Life Insurance for Seniors Over 60: Complete Guide
Turning 60 can mark a new chapter in life. Retirement may be on the horizon, children might be financially independent, and priorities often shift toward protecting what you’ve built. For many, this includes making sure loved ones are financially secure after you’re gone. Life insurance for people over 60 can help cover final expenses, settle outstanding debts, replace lost income for a spouse, or leave a meaningful legacy.
Whether you’re looking for affordable life insurance for seniors over 60, exploring whole life insurance for people over 60, or just trying to understand your options, this guide will walk you through policy types, estimated costs, and how to choose the right coverage for your needs.
Why Seniors Over 60 Should Consider Life Insurance
Life insurance over 60 can play a critical role in protecting your loved ones from financial hardship. Even if major expenses like raising children or paying off a mortgage are behind you, there may still be reasons to carry coverage.
Many seniors in their 60s use life insurance to:
- Cover funeral and burial expenses so family members aren’t left with unexpected bills
- Pay off remaining debts, such as a mortgage, car loan, or credit cards
- Provide a financial cushion for a spouse or partner, especially if pensions or Social Security benefits will be reduced after your passing
- Leave an inheritance or charitable gift
- Fund specific goals, such as helping a grandchild with college costs
The best life insurance for seniors over 60 will depend on your health, budget, and what you want the policy to accomplish.
Types of Life Insurance Available (Over 60)
Several types of life insurance are available for people over 60. Each works differently in terms of cost, duration, and benefits, so it’s important to match the policy to your needs.
Term Life Insurance
Term life insurance covers you for a set period (typically between 10-30 years) and pays a death benefit if you pass away during that time.
- Term insurance typically offers higher coverage amounts at lower initial costs than permanent insurance
- Rates are based on your age and health when you apply, and premiums are fixed for the term length
- Once the term ends, coverage stops unless you renew (at higher rates) or convert to permanent insurance
Whole Life Insurance
Whole life insurance provides coverage for your lifetime, with guaranteed premiums and a guaranteed death benefit.
- Whole life Builds cash value you can borrow against while you’re living (but doing so may impact the death benefit)
- Premiums are higher than term life for the same coverage amount
- Can be a good choice if you want coverage that never expires and the ability to access cash value if needed
Whole life insurance for seniors over 60 can be especially appealing if you want to lock in coverage without worrying about future renewals.
Universal Life
Universal life insurance is a flexible type of permanent coverage that lets you adjust premiums and death benefits over time (within policy parameters). Those over 60 may be interested in guaranteed universal life (GUL), which is a subtype of UL insurance. GUL is designed to keep costs lower by focusing on a guaranteed death benefit rather than cash value growth. Guaranteed universal life can be a middle ground between term and whole life in cost policy length.
Final Expense (Burial) Insurance
Final expense insurance (also called burial insurance) is a small whole life policy intended to cover end-of-life costs and is a popular life insurance for over 60 choice.
- Coverage amounts usually range from $5,000 to $25,000
- Designed to help pay for funeral arrangements, cremation, or other final bills
- Easier approval, often with no medical exam and just a few health questions
Convertible Term Policies
Some term life policies allow you to convert to permanent coverage without another medical exam before the term ends.
- Helpful if your health changes but you still want lifetime protection
- Conversion deadlines vary, so check your policy terms
- Premiums after conversion will be higher, but coverage becomes permanent
Estimated Premiums Across Ages & Policy Types
Life insurance premiums generally increase as you age, and rates can vary widely depending on policy type, coverage amount, and your health profile. For seniors in their 60s, term life is typically the most affordable for larger coverage amounts, while permanent policies cost more but guarantee lifetime protection.
Life insurance costs for seniors over 60 vary significantly based on factors like age, health, coverage amount, and policy type. Here are some ranges for common options for seniors over 60:
Term Life:
A 20-year, $500,000 policy averages around $1,651 per year for women and $2,351 per year for men; or about $195/month and $138/month, respectively.(1)
Whole Life:
By comparison, whole life is significantly more expensive. The average annual premium for a $500,000 whole life policy at age 60 is $14,635 for women and $16,698 for men, or roughly $1,200 to $1,400 per month.(1)
Final Expense (Burial Insurance):
A $10,000 policy costs around $45/month for women and $57/month for men for a guaranteed issue policy that doesn’t ask health questions.(2)
**Important note: These examples are averages. Your actual premium will depend on your health, smoker status, gender, underwriting path, and insurer.**
Key factors that affect your rate:
- Age and gender
- Health history and lifestyle habits
- Policy type and coverage amount
- Whether medical underwriting is required or simplified
Choosing the Right Policy, Considerations for Seniors
Selecting the best life insurance for seniors over 60 means balancing your financial goals with your budget and health status.
Start by identifying your needs:
- Do you need coverage for final expenses, income replacement, debt payoff, or a legacy gift?
- How long do you need the policy to last?
Comparison Table: Best Providers for Seniors (2025)
While rates and eligibility vary by individual, the table below offers a general look at common policy types for people in their 60s. It can help you compare features at a glance and decide which might align best with your needs.
| Policy type | Typical coverage range | Best for |
|---|---|---|
Term life | $50,000 – $1M+ | Seniors in good health seeking high coverage for a set period |
Whole life | $10,000 – $250,000+ | Those wanting lifetime coverage with fixed premiums |
Guaranteed Universal Life (GUL) | $25,000 - $500,000+ | Seniors seeking lifetime coverage at a lower cost than whole life |
Final expense | $5,000 – $25,000 | Covering funeral costs and small debts |
Convertible term | Varies based on term policy | People wanting the option to switch to permanent coverage later |
Pros and Cons
| Policy Type | Key Advantages | Possible Drawbacks |
|---|---|---|
Term life | Lower initial cost for larger benefit; fixed premiums during term | Expires after term; renewal costs increase with age |
Whole life | Guaranteed death benefit; cash value growth | Higher premiums for same coverage compared to term |
Guaranteed Universal Life (GUL) | Fixed premiums and benefit to a set age (usually 90-100) | Little to no cash value; less flexibility than traditional universal life |
Final expense | Easy to qualify; affordable for modest coverage needs | Limited benefit amount; not designed for income replacement |
Convertible term | Conversion without another medical exam | Premiums increase after conversion; must convert before deadline |
FAQs on Life Insurance for Seniors Over 60
What is simplified underwriting and how does it benefit seniors?
Simplified underwriting skips the traditional medical exam and instead uses a health questionnaire, prescription history, and sometimes a quick phone interview. It can make the process faster and easier, often with an approval decision in just a few days.
Can I get life insurance over age 60, and if so, what type?
Yes. Many people in their 60s still qualify for term, whole, or universal life insurance, especially if they’re in good health. If health issues are a concern, simplified or guaranteed issue policies may be available, though these usually have smaller benefit amounts and higher premiums.
What’s the difference between burial insurance and final expense insurance?
These terms are often used interchangeably. Burial insurance usually refers specifically to covering funeral and burial costs, while final expense insurance can also help with small debts, medical bills, or other end-of-life costs.
How does converting a term policy work in practice?
If your term policy has a conversion option, you can switch to permanent coverage without taking another medical exam. You’ll need to do this before the deadline in your policy, and your new premium will be based on your age at the time of conversion.
How much life insurance should someone over 60 realistically carry?
It depends on your goals and financial situation. Some people only need enough to cover final expenses and small debts, while others want to provide income replacement or a legacy gift.
Are there alternatives that combine life insurance and long-term care?
Yes. Some hybrid policies let you use part of your death benefit to pay for qualifying long-term care expenses. These can be more expensive than standard life insurance but may be worth considering if you want to address two needs with one policy.
Do premiums increase with age, or can they be fixed?
It depends on the policy. Term life rates stay the same during the term but increase sharply if you renew later. Whole life, guaranteed universal life, and most final expense policies have fixed premiums that won’t change over time.
What happens if I outlive my term life policy?
Your coverage ends when the term expires, unless you renew or convert it to a permanent policy. Renewing can be costly because rates are based on your current age, but converting before the term ends can secure lifetime coverage without another exam.
The Bottom Line on Life Insurance for Seniors over 60
Even in your 60s, it’s possible to find life insurance that fits your budget and goals, whether you want to cover final expenses, pay off debts, or leave a meaningful gift for loved ones. The key is matching the right policy type to your needs and health profile. At Ethos, we make it simple to compare options and apply online, without a medical exam (just answer a few health questions). Get started today to see your personalized life insurance quotes in minutes.
