The short version: it's not too late. People in their 60s can often still buy term or permanent coverage. In your 70s and 80s, final expense and guaranteed universal life are the most common choices. The key is to match the policy to the specific need you're covering.
Start with why you need coverage
- Funeral and final bills: a final expense policy of $5,000 to $40,000.
- A spouse who depends on your pension or Social Security: term or permanent coverage to replace income that stops or shrinks at your death.
- A remaining mortgage or debt: a term policy that matches the payoff timeline.
- Leaving an inheritance or covering estate costs: guaranteed universal life or whole life.
Options in your 60s
Most insurers still sell 10- and 20-year term policies in your 60s, and some offer 15 or 20 years up to about age 65 or 70. Term costs rise quickly at this age. For example, average rates for a $500,000, 20-year policy are around $318 a month at 60 and $593 at 65 for nonsmokers. Smaller amounts and shorter terms cost far less.
This is also a good decade to lock in permanent coverage if you'll want it for life, since prices only go up from here.
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Options in your 70s and 80s
- Final expense whole life: the most common choice. Small coverage amounts, simple health questions, no exam, fixed premium.
- Guaranteed universal life (GUL): lifetime coverage with little cash value, often at a lower price than whole life for larger amounts. Available into the 80s at some insurers.
- Short-term coverage: some insurers offer 10-year term into the mid 70s for healthy applicants.
- Guaranteed issue: for those who can't qualify elsewhere. Expect a two- to three-year waiting period.
What final expense costs by age
| Age | Women | Men |
|---|---|---|
| 50 | $30 | $38 |
| 55 | $36 | $46 |
| 60 | $42 | $53 |
| 65 | $50 | $66 |
| 70 | $64 | $84 |
| 75 | $87 | $113 |
| 80 | $125 | $164 |
| 85 | $155 | $203 |
Average monthly premium for a $10,000 final expense policy, nonsmoker in average health. Source: MoneyGeek, 2026. Estimates only.
Tips to save
- Don't wait for the next birthday. Many insurers price by nearest birthday, so your rate can go up six months before you actually turn a year older.
- Be upfront about health. Insurers check prescription records. An accurate application gets you the right policy the first time.
- Compare insurers. Underwriting rules for conditions like COPD, diabetes, or heart history vary a lot from one company to the next.
- Be careful with TV offers. Many heavily advertised policies are guaranteed issue with waiting periods and higher prices. If you can answer health questions, you can usually do better.
- Check existing coverage. Old employer policies, union benefits, or policies you forgot about may already cover part of the need.
Frequently asked questions
What's the oldest age to buy life insurance?
Can I get life insurance with health problems in my 70s?
Is life insurance for seniors worth it?
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