Updated: June 2025
After turning 60, life insurance stops being just a financial product and becomes a way to ensure peace of mind for your family. Whether you want to cover final expenses, leave behind a legacy, or simply avoid burdening loved ones, there are still many affordable life insurance options for seniors over 60.
The guide will go through the types of policies, average costs, and the most important things to know before you select your plan in 2025.
🧾 Why Life Insurance Still Matters After 60
Even if your house is fully paid and your kids are in college, life insurance is designed to secure several objectives:
- Cover funeral or burial costs
- Pay off medical bills or lingering debts
- Leave an inheritance for loved ones
- Offset estate taxes or caregiving costs
🔍 Best Types of Life Insurance for Seniors Over 60
1. Term Life Insurance
- Provides coverage for a specific period (e.g., 10, 15, or 20 years)
- Most affordable option for healthy seniors
- Ideal for temporary needs like paying off debts
👉 Tip: Most insurers cut off term life eligibility at 75 or 80.
2. Whole Life Insurance
- Permanent coverage that never expires
- Builds cash value over time
- Premiums remain fixed
âś… Best for those looking for lifelong peace of mind.
3. Guaranteed Issue Life Insurance
- No medical exam required
- Guaranteed approval for most applicants (usually ages 50–80)
- Coverage limitations—up to $25,000 in most cases
⚠️ Look out for costly monthly premiums; still, it is better to go with this option if you are older and have health problems.
4. Life Insurance for Funeral Expenses
- Pay for funeral, cremation, and associated costs
- No paperwork required for application
- Mostly the insurance covers from $2,000 up to $50,000
đź’¸ Average Cost of Life Insurance for Seniors (2025 Estimates)
The amount you pay as a premium monthly is subject to your age, health, gender, type of policy, and the sum assured.
| Age | Term Life (20 Years) | Whole Life ($50k) | Final Expense ($10k) |
|---|---|---|---|
| 60 | $80–$120/month | $180–$300/month | $35–$60/month |
| 65 | $110–$160/month | $240–$350/month | $45–$75/month |
| 70 | $140–$200/month | $300–$420/month | $60–$90/month |
🧠How to Choose the Right Policy After 60
Now, ask yourself the following questionnaire:
- âś… Do I need coverage for a fixed time or my entire life?
- âś… Am I looking for low premiums or guaranteed approval?
- âś… Do I want to leave behind cash value or just cover final expenses?
đź’¬ Pro Tip: It is recommended to obtain a minimum of 3 quotes by yourself and talk with an independent agent to get a fair comparison of the options.