What Type of Life Insurance Is Best for Seniors Over 60?

What Type of Life Insurance Is Best for Seniors Over 60?

Choosing life insurance after age 60 isn’t about finding a one-size-fits-all policy. The right coverage depends on your health, financial priorities, and what you want the policy to accomplish — whether that’s protecting a spouse, covering final expenses, or leaving a legacy.

Below are the most common life insurance options seniors over 60 consider, along with when each one tends to make the most sense.

Term Life Insurance for Seniors

Term life insurance can still be a smart option for adults over 60 who are in relatively good health. These policies provide coverage for a set period of time — typically 10, 15, or 20 years — and are often the most affordable choice.

Term life is commonly used to:

• Replace income for a working spouse

• Pay off a mortgage or remaining debts

• Provide temporary financial protection at a lower cost

Because coverage ends after the term expires, it’s best suited for short- to mid-term needs.

Whole Life Insurance

Whole life insurance provides permanent coverage that lasts your entire lifetime, as long as premiums are paid. Premiums are fixed and do not increase with age, making budgeting easier.

Seniors often choose whole life insurance to:

• Cover funeral and burial costs

• Support estate or legacy planning

• Leave a guaranteed benefit to loved ones

While premiums are higher than term life, the lifelong protection offers peace of mind.

Final Expense Insurance

Final expense insurance is a type of whole life policy with smaller coverage amounts, designed specifically to handle end-of-life expenses such as funeral costs, medical bills, and other outstanding obligations.

These policies typically:

• Have simplified underwriting

• Are easier to qualify for

• Offer predictable, permanent coverage

They’re especially popular with seniors who want modest coverage without complex medical requirements.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance does not require a medical exam or health questions. Approval is guaranteed, making it an option for seniors with serious or multiple health conditions.

However, these policies usually:

• Have higher premiums

• Offer lower death benefits

• Include waiting periods before full benefits apply

Because of the cost, they are generally considered a last-resort option.

How to Choose the Right Policy After 60

The best life insurance policy isn’t about age alone — it’s about purpose. Understanding how long you need coverage and what financial role it should play is key. Comparing multiple options can often reveal better pricing or stronger benefits than expected.

A licensed advisor can help evaluate your health, goals, and budget to determine which type of coverage fits best — and which options to avoid.