Yes, you can usually buy life insurance after 60. Healthy seniors can often get 10- to 20-year term coverage, while guaranteed universal or whole life provides lifelong protection. Final expense and guaranteed issue policies offer smaller amounts with few or no health questions. Costs rise with age, so compare quotes from several insurers soon.
Life Insurance for Seniors Over 60: Your Main Options
Buying life insurance after 60 is common, and it is usually still possible. According to Policygenius, many insurers offer affordable coverage to people in their 60s who are in good health. What changes with age is the price, the policy types that make sense, and how much underwriting you will face. The right choice depends on why you want coverage: replacing income for a spouse, paying off a mortgage, leaving an inheritance, or simply covering funeral costs.
Policygenius lists term, whole, guaranteed universal, indexed universal, variable universal and final expense insurance as options for people in their 60s. Below is a plain-language look at the ones most seniors compare.
Term life insurance
Term life covers you for a set period, such as 10, 15 or 20 years, and pays only if you die during that period. It is usually the cheapest way to buy a large death benefit. For a 60-year-old, a 10- or 15-year term can cover the years until a mortgage is paid off or until a spouse starts drawing retirement income. Policygenius publishes sample 10-year term rates all the way up to age 80, which shows that some insurers still sell short terms at older ages, although availability, maximum issue ages and term lengths vary by insurer.
Whole life insurance
Whole life lasts for your entire life as long as premiums are paid, and it builds cash value. Premiums are much higher than term for the same death benefit. Seniors often buy smaller whole life policies to guarantee money for heirs or to cover final costs no matter when they die.
Guaranteed universal life (GUL)
Guaranteed universal life is a type of permanent coverage designed to provide a death benefit to a chosen age, often well into your 90s or later, with little focus on cash value. It is generally priced between term and whole life, which makes it popular with seniors who want lifelong coverage without paying whole life prices. Guarantees and age limits depend on the specific contract, so read the illustration carefully.
Final expense and guaranteed issue insurance
Final expense insurance is a small whole life policy meant to pay for a funeral, medical bills or other end-of-life costs. Policygenius sample rates show final expense coverage levels from $5,000 to $20,000, and it lists this option for people who cannot qualify for traditional coverage because of age or medical history. These policies are usually simplified issue (a few health questions) or guaranteed issue (no health questions).
Guaranteed issue policies accept eligible applicants without a medical exam or health questions, but they come with a trade-off. According to New York Life’s AARP program, most guaranteed acceptance policies have a waiting period that often lasts about two years. If the insured dies of natural causes during that time, many policies pay a graded benefit, which is generally the premiums paid plus interest, instead of the full death benefit. Many policies do pay the full benefit for accidental death from day one. Nationwide notes that guaranteed issue coverage is typically limited to about $25,000 or less.
Sample Costs for Seniors
The figures below are average monthly rates published by Policygenius for non-smokers, valid as of September 12, 2024. They are examples only. Your actual price will vary by age, health, sex, state, term length, coverage amount and insurer, and the final premium is set by the insurer after you apply.
| Policy type | Age 60 | Age 65 | Age 70 |
|---|---|---|---|
| 10-year term, $250,000 | $81 | $131 | $229 |
| 15-year term, $250,000 | $105 | $179 | $325 |
| 20-year term, $250,000 | $147 | $252 | $481 |
| Whole life, $25,000 | $122 | $155 | $204 |
| Whole life, $100,000 | $332 | $434 | $587 |
| Final expense, $10,000 | $42 | $52 | $67 |
Two patterns stand out. First, waiting costs money: Policygenius shows a $250,000, 10-year term rising from $81 a month at 60 to $229 at 70 and $939 at 80. Second, the gap between term and permanent coverage is large. A 60-year-old would pay an average of $81 a month for $250,000 of 10-year term, versus $332 a month for just $100,000 of whole life in the same data. Policygenius’s whole life figures come from Mutual of Omaha, Transamerica and MassMutual, and its final expense figures from Mutual of Omaha or Transamerica.
Health Questions and Underwriting After 60
Most larger policies are fully underwritten. Expect questions about medical conditions, medications, tobacco use, family history and lifestyle, and possibly a medical exam with blood pressure readings and lab work. Policygenius notes that insurers may take four to six weeks to approve or deny coverage, and that applying without a regular doctor can make it harder to find an insurer.
Smaller policies are often simplified issue, which means a short health questionnaire and no exam. Answer every question honestly. Inaccurate answers can lead to a denied claim later, which defeats the purpose of buying coverage.
- Common conditions are not automatic declines. Controlled high blood pressure, high cholesterol or type 2 diabetes may still qualify for traditional coverage with some insurers, depending on how well they are managed.
- Recent serious diagnoses matter most. Recent cancer treatment, heart events or hospital stays may push you toward simplified or guaranteed issue products.
- Tobacco use raises rates sharply. All the sample rates above assume non-smokers.
Which Option Fits Your Situation?
| Your goal | Option to consider |
|---|---|
| Cover a mortgage or a spouse’s income for 10 to 20 years | Term life |
| Leave a set amount to heirs no matter when you die | Guaranteed universal life or whole life |
| Pay funeral and final bills | Final expense (simplified issue) |
| Health issues make you uninsurable elsewhere | Guaranteed issue, with a waiting period |
| Build cash value you can borrow against | Whole life |
Tips for Buying Life Insurance After 60
- Define the need first. Add up debts, a mortgage balance, funeral costs and any income your spouse would lose. Buy enough to cover that, not more.
- Apply sooner rather than later. Rates rise with every birthday, and your health can change.
- Try full underwriting before guaranteed issue. If you are reasonably healthy, a fully underwritten or simplified issue policy usually gives more coverage per dollar and no graded waiting period.
- Check existing coverage. Review employer or retiree group life, and whether an old policy has a conversion option that lets you switch to permanent coverage without new health questions.
- Look at financial strength. Choose an insurer with strong ratings from agencies such as AM Best, since a policy may need to pay out decades from now.
- Compare several quotes. Prices for the same coverage can differ noticeably between insurers.
- Talk to a licensed agent. An independent agent can match your health profile to insurers that treat it more favorably. Products, issue ages and rules vary by state and insurer.
Bottom Line
Seniors over 60 have real choices: term for a defined need, guaranteed universal or whole life for lifelong coverage, and final expense or guaranteed issue for smaller amounts. Published sample rates from Policygenius show that costs climb quickly with age and that permanent coverage costs far more than term. Treat any rate you see as an example, not a quote. Decide what the money needs to do, compare quotes from several financially strong insurers, and talk with a licensed agent about the products available in your state.
Frequently asked questions
What is the best type of life insurance for a 60-year-old?
It depends on the goal. Term life is usually the most affordable way to cover a mortgage or replace income for 10 to 20 years. Guaranteed universal or whole life suits lifelong needs like leaving an inheritance, and final expense works for funeral costs. Compare quotes and ask a licensed agent.
Can a 70-year-old still get term life insurance?
Often, yes. Policygenius publishes sample 10-, 15- and 20-year term rates for 70-year-olds, and 10-year rates up to age 80. Premiums are much higher than at 60, and maximum issue ages, term lengths and approval depend on the insurer, your health and your state.
Is guaranteed issue life insurance worth it for seniors?
It can be if health problems make other coverage impossible. Guaranteed issue asks no health questions, but coverage is small and most policies have a waiting period of about two years, during which a natural-cause death typically pays premiums back plus interest instead of the full benefit.
How much does final expense insurance cost at 65?
According to Policygenius sample rates for non-smokers, a $10,000 final expense policy averaged about $52 a month at age 65, and $20,000 averaged about $100. These are examples only; your price depends on your health, sex, state and the insurer you choose.
Read also
You may also search for: pre-existing conditions, waiting periods, choosing an insurer
This article is for general information only and is not insurance, financial or legal advice. Rates, products and rules vary by age, health, state and insurer. Compare quotes and speak with a licensed agent before buying a policy. Sources: Life Insurance Cost for Older Adults – Policygenius, Life Insurance for 60-Year-Olds – Policygenius, Guaranteed Acceptance Insurance Waiting Period – NYLAARP, What Is No-Exam Life Insurance and How Does It Work? – Nationwide.
