Tips to Buying the Best Life Insurance in Your 60s

Written by: Steven Gibbs | Last Updated on: July 30, 2024
Fact Checked by Jason Herring and Barry Brooksby (licensed insurance experts)

Insurance and Estates, a strategic life insurance provider composed of life insurance professionals, is committed to integrity in our editorial standards and transparency in how we receive compensation from our insurance partners.

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The following life insurance rates by age charts are for someone in their 60s in excellent health, with no other risk factors.

The life insurance quotes provided are from top rated life insurance companies rated by AM Best with an A- rating and higher.

Term Life Insurance Rates in Your 60s

MaleFemale
Life Insurance In Your 60s
The following 60-69 year old sample quotes are based on a male qualifying at the top rate class.
10 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$59.11$110.46$163.36$209.09
61$65.86$123.33$182.65$233.24
62$73.15$137.20$203.46$259.28
63$81.62$152.56$226.27$289.59
64$91.39$171.69$254.95$324.54
65$99.97$193.76$287.66$365.49
66$114.28$213.34$317.43$400.49
67$127.47$234.46$349.11$440.80
68$142.50$263.72$393.00$486.72
69$160.59$295.64$440.88$544.20
15 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$77.74$143.00$212.16$279.64
61$87.25$161.96$240.60$311.51
62$97.40$182.20$270.96$346.36
63$109.08$205.53$305.95$388.48
64$122.03$231.37$344.71$433.52
65$137.28$261.81$390.38$486.61
66$152.15$290.32$433.14$543.77
67$170.46$325.46$485.85$614.51
68$192.85$368.47$550.37$701.39
69$220.17$421.08$629.28$808.04
20 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$106.25$199.07$296.26$387.60
61$120.51$227.21$338.47$441.01
62$136.30$258.44$385.32$500.52
63$154.20$293.90$438.27$568.32
64$174.23$335.73$501.02$648.61
65$199.96$384.70$574.46$742.87
66$237.67$453.08$677.05$866.59
67$272.04$515.95$771.35$1,000.78
68$314.50$599.28$895.62$1,144.83
69$358.98$642.84$1,044.38$1,339.99
25 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$194.12$372.85$556.69$691.03
61$230.27$438.37$654.82$782.21
62$257.57$492.35$737.24$880.95
63$283.59$543.52$813.99$1,002.92
64$309.39$595.12$891.39$1,158.42
65$349.38$668.65$1,001.69$1,299.46
66N/AN/AN/AN/A
67N/AN/AN/AN/A
68N/AN/AN/AN/A
69N/AN/AN/AN/A
30 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60N/AN/AN/AN/A
61N/AN/AN/AN/A
62N/AN/AN/AN/A
63N/AN/AN/AN/A
64N/AN/AN/AN/A
65N/AN/AN/AN/A
66N/AN/AN/AN/A
67N/AN/AN/AN/A
68N/AN/AN/AN/A
69N/AN/AN/AN/A
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
Life Insurance In Your 60s
The following 60-69 year old sample quotes are based on a female qualifying at the top rate class.
10 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$41.50$73.62$108.09$137.13
61$44.69$79.85$117.44$148.20
62$48.40$87.10$128.31$161.06
63$53.32$96.70$142.72$178.12
64$59.17$108.12$159.85$198.40
65$66.25$121.96$180.61$222.97
66$72.52$133.07$197.26$243.46
67$79.81$149.58$216.63$267.27
68$88.60$161.56$240.00$296.01
69$98.71$179.47$266.87$329.08
15 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$53.55$94.71$139.73$181.46
61$58.48$104.25$154.03$198.15
62$64.17$115.45$170.84$217.76
63$71.35$129.60$192.07$242.54
64$79.47$145.60$216.06$270.59
65$89.03$164.47$243.03$303.68
66$98.51$183.28$272.58$342.11
67$109.50$205.14$305.37$386.94
68$122.65$229.24$341.00$440.76
69$138.28$254.76$379.28$496.76
20 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$76.13$137.57$204.02$262.98
61$84.19$154.17$228.91$293.95
62$93.65$173.69$258.19$329.18
63$105.20$197.54$293.96$373.09
64$118.64$225.32$335.64$424.40
65$134.08$257.27$383.57$483.61
66$182.74$332.01$467.03$608.56
67$220.36$408.40$532.00$691.69
68$252.98$494.84$598.94$776.56
69$287.73$565.12$843.74$984.24
25 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60$132.26$254.33$378.91$485.34
61$178.18$316.31$471.73$603.54
62$201.97$356.48$531.98$679.55
63$231.35$406.09$606.40$762.90
64$254.35$491.87$735.68$979.49
65$279.72$548.20$820.17$1,079.30
66N/AN/AN/AN/A
67N/AN/AN/AN/A
68N/AN/AN/AN/A
69N/AN/AN/AN/A
30 Year Term
FACE VALUE $250,000 $500,000 $750,000 $1,000,000
60N/AN/AN/AN/A
61N/AN/AN/AN/A
62N/AN/AN/AN/A
63N/AN/AN/AN/A
64N/AN/AN/AN/A
65N/AN/AN/AN/A
66N/AN/AN/AN/A
67N/AN/AN/AN/A
68N/AN/AN/AN/A
69N/AN/AN/AN/A
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

Whole Life Insurance Rates in Your 60s

MaleFemale
Whole Life to Age 100 Quotes
The following sample whole life insurance quotes are based on a preferred plus male wanting ordinary whole life insurance to age 100 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
Age $100,000 $250,000 $500,000 $1,000,000
20 $83 $151 $293 $580
25 $92 $178 $348 $689
30 $105 $216 $422 $839
35 $121 $267 $522 $1038
40 $141 $326 $639 $1273
45 $173 $401 $789 $1571
50 $214 $499 $982 $1959
55 $270 $629 $1239 $2473
60 $324 $802 $1582 $3158
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
Whole Life to Age 100 Quotes
The following sample whole life insurance quotes are based on a preferred plus female wanting ordinary whole life insurance to age 100 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
Age $100,000 $250,000 $500,000 $1,000,000
20 $56 $132 $255 $504
25 $66 $156 $304 $602
30 $79 $188 $368 $729
35 $96 $230 $450 $894
40 $115 $278 $544 $1081
45 $143 $350 $685 $1364
50 $175 $429 $843 $1681
55 $223 $549 $1082 $2158
60 $280 $700 $1381 $2756
All sample quotes are based on a monthly premium as of 03/01/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

For complimentary life insurance quotes, please give us a call today or enter your info in our quote forms below.

Term Life vs Whole Life Insurance Rates


Why Buy Life Insurance In Your 60s?

In this article we wanted to take a moment and discuss a few situations where someone in their 60s might be better served by purchasing a whole life insurance policy rather than a term policy.

Now our intention hereโ€ฆ

Is not to try and โ€œsellโ€ you on the idea of purchasing a whole life insurance policy or try to and convince you that there is something wrong with purchasing a term life insurance policy.

Our goal in this article is demonstrate how silly it is for some insurance brokerages to simply refuse to give their clients the opportunity to decide if a whole life insurance policy might be โ€œrightโ€ for them.

And the best wayโ€ฆ

Weโ€™ve found to show how a whole life insurance policy might be more beneficial to a client than a term life insurance policy would be is by offering a few concrete examples.

Butโ€ฆ

Before we dive right into a few of these โ€œsituationsโ€ where whole life is better than term, we wanted to first address some of the major concerns of theโ€ฆ

โ€œWhole Life Insurance Critic Communityโ€

 

3 Reasons Why Most Agents Believe Term Life Insurance is BETTER than Whole Life insurance

1. Your insurance needs have changed.

As a general rule of thumb, what youโ€™re generally going to find is that on average, a whole life insurance policy will usually cost about 5 to 10 times more than a traditional term life insurance policy.

And sinceโ€ฆ

In the mind of most life insurance agents, both term life insurance and whole life insurance offer the same thing, mainly a death benefit in the even that you die while the policy is active, it doesnโ€™t make sense to pay 5 to 10 times more for whole life than it would for termโ€ฆ

โ€œDoes it?โ€

The only problem isโ€ฆ

That with this argument there are two main issues that are being totally ignored.

First, this argument assumes that everyone will die during the โ€œtermโ€ period that the individual purchases, and second, it assumes that there’s no additional benefits to owning whole life insurance vs term life insurance policy which is something that we will address specially later on in this article.

You seeโ€ฆ

If you purchase a 20 year convertible term life insurance policy and die three days after that term insurance policy expires, we can assure you that your family might have a different opinion on the โ€œvalueโ€ of a term vs a whole life policy.

But thatโ€™s not allโ€ฆ

Because as youโ€™ll soon find out, there are a lot of โ€œtechnicalโ€ advantages one will have access to by owning a cash value whole life policy that simply wonโ€™t be available to folks who simply own a term policy.

2. Your insurance needs have changed (Part deux).

A second argument that many life insurance agents like to make is that as one ages, their insurance needs will likely lessen over time.

For exampleโ€ฆ

Chances are if someone in their 30s decides to purchase a life insurance policy, it may be because they just:

  • Got married,
  • Had a child,
  • Purchased as home,
  • Etc

These are all quite common reasons why someone might want to purchase a life insurance policy in their 30s.ย  They are also common reasons which one can naturally assume will diminish over time.

For exampleโ€ฆ

At 60 years old, one might hope that their children have become independent and moved out of the home, that home mortgage you started paying on 30 years ago will finally get paid off, and as one nears retirement age, dying early usually won’t have the same financial impact on your spouse as it would if you died in 40s or 50s.

Soโ€ฆ

In โ€œtheory,โ€ we would be inclined to agree with this argument.ย  However, there are certain situations where this might not be the case.

For example, itโ€™s quite possible that you may have a special needs child who may not be able to care for themselves regardless of how old they get.

Orโ€ฆ

A growing trend that we are seeing nowadays is that grandparents are having to take on more of a primary โ€œparenting roleโ€ of their grandchildren simply because their own children arenโ€™t able to or willing to meet their responsibilities (yes, it is sad).

In cases like theseโ€ฆ

The argument that a personโ€™s insurance needs will likely decrease as one ages doesnโ€™t really hold true.ย  This is why we feel itโ€™s never a really good idea to โ€œassumeโ€ what kind of life insurance for a 60 year old is going to be the right one for any client.

3. Life insurance agent greed.

Because whole life insurance rates are higher, they tend to have larger commission payment for agents than term life insurance policies.

This has historically led some โ€œunscrupulousโ€ agents to encourage their clients to purchase whole life insurance policies instead of term, even when term policy might be the better option.

Butโ€ฆ

Like the saying goesโ€ฆ

โ€œDonโ€™t throw the baby out in the bath waterโ€

One shouldnโ€™t automatically assume that whole life isnโ€™t right for them simply because dishonest agents have sold these policies to the wrong people in the past.ย 

This is why youโ€™ll want to be very careful in deciding โ€œwhoโ€ you decide to work with when buying life insurance at age 60 and why we here at I&E always like to be very โ€œtransparentโ€ from the get go!

Okโ€ฆ

So now that weโ€™ve discussed some of the main arguments against purchasing whole life insurance in your 60s, letโ€™s now take a moment and discuss why some folks in their 60s may actually WANT to purchase a whole life policy.

Top 5 Reasons to Buy Whole Life Insurance in Your 60s

1. Your Insurance Needs Have Changed.

Here at I&E, weโ€™d probably estimate that about 30 to 40% of all our clients in their 60s end up contacting us because their existing term life insurance policy is about to expire and now theyโ€™re wondering what they should do.

These folks typicallyโ€ฆ

  • Just learned that once their term is over-thatโ€™s it, theyโ€™re no longer insured, or
  • They just learned what it would cost to keep their term policy in place for one more year and they’re โ€œINSULTEDโ€ by the price that theyโ€™ve been quoted!

The good newsโ€ฆ

It that for a lot of these folks, the idea of โ€œneedingโ€ a $250,000 or $500,000 life insurance policy simply isnโ€™t necessary any more, which is why it may make sense to โ€œself-insure.”

Orโ€ฆ

In some cases, folks will want to transition from a large term insurance policy to a smaller whole life policy which then can use so that ultimately all of there final expenses or burial costs might be covered.

In either caseโ€ฆ

Here is where we see that as one gets older, their insurance needs do change and as a result, owning a smaller whole life policy serves a valuable role in fulfilling a clientโ€™s needs.

2. Your Insurance Needs Have Changed (Part deux).

In our previous example, we describe a client in their 60s who calls us because their term life insurance is about to expire and fortunately for them, they donโ€™t really have a need for the amount of coverage that it was offering.

For themโ€ฆ

Their โ€œinsurance needsโ€ did decline over the years, and the term policy properly insured them for the amount of coverage that they needed over the time period that they were at the highest risk.

โ€œMission Accomplished!โ€

The problem isโ€ฆ

This is not always the case.ย  You see for a lot of folks, when they decided to purchase their original 30 year term policy back in their 30s, that policy made a lot of sense for them at the time.ย  Unfortunately, as things changed for them, the 30 year term policy became less and less ideal.

You seeโ€ฆ

For some, there are situations where over time, oneโ€™s insurance needs donโ€™t diminish.ย  In some situations, they may actually increase!

Now, this could be for a variety of issues, but probably the most common two that we see here at I&E is when where either dealing with a client who has a special needs child who will never be able to support themselves financially or when a client is having to take on the primary parenting role of one of their grandchildren.

In cases like theseโ€ฆ

Folks in their 60s will often want to know what whole life insurance options they may have so that upon their death, there will be a life insurance policy in place.

3. Just Bury Me Please.

Another increasing trend that weโ€™re seeing is for folks to what to purchase a small final expense whole life insurance policy on either themselves or a family member, so that in the event of their death, the surviving family members wonโ€™t need to worry about how theyโ€™re going to pay for their burial or final expense.

In cases like theseโ€ฆ

Clients are worried about covering the cost of a mortgage, financing a childโ€™s education or replacing potential lost wages.

Rather, all they’re really concerned about is being sure that when the they pass, coverage will be in place.

4. What Do You Mean I Canโ€™t Qualify?

Not being able to qualify for traditional life insurance is another reason why someone may choose to purchase a smaller whole life insurance policy, because often the life insurance underwriting requirements to qualify for either a simplified issue whole life insurance policy, or a guaranteed issue insurance policy, can be a lot simpler than it would be to qualify for fully underwritten life insurance policy.

In cases like theseโ€ฆ

Individuals may have already been denied coverage by one or two insurance carriers already and are now just looking for any option that they can get.

The good news isโ€ฆ

There are a lot of smaller whole life policies out there, many of which we here at I&E do offer, so if you find yourself in this situation, youโ€™ll definitely want to give us a call.

5. Weโ€™re not investing, weโ€™re saving wisely.

The last reason why we wanted to talk about with regards to why some folks shopping for life insurance in their 60s might want to consider purchasing whole life is because these types of life insurance policies can be used for so much more than simply providing your loved one with a death benefit.

And noโ€ฆ

Weโ€™re not talking about using a whole life insurance policy as an โ€œinvestmentโ€ because like many financial advisors will tell you, purchasing a whole life insurance policy as an investment isnโ€™t a great idea.

What weโ€™re talking aboutโ€ฆ

Is purchasing a whole life insurance policy as a โ€œsavingsโ€ vehicle can not only earn you more of a return than typical bank savings accounts, it can also provide one with:

  • Tax free loans,
  • Tax deferred guaranteed cash value growth,
  • Improved cash flow and liquidity,
  • Guaranteed death benefit

Benefits that simply arenโ€™t available with term life insurance.

So now, weโ€™re left with the burning question ofโ€ฆ

โ€œWill buying a whole life insurance policy be the โ€œrightโ€ move for you?โ€

Who knows?

It might be, but itโ€™s also quite possible a term insurance policy is simply the better choice.

We just wonโ€™t know until we understand exactly what youโ€™re hoping to accomplish by purchasing your life insurance policy.

The only thingโ€ฆ

We know for sure is that we here at I&E arenโ€™t going to make any โ€œassumptionsโ€ about which type of life insurance might be right for you, and weโ€™re going to do our very best to help you find and qualify for the best life insurance at age 60 for you, based on your unique needs and goals.

So, what are you waiting for?ย  Give us a call today and see what we can do for you!

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