Quick answer
Most people over 60 buy life insurance for one of three reasons: to cover final expenses, to pay off debts, or to leave money to family. Healthy seniors usually get the best price from a fully underwritten term or whole life policy. If your health makes approval hard, simplified issue (health questions, no exam) or guaranteed issue (no health questions) policies are easier to get, but they cost more, pay smaller amounts and often have a two- to three-year waiting period.
Policy types at a glance
| Type | How you qualify | Typical coverage | Watch for |
|---|---|---|---|
| Term life | Health questions, often an exam | Larger amounts for a set number of years | Ends when the term ends |
| Whole life | Health questions, often an exam | Lifetime coverage with cash value | Higher premiums |
| Simplified issue / final expense | Health questions, no exam | Often $5,000 to $50,000 | Some conditions can still disqualify you |
| Guaranteed issue | No health questions | Often $5,000 to $25,000 | Graded benefit for the first 2 to 3 years |
Last reviewed October 27, 2026 by Greg Wilson. Sources: MoneyGeek, NAIC. Partner links may earn SeniorAffair a commission.
Buying life insurance after 60 is different from buying it at 35. Premiums are higher, some policies cap your age, and your health history matters more. But the right policy can still be affordable, especially if you buy only the coverage you need.
Do you need life insurance after 60?
Not everyone does. If your mortgage is paid off, your spouse would be secure on your Social Security and savings, and you have money set aside for a funeral, you may not need a policy. Life insurance makes the most sense if:
- Someone depends on your income or pension, and it would stop or shrink at your death.
- You have debts, such as a mortgage, that you do not want to leave behind.
- You want to cover funeral and burial costs so your family does not have to.
- You want to leave a set amount to children, grandchildren or a charity.
Term vs. whole life after 60
Term life covers you for a set period, such as 10 or 20 years. It costs less than whole life for the same amount, which makes it a good fit for a debt with an end date, like a mortgage. Many insurers stop selling new term policies at older ages, and long terms are harder to get after 70.
Whole life lasts for your lifetime as long as you pay premiums, and it builds cash value. It costs more, but it guarantees a payout whenever you die. Smaller whole life policies sold to cover funeral costs are often called final expense insurance.
Final expense, simplified issue and guaranteed issue
Final expense insurance is a small whole life policy designed to pay for a funeral, burial and final bills. Most are simplified issue: you answer health questions but take no medical exam.
Guaranteed issue life insurance asks no health questions, so you cannot be turned down within the eligible age range. Most policies accept applicants roughly 40 or 45 to 85, depending on the insurer. The trade-off is a graded death benefit: if you die of natural causes in the first two years (three with some insurers), your beneficiaries usually get back the premiums you paid plus interest instead of the full amount. Accidental death is generally covered in full from the start. Coverage is usually small, often $5,000 to $25,000.
If you are in reasonable health, try a simplified issue or fully underwritten policy first. You will usually get more coverage for less money and no waiting period.
Compare life insurance options
Everyday Life helps you compare term and whole life policies online.
Partner link: SeniorAffair may earn a commission if you buy, at no extra cost to you.
How much coverage do you need?
Add up what you want the policy to pay for: funeral and burial costs, any debts, and any gift you want to leave. Subtract savings that would already cover those costs. That number is a good starting point. Our guide to calculating how much coverage you need walks through it.
How to get the best price
- Apply sooner. Premiums rise with every birthday.
- Answer health questions honestly. A wrong answer can let the insurer deny a claim later.
- Compare several insurers. Prices for the same coverage can vary widely.
- Check the insurer’s financial strength with a rating agency such as AM Best.
- Use the free-look period. Most states give you a window after the policy arrives to cancel for a full refund.
Watch out for these traps
- Ads that promise coverage “for pennies a day” usually describe very small policies.
- Policies whose premiums rise every few years can become unaffordable in your 80s.
- Buying more coverage than you need means higher premiums for decades.
- Pressure to cancel an existing policy to buy a new one. You may lose benefits and restart a waiting period.
Frequently asked questions
Can I get life insurance at 75 or 80?
Yes. Many insurers sell final expense and guaranteed issue policies into your 80s. Term policies get harder to find, and coverage amounts are smaller.
Is life insurance with no medical exam worth it?
It is worth it if a health condition would make a fully underwritten policy expensive or unavailable. If you are healthy, a policy with health questions or an exam usually costs less.
Is the payout taxable?
Life insurance death benefits are generally not subject to federal income tax for beneficiaries. Talk to a tax professional about your situation.
Part of our Retirement Money Guide. Retirement accounts, Social Security, banking, home equity and debt, all in one place. See the full guide →
