Life insurance cost by age · Retirement in sight
Life insurance cost at 60
At 60, most people buy coverage to protect a spouse and pay final expenses — and many still qualify for day-one coverage.
The short answer
20-year, $500,000 term: about $213–$375/mo for women and $292–$583/mo for men — healthy non-smokers, from real carrier rate tables. Your health, tobacco use, state and the carrier you choose decide the real price.
Term life insurance at 60
| Term | Coverage | Women | Men |
|---|---|---|---|
| 10 years | $250,000 | $65–$125/mo | $82–$200/mo |
| 10 years | $500,000 | $129–$251/mo | $164–$401/mo |
| 10 years | $1,000,000 | $258–$501/mo | $329–$802/mo |
| 20 years | $250,000 | $107–$188/mo | $146–$292/mo |
| 20 years | $500,000 | $213–$375/mo | $292–$583/mo |
| 20 years | $1,000,000 | $427–$751/mo | $584–$1,166/mo |
Healthy non-smokers. Low end: best health class at the most competitive carriers; high end: typical, including no-exam options. “—” = not enough products in our tables at this age.
Tobacco users: a 20-year, $500,000 policy runs about $991–$1,034/mo for women and $1,057–$1,369/mo for men at 60.
Final expense (burial) insurance at 60
| Coverage | Women | Men | Women (tobacco) | Men (tobacco) |
|---|---|---|---|---|
| $10,000 | $35–$38/mo | $43–$49/mo | $48–$54/mo | $62–$69/mo |
| $15,000 | $50–$57/mo | $63–$72/mo | $70–$79/mo | $92–$103/mo |
| $25,000 | $81–$93/mo | $103–$117/mo | $115–$130/mo | $153–$170/mo |
Day-one (level) whole life plans for applicants who qualify. Premiums never increase; coverage never expires.
What life insurance is for at 60
Work life insurance often ends or shrinks at retirement, right when you’d want to keep it.
A spouse may lose part of the household’s Social Security or pension income when one of you dies.
What most 60-year-olds buy
- Final expense whole life ($10,000–$30,000)
- 10-year term if a mortgage remains
- Replacing group coverage you’ll lose at retirement
What affects your price at 60
Prescription history matters: carriers check it. Many common medications don’t block day-one coverage at the right carrier. See our health-condition guides.
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Life insurance at 60 — FAQ
How much does life insurance cost for a 60-year-old?
For a healthy non-smoker: 20-year, $500,000 term: about $213–$375/mo for women and $292–$583/mo for men, based on carrier rate tables we work with. The low end is the best health class at the most competitive carriers; health, tobacco, state and carrier change the real price.
How much more do smokers pay at 60?
Much more: a 20-year, $500,000 term policy runs about $1,057–$1,369/mo for men and $991–$1,034/mo for women who use tobacco at 60, versus the non-smoker ranges above. Quitting for 12 months can qualify you for non-smoker rates at many carriers.
Can a 60-year-old get term life insurance?
Yes — 10-, 15- and 20-year terms are commonly available at 60 for healthy applicants. Many 60-year-olds pair a shorter term with permanent final expense coverage.