Best Life Insurance for 60-Year-Olds in 2024

At 60, life insurance offers multiple benefits: it provides financial security for dependents, covers funeral costs, pays off debts and helps achieve future goals like education or retirement.

GEICO is MoneyGeek's top choice for 60-year-olds needing life insurance, thanks to its high customer satisfaction, financial stability and cost-effective policies. Allstate is the top choice for 60-year-olds who value affordability the most, while Nationwide excels in the buying process category. State Farm is the highest-scoring company for no-exam and final expense life insurance.

GEICO, with a MoneyGeek score of 96, stands out as the top life insurance provider for 60-year-olds. The company excels in customer satisfaction and financial stability, ensuring a reliable and positive experience. For a 10-year term policy with $250,000 in coverage, the average monthly cost is $62.

Allstate is the go-to choice for affordable life insurance for 60-year-olds, scoring a 97 in this category. At a monthly rate of $59 for a 10-year term policy with $250,000 in coverage, it offers both value and reliability.

State Farm is the premier choice for 60-year-olds seeking no-exam and final expense life insurance, earning a MoneyGeek score of 99 in both categories. With a century of experience, the company offers a seamless buying process and a diverse product range to meet specific needs.

Nationwide is the best life insurance company for 60-year-olds prioritizing the buying process. It earned a MoneyGeek score of 95 in this category. The average monthly cost is $84 for a 10-year term policy with $250,000 in coverage.

Various factors affect the cost of life insurance for 60-year-olds, including gender. Because women typically have longer lifespans than men, they tend to pay lower rates for life insurance. Men are more likely to pass away during their life insurance terms, hence the higher premiums.

The coverage amount also impacts premium rates. Higher coverage levels tend to cost more as they provide more financial protection.

The tables below show different companies' average costs for 10-year term life insurance policies.

Life insurance prices are often much higher if you are a smoker since insurers calculate premiums based on your overall health profile.

The table below shows a quick comparison of policy costs for a healthy, nonsmoking 60-year-old and a 60-year-old who smokes but is in otherwise good health. These quotes are based on a 10-year-term policy with $500,000 in coverage.

It's usually best to buy life insurance coverage sooner rather than later. The premiums you pay for life insurance stay the same throughout your policy term unless you increase or decrease your coverage. When you get life insurance at a younger age, you'll pay reduced premiums for the entire term, saving you money.

The policy cost details below are average policy costs for 30-, 40-, 50-, 60- and 70-year-old males who are nonsmokers in good health, purchasing 10- or 20-year coverage of $500,000.

You may still have questions about life insurance policies for a 60-year-old — we've answered some of the most common ones to help you make an educated decision regarding your life insurance policy.