You can likely still get life insurance in your 60s. Many insurance companies will offer you affordable life insurance when you’re older, assuming you’re still in good health.
If you’re in your 60s and considering buying life insurance, the type of policy you need will depend on your financial responsibilities and other personal factors. A broker from Policygenius can help you shop for life insurance if you’re unsure where to start.
Life insurance terms you should know
Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.
Cash value: The portion of a permanent life insurance policy’s monetary value that grows tax-deferred over the life of the policy.
Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.
Face amount: The dollar amount, or death benefit, your beneficiaries receive if you die while your life insurance policy is active.
Insured: The person who is covered by the insurance policy.
Policy: The legal document that includes the terms and conditions of your life insurance contract.
Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.
Permanent life insurance: A type of life insurance that lasts for the rest of your life and usually includes a cash value account.
Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.
Riders: Add-ons to a life insurance policy that provide more robust coverage, sometimes for an extra cost.
Term life insurance: A life insurance policy that lasts for a set number of years before it expires. If you die before the term is up, your beneficiaries receive a death benefit.
Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.
Do I still need life insurance if I’m 60 years old?
It may be worth having life insurance in your 60s, but that doesn’t mean everyone your age needs a policy.
Life insurance may make sense at this age if you have dependents, like a spouse or children, who won’t be able to cover their expenses, pay off the debt you leave behind, or cover your funeral-related expenses when you die.
If you have no dependents or your family has enough money and assets to live comfortably when you’re gone, life insurance may no longer make sense for you.
Read more about who needs life insurance & why
What are the best types of life insurance for 60-year-olds?
There’s not one type of life insurance that’s best for all 60-year-olds — instead, the right type of policy for you depends on your coverage needs.
Unlike at later ages, in your 60s you’ll likely have a number of different types of life insurance options to choose from.
Type of life insurance | Permanent? | How it works | Who may benefit |
|---|---|---|---|
No | Pays a benefit if you die during the set time that the policy is active | Someone looking for affordable coverage and a straightforward death benefit | |
Yes | Has a death benefit as well as a cash-value portion that gains value while you’re alive | High-income and high net-worth people who can benefit from the cash-value portion | |
Yes | Has a fixed death benefit and premiums, as well as a minor cash-value portion | Someone who wants permanent coverage and the ability to customize their premium and length of their policy | |
Yes | Has a non-fixed death benefit and a cash-value portion that changes value based on the performance of a market index | Someone who is comfortable with moderate risk in exchange for potentially higher returns | |
Yes | Has a non-fixed death benefit and a cash-value portion that changes value based on sub-accounts, such as mutual funds | Someone who is comfortable with moderate risk in exchange for potentially higher returns | |
Yes | Pays a small death benefit that helps pay for end-of-life expenses | Someone who can’t qualify for traditional term or permanent coverage due to age or medical history |
Read more about the best types of life insurance for older adults
Cost of life insurance for 60-year-olds
We found that the average cost of life insurance for someone who’s in their 60s is around:
$283 a month ($3,392 per year) for term life insurance
$1,952 a month ($23,426 per year) for whole life insurance
$58 a month ($695 per year) for final expense coverage
Keep in mind that your rates may be different. The cost of life insurance depends on personal factors like your age, health, medical history, and lifestyle, as well as details about your policy, including your death benefit and the type of policy you get.
Sample term life insurance rates for 60-year-olds
Age | Term length | Death benefit | Average monthly rate | Average yearly rate |
60 | 10 | $100,000 | $42 | $504 |
$250,000 | $81 | $975 | ||
$500,000 | $140 | $1,683 | ||
$750,000 | $208 | $2,491 | ||
$1,000,000 | $253 | $3,037 | ||
15 | $100,000 | $53 | $640 | |
$250,000 | $105 | $1,263 | ||
$500,000 | $186 | $2,232 | ||
$750,000 | $276 | $3,314 | ||
$1,000,000 | $342 | $4,104 | ||
20 | $100,000 | $71 | $851 | |
$250,000 | $147 | $1,762 | ||
$500,000 | $264 | $3,164 | ||
$750,000 | $393 | $4,713 | ||
$1,000,000 | $485 | $5,814 | ||
65 | 10 | $100,000 | $68 | $811 |
$250,000 | $131 | $1,572 | ||
$500,000 | $239 | $2,874 | ||
$750,000 | $356 | $4,278 | ||
$1,000,000 | $438 | $5,261 | ||
15 | $100,000 | $88 | $1,061 | |
$250,000 | $179 | $2,148 | ||
$500,000 | $334 | $4,005 | ||
$750,000 | $498 | $5,974 | ||
$1,000,000 | $608 | $7,297 | ||
20 | $100,000 | $119 | $1,424 | |
$250,000 | $252 | $3,022 | ||
$500,000 | $486 | $5,833 | ||
$750,000 | $726 | $8,717 | ||
$1,000,000 | $911 | $10,930 |
Methodology: Approximate term-life rates are calculated for non-smokers. Term life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rate illustration valid as of 09/12/2024.
Sample whole life insurance rates for 60-year-olds
Age | Coverage amount | Average monthly rate | Average yearly rate |
|---|---|---|---|
60 | $5,000 | $26 | $315 |
$10,000 | $49 | $589 | |
$25,000 | $122 | $1,464 | |
$100,000 | $332 | $3,989 | |
$250,000 | $820 | $9,846 | |
$500,000 | $1,637 | $19,640 | |
$750,000 | $2,453 | $29,435 | |
$1,000,000 | $3,260 | $39,115 | |
$2,000,000 | $6,514 | $78,173 | |
65 | $5,000 | $32 | $387 |
$10,000 | $61 | $734 | |
$25,000 | $155 | $1,862 | |
$100,000 | $434 | $5,209 | |
$250,000 | $1,074 | $12,888 | |
$500,000 | $2,143 | $25,717 | |
$750,000 | $3,213 | $38,554 | |
$1,000,000 | $4,272 | $51,269 | |
$2,000,000 | $8,540 | $102,484 |
Methodology: Approximate monthly rates are calculated for non-smokers for a whole life insurance policy from Mutual of Omaha, Transamerica, and MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 09/12/2024.
Sample final expense life insurance rates for 60-year-olds
Age | Coverage level | Monthly premium | Yearly premium |
|---|---|---|---|
60 | $5,000 | $22 | $268 |
$10,000 | $42 | $506 | |
$15,000 | $62 | $741 | |
$20,000 | $82 | $978 | |
65 | $5,000 | $27 | $326 |
$10,000 | $52 | $621 | |
$15,000 | $76 | $916 | |
$20,000 | $100 | $1,206 |
Methodology: Rates are calculated for male and female non-smokers obtaining a simplified issue or guaranteed issue final expense whole life policy from Mutual of Omaha or Transamerica. Rates may vary by age and health class. Not all policies available in all states. Rate illustration valid as of 09/12/2024.
6 steps to buying life insurance in your 60s
The steps to buying life insurance when you're older are similar to when you were younger, though your coverage needs may have changed since then.
All about life insurance for older adults
