Life Insurance for Seniors Over 60 – A Comprehensive Guide

Choosing the right life insurance for seniors over 60 can be a complex and challenging task. However, it doesn't have to be. This article will take you through the main aspects of over 60 life insurance, including pros and cons, favorite providers, and more.

Why Get Life Insurance for Seniors Over 60?

One of the questions we see the most is, "Why should one buy life insurance for over-60-year-olds?" Having lived a full and rewarding life thus far, it's only natural that their minds start turning toward what will happen when they're gone.

Quality life insurance for people over 60 can help cover costs that might pop up when they're no longer with us. It also gives them the peace of mind to know that they're not leaving their family with debts and expenses and no means to cover them.

What Is Life Insurance for People Over 60?

Life insurance for seniors over 60 is much the same as general life insurance. The main difference is that there may be additional criteria to consider. For instance, age can be a contributing factor, as can the disorders and ailments that go with old age.

Over 60 Life Insurance - Pricing

Life insurance for people over 60 can vary significantly in price depending on the type of plan involved. The best way to get detailed pricing is to apply for a policy , but we can help you by giving you the basic averages here:

Age Group

Gender

Term Life Insurance


($250,000 to $1,000,000 coverage)

Whole Life Insurance


($10,000 to $1,000,000 coverage)

Universal Life Insurance


($250,000 to $1,000,000 coverage)

Guaranteed Acceptance Life Insurance With No Medical Questions

 
($5,000 to $10,000 coverage)

60

Male

Between $850 and

$4,700 per year

Between $550 and $36,000 per year

Between $8,000 and $30,000 per year

Between $350 and $800 per year

60

Female

Between $700 and $3,500 per year

Between $400 and $30,000 per year

Between $7,000 and $26,000 per year

Between $300 and $700 per year

65

Male

$1,400 and up annual premium

$700 and up annual premium

$2,000 and up annual premium

$450 to $900 up annual premium

65

Female

$1,400 and up annual premium

$500 and up annual premium

$350 and up annual premium

Between $350 and $750 per year

Of course, these are only basic estimates. Contact us today to get comprehensive and accurate life insurance quotes for seniors over 60.

Many policies for senior applicants make special provision for certain age-related problems. If you can’t find any other plan that works for you, guaranteed acceptance coverage is always an option. Many reputable brokers have fantastic guaranteed acceptance plans.

Types of Senior Life Insurance Plans

There are multiple types of over-60 insurance: Life, term, universal, and final expense coverage. You may find these under different trade names, serving slightly different purposes. Below, we'll take a closer look at each one and when it's best to use it.

agent selling life insurance to senior couple

Term Life Insurance for Seniors Over 60

When talking about term life insurance for seniors over 60, we refer to a type of policy with a fixed length. These policies get sold in increments of 10 years, and we call each increment a term. 

Generally, you need to go for health tests before taking out one of these policies, and the average length is between 10 and 30 years. Unfortunately, term life insurance for seniors over 60 is normally available at a maximum term of 20 years. For unique circumstances we can locate longer options and some seniors may qualify with no health exam required. 

Advantages and Disadvantages

The main advantage of this policy type is that the fees remain fixed at a low rate for the life of the policy. Its primary disadvantage is that you get nothing if you outlive the policy. Because of this , you'd need to take out a new plan each time your current life insurance ends. As you age, the monthly fees for the new term policy will be more expensive but can be locked in for another term period or possibly converted to permanent policy.

Convertible Life Insurance

One worthwhile alternative to standard term life insurance for seniors over 60 is convertible life insurance. This insurance policy type allows you to convert your term life insurance to a whole life insurance policy. 

Generally, this type of policy only allows you to convert during a specific time period. Most insurance providers won't even charge you a fee to do this. We can help determine if this is an option on your active policy and assist you with the conversion.

Bear in mind that once you convert to a whole life policy, your monthly premium will be at a higher rate since it will not increase over time. However, it will still be cheaper than paying for a whole life insurance policy early in your 60s if you have had any health issues.

Whole Life Insurance for Seniors Over 60

While term insurance is only valid for the predetermined length of the policy, whole life insurance for seniors over 60 never expires. It remains valid for the entire life of the individual concerned.

As with term insurance, brokers often demand health tests before offering seniors a whole life insurance policy. This policy is because medical conditions and the person's general health will affect the insurance premium. For clients that prefer no health exam that can be possible as well.

Advantages and Disadvantages

The main advantage of this insurance type is that it remains valid as long as the person pays the premiums and stays alive. Because it never expires, you can rest assured that the coverage will be there when your family needs it.

Sadly, the main advantage is also a disadvantage in a way. Because the type of policy accumulates value over time, if you stop paying the premiums and you lose your coverage the new rates at an older age will be locked in at a higher premium. . Because this type of policy is a fixed premium and has a guaranteed payout to your family, whole life insurance for seniors over 60 is more expensive than other options.

Universal Life Insurance for Seniors Over 60

If you look at Universal life insurance for seniors over 60, it's a well-balanced blend of both whole and term life insurance policies.

While it's a permanent plan like a whole life policy, its monthly rates are closer to term life insurance since the fees can increase over time.

It's entirely adaptable, so if you have fewer funds than you once had and would like to drop your monthly fees, you can simply drop your policy size. It's considerably cheaper than buying a new policy and much easier.

Sometimes, the company may return some or all of your payments after a specific term if you decide to end the policy early. This is known as rop (return of premium). 

Guaranteed Universal Life Insurance for Seniors Over 60

Guaranteed universal life insurance is a variant of universal life insurance that has guaranteed rates and fees to a custom age of your choosing.. Guaranteed life insurance is the best policy for seniors over 60 that would like a plan similar to term life but to a much older age.. 

Advantages and Disadvantages

The main advantage of this policy type is that your premium won’t increase and your death benefit won’t decrease to the age you specify. a guaranteed universal life insurance policy, is an excellent choice to leave behind the highest amount of money for your family without complexities of cash value in an index universal life or whole life insurance plan.. 

A severe disadvantage of this type of policy is that, while the fees are low, if you miss a single payment, it could lead to the cancellation of your policy.

Life Insurance for Seniors Over 60 With No Medical Exam

Apart from the guaranteed acceptance life insurance policies, there's another form of life insurance for seniors over 60 that doesn't require medical testing.

Generally, this type of policy is known as final expense life insurance because it allows people to plan for the expenses that will occur when they die. Some insurance providers may also call them burial insurance or funeral insurance.

It's a type of permanent insurance policy, but seniors usually have it alongside a whole-life or term policy. Its sole purpose is to pay burial fees, funeral costs, and other death-related expenses.

These policies generally have small payouts, varying between $5000 and $10000, though some policies may pay out as much as $50,000. They also have some of the smallest monthly fees, starting with as little as $15 to $20 monthly for people only wanting enough for cremation.

Advantages and Disadvantages

The main advantage of final expense coverage is its exceptionally low fees, making it an affordable alternative to (or addition to) standard life coverage. A secondary advantage, in this case, is that it requires no medical testing.

Its primary disadvantage is that it pays out relatively little and will likely only cover burial fees.

Where to Get Life Insurance for Seniors Over 60 

In modern times, getting life insurance for people over 60 years old generally couldn't be simpler. While insurance brokers often find that older clients prefer the familiarity of coming to their offices, there are other options.

Senior people signing life insurance

The two main options today include registering online or visiting a physical branch. However, there's also a hybrid option where you can fill in most of the paperwork online and make a brief appointment to handle the formalities in person.

When trying to choose the best life insurance for seniors over 60, we highly recommend taking advantage of our services. We can help narrow down carriers that offer what you're looking for. Additionally, you can contact us for a quote (or a quote comparison), so we can do the legwork for you at no extra cost!

Best Life Insurance for Seniors Over 60

There are hundreds of different insurance providers offering life insurance for 60-year-olds and up. We know that deciding which broker is best for you can seem intimidating, so we've listed some of the most trusted providers for your benefit:

  • AIG (CoreBridge) 

    • Offers:  Universal policy;  term life policy

    • Online policy registration:Yes

  • Banner Life 

    • Offers: permanent life insurance; term life insurance; universal life insurance

    • Online policy registration: Yes

  • Foresters Financial  

    • Offers:term; whole life; universal

    • Online policy registration: Yes

  • MassMutual 

    • Offers: term life; whole life; two types of universal life

    • Online policy registration: Yes

  • New York Life 

    • Offers: term life; whole life; two types of universal life

    • Online policy registration: No

  • Northwestern Mutual 

    • Offers: term life, whole life, universal life

    • Online policy registration: No

  • Penn Mutual

    • Offers: term life; cash value (whole life); three types of universal life

    • Online policy registration: Yes

  • Pacific Life 

    • Offers: term life; cash value (whole life); three types of universal life

    • Online policy registration: No

  • Protective 

    • Offers: term life; universal life; whole life

    • Online policy registration: Yes

  • Prudential

    • Offers: term life,permanent life, Universal, final expense; life insurance for foreign nationals

    • Online policy registration: No

The Right Life Insurance Policy for Seniors Over 60 is Only a Few Clicks Away

In this article, we've shown you all the crucial aspects of life insurance for seniors, from the different types of insurance to their pros and cons and basic estimated prices for insurance plans.

We're sure you noticed that the end of one life could be the beginning of the rest of someone else's. All it takes is good planning and a sound financial strategy. A life insurance policy is critical on both counts.

are you covered

Unfortunately, there's only so much we can offer you without detailed information and certain key elements.

We'd love to help you find the best life insurance for seniors over 60, whether it be whole life insurance, term insurance, or final expense coverage.

We have access to hundreds of insurance carriers and can get you quotes and quote comparisons in next to no time. 

So, if you're looking for the right insurance policy for your family, contact us today for a quote. We'll be more than happy to assist.

Authors

  • Ty Stewart

    Ty Stewart is a founder and contributor of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent he has helped clients nationwide to secure affordable coverage while making the process simple.

  • Bennett Bier

    I’m Bennett Bier, owner, author and fact checker of Simple Life Insure. I believe working with a small independent broker offers consumers more personal attention and superior customer service. As an independent agent licensed in all 50 states and the District of Columbia I have access to many of the top A+ rated life insurance carriers. This lets me locate a plan that you will qualify for while saving you money at the same time. Over the years I have mastered the art of underwriting, getting approvals even for my highest risk clients. I’m also likely the person that will answer the phone when you call.