What are The Best Life Insurance Options For  A 60 Year Old woman?

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Expert Review Of The Best Life Insurance Options For  A 60 Year Old Woman

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Reviewed by

Jim Tobin, CFP®

Why you can Have confidence in this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

How A 60-Year-Old Woman Can Get An Affordable Life Insurance Policy

When you turn 60 years old, you probably look at life a little differently. You may try to get your affairs in order, pay off bills, and set things up so that your loved ones will be taken care of when you die. Of course, the "why" behind a person's choice for life insurance can vary, but they are often for one of three reasons:

  • Way to leave a legacy for their children and grandchildren
  • Financial protection for their loved one (spouse)
  • Cover the costs associated with a funeral and burial as well as any hospital bills

If you're a 60-year-old female looking for life insurance, you may have a few questions about whether it's necessary and how to find the right policy for your particular needs.  

Is Life Insurance Necessary For A Woman At 60 Years Old?

One question you may have is whether or not life insurance at 60 years old is needed. Well, that really does depend on several factors. If you have concerns about your child's or grandchild's education, your spouse's life after you die, your level of debt, burial and funeral costs, etc., then yes, life insurance is necessary even at 60 years of age.

While there are all kinds of programs to help you find a great life insurance policy, Life Insurance Help Desk has a formula we use called L.I.F.E to find the right amount. 

What Type Of Life Insurance Is Necessary For Females At 60 Years Old?

Choosing the right policy is dependent on two things: why you need the plan and the kind of coverage you want.

  • If the goal is to protect your family who depends on your income before you reach retirement age, a term life insurance is the way to go.
  • If your goal is to provide financial help to your benefactors, no matter when you die, a guaranteed universal life policy will be your best bet. 
  • If you want to make an investment in your life insurance, then whole life or indexed universal life will be what you need.
  • If your goal is to protect your loved ones from the costs of a funeral and burial, buying burial insurance is the best option.

How Accurate Are The Life Insurance Rates For A 60-Year-Old Female?

The rates provided to you by Life Insurance Help Desk are accurate, as the tool is updated often. Of course, like anything else, you want to be sure that your health rating is right. This is something most people do not know. For that reason, people are advised to talk with an independent agent. 

Either way, when trying to find out how much you'd pay for life insurance, you want to choose the Standard class coverage, as you may be surprised with a higher coverage category.

Smokers and tobacco users are going to pay more for their life insurance coverage because of all the health risks associated with it. If you use tobacco – be it chewing or smoking – be sure to input this information into the quote tool to get a precise figure. 

As people get older, carriers tend to show leniency toward certain health conditions so long as they are in compliance with the treatment. Many applicants are classed above "standard" but less than the "preferred" category – a category known as Standard Plus. 

Can A 60-Year-Old Female With Pre-Existing Health Conditions Get Life Insurance?

When it comes to pre-existing health conditions, it may be a bit more difficult to choose the best company. That's because each carrier assesses the risk of applicants based on their condition. 

For example, Lincoln Financial may be better for a person who has had colon cancer than Principal. However, Principal may underwrite an offer for a person with sleep apnea, whereas Lincoln Financial will not.

Yes, a 60-year-old female with pre-existing health conditions can get life insurance, but the best policy will depend on what your health conditions are. 

Most of the carriers offered on Life Insurance Help Desk are classed as "A" ratings or better, but the decision of which carrier you want and get is dependent on the policy and carrier. When it comes to policy preferences, you also need to consider the term lengths and riders, which vary from one company to another. 

Sample Rates for a 60 year old Woman

After you decide to purchase life insurance, you need to determine the best term length. From there, you'll be looking at the different companies, conditions and prices. 

Sample rates for Female age 60 Preferred Class no tobacco use

Term

50K

100K

250K

500K

1MM

10 Years

$21.22/mo.

27.04

50.18

92.07

171.13

15 Years 

27.95

34.68

62.71

116.35

227.73

20 Years

32.85

41.70

86.89

159.65

314.63

Sample rates for Female age 60 Standard Class no tobacco use

Term

50K

100K

250K

500K

1MM

10 Years

27.72

38.54

69.51

131.55

252.74

15 Years 

33.57

49.04

96.49

182.98

357.28

20 Years

46.31

63.83

123.56

249.07

485.80

Note that the samples above were for non smokers. Tobacco use has a significant negative affect on rates. For accurate rates with tobacco use (not just smoking), use the quote tool.   

As people age, some carriers show more leniency for specific conditions in which the applicant is compliant with treatment. These applicants can often be classified  below "preferred" but above "standard".

This classification is known as  "Standard Plus' .

Below are"Standard Plus"examples that are common:

  • Sample rates  for women aged 60 with controled depression

  • Sample rates  for women aged 60 with  controlled hyper-thyroid 

  • Sample rates  for women aged 60 20 lbs. overweight  

Sample rates for Female age 60 Standard Plus Class 

Term

50K

100K

250K

500K

1MM

10 Years

$27.72/mo.

33.43

63.21

116.86

216.31

15 Years 

33.57

45.78

84.41

161.15

303.10

20 Years

46.31

56.21

116.05

224.02

423.69

Burial Insurance for a 60 year old woman

 

Sample Burial Insurance Rtaes age 60 Standard Class - No tobacco 

Term

5K

10K

15K

20K

25K 

Level

18.04/mo.

32.87

47.70

62.53

77.36

Graded

23.65

46.62

68.33

90.03

105.23

Guaranteed

25.99

50.02

74.03

101.20

126.27

25K

Sample Burial Insurance Rtaes age 60 Standard Class - tobacco user

Term

5K

10K

15K

20K

25K

Level

24.19/mo.

45.19

66.18

87.17

108.16

Graded

24.91

46.62

68.33

90.03

139.93

Guaranteed

25.99

50.02

74.03

101.20

126.27


Burial insurance tends to be more expensive for two reasons – companies are more lenient, and their policies never expire. 

Although these policies are more expensive, they may still be worthwhile. Smaller amounts can be underwritten, keeping the immediate costs low. These policies are ideal for people looking to ease their loved ones' financial strain after their death. 

Similar to term or GUL, this kind of policy is dependent on your particular situation. Each company will look at your health conditions and whether they offer services in your state of residence.  

Even with severe health cases, there is always a company that will offer to underwrite a burial life insurance policy. 

Guaranteed Universal Life (GUL) Policy for 60 year old woman

When it comes to GUL policies, the base policies are offered until age 121 (seriously) to ensure your plan is guaranteed until you die. It can take up to eight weeks to have a carrier underwrite a GUL policy if you choose to undergo a medical exam or if you need a doctor's statement to give to the carrier. 

You can also go the no-exam route if you want as well. 

GUL Rates For 60 year old female Preferred Risk, No Tobacco 

Guar. Age

50K

100K

250K

500K

1MM

Age 121

$87.10/mo.

175.76

371.14

742.28

1417.72

Age 100

87.10

137.95

289.70

573.40

1106.45

Age 90

78.65

122.92

258.14

516.27

985.90

Suicide Exclusion

All policies – be it burial or term – do have a clause about suicide. In the majority of states, there is a two-year exclusion, although some offer just one year.

Why Should You Consider LIHD

There are many places you can turn to purchase life insurance, but if you want the best deal as a 60-year-old woman, you need to go with an independent agent with access to more than 50 carriers.  

A captive agent only works for one particular company, which means you never see the competition. The agent is tied to that one company and makes money for it. 

You can also choose a national broker, but they don't have as many carriers to help in leveraging their commissions. They also have a high staff turnover rate. When you want to talk to someone experienced, chances are, it'll be with someone different.

However, LIHD is dedicated to transparency, helping clients get a policy that meets their needs and situations. For LIHD employees, this is more than a job; we're dedicated to our clients. 

If you're a woman aged 60 and need a life insurance policy, reach out to us by calling or filling out the quote form. We will help you get the best policy for your budget and your set of circumstances.  

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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