How To Find The Best Life Insurance For Seniors Over 60

Types of Policies, 5 Best Carriers, & Rates!

Updated: June 2021

If you want to find the best life insurance for seniors over 60, this guide will help you find the most affordable coverage, and best policy possible.

Specifically, we are going to show you:

  • Why you should get life insurance over age 60.
  • How to find the best policy with the right amount of coverage.
  • The best life insurance companies for seniors, including sample rates.
  • How to apply for and save money on life insurance.

There are many life insurance providers offering policies that cater to seniors over 60, so rest assured that you will be able to find the perfect policy for your needs.

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Why Should I Get Life Insurance Over Age 60?
How to Find the Best Life Insurance for Seniors
Best Life Insurance Companies for Seniors
Sample Life Insurance Rates Age 60-69
4 Tips to Save on Life Insurance
How to Apply for Life Insurance for Seniors

Best life insurance for seniors over 60

Why Should I Get Life Insurance Over Age 60?

Life insurance will help take care of your family financially and can provide family life insurance once you pass away.

If your family is depending on you for income or your death would leave them in a difficult financial situation, then you should consider life insurance.

For example, if you have debts that you have been paying all your life, life insurance can handle the payments after your death. Life insurance is a way of taking responsibility for all your affairs even after you’re gone.

When Should I NOT Get Life Insurance?

There are some situations where you don’t need life insurance over age 60. These include having no dependents and no debt.

In addition, if you are confident about your ability to support your medical expenses at the end of your life and have enough to support your funeral expenses, you should skip getting life insurance.

How to Find the Best Life Insurance for Seniors Over 60

When you first start hunting for the right life insurance policy as a senior, you need to match the details of each policy with your needs and requirements. The needs of every individual vary, depending on the number of dependents and financial situation.

You need to decide whether you want to leave an inheritance for your loved ones or support them financially to pay for your funeral expenses.

This is an extremely important step as it helps you decide:

Below we’ll help you decide those two things, then go over some of the best companies for each situation.

How Much Life Insurance Coverage Do Seniors Over 60 Need?

The first step to choosing the best life insurance policy is to figure out how much coverage you need based on your stage of life.

If you only wish to pay for your funeral expenses, you might want to consider final expense or burial insurance. However, if there are significant debts that you have to pay off, you might want more life insurance coverage.

According to life insurance expert Jeff Root, founder of Rootfin, “a death benefit in between $10,000 or $12,000 should suffice.”

Are you covered for life insurance over 60?

The payout benefit received after your death should be enough to pay off all the remaining obligations of your family members. Hence, if you want to leave an inheritance, you will need to consider a much bigger coverage amount.

Some of the things you should consider when determining how much life insurance you need:

  • Mortgage debt.
  • Credit card debt.
  • Your annual salary if you’re still working and your family needs this income.
  • Number of financial dependents you have.
  • What you want to leave your remaining family members, like leaving a life insurance legacy gift.

Oftentimes, life insurance for people age 60 and over becomes more expensive. However, they usually need less coverage because they have less outstanding debt and financial dependents.

Types of Life Insurance for Seniors

You have the option of choosing whole life insurance, term life insurance, or a specialized over 60 life insurance policy.

As you grow older, health complications may arise. As a result, some life insurance policies might be better than others. It really depends on your health, if you have any high-risk conditions, and exact age.

Below are some of the best types of life insurance for seniors over 60.

Term Life Insurance

Term life insurance provides coverage for people in terms. Usually, these terms are from 10-30 years and are offered in 5 year increments.

A term life insurance policy for seniors serves the purpose of paying your debts and funeral expenses and is cheaper than whole life insurance.

For this type of coverage, most seniors over 60 are only offered 20-year term policies.  This is because most life insurance companies only offer term coverage through age 75, with a few offering to age 80 and up.

Permanent Life Insurance

Permanent life insurance provides life insurance coverage for the rest of your life. For seniors over 60, whole life insurance can be affordable depending on the provider you choose.

Whole life insurance has a cash value from the premiums paid into the policy, but it is more expensive than term insurance. Therefore, unless you want to leave an inheritance for your family members, you should opt for a term life insurance policy.

For those looking to protect your assets and perhaps pass them on to beneficiaries in an estate, whole life insurance may be best for you.

Whole life insurance comes in a couple of different policy types, such as:

  • Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Life Insurance
  • And more…

This can be a great investment vehicle for seniors who have money on hand and are looking to build a larger value with it before giving it out to their beneficiaries.

Simplified Issue Life Insurance

Simplified issue life insurance coverage for seniors is typically offered as permanent life insurance.

Simplified issue means that the application process is quicker because the underwriters don’t need to know as much information about your health.  This is a type of no medical exam policy, where you do not have to take a medical examination to be approved for coverage, but rather, only need to answer a few questions.

Typically, most simplified issue life insurance policies are grouped under the term burial life insurance because of their small policy amounts, usually $5,000 to $50,000, with a few companies offering more coverage.

Burial Insurance for Seniors

Burial life insurance coverage is meant to cover immediate death expenses such as funeral and burial, and also meant to cover any remaining debts.

An alternative option to this is final expense insurance, which unlike burial insurance is made specifically for final expenses only. The beneficiary does not have the right to spend death benefits except for on funeral-related expenses.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is as the name implies, guaranteed. This means that people will automatically be granted coverage, regardless of their health.

It is life insurance for seniors in their 60’s with no questions asked, and next to no waiting time. As a result, premiums for guaranteed life insurance are the highest amongst those available for seniors, when compared on a cost per thousand of coverage basis.

However, for people who are in poor health or who need easy life insurance quickly, guaranteed issue life insurance is one of the best life insurance policies on the market.

Survivorship Life Insurance

Survivorship life insurance or second to die life insurance is a type of joint life insurance policy.  This means that two spouses can purchase life insurance together, under one policy and one provider, with one premium.

There are two types of joint life insurance, the other being first-to-die life insurance. The reason we recommend survivorship life insurance for seniors over first to die life insurance is because of the way it pays out.

First-to-die life insurance pays out to the surviving spouse after the first spouse dies, but then the life insurance policy is lapse, leaving no coverage for the remaining family members in the event of the remaining spouse’s death.

Survivorship life insurance pays out after the remaining spouse dies, and stays in place when the first spouse dies, leaving coverage for family members in the event of their death.

How To Find the Right Life Insurance Company

At this point, you should know how much coverage you need and the type of policy you are looking for. The next step is to find the right company.

We always recommend getting quotes from multiple life insurance carriers so you can compare and find the best rate. You can use our quote comparison tool to do this easily.

When it comes to choosing the best life insurance company, it is important to consider the following factors:

  • Financial Rating – this ensures the company is financially stable.
  • Claims Payout – similar to financial rating, you want to make sure they pay out on their claims.
  • Policies Available – do they have the type of policy that is best for you?
  • Rates – are their rates competitive with other companies?
  • Policy Riders – do they have options to add riders on your policy? Not everyone will need this.
  • Conversion Options – do you have the option to convert your term policy to a whole life policy? Not applicable for everyone.

All of these factors make a difference when choosing the best life insurance coverage for seniors over 60. You want a company that has a combination of all these factors. The lowest life insurance rates may not always be the best policy for your specific needs.

The Best Life Insurance Companies for Seniors Over Age 60

In our experience, these are the best life insurance companies for seniors based on the criteria we mentioned above. Keep in mind, everyone is different, and we’ve recommended dozens of insurance companies to seniors over age 60 based on their specific situation.

You can find links to our full life insurance company reviews in the chart below.

CompanyCustomer ReviewsOur Life Insurance Company Review
AIG Life Insurance4.1 / 5AIG Life Insurance Review
North American Company4.0 / 5North American Life Insurance Review
Transamerica4.2 / 5Transamerica Life Insurance Review
Prudential4.3 / 5Prudential Life Insurance Review

The companies above are a great place to start, but if you know what type of policy you need, we have other recommendations below.

The Best Term Life Insurance Companies for Seniors

The following life insurance companies offer term life insurance for seniors over 60, through age 95.

Mutual of Omaha life insurance company logo
  • Mutual of Omaha Life Insurance
  • Protective Life Insurance
  • American General Life Insurance

Again, each company is rated highly in terms of financial strength, policy options, premium rates, and customer service.

The Best Whole Life Insurance Companies for Seniors

Depending on your health, the following companies provide very affordable permanent life insurance coverage for seniors over 60.

prudential life insurance logo
  • Prudential Life Insurance
  • AIG Life Insurance
  • Mutual of Omaha

Be sure to know which type of permanent policy is best for you, and compare the rates of multiple carriers.

The Best Guaranteed Issue Life Insurance Companies for Seniors

AIG life insurance logo

For guaranteed issue life insurance, we typically recommend one of the three companies below. These policies have no medical exam, and you are guaranteed to be accepted.

  • AIG
  • Gerber
  • Great Western

Only choose a guaranteed issue policy if you cannot qualify for other policies. These are designed for people who have serious medical conditions.

Sample Life Insurance Rates for Seniors Over 60

Couple over age 60 with life insurance

There are four basic categories of rates that are offered to individuals applying for life insurance – Preferred Plus, Preferred, Standard Plus, Standard.

Seniors can be eligible for all these rates however it depends on your health. If you are in great shape and do not suffer from any of the serious illnesses, you are more likely to get Preferred Plus rates. If you have a history of health problems or a high-risk condition, you may get placed into a lower class.

Term Life Insurance Rates for People Over 60

The following sample life insurance rates are for 10-year term life insurance coverage, and the premiums displayed are paid on a monthly basis.

Rates will vary depending on general health, if you are looking for life insurance for a smoker, and a number of other factors.

Age$ 100,000$ 250,000$ 500,000

As you can see, rates go up every year. If you purchased life insurance at age 68, you’ll pay over twice as much as if you decided to pay at age 60.

Whole Life Insurance Rates for Age 60 – 65

Below are sample rates for whole life insurance for a male, non-smoker, in the Preferred health class.

Age$ 100,000$ 250,000$ 500,000

Whole life insurance is more difficult to qualify for in your 60’s and has much higher premiums. To review rates for lower coverage amounts, see our guide on burial insurance.

4 Tips to Save on Life Insurance for People Over 60

Want to know how you can get the lowest possible life insurance premiums? Here are 4 steps that you can take to minimize your expenses related to life insurance policy over age 60.

1. Manage Your Health

Life insurance companies will give you a lower rate if you are in good health.

Control your blood pressure, try to quit smoking, and follow healthy dietary habits, to show that you are a low-risk applicant.

2. Shop for the Right Life Insurance Carriers

As mentioned above, you should be ready to shop around for the right companies. Make sure that you choose carriers with solid financial ratings, good customer service, and the policy options that you need.

You will need to read reviews, or work with an independent agent, to decide if the provider you are considering is right for you.

3. Carry Out a Comparison

After shopping around, shortlist several life insurance companies and get quotes from them. Once you receive the quotes, making a decision becomes easier. You can choose the most affordable option.

4. Buy on Time

If you are already over 60, you should make the decision as soon as possible. Wasting more time will only decrease the term coverage that you are able to receive, and increase your premium rates.

How to Apply for Life Insurance for Seniors

Many people make the mistake of choosing the first provider that they find. For your own benefit, it is important to carry out extensive research and compare the quotes received by different insurance providers. Without this step, you will risk paying more for the same policy that would have cost less from another insurance provider.

Here is the best process to apply for life insurance.

  1. Determine how much coverage you need.
  2. Choose the type of policy you need.
  3. Find the right companies who offer this type of policy.
  4. Get quotes & compare.
  5. Purchase your policy.

The easiest way to do this is to work with an independent agent who can compare life insurance rates for seniors over 60 from multiple companies to find the best life insurance coverage for your situation.

Our independent life insurance agents work with the best life insurance companies, and we’ve helped 1000’s of seniors find affordable life insurance. Give us a call, or begin online with our quick quoting tool to compare the best life insurance for seniors over 60 today!