Insuranks

Life Insurance for Seniors Over 60


provides financial protection and peace of mind for individuals and their families. If you are looking for life insurance policies for seniors over 60, there is a diverse range of options available. In this comprehensive guide to life insurance over 60, we’ll explain what life insurance is and why it’s beneficial for seniors and highlight the best options for life cover for over 60s.  

What is Life Insurance for Seniors Over 60?

Life insurance is a form of insurance policy which offers a payout when you die. If you take out life cover, you will pay a set fee every month or year for an agreed term. 

If your policy is valid when you die, the provider will pay a lump sum, which can be used to support dependents, pay for funeral costs or clear debts. Note that there are also insurance companies that offer life insurance for seniors over 60 that will cover healthcare costs for vision, dental, and nursing expenses. 

Statistics show that 39% of US adults aged between 58 and 76 do not have life insurance. Women are twice as likely as men to have no life insurance (source).  


Life Insurance Options for Over 60s 

There are two main types of life insurance for over 60s. These include: 

  • Term life insurance for seniors over 60-This is a popular option. This type of policy covers a specific term, which is usually 10-20 years. With level term life insurance over 60, you will pay the same premium throughout and the death benefit will remain the same. If your policy is a decreasing term plan, the death benefit will decrease.  

  •  Whole life insurance for people over 60-As opposed to term life insurance over 60, whole life insurance is a type of life insurance that covers the duration of the individual’s life. There is no expiry date. The policy will remain in place until the policyholder passes away.  

 

If you’re exploring options for life insurance for elderly parents over 60, you may also come across these: 

  • Guaranteed life insurance over 60-Guaranteed life insurance guarantees acceptance for life insurance, regardless of the individual’s health status or job  

  • Life insurance for seniors over 60 no medical exam-This is a type of life insurance that you can avail without submitting any recent health records to the insurance company. Go for this to save money on doctor visits

  • Burial insurance-This is a feature of some life insurance policies, which offers cover for burial costs

  • Universal life insurance-Universal life insurance is a combination of term and life insurance, which usually offers lower monthly payments than regular whole life policies

Compare Cheap Life Insurance for Seniors Over 60 Online

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What Are the Benefits of a Life Insurance Policy Over 60? 

There are several reasons to consider taking out life insurance when you’re in your 60s. The benefits of life insurance for people aged over 60 include: 

  • Peace of mind-With life insurance for over 60s, you can enjoy peace of mind that your family is protected. Your beneficiaries can use the payout to cover funeral costs, pay bills, settle debts, save for college or a house deposit or donate to charity. Insurance helps to minimize financial risks.  

  • Protecting your income-If you or your partner still work, you can protect your income through life insurance. If you die, the payout will provide financial security in the absence of your income.  

  • Versatile options-people over 60 have access to a wide range of life insurance options, which can be tailored to suit the needs of the individual. You can choose a policy based on your requirements and your budget. There are lots of options for affordable life insurance for seniors over 60 if you want to protect your children, partner or grandchildren without paying high premiums.  

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Cost of Life Insurance for Seniors Over 60

The average cost of life insurance for seniors over 60 is $260 per month or $3,120 per year for a $1 million term life insurance policy. Here’s a table showing the rates of the best companies to consider working with:


Cost per MonthCost per YearBest for
Haven$117.06$1,404.72Easy, fast online applications
Mutual of Omaha$119.33$1,431.96Guaranteed life insurance
Ethos$137$1,644Life insurance for seniors over 60 with money back guarantee
USAA$194.46$2,333.52Seniors over 60 who once worked for the military
Fabric$222.47$2,669.64Life insurance for seniors over 60 with money back guarantee
AARP$375$4,500Life insurance for seniors over 60 with vision, dental, and other benefits
New York Life$375$4,500Customers looking for customization options


There are other carriers aside from the ones we considered to be the best. If you want to explore other options yourself on life insurance for 60 and older, consider these tips to avoid wasting resources:

  • Set a budget 

  • Outline your key objectives 

  • Research insurance providers: always ensure that you choose a reputable company with a proven track record for customer service and smooth, stress-free payouts 

  • Compare quotes before you buy 

  • Focus on value for money rather than cost 

  • Explore customization options 

  • Read reviews


Cheapest Life Insurance for Over 60s

For many customers looking for cheapest life insurance for over 60s, the price of the policy will be one of the most influential factors. After all, many would go for a carrier that grants coverage at the cheapest rates possible. 

We’ve outlined rates based on factors such as age, smoking habit, health status, and BMI. If you are looking for low cost life insurance for over 60, this table should help you: 

Cheapest for Insurance provider Monthly cost
60-69 year olds Haven$117.06
Smokers USAA$69.59
Poor health status Mutual of Omaha $230 
High BMI MassMutual$226 


The prices in this table are a guide. The cost of life insurance for over 60s depends on multiple factors, including: 

  • The age of the applicant 

  • Health and smoker status 

  • The type and term of the policy 

  • Medical exam or no exam 

  • Level of cover 

Compare Cheap Life Insurance for Seniors Over 60 Online

Get all the best quotes from leading providers in a click of a button!

Best Life Insurance for Seniors Over 60

If you’re looking for whole or term life insurance for seniors over 60, it’s understandable to want to find the best policy. We’ve put together a list of the leading contenders. But if you want to filter companies on your own, ask the following questions to find the best whole life and best term life insurance for seniors over 60:

  • Term or whole life-Are you looking for term life insurance or a whole life policy?

  • Budget-How much do you want to spend per month or year?

  • Level of cover-How much life insurance do you need?

  • Medical exam-Are you happy to take a medical exam or fill in a health survey, or would you prefer to search for life insurance over 60 no medical exam policies?

  • Extras-Do you want to add extras to your policy, for example, burial insurance?

Once you know what you’re looking for and how much you can afford to spend, you can start your hunt for the best life insurance for seniors over 60. Here are our picks of the best options:


Fabric Life Insurance for Seniors Over 60

Pros

  • 130+ years of underwriting life insurance

  • 100% digital term life insurance experience

  • Money-back guarantee

  • No price changes

  • Good customer experience

Cons

  • Coverage can't be increased after purchase

Fabric by Gerber life grants coverage for seniors 60-70 years old. What makes this company good is that it gives a free opportunity for its elderly and young policyholders to create a will free of any charge.

This company’s life insurance for people over 60 grants $100,000-$2 million payouts. As for policy duration, you can decide to get insured from 5 years up to 30 years. Another reason why this company made it on our list of the best life insurance for over 60 is that transactions are mostly processed online.

Best for: Life insurance for seniors over 60 with money back guarantee

Average cost: $222.47

Our rating: 10/10


AARP Life Insurance for Seniors Over 60

Pros

  • Highly involved

  • Quote online or call

  • Underwritten by New York Life

Cons

  • Customers must be AARP members to apply

AARP offers term, whole life and universal life insurance policies for seniors, including guaranteed life insurance. If you’re looking for the best life insurance for seniors over 60 no medical exam, this company should be on your radar. Policies are underwritten by New York Life, a reputable provider with a considerable amount of experience. To apply, customers must be AARP members.

Best for: Life insurance for seniors over 60 with vision, dental, and other benefits

Average cost: $375 per month

Our rating: 10/10


Ethos Life Insurance for Seniors Over 60

Pros

  • Automatic underwriting

  • Get an estimate of your rates online

  • Works with multiple insurance companies to grant you coverage

  • No medical exam

Cons

  • Might not be able to grant coverage if you’re 66-69 years old

Ethos is a good option for seniors over 60 looking for an insurance company that works with multiple underwriters to provide the most comprehensive coverage possible. Note that you’re eligible if you’re not more than 65. If you’re older, then you might be referred to a partner. This company’s cheap life insurance over 60 grants $20,000-$2 million worth of coverage.

Best for: Life insurance for seniors over 60 with money back guarantee

Average cost: $137 per month

Our rating: 10/10


USAA Life Insurance for Seniors Over 60

Pros

  • Great discounts for members

  • 15 year term life insurance offers child coverage

  • No medical exam required when converting term life insurance to permanent life insurance

  • Convertible

Cons

  • Only available to USAA members

If you’re looking for the cheapest whole and cheapest term life insurance for over 60 who once served in the military, then USAA might be a good option. USAA is an organization that’s committed to building the lives of veteran and active military personnel. Its whole and term life insurance policies come with riders that extend numerous benefits to the insured’s wife and children. Those over 60 will enjoy a $100,000-$2 million worth of coverage.

Best for: Seniors over 60 who onced worked in the military

Average cost: $194.46 per month

Our rating: 10/10


New York Life Insurance for Seniors Over 60

Pros

  • Policies available for all ages

  • High review scores

  • Option to convert a term policy into a whole life plan

  • Wide range of riders (optional extras) available

  • Spouse paid-up option available

Cons

  • No online quotes available

New York Life is a leading life insurance provider, which offers customers the chance to add a host of extras to customize a standard policy. A reputable company with high review scores, New York Life has been offering insurance for over 170 years. As well as a choice of riders, this company offers policies for customers aged up to 90.

The only real downside of New York Life’s life insurance for over 60s is the lack of information online. If you want to get life insurance quotes for seniors over 60, you’ll need to speak to an agent.

Best for: Customers looking for customization options

Average cost: $375 per month

Our rating: 9/10


Haven Life Insurance for Seniors Over 60

Pros

  • Simple, quick online applications

  • Extras and customization options available

  • Excellent customer ratings

Cons

  • No option to convert term policies into whole life policies

  • Premiums are relatively high for over 60s

Haven Life is a subsidiary of MassMutual, one of the most high-profile insurance companies in the US. MassMutual has an A++ rating. Established in 2014, Haven Life launched to make finding life insurance easy. With a simple, quick and convenient online application process, customers can get the insurance they need with minimal effort.

We must mention that Haven only covers individuals ages 20-55. However, we made it part of this list because customers 60-65 years old are catered by referring them to a MassMutual representative.

Best for: Easy, fast online applications

Average cost: $111.80 per month

Our rating: 8/10


Mutual of Omaha Life Insurance for Seniors Over 60

Pros

  • Diverse policy options available

  • Several riders and extras on offer

  • Attractive rates for smokers

Cons

  • Limited information online

  • Online quotes and application not available for all policies

Mutual of Omaha offers a diverse range of life insurance policies for over 60s, including guaranteed life insurance. Customers can add extras to customize their policy and the company has a reputation for quick, hassle-free payouts.

The downside is the lack of information and limited options to get a quote online. Mutual of Omaha’s policies are likely to appeal to those looking for no medical exam policies, especially customers who smoke as the rates are relatively low compared to premiums for smokers from other providers.

Best for: Guaranteed life insurance

Average cost:$119.33 per month

Our rating: 7/10


Wrapping It Up

Term life insurance for over 60 offers a wealth of benefits for individuals and their families. Taking out life insurance as a senior can help to protect and provide for dependents and cover costs, such as paying for a funeral and settling outstanding debts.

There is a huge range of decreasing and level term life insurance for over 60, including no medical exam policies and affordable options for those on a budget. If you’re looking for the best, we can help. Start by clicking the “Get Quotes” button on this page.


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