95 | $84 |
Overall Best Life Insurance for 60-Year-Olds: GEICO
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.
Best OverallGEICO
MoneyGeek Score:
96/ of 100
Monthly Cost$62
Overview
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 offers 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 No-Medical-Exam and Final Expense Insurance for 60-Year-Olds: State Farm
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.
Best No Exam & Final ExpenseState Farm
MoneyGeek Score:
99/ of 100
Overview
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, and specialized final expense policies designed to cover funeral and burial costs. The company's 101 years of business further solidifies its reputation as a reliable and versatile life insurance provider.
Best Cheap Life Insurance for 60-Year-Olds: Allstate
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.
Best CheapAllstate
MoneyGeek Score:
97/ of 100
Monthly Cost$59
Overview
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 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 Life Insurance Buying Process for 60-Year-Olds: Nationwide
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 ProcessNationwide
MoneyGeek Score:
95/ of 100
Monthly Cost$84
Overview
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 add 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.
Best Life Insurance for a 60-Year-Old: Buying Guide
Buying life insurance in your 60s offers benefits like estate planning, final expense coverage and financial security for loved ones. Below is a buying guide to help you understand how life insurance for 60-year-olds work and learn how to find the best policy for you.
How Much Is Life Insurance for a 60-Year-Old?
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 table below shows different companies' average costs for 10-year term life insurance policies.
Data filtered by:Results filtered by:
Select
Gender:Male
| Allstate | $59 | $109 | $207 |
| GEICO | $62 | $113 | $217 |
| Protective | $65 | $120 | $233 |
| Transamerica | $65 | $113 | $207 |
| 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 |
Average Cost of Life Insurance for 60-Year-Olds 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 annual 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.
| Average Cost per Year | $ 1,693 | $ 3,950 |
Compare Life Insurance Quotes for 60-Year-Olds
Comparing quotes from multiple providers will help you estimate your life insurance costs accurately. Use our quote tool below to get quick quotes without personal information.
Life Insurance Calculator
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
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Rates updated:
May 23, 2025
How to Get the Best Life Insurance Rates for 60-Year-Olds
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 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 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.
Should You Buy Life Insurance 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 lower 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 nonsmokers in good health, purchasing 10- or 20-year coverage of $500,000.
Data filtered by:Results filtered by:
Select
Term Length:10 Years
| 30 | $20 | $245 | $2,445 |
| 40 | $29 | $350 | $3,495 |
| 50 | $65 | $776 | $7,763 |
| 60 | $141 | $1,693 | $16,934 |
| 70 | $410 | $4,922 | $49,215 |
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.
Best Life Insurance Companies for 60-Year-Olds: Bottom Line
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. Finding the right coverage will ensure adequate financial protection. This guide highlights the best life insurance companies for 60-year-olds based on our analysis.
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. Shop around and compare quotes to ensure you get the best policy for your coverage needs.
Life Insurance for 60-Year-Olds: FAQ
You may still have questions about life insurance policies for a 60-year-old. We've answered frequently asked questions to help you make an informed decision regarding your life insurance policy.
What is the best life insurance company for a 60-year-old?
The best life insurance company for a 60-year-old may vary depending on personal needs and preferences. Based on MoneyGeek's analysis, the top overall life insurance provider for 60-year-olds is GEICO. It received a total MoneyGeek score of 96 out of 100.
Can you buy life insurance in your 60s?
A healthy 60-year-old will have plenty of affordable options for life insurance. 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?
It depends. If you’re still working, have a high net worth, financially depend on others or intend to live off of the cash value of a whole life policy, you may benefit from a life insurance policy in your 60s. However, 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 a life insurance policy.
How much does a life insurance policy cost for a 60-year-old?
The cost of life insurance for 60-year-olds can vary widely due to the various 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.
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The Best Life Insurance Companies for 60-Year-Olds: Our Ratings Methodology
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for 60-year-olds.
Recency
Coverage costs and company information for life insurance providers were updated in 2025.
Methodology
MoneyGeek created a scoring system to compare life insurance companies across five categories and ranked them based on their scores. We chose to review these companies based on their broad national coverage and ability to provide an online quote.
MoneyGeek’s Scoring System
In our unique scoring system, companies can earn up to five points in each of five categories. We then use these category scores to calculate an overall MoneyGeek score out of 100. We applied the following weightings to score insurers:
- Affordability: 30%
- Financial Stability: 25%
- Buying Process: 20%
- Customer Satisfaction: 15%
- Product Diversity: 10%
MoneyGeek determined the company scores and ranked the best life insurance providers for a final expense life insurance policy using the following weights:
- Product Diversity: 35%
- Financial Stability: 25%
- Customer Satisfaction: 20%
- Buying Process: 20%
We used the same weights for no medical exam providers. We did not weigh affordability as we did not collect final expense and no-exam life insurance quotes. The company below has the highest score among the companies that offer these policies.
MoneyGeek determined the best cheap life insurance company for 60-year-olds using the following weightings:
- Affordability: 50%
- Financial Stability: 15%
- Buying Process: 20%
- Customer Satisfaction: 5%
- Product Diversity: 10%
Each company’s score incorporates:
- Cost data obtained through online quotes
- Financial strength ratings from AM Best and number of years in business
- Customer satisfaction data from the National Association of Insurance Commissioners (NAIC) customer complaint index (we reviewed annual complaint data from 2020 to 2022, the most recent year available)
- Availability of tools to aid in the buying process, such as online product materials and multiple payment options
- Diversity of life insurance products offered
Sample Customer Profile
MoneyGeek used a standard profile to obtain life insurance quotes:
- 60-year-old male
- Non-smoker
- 5 feet 11 inches tall and 175 pounds
- Excellent health rating
Premiums are based on the standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect a variety of quotes and determine the best life insurance company for several types of customers. We collected quotes for term life insurance with varying term lengths and coverage amounts as well.
We identified trends in the data set and used those patterns to calculate projections and extend the data beyond what was originally collected.
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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.