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Life Insurance Basics

Life Insurance for Seniors: Options and Costs After 60

Life insurance after 60 costs more, but there are still good options: term, permanent and final expense coverage. See rates by age from October 2026 data and how to choose.

By Plain Policy Guide Editorial Team Published 2 min read

It is a common belief that life insurance becomes impossible to buy after 60. It doesn't. It becomes more expensive and the options change, which makes it even more important to buy the right type and amount. Here is what seniors need to know.

Why seniors buy life insurance

  • A spouse who depends on your income, pension or Social Security benefits that would shrink after your death.
  • Debts, such as a mortgage, that you don't want to pass on.
  • Final expenses, such as a funeral and medical bills.
  • Estate goals, such as leaving an inheritance or covering estate costs.

If none of these apply and your savings cover your obligations, you may not need coverage at all.

What it costs: rates by age

MoneyGeek's October 2026 data for nonsmokers in average health, using 20-year terms through age 65 and 10-year terms from age 70:

AgeTerm$100,000 (women / men)$250,000 (women / men)$500,000 (women / men)
6020 years$74 / $100$157 / $215$286 / $395
6520 years$103 / $141$178 / $245$415 / $591
7010 years$104 / $150$217 / $321$397 / $600
7510 years$161 / $231$268 / $396$706 / $1,085
8010 years$381 / $515$738 / $1,014$1,598 / $2,274

Monthly premiums. Source: MoneyGeek, updated October 11, 2026. Estimates based on quotes from 21 insurers; your price depends on your health and insurer.

Your options after 60

OptionBest forTrade-offs
Term lifeA temporary need, such as a mortgage or a spouse's income for 10 to 20 yearsShorter terms available as you age; coverage ends at the end of the term
Permanent life (whole or universal)Lifelong needs and estate planningMuch higher premiums than term
Final expenseFuneral and small billsSmall amounts; can be pricey per dollar
Guaranteed issueHealth conditions that rule out other coverageLow limits and a graded benefit in the first years

Learn more in term vs. whole life and final expense insurance.

Tips for buying life insurance as a senior

  1. Define the purpose and the amount before you shop. See how much life insurance you need.
  2. Choose the shortest term that covers the need. Shorter terms cost less.
  3. Try medical underwriting first if you're in reasonable health; no-exam policies usually cost more.
  4. Don't replace an existing policy without a comparison. A new policy at an older age can cost far more.
  5. Compare several insurers and check each one's record. See how to check an insurance company.
  6. Name and review beneficiaries. See how to choose beneficiaries.
Next guideTerm vs. Whole Life Insurance: Which Is Right for You?

Frequently asked questions

Can you buy life insurance at 70 or 80?

Yes. Term options become shorter and more expensive, and many people at those ages choose permanent or final expense coverage. MoneyGeek's data includes 10-year term quotes up to age 80.

Do seniors need life insurance?

Not always. If no one depends on your income and your savings cover debts and final expenses, you may not need it. Common reasons to keep or buy coverage are a spouse who relies on your pension or income, debts, estate costs or leaving an inheritance.

Should I keep my existing policy or buy a new one?

Compare carefully before replacing a policy. A new policy at an older age can cost much more, and new policies may have contestability periods. Ask your agent for a side-by-side comparison.

Is no-exam life insurance good for seniors?

It's convenient and can be a good fit if you have health issues, but it usually costs more and has lower limits. If you're healthy, a policy with medical underwriting may be cheaper.

Sources

  1. Term Life Insurance Rates by Age Chart (updated October 11, 2026), MoneyGeek
  2. Life Insurance Buyer's Guide, NAIC
  3. What Type of Life Insurance Is Right for You? (October 12, 2026), NAIC
  4. How to Buy Life Insurance Without a Medical Exam (July 17, 2025), Experian

Sources were checked on October 15, 2026. Laws, fees and prices change; always confirm with your state agency or insurer.

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