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Life Insurance at age 60

Life insurance at 60.

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

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Whether to buy Life insurance at 60 is an important decision for you and your family to make.

For many, this is a time when they are earning well and they want to protect the future they are building. Life insurance at 60 can make sure that those who rely on your income can count on that support no matter what happens to you.

You may have heard that life insurance at 60 will be too expensive. Well, that is probably not true. The life insurance policies many are interested in at 60 are quite affordable. Or you’re wondering what kind of life insurance should you get; if so, we can help.

We’re just going to touch on the basics here, briefly answering a few common questions about life insurance:

What is term versus permanent life insurance?
Why do I need life insurance?
How much life insurance do I need?
How much will my life insurance cost?

After a short chat about these topics, we will show you some sample quotes. We hope this brief introduction can lead to you get started today toward the life insurance coverage that will protect your loved ones’ financial future.

What is term versus permanent life insurance?
Term and permanent are the two main types of life insurance.
They both carry a death benefit, the basis of all life insurance.

Term policies are cheaper and simpler, and can often be ideal for those seeking life insurance at 60. There are two central differences between term and permanent.

The first difference is the duration of the policy. Permanent policies do not expire. Term policies have a set “term,” or length of contract, after which your coverage does indeed expire. In many cases, it is not necessary that you have life insurance on yourself until you die.

Life insurance at 60

The second difference is that permanent policies have associated cash accounts that earn tax-sheltered interest. In addition to paying a death benefit, permanent life insurance can be an important part of your financial portfolio.

Indexed universal life vs. buy term and invest the rest

Why do I need life insurance at 60?
The simplest way to pinpoint your life insurance needs is to look for anywhere you have financial obligations, especially to the ones you love the most. Primarily, we mean your income.

Life insurance at 60.

Have your children finished college? Even if your kids are out from under your wing, there is still good reason for you to have life insurance.

Have you finished saving for your retirement? If not then term life insurance might be an ideal way to make sure that those funds will be in place, even if you were to pass away. Many clients get a term policy that lasts until retirement, possibly carrying a smaller permanent policy until they die to cover various final expenses.

Six Reasons to use IUL in Retirement Planning

We all know too well how our health can take a turn for the worse as we get older. Even if you are gone, you want your spouse to enjoy their life and retirement years as the two of you have planned.


Are you a partner in a small business? If so, then you may consider life insurance to protect your interest in a business you have worked hard to establish.

Life insurance at 60.

Funding buy sell agreements with indexed universal life insurance

Partners usually take out policies on the other partners’ lives. If a partner dies unexpectedly, the policies will allow the surviving partners to pay the deceased’s family for her interest in the business.

How much life insurance do I need?
This is a tough one without some consultation with a qualified independent agent, just a phone call away by the way. 1-800-712-8519 Life insurance at 60.


For those who rely on you financially, what amount would they require to continue in the manner which you have planned and are presently working hard to secure, in the terrible event that you pass unexpectedly?

For life insurance at 60, you will consider your yearly income, your spouse’s yearly income, retirement savings and goals, debts, business interests etcetera.

Let’s say you decide that a $20,000 supplemental income will be enough to get your spouse into the retirement you are both planning for. Then think of the benefit of your life insurance policy as a nest egg that will produce that $20,000 in yearly interest.

Divide the $20,000 by a conservative interest rate that you are positive the nest egg you leave will earn, let’s use 4%.

The math: $20,000 ÷ 0.04 = $500,000.

And the nest egg is left intact for other important family expenses.


How close are you to your financial goals? If you are close, then a small 10-year term policy may be just what the doctor ordered. A policy to provide the 500k nest egg could cost a woman in excellent health less than $100 a month. A man who qualifies at the same preferred-plus health category might pay around $120 a month.

Let’s look at some quote numbers and get you ready to start your life insurance application process today!

How much will my life insurance cost?
You may be pleasantly surprised to learn that life insurance at 60 is often not a strain on even a tight budget. The peace of mind you will gain by knowing that your loved ones are covered financially if you pass away is well worth your investment until your income is no longer relied upon.

Your health category (or risk rating, risk category, etc.; a variety of terms are used to represent how life insurance companies classify customers based on the work of underwriters who evaluate client risk) will depend on an array of factors: age, sex, health, occupation and many others.

If your health is good, you may qualify for the some of the lowest rates insurance companies offer. Insurers use terms such as “preferred plus,” “preferred,” and “standard” to designate the different health categories. Some clients are fall into a category between the preferred-plus and standard sample quotes we show here.

Other clients have a health problem that they are concerned about. You can check out our page on “impaired risk” to find out how these issues are addressed by life insurance companies. Some clients receive a below standard rating, or table rating, and pay higher premiums.

Whatever your health category may be, you can be certain that Ogletree Financial Services can get you and your family the life insurance coverage you need at the lowest available premium.

We have four tables set up here with some sample monthly premiums for a non-smoking, 60-year-old male and female. The sample quotes shown here are for term life insurance. There is a table for a preferred plus risk rating and one for a standard risk rating.

  • Term lengths of 10, 15, 20, and 25 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown.
  • These are only sample premiums, your premium will be based on how your unique risk is assessed.
  • These sample quotes were gathered in July of 2016.

60-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

                  $100,000   $250,000    $500,000         $1,000,000


60-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

                    $100,000     $250,000     $500,000       $1,000,000


60-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

                       $100,000    $250,000      $500,000          $1,000,000


60-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

               $100,000    $250,000      $500,000          $1,000,000


Most applicants are surprised to see how affordable life insurance coverage can be. Life insurance is one of the most important investments that you could ever make for your family. It’s one of the only ways that you can ensure that your family has the money that they need, regardless of what happens to you. Don’t let expensive premiums keep you from getting the life insurance protection that your family deserves. There are a several ways that you can ensure that you’re getting the lowest premiums available.

As you can see from the quote above, smokers are going to pay much more than a non-smoker for the same amount of coverage. If you want to save thousands and thousands of dollars, you’ll need to kick that bad habit once and for all. Smoking is one of the worst things that you can do for your health and your bank account.

Another way that you can save money is by improving your health. Insurance companies are going to require that you take a medical exam (unless you buy a no exam plan) and the results of that medical exam are going to play a significant role in how much you pay every month in premiums. If you want to get lower rates, you need to get better results from the health tests.

The two best ways that you can do that are by starting a healthy diet and getting regular exercise. Both of these will help you lose weight, lower your cholesterol, and reduce your chances of being diagnosed with severe health complications. All of those benefits are going to translate to lower insurance rates.

Life insurance at 60

Okay, the next step is to get in touch with Ogletree Financial Services! We represent over thirty top insurers and finding the right company for you is what we do. We can guide you through the application process so you can be sure that you have the coverage you need at the absolute best rate in the market.

Frequently Asked Questions

Why do I need life insurance at age 60?

You may still be employed and day-to-day expenses depend on that income, there may be debt that you would want covered for your family should you die, if your a small business owner life insurance would ensure that your partners could continue the business, or you may just want to leave something to your family members.

How much does life insurance cost at age 65?

A sample monthly premium for a $500,000 15-year term policy, with a standard non-tobacco health rating, would be $206.94 for a female and $296.61 for a male. These are sample premiums, yours would be based on your personal underwriting evaluation by the insurance company.

Is life insurance at age 60 too expensive?

You may be pleasantly surprised to learn that life insurance at 60 is often not a strain on even a tight budget. The peace of mind you will gain by knowing that your loved ones are covered financially if you pass away is well worth your investment until your income is no longer relied upon

Getting started is easy!

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