Last Updated: October 2020
Most people at 60 years old believe life insurance is too expensive and that they can’t afford it. In reality, this couldn’t be further from the truth.
If you know how to shop for the right policy, even at age 60, you can find very affordable life insurance.
Below, we will show you sample rates, the best companies, and tips to save money on life insurance for 60-year-olds.
- Term Life Insurance Rates for 60-Year-Olds
- The Best Life Insurance Companies for 60-Year-Olds
- The Best Life Insurance Policies for 60-Year-Olds
- How to Apply for Life Insurance at Age 60
Term Life Insurance Rates for 60-Year-Olds
We have provided some sample quotes for people at 60 years old. These are just references, and rates do fluctuate.
Make sure to use the free quote tool on our website for the most current rates.
All of these generic quotes are representing non-smokers. If you use tobacco, your rates are going to be higher.
Rates for Men
The first set of sample monthly rates is for a 60-year-old man who is in excellent health (meaning he was put in the “Preferred” health class).
Now, here are the sample monthly rates for the same man, but put in the “Standard” health class.
Rates for Women
Women can get cheaper life insurance. Here are premium monthly quotes for a 60-year-old woman in excellent health (“Preferred” health class).
Here are monthly quotes for the same 60-year-old woman, but in the “Standard” health class.
The Best Life Insurance Companies for 60-Year-Olds
When it comes to choosing the right life insurance company, there is no one-size-fits-all option. The best company for you might not be the best for your neighbor.
That’s why we always recommend comparing all the top-rated life insurance companies before you purchase a policy. That said, the three companies below often have the best rates for 60-year-olds depending on the type of policy you need.
- Best company for term life insurance: Protective Life often has the lowest rates for age 60.
- Best company for whole life insurance: Mutual of Omaha has low rates, especially for smaller amounts of coverage, like burial insurance.
- Best company for high-risk life insurance: Banner Life insurance prices their substandard applicants in a way that makes them a cheaper option for high-risk individuals. They also approve applicants that other companies decline due to certain conditions.
The Best Life Insurance Policies for 60-Year-Olds
In order to choose the best coverage, you first need to ask yourself, “Why am I buying life insurance?”
- Do you need to replace your income for your spouse’s benefit?
- Do you need to take care of any outstanding debts?
- Do you need to help cover burial costs?
The answers to these questions will lead you to the right type of policy for you.
Next, think about how long of a term you will need. If you are still working, you may only need life insurance until your retirement kicks in. If your life insurance is to cover any outstanding debts, you may only need it until your debts are paid off.
Most people don’t want to spend their life savings while they are still alive to protect their families after they pass. We can definitely understand that kind of attitude. At the same time, having some coverage is better than having no coverage, so find something that’s within your budget and will also give your family some protection.
Permanent vs Term Life Insurance
For anyone 60-years-old or older, permanent coverage can get pricey, especially if you want a large plan.
To save money, you can purchase a policy with lower coverage, or a shorter term.
Many people at age 60 take out a $10,000, $15,000 or even $25,000 policy to take care of those expenses through a burial insurance policy. There is no medical check required and the premiums will be guaranteed to you for life.
Term life insurance allows you to still get a large amount of coverage, but it expires after a certain amount of time, usually 10 to 30 years.
Guaranteed Universal Life insurance is also a very common choice for 60-year-olds looking to obtain the cheapest amount of life insurance which won’t expire. These policies are also known as “term for life” policies, as they are permanent life insurance policies that have level premiums. These policies can even go as low as $25,000 but they do require a medical exam.
How to Apply for Life Insurance at Age 60
Whenever we talk to a person in their 60’s looking for life insurance, we always tell them to compare multiple companies!
Why should you compare companies?
It’s simple, each company has different ways to issue quotes. Some companies put more importance on age than other carriers. Depending on their underwriting process, your quotes are going to vary.
If you have any sort of high-risk health conditions, then it can become even more complicated. Every life insurance company has a different way of assessing risk and will price different conditions in different ways. Because of this, if you have a medical condition, it is even more important to find the right company so you don’t overspend.
Choose the right type of policy you need first, then compare companies that offer that policy. Using an experienced independent agent can make the process easier by saving you time and money. They will know all the best companies for life insurance for 60-year-olds and can help you compare quotes.
Start with our free life insurance quote tool or call us today, to start comparing quotes from top carriers.