Affordable Life Insurance Protection for Your Family

Cheapest Life Insurance over 60s

What is the Cheapest Life Insurance for People over 60 years old?

When it comes to choosing the most affordable life insurance for people over sixty, you don’t have to look too far.

The answer is simple. Term Life Insurance is the cheapest life insurance for adults in their sixties.

Why is Term Life Cheaper Than Other Types of Life Insurance for People Over Sixty?

There are two basic types of life insurance: Term and Permanent.

Term Life Insurance vs. Permanent Life Insurance

Term Life Insurance

Term insurance is also known as temporary insurance providing coverage for a specific duration, usually up to thirty years.

Features of Term Insurance

  • Temporary Coverage
  • Term Options – 10, 15, 20, 25, 30, 35, or 40 years
  • Premium Never Increase
  • Coverage Amount Never Decrease
  • Death Benefit
  • Affordable Rates

Permanent Life Insurance

Permanent insurance is a type of coverage that provides lifetime protection as long as you pay your premiums on time.

Features of Permanent Life Insurance

  • Lifetime Protection
  • Death Benefit
  • Builds Cash Value
  • Loan Available from Cash Value

NOTE: Permanent life insurance usually costs up to 5-10 times more than term life insurance.

So, if you are in your 60's and need life insurance for 20 years or less, term life offers the cheapest policy.

Term Life Insurance Rates for People Over 60

10 year Term Life Sample Rates

Age                            $100,000          $250,000          $500,000

60                                $29                    $71                    $117

61                                $31                    $67                    $129

62                                $35                    $72                    $138

63                                $40                    $82                    $157

64                                $43                    $95                    $182

65                                $49                    $107                  $206

66                                $54                    $120                  $254

67                                $59                    $132                  $258

68                                $63                    $143                  $279

69                                $68                    $154                  $300

* Your life insurance rates may vary depending on your health, tobacco use, and of other factors.

Compare Free Life Insurance Quotes

Tips to Save on Life Insurance for People over 60

  • Compare Prices – Rates can vary quite a bit among insurers. Shop around for the right life insurance carrier. Make sure that you choose insurers with solid financial ratings, good customer service, and the policy options that you need.
  • Choose Term Life – Permanent life can cost 5-10 times more.
  • Quit Smoking – Smokers pay up to 5 times more.
  • Buy Now – Rates are based on your age and increase as you get older.
  • Improve Your Health – Life insurance companies will give you a lower rate if you are in good health.
  • Annual Payments – Insurers charge a service fee to process monthly premiums.
  • Lose Weight – Overweight and obese people pay more because they have a shorter life expectancy.
  • Lower Cholesterol – People with high cholesterol are charged a higher rate for coverage.

If you are over 60 years old, you should make the decision to buy a life insurance policy as soon as possible. Waiting will only decrease the amount of term life coverage that you are able to buy and increase your cost of life insurance.

Choosing the Right Amount of Life Insurance

Another way to save on the cost of a life insurance policy is to buy the right amount of coverage, not more than you actually need.

Make sure you take time to consider the goals you want your insurance to accomplish, and how much insurance it will take to meet those goals.

Things to Consider When Determining How Much Life Insurance You Need:

  • Mortgage debt.
  • Credit card debt.
  • Auto loans.
  • Personal loans.
  • Your annual salary if you’re still working and your family needs this income.
  • Number of financial dependents you have.
  • What you want to leave your remaining family members, like leaving alife insurance legacy gift.

We recommend using a needs calculator to assist you in determining just how much life insurance is right for you and your situation. It’s easy-to-use. Just fill in the answers below and click on the button to find out how much life insurance you need.

Life Insurance Needs Calculator

Life Insurance Need Calculator
Life Insurance Need Calculator
This calculator will help you to decide how much life insurance you need if your survivors invest the life insurance benefits they receive.

Funeral cost, estate taxes, etc. ($):
Amount needed to pay of non-mortgage debt ($):
Amount needed in emergency fund ($):
Amount needed in college fund ($):
Expected average annual living expenses ($):
Expected spouse's average annual income after taxes ($):
Annual Social Security Benefits ($):
Spouse's current age (#):
Value of current liquid assets ($ total of savings, investments, etc.):
Expected survivor's investment strategy:
Life insurance needs:

Compare Life Insurance Rates

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote

Highly Recommended – Globe Life Insurance

Get FREE Information On How $1* Buys $50,000 Globe Life Insurance For Seniors

  • No Medical Exam – Simple Application.
  • No Waiting Period. Buy Direct.
  • Rates As Low As $3.49 Per Month.
  • The Globe Life Family Of Companies Has Over 16.8 Million Policies In Force.
  • No Phone Required. No Credit Required.
  • The Globe Life Family Of Companies Has Nearly $220 Billion Of Coverage In Force.
  • Globe Life Is Rated A (Excellent) By A.M. Best Company As Of August 2022.

Highly Recommended – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.

  • Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee

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Disclosure: Compensated Affiliate