Average Cost Of Life Insurance Over 60 For Women and Men

Getting affordable rates on life insurance if you are a man or woman over sixty years of age is a lot easier than it used to be.

As the median life expectancy increases, life insurance companies are more willing to insure people over 60.

Choose an amount for your life insurance policy:

Is it Difficult To Get Life Insurance After 60?

Insurers are more than happy to underwrite policies for people over sixty if they are in fairly good health and have no major illnesses.

Also not smoking and not being overweight or obese will greatly increase your chances of being approved for a life insurance policy.

Why Get a Life Insurance Policy?

Many people in their sixties rely on life insurance policies to cover funeral and final expenses, pay off debts, and give their surviving family members some financial relief. If the head of the household dies, his or her spouse or significant other may not have the income necessary to make ends meet.

Life insurance provides a little more padding so that the family is not forced from their home during their grief. If you do not own a life insurance policy, and are over 60, getting term life insurance is very important and still can be obtained at a fairly low cost.

Get Your Own Life Insurance Rates!

A number of life insurance companies offer special rates on term life insurance for people over 60.

The average premiums are higher than if you were in your forties or fifties, and often the policy value is lower, but this is still far more advantageous than not having a policy at all.

Average costs for a 10-year term life insurance policy for an elderly female over 60, non-smoker, in good health:

AGE $50,000 $100,000 $200,000 $300,000 $500,000
60 year old woman $44.42 $25.46 $45.67 $54.86 $86.80
61 year old female $49.16 $27.02 $48.83 $60.38 $96.15
62 year old woman $52.76 $28.88 $52.56 $66.43 $106.48
63 year old female $56.03 $31.14 $57.13 $72.98 $117.03
64 year old woman $60.02 $33.52 $63.00 $80.35 $128.12
65 year old female $39.64 $38.18 $66.55 $81.05 $148.15
66 year old woman $42.88 $42.37 $73.44 $87.55 $162.75
67 year old female $44.95 $46.97 $81.08 $93.12 $178.37
68 year old woman $49.00 $53.76 $86.90 $100.38 $194.10
69 year old woman $53.14 $59.30 $96.55 $111.82 $221.15

Example rates as off 07/21/2022 - your rates will most likely vary. This is just a rough guide. The insurance company will decide your exact rates.

Average life insurance rates for a 10-year term policy, for a man, non-tobacco user, in fairly good health:

Age $100,000 $200,000 $300,000 $500,000
60 year old man $33.21 $65.60 $79.35 $137.35
61 year old male $40.70 $69.42 $96.97 $165.05
62 year old man $43.10 $74.15 $104.23 $162.32
63 year old male $49.95 $77.58 $109.10 $184.25
64 year old man $55.15 $103.84 $127.46 $203.72
65 year old man $63.75 $123.55 $142.21 $234.70
66 year old man $71.83 $137.24 $157.49 $258.25
67 year old male $82.30 $155.37 $172.76 $283.58
68 year old man $92.75 $177.65 $191.23 $315.51
69 year old man $104.70 $203.56 $215.85 $356.39

Male life insurance rates as off 07/21/2022. Your rates will most likely be different - these are just examples of average rates.

Level Term Life Insurance Policy

Level term life insurance offers coverage for a certain period of time. Coverage begins as soon as your application is processed, and then typically lasts for 10, 15, 20, 25, or 30 years. Shorter term lengths will cost less, but you will have to renew or reapply and rates will often increase drastically.

One company who offers level term life insurance to seniors, Globe Life, guarantees coverage to anyone up to the age of 78 without a medical exam.

With Globe Life, your first month’s premium is always $1. After that, typical rates for those in their 60+ range from $45 per month for a $10,000 policy to $120 per month for a $30,000 policy. Purchasing a second policy for your spouse will lead to incredible discounts.

Prudential, West Coast Life, and Transamerica offer coverage to a sixty-year-old woman for approximately $300 per month for a $500,000 policy. Dropping the term life insurance value to $150,000 drops the monthly premium to $130. For many people, $130 per month is extremely reasonable!

Example Policies Offered: $50,000 - $100,000 - $200,000 - $300,000 - $400,000 - $500,000 - $1,000,000, plus many more policy amounts.

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