Should You Buy Life Insurance in Your 60s?

Whether you need life insurance in your 60s depends on your financial goals, dependents and how well your assets cover end-of-life expenses. For some, it's about protecting a spouse or covering debts. For others, the cost may outweigh the benefit, especially if your kids are grown, the mortgage is paid off and your savings are strong.

Life insurance at this age isn’t one-size-fits-all. It can offer peace of mind, but it's not always necessary. The following sections break down when it’s worth considering, when it’s not and how to weigh the trade-offs based on your situation.

Life insurance in your 60s can still serve a purpose, but it depends on what you're protecting. Here are the most common reasons people keep or buy coverage after 60:

Life insurance isn’t always necessary after 60, especially if your financial responsibilities have tapered off. Here are common reasons it may no longer be worth the cost:

Life insurance in your 60s comes with real trade-offs. The costs are higher, but the financial protection might still be worth it depending on what you're trying to accomplish.

For a healthy, nonsmoking 60-year-old male buying a 10-year term life insurance policy, monthly rates typically range from $59 to $117 for $250,000 in coverage and up to $447 for a $1 million policy. Costs vary widely by provider, so it pays to compare.

The table below shows sample monthly premiums from top insurers at three coverage levels: $250,000, $500,000 and $1 million. Factors like gender, health and the insurer’s underwriting rules can all influence your final rate, but these numbers offer a solid benchmark for what to expect.

Healthy, nonsmoking 60-year-old women can find 10-year term policies with $250,000 in coverage starting around $24 per month. For higher coverage amounts, monthly rates can range up to $348 for a $1 million policy, depending on the insurer.

The table below shows sample rates across major companies at three coverage levels. Prices vary widely, so comparing quotes is essential to finding the best value.

Life insurance in your 60s comes with new questions about cost, coverage limits and whether it’s even necessary. Policies are still available, but not all are worth it. Here's what to expect from insurers, how your options change with age and how to decide what fits your needs now.

At age 60, premiums are higher than in earlier decades, and costs vary based on health and lifestyle. For a healthy, nonsmoking 60-year-old, a 10-year term life policy with $250,000 in coverage costs about $76 per month. A 20-year term life insurance policy offering the same coverage costs around $150. Smokers or those with medical conditions may pay much more. Common policy options for people in their 60s include:

To explore your options further, review our guides to the best life insurance for seniors and the best policies for people in their 60s.

At 60, your ideal life insurance coverage depends on your financial obligations and goals. While there's no one-size-fits-all amount, here are key factors to guide your decision:

If your term life policy is about to expire, some insurers let you convert your term policy to permanent coverage (like whole or universal life) without going through another medical exam.

However, this option isn’t always available and may only apply during a limited window in the policy term. While you’ll skip medical underwriting, your new premium will reflect your age at conversion, making it more expensive than your original term policy.

Combining life insurance with long-term care planning can offer flexible financial protection as your needs evolve. You typically have two main options:

• Life insurance with long-term care rider: This lets you access part of your death benefit to pay for services like in-home care or assisted living. It simplifies coverage under one policy and may reduce overall premiums.
• Separate life and long-term care policies: Buying each policy individually gives you broader long-term care benefits and ensures your life insurance payout stays intact. This setup works well if you want full coverage in both areas and can manage two premiums.

Each path has trade-offs. Your choice depends on your budget, health outlook and how you want to balance care needs with leaving a financial legacy. Compare costs before deciding.

Many people in their 60s no longer need life insurance, especially if their mortgage is paid off, their kids are independent and they’ve built up enough savings. But others may still benefit from coverage to support a spouse, manage debts or leave a legacy.

Premiums increase with age, so if you’re considering life insurance after 60, compare quotes early to find a plan that makes financial sense for your situation.

Reviewing life insurance options in your 60s can raise questions. We answered common consumer questions below to help you make informed decisions.

Why Trust MoneyGeek?

MoneyGeek analyzed 1,488 life insurance quotes and reviewed each company’s financial strength, customer satisfaction, product offerings and online accessibility to identify the best insurers for different needs.

Data Recency

All premium and policy data were reviewed and updated in 2025.

How We Scored Life Insurance Companies

MoneyGeek developed a scoring model based on five weighted criteria, assigning each company a total score out of 100. Companies were selected based on national availability and their ability to provide online quotes.

Standard Scoring Weights

• Affordability: 30%
• Financial Stability: 25%
• Buying Process: 20%
• Customer Satisfaction: 15%
• Product Diversity: 10%

Whole Life Scoring Weights

• Financial Stability: 35%
• Customer Satisfaction: 25%
• Buying Process: 20%
• Product Diversity: 20%

No-Exam Policy Scoring Weights

• Product Diversity: 35%
• Financial Stability: 25%
• Customer Satisfaction: 20%
• Buying Process: 20%

Note: We did not weigh affordability for whole or no-exam policies due to limited quote availability.

Scoring for Cheap Life Insurance

• Affordability: 50%
• Financial Stability: 15%
• Buying Process: 20%
• Customer Satisfaction: 5%
• Product Diversity: 10%

What Informed Our Ratings

• Cost data from online quotes
• Financial strength ratings from AM Best and company longevity
• Customer complaint index data from the NAIC (2020–2022)
• Online tools and quote accessibility
• Breadth of life insurance products offered

Sample Customer Profile
We used a standard customer profile to collect quotes:

• 60-year-old male
• Nonsmoker
• 5’11”, 175 pounds
• Excellent health

We adjusted this profile by age, gender, tobacco use, health rating and location to reflect different customer scenarios. We also collected quotes for various term lengths and coverage amounts to create a broader cost comparison.

Projection Methodology

Where needed, we identified data trends to generate estimates and expand findings beyond direct quote data.