Life insurance in your 60s depends on your financial goals, dependents and whether your assets cover end-of-life expenses. Life insurance provides valuable protection for spouses or debt coverage, while the costs outweigh benefits when children are financially independent, mortgages are paid off and retirement savings are substantial.

Life insurance at this age offers financial protection but isn't always necessary. The following sections explain when coverage is worth considering, when to skip it and how to evaluate trade-offs based on your specific situation.

Choosing the right life insurance after 60 depends on your health, financial goals, and how much time you want to spend on the application process. Understanding your policy options helps you find coverage that fits your situation and budget.

Term life insurance provides coverage for a specific period, typically 10 to 20 years, making it ideal when you have time-limited financial obligations. It pays a death benefit if you die within the term, but it has no cash value component. Life insurance death benefits are paid in full when claims are approved, without deductibles.

Best for: Covering mortgages, business loans, or providing income replacement until retirement savings can support your spouse.

Coverage considerations: Most insurers offer term policies to applicants up to age 80, though premiums increase significantly with age. Coverage amounts range from $25,000 to $1 million or more.

Whole life insurance provides permanent coverage with guaranteed premiums and a cash value component that grows over time. The policy remains in force as long as you pay premiums, regardless of health changes.

Best for: Estate planning, leaving a guaranteed inheritance, or supplementing retirement income through policy loans against cash value.

Coverage considerations: Whole life policies require medical underwriting but offer the most comprehensive long-term financial planning benefits. Cash value accumulates tax-deferred and can be accessed through loans or withdrawals.

Universal life insurance combines permanent coverage with flexible premiums and cash value growth opportunities. Universal life policies allow you to adjust premium payments and death benefits as your financial situation changes during retirement, offering more flexibility than whole life insurance's fixed structure.

Best for: Seniors wanting permanent coverage with premium flexibility, estate planning with variable coverage needs or supplementing retirement income through cash value accumulation.

Coverage considerations: Universal life policies offer greater complexity than term or whole life insurance while providing flexibility for changing financial needs. Cash value growth depends on interest rates or market performance in indexed universal life policies. Insufficient cash value causes policy lapses if premiums become inadequate. Universal life insurers require medical underwriting similar to whole life insurance requirements.

For seniors who want to avoid medical exams or have health concerns that might complicate traditional underwriting, no-medical-exam policies offer two main approaches:

Guaranteed Issue Life Insurance

Guaranteed issue policies accept all applicants within the eligible age range (typically 50 to 85) without any health questions or medical exams. All applicants are automatically approved regardless of health status.

Coverage limits: Guaranteed issue policies typically cap coverage at $5,000 to $25,000, though some insurers offer up to $50,000 or $75,000 for younger applicants.

Waiting period requirements: Nearly all guaranteed issue policies include a two-year waiting period. If you die from illness during this period, beneficiaries usually receive only a return of premiums paid plus interest rather than the full death benefit. Accidental death benefits usually apply immediately.

Premium considerations: Expect to pay two to three times more than simplified issue policies due to the guaranteed acceptance and increased risk to insurers.

Simplified Issue Life Insurance

Simplified issue policies require a health questionnaire but no medical exam, blood work or doctor visits. Approval decisions are based on your answers to five to 15 health questions.

Coverage limits: Most simplified issue policies offer $25,000 to $300,000 in coverage, depending on age and insurer guidelines. Some companies may offer higher coverage amounts.

Application process: Applications are often processed within 24 to 48 hours. Some insurers provide instant approval for qualifying applicants.

Health requirements: You'll answer questions about recent hospitalizations, chronic conditions, medications and lifestyle factors like smoking. Insurers may verify answers through prescription databases and medical records.

Final expense insurance is specifically designed to cover end-of-life costs, making it a practical choice for seniors who want to ensure their families aren't burdened with funeral expenses and final bills. Most final expense policies use guaranteed issue or simplified issue underwriting, making approval accessible for seniors with health concerns.

What it covers: Funeral and burial services, cemetery expenses, outstanding debts like credit card balances and medical bills, and administrative costs such as probate fees.

Coverage amounts: Final expense policies often range from $5,000 to $25,000 and are focused specifically on covering end-of-life costs rather than replacing income or paying off major debts. Some companies, however, may offer higher coverage limits.

Easier qualification: Most final expense policies offer faster approval (often within days) and are designed for seniors who might not qualify for traditional life insurance due to age or health concerns.

To explore your options further, review our guides to the best life insurance for seniors and the best policies for people in their 60s.

Combining life insurance with long-term care planning can offer flexible financial protection as your needs evolve. You generally have two main options:

• Life insurance with long-term care rider: This lets you access part of your death benefit to pay for services like in-home care or assisted living. It simplifies coverage under one policy and may reduce overall premiums.
• Separate life and long-term care policies: Buying each policy individually gives you broader long-term care benefits and ensures your life insurance payout stays intact. This setup works well if you want full coverage in both areas and can manage two premiums.

Each path has trade-offs. Your choice depends on your budget, health outlook and how you want to balance care needs with leaving a financial legacy. Compare costs before deciding.

Life insurance costs rise in your 60s because insurers account for shorter life expectancies and higher health risks. Comparing rates across insurers and policy types reveals affordable options despite higher premiums.

MoneyGeek analyzed average life insurance quotes for seniors over 60 based on gender, coverage amount and policy type. These benchmarks help you estimate costs and target competitive insurers before applying.

For healthy, nonsmoking 60-year-old men, 10-year term life insurance policies average $125 monthly for $250,000 coverage. Costs increase with longer terms or higher coverage amounts, reaching $414 monthly for $1 million in 10-year coverage.

Sample monthly premiums at different coverage levels appear in the tables below. Final rates depend on your health, weight and insurer underwriting guidelines, while these figures provide reliable cost benchmarks for comparison shopping.

*Rates above are based on average term life insurance quotes for 60-year-old male nonsmokers with average weight and health ratings.

Healthy, nonsmoking 60-year-old women pay less than men for identical coverage. A 10-year term policy with $250,000 coverage averages $89 monthly, while $1 million policies average $292 monthly. Longer terms or higher coverage amounts increase monthly costs.

Average quotes from MoneyGeek's analysis appear in the tables below. Your actual rates vary based on health status and chosen insurer.

*Rates above are based on average term life insurance quotes for 60-year-old female nonsmokers with average weight and health ratings.

Premiums vary by age and policy type. Term life insurance offers the lowest initial rates while coverage ends when terms expire. Whole life and universal life insurance cost more upfront but provide lifelong coverage and cash value components.

Match your coverage needs with the appropriate policy type using the average term, whole and universal life insurance quotes for seniors over 60 outlined below.

Term life insurance provides coverage for a set number of years, making it a straightforward and often more affordable choice compared with permanent policies. For seniors over 60, term policies can be useful for covering financial responsibilities such as remaining mortgage payments, income replacement or short-term debts.

Check average monthly and annual premiums for seniors over 60 across different term lengths and coverage levels:

*The rates above are based on average term life insurance quotes for seniors over 60 who don't smoke and have average weight and health ratings.

Whole life insurance offers lifelong financial protection and includes a cash value component that grows over time. This type of policy is often chosen by seniors who want permanent coverage and predictability in premiums. While whole life is more expensive than term coverage, it can be a financial tool for estate planning or leaving an inheritance.

The table outlines average monthly and annual premiums for seniors over 60 at several coverage levels:

*The rates above are based on average whole life insurance quotes for seniors in their 60s who don't smoke and have average weight and health ratings.

Universal life insurance combines permanent financial protection with flexibility in premiums and coverage amounts. Seniors who want lifelong insurance but also the ability to adjust payments may find this type of policy appealing. Unlike whole life, universal life can be tailored to changing financial needs later in life.

The table highlights average monthly and annual premiums for people over 60 at various coverage levels:

*The rates above are based on average universal life insurance quotes for seniors in their 60s who don't smoke and have average weight and health ratings.

Guaranteed acceptance life insurance provides coverage without requiring a medical exam or health questions, making it accessible for seniors who may not qualify for other policies. Coverage amounts are limited, but these policies are often used to pay for end-of-life expenses, such as funeral costs.

The table shows average monthly and annual premiums for seniors 60 and over at different coverage levels.

*The rates above are based on average guaranteed acceptance life insurance quotes for seniors in their 60s who don't smoke and have average weight and health ratings.

Life insurance in your 60s comes with real trade-offs. The costs are higher, but the financial protection might still be worth it depending on what you're trying to accomplish.

Four real-world scenarios illustrate different life insurance approaches after 60 based on specific financial needs and goals.

Scenario 1: Mortgage Protection

A 62-year-old homeowner has $180,000 remaining on his mortgage and wants to ensure his wife can stay in their home. He chooses a 15-year term policy with $200,000 coverage at $185/month.

This homeowner calculated his needs by adding his remaining mortgage balance ($180,000) plus $20,000 for potential property taxes and maintenance costs his wife might face. Because his mortgage will be paid off in 15 years, he selected a term policy that matches this timeline. The additional $20,000 provides a buffer for unexpected expenses, giving his wife financial breathing room during a difficult time.

Why this works: Term life insurance offers the most coverage for the lowest cost when you have a specific time-limited need like a mortgage.

Scenario 2: Final Expense Focus

A 67-year-old single woman with grown children buys a $15,000 final expense policy at $45/month to cover funeral costs and outstanding medical bills.

Her calculation was straightforward: average funeral costs in her area ($9,000) plus cemetery plot ($2,000), headstone ($1,500), and a small buffer for final medical expenses ($2,500). Because she has no mortgage or dependents relying on her income, she focused solely on ensuring her children wouldn't face unexpected expenses.

Why this works: Final expense insurance usually doesn't require medical exams and guarantees approval, making it ideal for seniors with health concerns who need modest coverage.

Scenario 3: Business Succession Planning

A 61-year-old business owner with a $500,000 company maintains a $250,000 policy to fund their buy-sell agreement, costing $290/month.

This business owner and his partner each own 50% of their company. Their buy-sell agreement requires the surviving partner to buy the deceased partner's share at fair market value. He calculated his coverage based on his 50% ownership stake ($250,000) to ensure his family receives full compensation while his partner can continue operating the business.

Why this works: The policy creates immediate liquidity for both the family and the surviving business partner, preventing forced sales or business disruption.

Scenario 4: Legacy Planning

A 65-year-old grandmother wants to leave $100,000 to her grandchildren. She chooses whole life insurance with $150/month premiums that builds cash value.

This grandmother has adequate savings for her retirement but wants to create a guaranteed inheritance for her three grandchildren. She chose whole life insurance because the death benefit is guaranteed and the policy builds cash value she can access if needed. The $100,000 coverage provides approximately $33,000 for each grandchild while giving her flexibility during her lifetime.

Why this works: Whole life insurance guarantees the death benefit regardless of when she passes away, and the cash value component provides financial flexibility if her needs change.

People in their 60s no longer need life insurance if mortgages are paid off, children are financially independent and savings are adequate. Others benefit from coverage to support spouses, manage debts or leave legacies.

Premiums increase with age, so compare quotes early to find plans that make financial sense for your situation.

MoneyGeek's experts answered common questions about life insurance options for people in their 60s.

Shopping for life insurance after 60 feels overwhelming when every year brings higher premiums and fewer options. We designed this analysis to show exactly how much rates increase with age and which coverage types make financial sense at different life stages.

Our Quote Collection Process

We gathered 1,488 life insurance quotes across multiple age ranges to track how premiums increase over time and identify the most cost-effective windows for different life stages. This approach reveals the actual dollar impact of waiting versus buying coverage early.

MoneyGeek compared life insurance companies based on their premiums and chose companies to review based on their broad national coverage and ability to provide an online quote.

Sample Customer Profile

We used a standard profile to obtain life insurance quotes:

• 60-year-old man
• Non-smoker
• 5 feet 9 inches tall and 160 pounds
• Average health rating

Age and Coverage Variables

We adjusted this baseline profile by:

• Age brackets from 60 to 69 to track premium differences
• Coverage amounts reflecting real buyer needs at different life stages
• Multiple policy types: term, whole, universal and guaranteed acceptance life insurance

Why This Matters for Your Decision

Most rate studies focus on younger buyers, leaving people over 60 without clear cost expectations. Our age-specific approach shows the real premium increases you'll face and helps you time your purchase strategically.

We identified trends in the dataset and used those patterns to calculate projections and extend the data beyond what was originally collected. This gives you a complete picture of how waiting affects your costs and which coverage options provide the best value at your age.