Best Life Insurance For Seniors Over 60 – 64: Final Expense & Burial

best life insurance for seniors over 60
Kim Wilhelm CEO of Final Expense Direct Life Insurance
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Written by Kim Wilhelm

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Last Updated 24 May 2022

Life insurance is a tool people of all ages (60, 61, 62, 63 & 64) use to remove the financial burden on loved ones when they pass away. Getting life insurance when you’re young and healthy is ideal, because it’s cheap and you can get a lot more coverage for less.

But if you find yourself without life insurance as a senior, you still have great options available. Life insurance for seniors over 60 may be a bit more challenging, especially if you have health problems. At Final Expense Direct, we work with seniors of all ages, whether you’re aged 60, 61, 62, 63, 64, or even older.

The best way to get affordable life insurance over 60 is to compare different plans to figure out what coverage you need and what you qualify for.

Do I Need Life Insurance After 60?

Only you can decide if you need life insurance after 60 no medical exam. For most seniors 61, 62, 63, or older, you might find you don’t need nearly as much coverage as you did when you were younger.

Trying to decide about a life insurance policy for 60 or older? Ask yourself these questions:

If you answered yes to any of these questions, then you need life insurance. 

Can I Buy Life Insurance for Parents Over 60?

Adult children can also get the best life insurance for parents over 60. If your parents aren’t tech savvy or don’t want to shop for life insurance, there’s no need to stress.

Whether you’re a senior looking for life insurance over 60 or you’re helping your parents get coverage, call us today at Final Expense Direct. We do all the shopping for you, so you don’t have to. We’ll ask a few questions about your or your parents' health and then help you find the best life insurance for seniors over 60 in just one phone call. 

The Best Life Insurance for Seniors Over 60

Though some seniors over 60 can qualify for term life insurance, it’s usually not the best option. Sure, it’s cheaper. But many seniors will outlive their term life, which usually offers at most 15 years of life insurance for over 60. 

Then, you’re no longer covered, you’re a lot older, and you might have health issues.

The best life insurance for people over 60 is final expense insurance. Also called burial insurance or funeral insurance over 60, final expense offers great rates for life insurance for 60 year old and older.

Final expense insurance offers locked-in rates on coverage that never decreases. You can also build cash value, which acts like a savings account you can borrow from while you’re still alive.

At Final Expense Direct, we work with some of the best companies offering final expense life insurance for 60 year old and older. We work with companies who ask health questions and many who don’t, so no matter what your health is, we can get you covered.


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Cost of Life+Insurance+for+Seniors+Over+60

Now, how much does life insurance seniors over 60 cost? Below, we compare life insurance quotes over 60, including 61, 62, 63, and 64. These monthly rates are for the average non-smoker in good health, a $10,000 funeral insurance plan.

You can learn more about each company here:


Cost of Life Insurance at Age 60

Company

Male

Female

Mutual of Omaha

$43

$33

Liberty Bankers

$45

$35

Prosperity

$45

$35

Baltimore Life

$53

$43

American Home Life

$56

$46

Pioneer American

$59

$48

AIG*

$63

$50

Great Western*

$75

$66

*These carriers offer guaranteed issue life insurance over 60 no medical exam and with no health questions. Compare additional life insurance quotes for seniors over 60 below, including ages 61, 62, 63, & aged 64. 


Cost of Life Insurance at Age 61

Company

Male

Female

Mutual of Omaha

$45

$35

Liberty Bankers

$47

$37

Prosperity

$47

$37

Baltimore Life

$55

$45

American Home Life

$58

$47

Pioneer American

$62

$49

AIG*

$67

$52

Great Western*

$77

$68

*These carriers offer guaranteed issue life insurance with no health questions

Final Expense Quotes

INSTANT FINAL EXPENSE QUOTES

  • Get quotes FAST
  • More affordable than you think
  • Compare quotes from top companies
  • Know what you qualify for before you buy!

Cost of Life Insurance at Age 62

Company

Male

Female

Mutual of Omaha

$47

$37

Liberty Bankers

$49

$39

Prosperity

$50

$39

Baltimore Life

$57

$47

American Home Life

$60

$48

Pioneer American

$65

$50

AIG*

$71

$54

Great Western*

$79

$70

*These carriers offer guaranteed issue life insurance with no health questions


Cost of Life Insurance at Age 63

Company

Male

Female

Mutual of Omaha

$49

$39

Liberty Bankers

$51

$41

Prosperity

$53

$41

Baltimore Life

$59

$49

American Home Life

$62

$49

Pioneer American

$68

$51

AIG*

$75

$56

Great Western*

$81

$72

*These carriers offer guaranteed issue life insurance with no health questions

Free Final Expense Quote

Cost of Life Insurance at Age 64

Company

Male

Female

Mutual of Omaha

$51

$41

Liberty Bankers

$53

$43

Prosperity

$55

$43

Baltimore Life

$61

$51

American Home Life

$64

$50

Pioneer American

$71

$53

AIG*

$79

$58

Great Western*

$83

$73

*These carriers offer guaranteed issue life insurance with no health questions

Can I Get Life Insurance Over 61 No Medical Exam?

Yes, most of our carriers offer over 60 life insurance with no medical exam. When you call Final Expense Direct to get death insurance for over 60 year olds, we can get most seniors approved in just one phone call. You might have to answer a few health questions with some carriers, but they don’t require a medical exam to get covered.

And if you’re a senior in poor health, we have carriers that don’t ask any health questions. You just choose the amount of coverage you need, make the first payment, and you’re covered.

FAQs


How Much is Life Insurance for a Healthy 60 Year Old?

How much a healthy 60 year old will pay for life insurance depends on their gender, coverage amount, type of life insurance, and the company providing coverage. A healthy 60 year old would pay less for term life insurance, but will only get 10 or 15 years of coverage they could outlive. For final expense senior life insurance 60 year old male, a healthy 60 year old can expect to pay between $29 and $46 per month for a $10,000 immediate death benefit policy.

How Much is AARP Life Insurance a Month?

How much AARP life insurance for seniors over 60 costs per month depends on the amount of coverage and your age. The younger you are and the less coverage you need, the cheaper AARP life insurance costs. A 61 year old male non-smoker will pay around $28 per month for $5,000 but $55 per month for $10,000. Once he reaches 64, the same man would pay $32 or $62 per month to get the same AARP life insurance policy. We have better rates listed above for whole life insurance for seniors over 60.

best life insurance for seniors over 60

Which Insurance is Best for Senior Citizens?

Senior citizens looking for the best life insurance should consider final expense insurance. It offers permanent coverage with premiums that never change. It also builds cash value seniors can use while still alive. Some companies also offer free living benefit riders, like Pioneer American Insurance Company.

Whatever you think final expense costs...

It's probably less.

No money down • No medical exam

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Is Senior Life Insurance Any Good?

Whether senior life insurance is any good comes down to the company providing coverage and the terms of coverage. Some companies have more restrictions than others. For example, Colonial Penn offers final expense insurance, but rates go up as you get older and coverage goes down. You should also pay attention to whether the policy has an immediate, graded, or modified death benefit.

What Does Life Insurance for Seniors Exclude?

There are a few things that life insurance for seniors excludes to pay attention to. All life insurance policies contain a suicide clause, which means the beneficiary won’t receive the death benefit if the insured dies by suicide during the first two years of the policy. The insurance company can also contest the death benefit claim. If they find the senior misrepresented themselves or lied on the application, they can void the claim and not pay the death benefit.

What is the Best Life Insurance for a Senior in Poor Health?

The best life insurance for a senior in poor health is guaranteed issue final expense insurance. There is no medical exam or health questions on the application, so anyone can be approved, even at 62, 63, 64, or older. 

What is the Best Life Insurance for Veterans Over 62?

Getting life insurance for 60 year old male or female veterans can be more challenging. The best life insurance for veterans over 60 will provide coverage, regardless of health diagnoses and prescriptions. Veterans often take pain medications and may have PTSD, which may disqualify them for coverage with other carriers or require them to take a graded or modified death benefit. At Final Expense Direct, we work with Pioneer American Life Company, which offers an immediate death benefit even if you have PTSD and take pain meds.

Final Expense Quotes

INSTANT FINAL EXPENSE QUOTES

  • Get quotes FAST
  • More affordable than you think
  • Compare quotes from top companies
  • Know what you qualify for before you buy!