Protective Insurance, Legal & General, Pacific Life, Lincoln Financial and Mutual of Omaha are the top picks for the best life insurance 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: October 11, 2025
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Life Insurance for 60-Year-Old Applicants: Key Takeaways
Protective Insurance earns the highest ratings for whole and universal life insurance in MoneyGeek's 2025 analysis of major insurers, making it the best permanent life insurance company for individuals aged 60 and above.
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.
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.
Lincoln Financial offers the best life insurance for 60-year-old applicants on a budget. A 10-year term policy with $500,000 coverage costs an average of $145 for men and $103 for women.
Mutual of Omaha is the top-rated guaranteed acceptance life insurance company, offering the best alternative policy option for seniors seeking instant approval.
What Companies Offer the Best Life Insurance for Seniors Over 60?
Whole and Universal | Protective Insurance | 5 | Whole: $1,901 (men) $1,612 (women) Universal: $682 (men) $582 (women) | Whole: $22,817 (men) $19,346 (women) Universal: $8,178 (men) $6,984 (women) |
Term Life | Legal & General | 4.7 | $220 (men) $155 (women) | $2,643 (men) $1,866 (women) |
No-Exam Life | Pacific Life | 4.7 | $220 (men) $155 (women) | $2,643 (men) $1,866 (women) |
Affordability | Lincoln Financial | 4.5 | $145 (men) $103 (women) | $1,746 (men) $1,238 (women) |
Guaranteed Acceptance | Mutual of Omaha | 4.4 | $57 (men) $43 (women) | $683 (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 coverage amount of $10,000. Your rates will vary based on health, lifestyle, insurer underwriting and other factors. Contact insurers directly for personalized quotes
Best Whole and Universal Life Insurance: Protective Insurance
Protective
MoneyGeek Rating
5/ 5
5/5Affordability
5/5Customer Experience
5/5Coverage Options
Average Monthly Cost
Whole: $1,901 (men); $1,612 (women) Universal: $682 (men); $582 (women)Based on average quotes for $500,000 coverage for 60-year-old nonsmokers.Average Annual Cost
Whole: $22,817 (men); $19,346 (women) Universal: $8,178 (men); $6,984 (women)Based on average quotes for $500,000 coverage for 60-year-old nonsmokers.
Best Term Life Insurance: Legal & General
Legal & General
MoneyGeek Rating
4.7/ 5
4.7/5Affordability
4.7/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost
$220 (men); $155 (women)Based on average quotes for $500,000 10-year term policy for 60-year-old nonsmokers.Average Annual Cost
$2,643 (men); $1,866 (women)Based on average quotes for $500,000 10-year term policy for 60-year-old nonsmokers.
Best No-Exam Term Life Insurance: Pacific Life
Pacific Life
MoneyGeek Rating
4.7/ 5
4.7/5Affordability
4.5/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost
$220 (men); $155 (women)Based on average quotes for $500,000 10-year term policy for 60-year-olds.Average Annual Cost
$2,643 (men); $1,866 (women)Based on average quotes for $500,000 10-year term policy for 60-year-olds.
Best Cheap: Lincoln Financial
Lincoln Financial
MoneyGeek Rating
4.5/ 5
5/5Affordability
3.6/5Customer Experience
4.5/5Coverage Options
Average Monthly Cost
$145 (men); $103 (women)Based on average quotes for $500,000 10-year term policy for 60-year-old nonsmokers.Average Annual Cost
$1,746 (men); $1,238 (women)Based on average quotes for $500,000 10-year term policy for 60-year-old nonsmokers.
Best Guaranteed Acceptance: Mutual of Omaha
Mutual of Omaha
MoneyGeek Rating
4.4/ 5
4.3/5Affordability
4.4/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost
$57 (men); $43 (women)Based on average quotes for $10,000 policy for 60-year-olds.Average Annual Cost
$683 (men); $512 (women)Based on average quotes for $10,000 policy for 60-year-olds.
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?
Several factors affect the cost of life insurance for 60-year-olds, including gender. Because women usually live longer than men, they 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 average costs for different types of life insurance:
Cost of Term Life Insurance for Seniors Over 60
Data filtered by:Results filtered by:
Female
Gender:Female
10 years
Term Length:10 years
| $100,000 | $62 | $746 |
| $250,000 | $103 | $1,234 |
| $500,000 | $174 | $2,087 |
| $750,000 | $263 | $3,159 |
| $1,000,000 | $335 | $4,020 |
All rates throughout this article are average quotes based on standard profiles (nonsmokers with average weight and health ratings). Your actual premiums will differ based on your specific health status, lifestyle and each insurer's underwriting criteria. Request personalized quotes from multiple providers.
Cost of Whole Life Insurance for Seniors Over 60
Data filtered by:Results filtered by:
Female
Gender:Female
| $100,000 | $348 | $4,171 |
| $250,000 | $869 | $10,428 |
| $500,000 | $1,738 | $20,857 |
| $750,000 | $2,607 | $31,285 |
| $1,000,000 | $3,476 | $41,713 |
Cost of Universal Life Insurance for Seniors Over 60
Data filtered by:Results filtered by:
Female
Gender:Female
| $100,000 | $125 | $1,506 |
| $250,000 | $314 | $3,765 |
| $500,000 | $627 | $7,530 |
| $750,000 | $941 | $11,294 |
| $1,000,000 | $1,255 | $15,059 |
Cost of Guaranteed Acceptance Life Insurance for Seniors Over 60
Data filtered by:Results filtered by:
Female
Gender:Female
| $1,000 | $5 | $59 |
| $5,000 | $24 | $289 |
| $10,000 | $48 | $583 |
| $15,000 | $71 | $850 |
| $20,000 | $99 | $1,187 |
| $25,000 | $121 | $1,454 |
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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Rates updated:
Oct 20, 2025
Factors Affecting Life Insurance Costs
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 pay more for coverage than those in their 40s. Rates also differ based on the type of policy and coverage length.
Also read: When Should You Get Life Insurance?
Health
Medical conditions such as diabetes, heart disease and high blood pressure increase premiums. Insurers look closely at how well these conditions are managed when determining costs. Seniors who maintain good health and follow treatment plans 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 pay less than men for life insurance at the same age because they live longer. 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 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, lowering your costs.
Also read: Best Life Insurance for Smokers and Cheapest Life Insurance for Smokers
Location
Where you live affects life insurance pricing. States with higher health care costs or stricter regulations see slightly higher premiums. Location matters, but age, health and smoking 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 good health, a policy requiring a medical exam costs less 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
Most life insurance applications for seniors over 60 require a medical exam, 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 increase premiums. Well-controlled conditions 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 costs less. 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:
10 years
Term Length:10 years
Female
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 often provides better value than whole life insurance. Because whole life insurance costs much more than term insurance, especially as you get older, purchasing term coverage means 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 income-tax-free to beneficiaries, making them an efficient wealth transfer vehicle. However, large policies trigger estate taxes if your total estate exceeds federal exemption limits.
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 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 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. 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 Seniors Over 60: Bottom Line
At 60, life insurance provides financial security for dependents, covers funeral costs, pays off debts and helps achieve future goals like education or retirement. We analyzed the best life insurance companies for 60-year-olds based on customer satisfaction, financial stability and affordability.
Legal & General leads for term life insurance, Pacific Life for no-exam term policies, Protective for permanent coverage, and Mutual of Omaha for guaranteed acceptance. Shop around and compare quotes to ensure you get the best policy for your coverage needs.
Life Insurance at 60: FAQ
We answer frequently asked questions about life insurance for 60-year-olds to help you find the best life insurance for seniors over 60.
Can you buy life insurance in your 60s?
You can buy life insurance in your 60s if you're healthy, with many affordable options available. If you're not in excellent health, choose guaranteed issue life insurance, which costs more but eliminates the risk of rejection.
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.
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 suit applicants who can't or prefer not to undergo a medical exam.
What health conditions affect life insurance rates for seniors over 60?
Common health conditions such as diabetes, high blood pressure and heart disease increase premiums for seniors over 60. Depending on severity and management, rates rise by 25% to 100%. Insurers evaluate your entire health profile, so well-controlled conditions have a smaller impact than unmanaged issues.
What’s the difference between term and whole life insurance for 60-year-olds?
Term and whole life insurance differ for 60-year-olds. Term life insurance offers temporary coverage at a lower upfront cost, but premiums rise steeply with age and coverage becomes 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.
How does life insurance fit into estate planning for seniors?
Life insurance fits into estate planning for seniors by providing immediate liquidity to cover final expenses, debts or estate taxes if your estate exceeds federal or state exemption limits. Life insurance placed in a trust manages how funds are distributed, supports charitable giving and transfers wealth to heirs in a tax-efficient way. Proper structuring ensures proceeds are protected and used according to your wishes.
Do smoking habits affect life insurance rates for seniors?
Smoking is one of the biggest cost factors in senior life insurance. Smokers 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 reclassify you at nonsmoker rates, lowering your premiums.
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Our Ratings Methodology
How We Ranked the Best Life Insurance Companies for Seniors Over 60
Shopping for life insurance at 60 presents unique challenges: premiums jump dramatically from even five years earlier, health questions probe conditions rare in younger applicants, and coverage options often assume you're protecting young children rather than covering final expenses or estate needs. We built our research around these realities facing seniors.
We analyzed 248,399 life insurance quotes from major insurers, focusing on companies that excel at serving the 60+ market across term, whole, universal, and guaranteed acceptance policies.
Why Our Methodology Serves Seniors
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 (55%)
- Customer Experience (30%)
- Coverage Options (15%)
Why these weights?
Cost becomes the primary concern at 60. You're likely on a fixed income or planning for one. 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 Strength Focus
We incorporated AM Best ratings, BBB 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.
Our standard profile represents:
- 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 and health rating to collect quotes across different scenarios. This approach revealed patterns in how companies price policies for various senior demographics.
Updated for 2025
All coverage costs and company information reflect 2025 data, ensuring recommendations account for current market conditions and recent insurer rate changes that particularly affect senior premiums.
Best Life Insurance in Your 60s: Related Pages
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.