Last Updated: March 2020
While obtaining life insurance in your 60s is going to be more expensive than for people in their 40s or 50s, it is still possible to find an affordable policy.
Below, we have a whole archive of information about obtaining life insurance for ages 60 to 69. You’ll learn the top companies, how to save money on your policy, and see sample rates for this age range.
Life Insurance at Ages 60 to 69
We suggest visiting the page that corresponds with your current age:
- Life Insurance for 60 Year Olds
- Life Insurance for 61 Year Olds
- Life Insurance for 62 Year Olds
- Life Insurance for 63 Year Olds
- Life Insurance for 64 Year Olds
- Life Insurance for 65 Year Olds
- Life Insurance for 66 Year Olds
- Life Insurance for 67 Year Olds
- Life Insurance for 68 Year Olds
- Life Insurance for 69 Year Olds
Why Get Life Insurance in Your 60’s?
This age range is often your peak savings years where you’re determining when and if you can retire.
Studies show that 40% of people in their 60’s are forced into early retirement because of health or employment issues, and many taking care of elderly parents. We also find many people in their 60’s are downsizing and working out their estate plans.
Life insurance at 60 is usually a payment you don’t want to add because of everything going on. However, if you have loved ones who are financially dependent on you, life insurance is a good way to protect them.
Many people in their 60’s purchase what we refer to as a final expense policy or a life insurance policy that covers burial costs and any outstanding debts. These are smaller life insurance policies where no medical exam involved (just paperwork) and they take people with higher risks.
Life Insurance After Age 60 Can Still Be Affordable
By the time most people reach the age of 60, they often feel like life insurance with affordable premiums is unattainable to them.
This simply isn’t true. You can still get cheap life insurance in your 60’s if you know how to shop.
That said, for anyone who is 60 years old or older, we always recommend they apply for life insurance as soon as you can. This is because the longer you wait, the more expensive life insurance becomes.
Also, the older you get, the more likely your health will decline. The worse your health is, the more expensive your life insurance will become. If you’re even slightly considering getting life insurance, there is no better time than right now to apply for coverage.
How Much Does Life Insurance Cost in Your 60’s?
Simply put, by the time you reach your 60s, life insurance is going to be more expensive than it would have been if you applied 10 or 20 years ago.
That said, the price for your policy might still be very cheap. The cost of your policy will depend on not just your age, but also your health, hobbies, and other factors.
If you’re in your 60’s and in average or better health, use our quote tool to compare rates from the top companies.
The Best Life Insurance Companies for Age 60 to 69
The companies below usually have some of the most competitive rates for this age range.
- Protective Life is the best for term life insurance in your 60’s. Their rates for this age range are often the lowest on the market.
- Mutual of Omaha is the best for whole life insurance in your 60’s. They offer the best rates for whole life insurance in smaller amounts to cover burial insurance
- Banner Life insurance is the best for high-risk life insurance in your 60’s. Because of the way they price their substandard business, they have lower-cost policies for high-risk individuals. They also approve many risks that other companies decline
We do still recommend comparing the companies above to other top-rated carriers, as the companies above are not best for all situations.
Applying for Life Insurance in Your 60’s
Any of the companies you apply with will want you to undergo a medical exam and an underwriting process before giving you a quote. This is to determine the amount of risk you present to the company.
The options and policies available to you are going to be based on what they find in your medical exam and from your answers to their questions in the underwriting process.
Many people in their 60’s, instead of applying for term life insurance, apply for guaranteed universal life insurance. It still requires a medical exam, but you will be able to have level premiums for the rest of your life.
Other seniors will take out life insurance for a smaller amount, like $10,000 to $25,000. These burial policies often don’t require a medical exam. The premiums there are also guaranteed to stay level for life.
Remember, just because you’re in your 60’s doesn’t mean you can’t obtain affordable life insurance. Start by using our quote tool to compare rates from the best life insurance companies for people in their 60’s.