If you’re over 60 and thinking about life insurance, you’re not alone—and you’re not too late. In fact, this might be the perfect time to secure a policy that fits your needs and protects the people you love most.
Let’s break down the best life insurance options for seniors in their 60s, 70s, and beyond.
If you’re in your 60s or older and wondering whether life insurance is still worth it… the answer is a resounding yes. Whether you’re looking to cover final expenses, support your spouse, or leave a legacy, life insurance can offer peace of mind, financial protection, and lasting impact for your loved ones.
In this complete guide, we’ll break down every option, cost, trick, and red flag — so you can make the right choice with confidence.
💡 Why Seniors Over 60 Still Need Life Insurance
Many people assume life insurance is only for young parents or high earners. But for seniors, it serves a very different (and often more urgent) purpose:
✅ Final Expenses
Funerals today cost an average of $7,000–$12,000, not including medical bills or probate costs. Life insurance ensures your family isn’t left with the burden.
✅ Spousal Support
If your spouse depends on your retirement income or pension, life insurance can replace that income when you’re gone.
✅ Leaving a Legacy
Even a $10,000–$20,000 policy can help grandchildren, pay for college, or fund a favorite charity.
✅ Debt Protection
If you still have a mortgage, credit card debt, or personal loans, your life insurance payout can wipe those out instantly.
📊 Common Types of Life Insurance for Seniors
Let’s break down your 3 main options:
1. Final Expense Insurance (Burial Insurance)
Designed to cover end-of-life costs, these policies are simple, no-exam, and affordable.
- Coverage: $5,000–$50,000
- Permanent (whole life)
- Easy approval, even with health issues
- Monthly premiums start as low as $25–$70
Best for: Seniors who want basic, permanent coverage for funeral and small debts.
2. Term Life Insurance
Provides coverage for a set term, like 10 or 20 years.
- Higher coverage amounts (up to $500,000+)
- Lower premiums (especially for healthy seniors in their early 60s)
- BUT it expires — no payout if you outlive the term
Best for: Seniors under 70 who are in good health and want to cover a mortgage or income loss.
3. Guaranteed Issue Life Insurance
No medical questions. Approval is guaranteed.
- Coverage: Up to $25,000
- Higher premiums
- 2-year waiting period
- Designed for those with serious health issues
Best for: Seniors who have been declined elsewhere but still want coverage.
📆 Cost Breakdown by Age (Monthly Premiums)
| Age | $10K Final Expense (Non-Smoker) | $25K Term Life (Good Health) |
|---|---|---|
| 60 | $27–$45 | $30–$55 |
| 65 | $34–$59 | $45–$80 |
| 70 | $41–$70 | $70–$120 |
| 75 | $55–$85 | $95–$180 |
| 80 | $70–$115 | Rare/Unavailable |
Premiums increase with age, but shopping early locks in lower rates.
🧓 What Seniors in Their 60s, 70s, and 80s Need to Know
In Your 60s:
- Best time to apply for term or final expense
- Health still plays a strong role
- Lowest available rates for seniors
In Your 70s:
- Term life becomes harder to qualify for
- Final expense still widely available
- Consider simplified issue policies
In Your 80s:
- Limited options
- Only final expense or guaranteed issue available
- Focus on small, permanent policies ($5K–$15K)
🧠 Cash Value vs. No Cash Value: What’s the Difference?
- Cash Value: Whole life and final expense policies build small savings over time. You can borrow against this.
- No Cash Value: Term life doesn’t build cash — but it’s cheaper and more straightforward.
TIP: If you’re not interested in savings features, go with term or simplified whole life for lower cost and fewer complications.
📝 How to Apply (Step-by-Step)
- Decide why you want life insurance (burial, debt, legacy?)
- Choose your coverage amount
- Compare 3–5 quotes online or with a licensed agent
- Pick policy type (term, whole, or guaranteed issue)
- Submit your application
- Some may require a short phone interview or health questions
- Once approved, sign and pay the first premium
🚨 Important: Most policies don’t start until your first premium is paid.
🚩 Red Flags to Avoid
- ❌ “$1/day” ads that don’t disclose low coverage
- ❌ Companies with no ratings or online reviews
- ❌ “Guaranteed” coverage that excludes deaths within 2 years
- ❌ Pushy sales agents or upselling
Look for companies rated A or higher by A.M. Best, with clear terms and real customer reviews.
🏆 Top Companies for Seniors
| Company | Best For | AM Best Rating |
|---|---|---|
| Mutual of Omaha | Final Expense | A+ |
| AIG | Guaranteed Issue | A |
| Transamerica | Term Life for Seniors | A |
| Aetna (CVS Health) | Burial Insurance | A |
| Americo | Simplified Issue | A |
💬 Frequently Asked Questions (FAQs)
Can I get life insurance without a medical exam?
Yes. Many final expense and guaranteed issue policies require no exam and few health questions.
Will I be denied coverage if I have health problems?
Possibly — but guaranteed issue policies exist for this reason. You may just pay a bit more.
How long does approval take?
Some policies approve you in minutes. Others may take 2–7 days.
What if I can’t afford much?
Even a $5,000 policy is better than nothing. Your family will thank you later.
✅ Quick Checklist Before You Apply
✔️ Decide on your goal (burial, debt, legacy)
✔️ Know how much coverage you actually need
✔️ Set a monthly budget
✔️ Look up 3–5 providers and compare
✔️ Check reviews + financial strength
✔️ Avoid any site that asks for too much personal info upfront
🔚 Final Thoughts: It’s Not Too Late
Life insurance after 60 isn’t just possible—it’s smart.
Even a modest policy can protect your spouse, cover final expenses, or leave a legacy for your loved ones. And the peace of mind it brings? That’s priceless.
💬 Ready to find your perfect plan?
Contact Us if you’d like a referral to a licensed advisor.