Here's something that might surprise you: turning 60 doesn't mean you've missed your chance at life insurance. In fact, you're in good company. Baby Boomers—people in their 60s and 70s—have the highest rate of life insurance ownership among all generations at 57%. And the options available to you now are better than they've ever been, with simplified application processes that skip the medical exam entirely.
Whether you're thinking about covering final expenses, leaving something for your grandchildren, or making sure your spouse isn't burdened with bills, life insurance after 60 can give you real peace of mind. Let's walk through what you need to know.
Why Life Insurance Matters in Your 60s
The average funeral costs between $7,000 and $12,000, and that doesn't include cemetery plots, headstones, or other end-of-life expenses. For most families, that's not pocket change. When you ask Americans why they buy life insurance, 60% say covering burial and final expenses is their top priority. For women, that number jumps to 64%.
But it's not just about funerals. Maybe you still have a mortgage. Maybe you want to make sure your spouse can stay in the house without financial stress. Or perhaps you've always wanted to leave something meaningful to your children or grandchildren. Life insurance lets you do that without draining your retirement savings while you're still alive to enjoy them.
The final expense insurance market is booming precisely because people in your age group understand this value. In 2024, final expense insurance sales grew 16% year over year, reaching $1.05 billion in new premiums. That's over a million new policies sold to people who decided that protecting their families was worth the monthly premium.
Your Options: Simplified Issue and Final Expense Policies
If you tried to buy life insurance decades ago, you probably remember the hassle: medical exams, blood tests, waiting weeks for approval. Today's market is different. Most seniors over 60 are choosing simplified issue policies, which make up 85% of final expense insurance sales.
Here's how simplified issue works: you answer some health questions on an application, but there's no medical exam required. No needles, no doctor visits, no waiting for lab results. If you're between 45 and 85, you can typically get coverage up to $100,000, though the average policy is around $14,535—just enough to cover funeral costs and leave a little extra. The application is quick, often taking just 15-20 minutes, and you can get approved in days instead of weeks.
If you have health issues that might complicate even a simplified application, guaranteed issue policies are available too. These policies ask no health questions at all—if you're within the age range (usually up to 85), you're automatically approved. The tradeoff is that coverage amounts are lower, averaging around $9,786, and premiums are higher. But for someone with serious health conditions, it's a way to secure coverage when traditional policies would say no.
What You'll Pay and What to Expect
Let's be honest: life insurance costs more in your 60s than it would have in your 30s or 40s. Insurance companies price policies based on risk, and statistically, they're more likely to pay out a claim for someone who's 65 than someone who's 35. That's just math.
But here's the thing: simplified and guaranteed issue policies cost more than traditional policies even for your age. You're paying for convenience and guaranteed approval. If you're in decent health and willing to take a medical exam, you might get better rates with a traditional policy. But for most people over 60—especially those with manageable health conditions like high blood pressure or diabetes—simplified issue offers the sweet spot between affordability and accessibility.
Monthly premiums for a $15,000 final expense policy might range from $50 to $150 depending on your age, gender, and whether you smoke. A 62-year-old non-smoking woman will typically pay less than a 72-year-old man who smokes. Get quotes from multiple insurers—prices can vary significantly for the same coverage.
Legacy Planning: More Than Just Final Expenses
While final expense coverage handles immediate costs, some people in their 60s think bigger. Maybe you want to leave $50,000 to each of your three kids. Or you're sitting on a $400,000 home but most of your liquid assets are in retirement accounts your spouse will need. A life insurance policy can fill those gaps.
Permanent life insurance policies—whole life or universal life—build cash value over time that you can borrow against if needed. They're more expensive than term or final expense policies, but they last your entire life as long as you pay premiums. For legacy planning, they offer certainty: your beneficiaries will receive a death benefit no matter when you pass away.
Another common use is equalizing inheritances. Say you're leaving your family business to one child but want to be fair to your other children. A life insurance policy with them as beneficiaries can balance things out. The death benefit is generally income tax-free, making it an efficient wealth transfer tool.
How to Get Started
Start by getting clear on why you want coverage and how much you need. If it's purely for final expenses, add up funeral costs, any outstanding debts you don't want to leave behind, and maybe a cushion for your family. That might total $15,000 to $25,000. If you're thinking about legacy planning, the number could be much higher.
Then get quotes from several insurers. You can work with an independent insurance agent who represents multiple companies, or get quotes directly online. Because pricing varies significantly between companies, especially for simplified and guaranteed issue policies, comparison shopping is worth your time.
Read the fine print carefully. Some guaranteed issue policies have a waiting period—if you die within the first two years, your beneficiaries only get back the premiums you paid plus interest, not the full death benefit. Make sure you understand what you're buying.
Getting life insurance after 60 isn't just possible—it's common sense for many people who want to protect their families and leave things in order. With simplified issue policies making approval easier than ever and the market offering more options specifically designed for seniors, there's likely a policy that fits your needs and budget. The peace of mind that comes with knowing your final expenses are covered and your loved ones will be taken care of? That's worth a lot more than the monthly premium.
