Best Life Insurance for Seniors over 60 in 2025 (10 Standout Companies)

The best life insurance for seniors over 60 includes top providers like Mutual of Omaha, AARP, and Transamerica, with rates starting at only $25/month.

Mutual of Omaha comes first overall due to its ease of use and competitiveness.  AARP and Transamerica give the best options regarding pre-existing conditions and no medical exam plans for seniors. View our guide, “Types of Life Insurance: Find the Right Policy for Your Needs,” for more information.

Our Top 10 Company Picks: Best Life Insurance for Seniors over 60

Getting closer to each company’s detailed structure, pricing, and benefits will help seniors make an informed choice based on budget, health, and coverage goals. Find the right plan for you to rest assiduously, knowing your loved ones are protected.

Take the time to compare options to find the best fit for your needs and budget. If you want to explore your life insurance options, enter your ZIP code in our free tool to get started.

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#1 – Mutual of Omaha: Top Overall Pick

Pros

• Low Prices for Seniors Over 60: Mutual of Omaha has plans starting at $59 monthly. These plans are a very good option for seniors who prefer good-quality coverage.
• Good Customer Service: The company is known for being helpful and friendly to seniors over 60.
• Strong and Trusted: With an A+ rating, Mutual of Omaha remains a safe option for seniors.

Cons

• Limited Policy Choices: Most plans for seniors over 60 focus only on final expense coverage.
• Small Discount: The 10% bundling discount only saves seniors a little. For more information, see this guide, “Mutual of Omaha Term Life Insurance Policies Review. “

#2 – AARP: Best for AARP Members

Pros

• Plans for Seniors 60+: AARP offers life insurance made for seniors, starting at $57/month for basic coverage.
• Member Perks: AARP’s over 60 senior members get extras like discounts and easy applications.
• Strong Backing: AARP’s A++ rating means reliable for seniors’ long-term coverage.

Cons

• Higher Costs: Rates start at $57/month, which can be pricier for some seniors over 60.
• Small Discounts: AARP’s 5% bundling discount for seniors doesn’t lower costs much. See the “AARP Life Insurance Company Review” guide for more details.

#3 – Transamerica: Best for Customizable Term

Pros

• Flexible Term Coverage: Transamerica offers many term choices for seniors over 60, starting at $55/month for basic coverage.
• Affordable Whole Coverage: Seniors over 60 can get whole coverage for as low as $312 per month.
• Secure Company: With an A+ rating, Transamerica is a trusted choice for seniors over 60. For details, see this “Transamerica Life Insurance Company Review” guide.

Cons

• Small Bundling Discount: The 8% discount only helps seniors over 60 save a little.
• Application: Seniors over 60 might find the application process longer than other companies.

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#4 – Banner Life: Best for Affordable Coverage

Pros

• Lowest Rates for Seniors Over 60: Banner Life offers term coverage at $41/month, one of the cheapest options for seniors over 60.
• Simple Coverage Plans: Seniors over 60 can rely on straightforward, affordable policies. To learn more, read this guide, “Banner Life Insurance Company Review. “
• Strong Financial Rating: With an A+ rating, Banner Life is a solid option for seniors over 60.

Cons

• Fewer Features: Banner Life’s plans for seniors over 60 focus only on the basics.
• No Bundling Savings: Seniors over 60 can’t save by combining policies.

#5 – Lincoln Financial: Best for Hybrid Policies

Pros

• Hybrid Policies for Seniors Over 60: Lincoln’s A+ rating makes it a safe pick for seniors over 60.
• Secure Coverage: Lincoln’s A+ rating makes it a good option for seniors over 60.
• Bundling Discounts: Seniors over 60 can save 5% when bundling policies. For more information, see this “Royal Neighbors Final Expense” guide.

Cons

• Higher Starting Rates: Plans for seniors over 60 start at $68/month, which might not suit some senior’s budget.
• Limited Simpler Options: Lincoln focuses more on hybrid plans than basic policies for seniors over 60.

#6 – State Farm: Best for Local Agents

Pros

• Help from Local Agents: Seniors over 60 can get personalized support from State Farm’s agents.
• Competitive Rates: Coverage starts at $62 per month, which is reasonable for seniors over 60.
• Good Bundling Savings: Bundling policies can save seniors over 60 17%. Read the “State Farm Life Insurance Review” guide for details.

Cons

• Expensive Whole Coverage: It starts at $341/month, which may be too high for some seniors over 60.
• Few Digital Options: Seniors over 60 might find fewer online tools with State Farm.

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#7 – John Hancock: Best for Health Rewards

Pros

• Rewards for Staying Healthy: John Hancock’s health rewards program offers savings for seniors over 60, starting at $64/month for basic coverage.
• Custom Policy Choices: Seniors over 60 can pick plans to fit their needs. Read this “John Hancock Life Insurance Review” guide to know more.
• Safe Financial Rating: With an A+ rating, John Hancock is a trustworthy option for seniors over 60.

Cons

• Higher Rates: Plans for seniors over 60 start at $64 monthly, higher than other companies.
• Small Discount: The 10% bundling discount may not lower costs much for seniors over 60.

#8 – Prudential: Best for Health Conditions

Pros

• Helps with Health Conditions: Prudential offers coverage for seniors over 60 with health issues, starting at $63/month.
• Reasonable Whole Coverage Rates: Seniors over 60 can get whole coverage at $376 per month.
• Trusted Provider: An A+ rating makes Prudential a reliable choice for seniors over 60. For more, see this guide, “Prudential Life Insurance Review.”

Cons

• High Basic Rates: Term coverage for seniors over 60 starts at $63/month, higher than some other companies.
• Small Bundling Savings: The 7% discount is smaller than other companies offer for seniors over 60.

#9 – AIG: Best for Guaranteed Issue

Pros

• Easy to Qualify: AIG offers policies for seniors over 60 with no health exam required, starting at $49 monthly.
• Simple Application: Seniors over 60 can apply easily, even with health concerns.
• Flexible Payments: AIG offers flexible payment schedules for seniors over 60. Learn more in this guide, “AIG Life Insurance Review.”

Cons

• Higher Premiums: Rates for seniors over 60 may be higher due to guaranteed issue policies.
• Lower Financial Strength: AIG’s A rating is slightly lower. It is not as great an option for seniors over 60 as other companies.

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#10 – Gerber Life: Best for Affordable Coverage

Pros

• Lowest Rates for Seniors Over 60: Gerber Life coverage starts at just $25 per month, making it the most affordable option for seniors over 60.
• Quick and Simple Application: Seniors over 60 can apply with minimal hassle. For more information, see this “Gerber Life Insurance Review” guide.
• Financially Secure: An A+ rating makes Gerber Life a reliable pick for seniors over 60.

Cons

• Basic Coverage Only: Gerber Life focuses mainly on simple plans for seniors over 60.
• No Discounts: Seniors over 60 can’t save by bundling policies with Gerber Life.

The Importance of Life Insurance for Those Over 60

It depends on your life circumstances. Most buyers are around 30, recently married, buying a home, or starting a family. They often choose a 30-year term policy to protect loved ones and replace income, as this is when they typically carry the most debt and have fewer resources. Check this guide, “How does life insurance work?” to learn more.

Seniors over 60 Life Insurance Monthly Rates by Provider & Coverage Level

Losing the main earner can be devastating for a stay-at-home spouse raising young children alone. Many plan to pay off their mortgage, save for retirement, and raise independent kids, then assume they no longer need life insurance. But life doesn’t always go as planned.

Many seniors ask, “Do I need life insurance after 60?” and the answer often depends on your financial goals. For example, life insurance for 60-year-old individuals, including life insurance for seniors over 60, offers various coverage plans.

Life Insurance Options Available for Individuals Over Age 60

There are two basic types of life insurance policies: term and permanent. They both have different options, such as simplified issue, final expense insurance, or universal life, but they all fall into the category of either term or whole life.

Life Insurance Discounts From the Top Providers for Seniors over 60

By knowing more about your circumstances, overall health, and age, we can get a clue of which type of policy is best for you. I will go over and review the most common policies for those ages 60 and over.

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Term Life Insurance for Those Over 60

Term life insurance is often called “pure insurance” because it offers protection for a specific period without any savings component. It’s the simplest to understand and the most economical coverage you can buy when compared to whole life. The most common terms are 10, 20, and 30 years.

The premiums and the death benefit stay the same throughout the contract period (term). At the term’s end, you can convert to whole life, renew annually, or drop the policy. At 60, some companies offer up to 30-year terms, though 25 years is more common, typically requiring a medical exam.

Your price is based on your exam results, health, medications, driving history, and other factors. Healthier people pay less. Also, term life insurance for people over 60 has low costs, and life insurance for those over 60 without a medical exam is easy to apply for.

No-Exam Term Life for Those Over 60

No-exam life insurance is very similar to traditional term life. However, this will not require you to undergo an exam as part of the underwriting process. It’s more expensive than a regular term life because the insurance company takes an extra risk when insuring you without reviewing your blood work.

You are paying for the convenience of skipping the exam, and the maximum death benefit will not exceed $500,000. Besides, a handful of companies offer no-exam policies for this age group so that you will have few choices. Find out more in this guide, “No Exam Life Insurance.”

Guaranteed Universal Life Insurance for Those Over 60

Think of Guaranteed Universal Life (GUL) as a policy that lets you choose your coverage based on a specific age, rather than a particular length like term life offers. In other words, if you are 65 years old, the maximum term you can buy is a 25-year policy.

If you buy a GUL, you can buy it up to age 90, 95, 100, 105, 110, or 121. These policies do not carry cash value, and the premium and death benefit will stay the same throughout the term length.

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Final Expense Life Insurance for Those Over 60

Final expense life insurance helps cover costs related to your death, such as burial expenses and medical bills. These whole-life policies never expire and include a cash savings benefit you can borrow from. Typical death benefits range from $5,000 to $50,000, with $25,000 being the most popular choice.

Final expense is also considered a simplified issue policy because they do not require you to undergo an exam, and you only have a few health questions that you need to answer on the application. Even if you have diabetes or high cholesterol, you can still qualify for coverage.

Life insurance can give you the protection you need to live life on your terms. Use our interactive experience to discover what life insurance can do for you by exploring how others are protecting their families. https://t.co/5O2kiLG7Eh pic.twitter.com/jE17gQmAgd

— Prudential (@Prudential) September 28, 2022

The Federal Trade Commission estimates many funerals exceed $12,000. Final expense insurance can help cover burial costs and protect your estate from added fees. See this “Burial & Final Expense Insurance,” guide for more info.

Guaranteed Issue Life Insurance for Those Over 60

As the name implies, guaranteed issue life insurance (GI) is a policy that ensures your acceptance despite your health condition. It is the last resort coverage for those who can’t get a traditional life insurance policy because of past or current health conditions.

These policies do not have an expiration date. The premiums and death benefits stay the same throughout the policy’s life. The most significant caveat with GI policies is that they do not pay if you die within two years after purchasing your plan. View this guide, “Best Guaranteed Issue Life Insurance Companies,” for more details.

If you die from non-accidental causes within the first two years, only your paid premiums plus 10% interest are refunded. After two years, the full benefit, typically capped at $25,000, is available for ages 50 to 85.

Case Studies: Life Insurance for Seniors Over 60

Finding the right life insurance can make a big difference for seniors. Here are three examples showing how AARP, AIG, and Banner Life meet the needs of seniors over 60. Find out more in this guide, “10 Best Life Insurance Companies.”

• Case Study #1 – Mutual of Omaha’s Affordable Coverage: John, 68, wanted affordable life insurance that could help his family when he’s gone. With the AARP plan, he feels at ease knowing his loved ones will be taken care of.
• Case Study #2 – AARP’s Flexible Plans: Linda, 62, wanted a plan to adjust as her life changed. She needed something flexible and reliable to feel secure no matter what happened. AARP gave her coverage that fit her budget and made her feel secure.
• Case Study #3 – Transamerica’s Strong Benefits: Tom, 70, with some health issues, needed good coverage. Transamerica’s plan gave him the peace of mind he wanted for his family.

Mutual of Omaha, AARP, and Transamerica offer great options for seniors over 60, providing affordable and dependable life insurance. Compare these plans to find the right one for you. Stop overspending on life insurance. Use our tool to compare rates from top providers near you.

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