Life Insurance Cost in Your 60s
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The Short Answer
How Much Does Life Insurance Cost in Your 60s?
Life insurance in your 60s typically costs $80 to $200+ per month, depending on the type of policy, your health, and how much coverage you need. A healthy 60-year-old male can get $100,000 in 10-year term coverage for around $55 per month. Final expense insurance, which is the most popular option at this age, starts at approximately $45 per month for $10,000 in coverage.
Your 60s are a decade when your life insurance needs shift significantly. Term life coverage becomes more expensive and harder to qualify for with longer terms. At the same time, final expense insurance becomes increasingly important as a way to ensure your family is not left with funeral costs and end-of-life expenses. The good news is that no-medical-exam options are widely available, making it easier than ever to get coverage.
Because rates vary significantly between carriers at this age, comparing quotes is essential. The difference between the most and least expensive carrier for the same coverage can be 40% or more. An independent comparison ensures you are getting the best possible price.
Pricing Factors
What Affects Your Life Insurance Cost at This Age
In your 60s, several factors have an outsized impact on what you pay for life insurance. Understanding these factors helps you choose the right coverage type and find the best rate available to you.
Your Health Profile Is the Biggest Factor
In your 60s, your health profile has more influence on your rate than at any previous age. Conditions like heart disease, diabetes, COPD, cancer history, and obesity can significantly impact your premium or even determine which type of policy is available to you. A healthy 60-year-old can qualify for preferred rates that are dramatically lower than standard rates. If you have health conditions, the good news is that many carriers specialize in higher-risk applicants and still offer competitive pricing. The key is finding the right carrier for your situation.
The Type of Policy You Choose
In your 60s, the type of policy you choose has a major impact on cost. Term life provides the lowest per-dollar cost for large coverage amounts, but it expires when the term ends. Final expense insurance costs more per dollar of coverage but lasts your entire life and never increases in price. Guaranteed acceptance policies cost the most but accept everyone regardless of health. Choosing the right policy type for your needs and health status is the most important decision you will make.
Tobacco Use
Tobacco use continues to have a major impact on rates in your 60s, often doubling or even tripling your premium compared to non-tobacco users. If you have quit tobacco, most carriers will reclassify you as non-tobacco after 12 to 24 months of being tobacco-free, which can dramatically lower your rate.
Coverage Amount
At this age, right-sizing your coverage is especially important. You may no longer need the large coverage amounts that made sense in your 30s or 40s. If your mortgage is paid off, your children are independent, and your primary concern is covering funeral costs and leaving a small legacy, a final expense policy of $10,000 to $25,000 may be all you need. Buying only what you need keeps your premium affordable.
Recommended Coverage
Best Coverage Types for People in Their 60s
In your 60s, your coverage options are more focused than in earlier decades, but several strong options are available depending on your health and financial goals.
Final Expense Insurance
Final expense insurance is the most popular choice for people in their 60s, and for good reason. It provides permanent coverage of $5,000 to $50,000, requires no medical exam in most cases, and locks in a rate that never increases. The coverage is designed to pay for funeral costs, medical bills, and other end-of-life expenses so your family is not burdened. Approval is often available in as little as 24 hours, and simplified issue plans offer the best rates for applicants who can answer a few health questions. Learn more about final expense insurance.
Term Life Insurance (10-Year or 15-Year)
If you still need larger coverage amounts, term life is available in 10-year and 15-year terms for healthy applicants in their 60s. This can make sense if you still have a mortgage, ongoing financial obligations, or a spouse who depends on your income or Social Security benefits. Term life is more affordable per dollar of coverage than permanent policies, but it expires when the term ends and renewal rates are very high at this age.
Guaranteed Acceptance Life Insurance
If you have serious health conditions that prevent you from qualifying for a simplified issue policy, guaranteed acceptance life insurance is your safety net. These policies accept everyone regardless of health, with no health questions and no medical exam. Coverage amounts are typically $5,000 to $25,000. The trade-off is higher premiums and a graded benefit period, usually two years, during which the full death benefit is not paid for natural causes. After the graded period ends, the full benefit applies.
Related Cost Guides
Save Money
How to Get the Lowest Rate in Your 60s
Rates in your 60s are higher than in earlier decades, but there are several effective strategies to keep your premium as affordable as possible.
1. Compare Quotes From Multiple Carriers
This is the single most important step you can take in your 60s. Rate differences between carriers are wider at this age than at any other, especially for applicants with health conditions. One carrier might charge you $90 per month while another offers the same coverage for $55 per month. Asurgo shops 25+ carriers to find you the lowest available rate for your specific health profile.
2. Choose Simplified Issue Over Guaranteed Acceptance
If you can qualify for a simplified issue policy, it will cost significantly less than a guaranteed acceptance policy. Simplified issue policies ask health questions but do not require a medical exam. If your health allows it, this path gives you lower rates and no graded benefit period, meaning your full coverage is active from day one.
3. Act Now Before Rates Climb Higher
Life insurance rates increase every year in your 60s, and the increases are steeper than in earlier decades. A 60-year-old pays significantly less than a 65-year-old for the same policy. Your health can also change quickly at this age, potentially moving you to a higher rate class or limiting your options. The rate you lock in today stays the same for the life of your policy.
4. Right-Size Your Coverage
Take an honest look at what your family would need. If your mortgage is paid off and your children are financially independent, you may not need the large coverage amounts that made sense in earlier decades. A final expense policy of $10,000 to $25,000 covers funeral costs and leaves your family with a small financial cushion. Buying only what you need keeps your monthly premium manageable.
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Frequently Asked Questions About Life Insurance in Your 60s
Can I get affordable life insurance in my 60s?
Yes. While rates are higher than in earlier decades, affordable options exist for people in their 60s. Final expense insurance starts at around $45 per month for $10,000 in coverage for a 60-year-old male. No-medical-exam policies make it easier to qualify, and rates are locked in for life. The key is comparing quotes from multiple carriers, because rates vary significantly from one company to the next. Asurgo shops 25+ carriers to find you the lowest available rate.
What is the best type of life insurance after 60?
Final expense insurance is the most popular choice for people in their 60s. It provides permanent coverage of $5,000 to $50,000, requires no medical exam, and locks in a rate that never increases. If you need larger coverage amounts, term life is still available in 10-year and 15-year terms, though rates are higher than in earlier decades. Many people in their 60s combine a final expense policy for permanent protection with a term policy for any remaining large coverage needs.
Do I need a medical exam for life insurance at 60?
Not for most policies designed for this age group. Final expense insurance and guaranteed acceptance policies both skip the medical exam entirely. Simplified issue policies ask health questions on the application but do not require blood work or a physical exam. Fully underwritten policies with a medical exam are available and may offer lower rates for very healthy applicants, but the no-exam route is the most common path for people in their 60s.
Is final expense insurance worth it?
Yes, for most people in their 60s. Final expense insurance covers funeral costs, medical bills, and other end-of-life expenses so your family is not left with a financial burden. The average funeral in the United States costs $8,000 to $12,000, and many families are not prepared for that expense. A final expense policy locks in a rate that never increases, the coverage lasts your entire life, and most plans approve in as little as 24 hours with no medical exam required.
What is guaranteed acceptance life insurance?
Guaranteed acceptance life insurance is a type of whole life policy that accepts every applicant regardless of health conditions. There are no health questions and no medical exam. Coverage amounts are typically $5,000 to $25,000. The trade-off is that guaranteed acceptance policies cost more than simplified issue policies and include a graded benefit period, usually two years, during which the full death benefit is not paid for natural causes. After the graded period, the full benefit applies.