The average retirement age in the United States is 60 years, as the report says. With living a life full of joy, one thing is present that requires focus to make complete peace of mind. Term life insurance for seniors over 60 is the best solution and tool for ensuring the peaceful livelihood of your spouse or family when you are not there.
If you’re planning in such a way to cover your funeral expenses, store a strong legacy, or you have outstanding debts, term life insurance is the best choice every senior citizen must choose to empower their future descendants. Going through this article, we will break down this undescribed topic with an easy explanation.
Why Should Term Life Insurance Matter?
We are not going negative, but the truth is that after the age of 60, one should choose a term insurance plan because it helps in securing a life insurance policy, and the terms are fixed, so that the extra period or long-term period is not included.
Also, the term life insurance policy offers low monthly premiums and good coverage amount as the term period is based on the applicant’s need. So, without adding some extra years which increase the premiums, one can easily choose a fixed term. A term life insurance for seniors over 60 can be the best decision you can make.
Explore more about term life insurance for different ages :-
- Term life insurance for seniors over 75
- Term life insurance for seniors over 80
Benefits of Term Life Insurance For Seniors Over 60
Many reasons imply and tell how beneficial term life insurance is :-
- Covers Final Expense : The average funeral cost in the USA lies between $7000 to $8500. Term life insurance can help in covering these expenses and ensure they don’t fall on your spouse’s shoulders.
- Financial Support : An individual may have dependents who will have to face financial crises after you’re gone. A term life policy can provide a good coverage amount to support your family.
- Debt Repayment : If you have any debts, mortgages, or loans that are not paid till your passing, term life insurance can be a good tool to resolve such issues.
- Legacy Planning : With a good coverage amount, you will leave behind a decent legacy for your children and grandchildren.
Term Length Options For Seniors Over 60
The term length of the insurance policy generally depends on the age, like which term length is best for the respective age, as follows :-
| Age Group | Common Term Lengths Available | |
| 60–64 years | 10, 15, 20, sometimes 25 years | |
| 65–69 years | 10, 15, rarely 20 years | Read More |
| 70–75 years | 10, sometimes 15 years | Read More |
| 76–80 years | Usually, 10 years | Read More |
In general, after 80 years age, most insurers don’t provide term policies. But you can go for the guaranteed policies or a final expense coverage policy.
If you’re 65 or older, explore tailored coverage options in our detailed guide on Term life insurance for seniors over 65.
Cost of Term Life Insurance For A 60-Year-Old
The earlier you do, the better you get. Taking a affordable term life insurance for seniors over 60 can help in securing decent financial savings. As we all know, the cost of monthly premiums gets higher with an increase in age. This is because the risk also increases, and after the age of 60 years, the term length may also be limited.
Likewise, the cost also increases; it doesn’t mean you cannot get an affordable policy, but in comparison to the applicants of a younger age, the cost is higher. Although if you make a smart move and choose a term life insurance policy based on your requirements, it can be the best way to get an affordable policy.
In general, term life insurance for seniors over 60 years costs between $270 – $350 monthly for a term length of 10 years and coverage of $250,000. If a person can get a simple term life insurance plan for seniors over 60 without health check, then this could the best thing because in a old age some general health issues ay increase the monthly premiums significantly.
Best Term Life Insurance For Seniors Over 60
Many insurers provide term life insurance for seniors over 60. The companies are listed below :-
| Insurance Company | Age Limit | Key Benefits |
| Haven Life (MassMutual) | Up to age 64 | – Coverage up to $3 million – term life insurance for seniors over 60 no medical exams, for healthy one’s |
| AIG | Up to age 80 | – Guaranteed issue options – Living benefits are included in some policies |
| Mutual of Omaha | Varies by policy | – Strong financial ratings – Good for mild health conditions |
| Banner Life (Legal & General America) | Up to age 75 | – High coverage limits – Excellent underwriting for seniors |
| Transamerica | Varies by policy | – Multiple term lengths – Great for smokers and those with health issues |
This data is from various sources; contact the respective insurer before making any move. From funeral expenses to ensuring family’s financial wellbeing, an term life insurance policy can be the best choice to fulfil your goals.
Choosing the Best Term Life Insurance
- Compare Multiple Quotes : Before choosing a best fit term life insurance policy it is required to get multiple quotes and choose based on your budget, requirement, goals, and health condition.
- Transparent Disclosure of Necessary Information : Don’t hide any important information from the insurer because this can affect the claiming process and sometimes your policy can be terminated.
- Check The Insurer Rating : Evalute the innsurer’s ratings and trust of the client.
- Add-On Riders : Insurance policies comes with an option of add-on riders. Where you can add some addtional features which you want to your policy.
- Apply Now : After choosing the policy based on your decided criteria apply for in a well reputed insurance provider.
Final Thoughts
Taking a life insurance policy is always very crucial to ensure secure financial stability for your family. Term life insurance for seniors over 60 is not difficult, it only requires fast execution and smart planning. In such a phase of life, where the only tension is to maintain the peaceful living of the family, and if you’ve debts, loans, or want to support your family after you pass, a term insurance policy is the best tool to use.
It is also true that as age increases, the amount of monthly premiums increases if you have not taken any insurance policy yet. But this doesn’t mean you can only get high-cost policies, there are some ways to get the most favorable insurance plan. Always consult an expert insurance advisor.
Now you understand the background of this complicated topic. So, we want honest feedback from your side that helps us in improving our content and delivering high-quality articles. Your feedback will become the way for future users to get a more personalized solution for their problems. Also, if you find this article helpful, then share this with your family and friends.
Frequently Asked Questions
How much does term life insurance cost for a 60 year old?
As we all know, term life insurance for seniors over 60 is more expensive than for a younger policyholder, but it usually costs between $270 to $370 for a term length of 10 years, and the coverage amounts to $250,000.
What is the best life insurance for seniors over 60?
The best term life insurance is one that is affordable and fulfils the necessary aspects you require. A 60 year old individual need a policy which is highly affordable becuase after sometime their retirement age will hit and a constant income will stops. So, an policy which can fit in retirement income.
What is the cheapest term insurance for seniors?
Many insurance companies in the market have different factors of advantages. Transamerica is well known for providing term life insurance for older people.
Is term life insurance worth it for seniors?
Yes, term life insurance is an ideal choice for individuals over 60 years because it provides insurance for a fixed term, so it becomes more affordable.
