Best Life Insurance for 60-Year-Olds in January 2024

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Updated: July 9, 2024

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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
2024

Best Life Insurance for 60-Year-Olds

Best for 60-Year-Olds - GEICO
Best Cheap - Allstate
Best for No Exam and Final Expense - State Farm
Best Buying Process - Nationwide
How Much a Policy Costs
Costs for Smokers
Should You Buy Coverage?
Frequently Asked Questions

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.

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Coverage costs and company information for life insurance providers were updated in 2024.

1,488Quotes Analyzed
 
14Companies Compared
 
50Zip Codes

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

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Strong financial stability with A++ AM Best rating

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Low rate of customer complaints

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No-exam life insurance options available

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Limited product diversity, mostly term life

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Buying process could be smoother

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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

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A+ AM Best rating highlights financial stability

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Diverse product offerings, including no-exam options

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Multiple payment options and 24/7 support

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Higher-than-average rate of customer complaints

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Does not issue its own policies

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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

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

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Low rate of customer complaints

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

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No 24/7 online chat support available

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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

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Seamless buying process with multiple payment options

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A+ AM Best rating indicates financial stability

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Diverse product offerings, including no-exam options

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Higher average monthly cost than some competitors

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No 24/7 customer service for immediate assistance

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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.

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.

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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
Allstate$250k Coverage$59$500k Coverage$109$1M Coverage$207
GEICO$250k Coverage$62$500k Coverage$113$1M Coverage$217
Transamerica$250k Coverage$65$500k Coverage$113$1M Coverage$207
Protective$250k Coverage$65$500k Coverage$120$1M Coverage$233
Prudential$250k Coverage$69$500k Coverage$136$1M Coverage$270
Life Insurance Quotes for 60-Year-Old Females
Nationwide$250k Coverage$24$500k Coverage$40$1M Coverage$70
Allstate$250k Coverage$41$500k Coverage$73$1M Coverage$136
Protective$250k Coverage$44$500k Coverage$80$1M Coverage$150
Prudential$250k Coverage$47$500k Coverage$92$1M Coverage$183
Mutual of Omaha$250k Coverage$52$500k Coverage$96$1M Coverage$186

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 YearHealthy Individual$ 1,693Smoker$ 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
Data filtered by:Results filtered by:
Term Length:
Term Length:10 Years
30Average Cost Per Month$20Average Cost Per Year$245Total Cost Over Life Policy$2,445
40Average Cost Per Month$29Average Cost Per Year$350Total Cost Over Life Policy$3,495
50Average Cost Per Month$65Average Cost Per Year$776Total Cost Over Life Policy$7,763
60Average Cost Per Month$141Average Cost Per Year$1,693Total Cost Over Life Policy$16,934
70Average Cost Per Month$410Average Cost Per Year$4,922Total Cost Over Life Policy$49,215

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.

What is the best life insurance company for a 60-year-old?
Can you buy life insurance in your 60s?
Is 60 a good age to buy a life insurance policy?
How much does a life insurance policy cost for a 60-year-old?

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?
Sarah Kang
Sarah KangFinancial Planner at UAK Diversified Wealth Management
James Guarino, CPA, PFS, CFP®
James Guarino, CPA, PFS, CFP®Managing Director, Tax Practice at Baker Newman Noyes
Brenna Baucum, CFP®, CTS™
Brenna Baucum, CFP®, CTS™Founder and Financial Planner at Collective Wealth Planning
Jay Zigmont
Jay ZigmontCertified Financial Planner at Childfree Wealth
Eric Johns, CFP®, MBA
Eric Johns, CFP®, MBACo-owner and Lead Financial Planner at Equilibrium Financial Planning
Vidal Peoples
Vidal PeoplesFinancial Specialist at Strategies for Wealth
Steven J. Lee, Ph.D., D.C.J.
Steven J. Lee, Ph.D., D.C.J.Lecturer at California State Polytechnic University, Pomona
John Lopez
John LopezSenior Professor of Practice at C.T. Bauer College of Business at the University of Houston
Chuck Czajka
Chuck CzajkaCEO of Macro Money Concepts
Aaron Rubin, JD, CPA, CFP®️
Aaron Rubin, JD, CPA, CFP®️Partner at WRP Wealth Management
Drew Blackston
Drew BlackstonCo-Founder, Certified Retirement Counselor® & Financial Advisor at Pearl Wealth Group
Kyle Luetters, CFP®, EA
Kyle Luetters, CFP®, EAAdvisor at Moneta Group Investment Advisors, LLC
Richard Wagener, CFP®
Richard Wagener, CFP®Managing Partner, Wagener-Lee, LLC
Michael Ryan
Michael RyanRetired Financial Planner & Financial Coach at Michael Ryan Money

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick 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 knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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