When considering life insurance, it's essential to understand how protection ages impact costs so you can make the right decisions for your financial security. Age is a major factor determining term life insurance rates, and as you grow older, you may want or need to reassess your life insurance needs and the rates accordingly
In this article, we'll explore the question of how much term life insurance for 60-year-olds costs. We'll break down factors such as genders, health status, term lengths and more so you can feel confident in your decision-making.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Men | No | 20 Years | $25,000 | Americo | $55 |
| 60 | Men | No | 20 Years | $50,000 | American Amicable | $71 |
| 60 | Men | No | 20 Years | $100,000 | American Amicable | $135 |
| 60 | Men | No | 20 Years | $250,000 | American Amicable | $312 |
The table above presents the approximate cost of a 20-year term life insurance policy at age 60 for men who do not smoke. The age, gender, term, coverage amount, and company are presented, as well as the monthly rate associated with each policy
It appears that age 60 is the most expensive age for life insurance premiums. For example, at Americo, a 20-year term life insurance policy with $25,000 coverage costs $55 per month, while the same policy at American Amicable with $250,000 coverage costs $312 per month. The coverage amount of the policy is an important factor in determining the cost of the policy. The larger the amount of coverage and the longer the term, the more expensive the policy will be
For example, a 20-year policy with $25,000 coverage at Americo costs $55 per month, while a 20-year policy with $250,000 coverage at American Amicable costs $312 per month. It is also important to note that the cost of life insurance policies can vary significantly between different insurance companies. At age 60, Americo provides a 20-year term life policy with $25,000 coverage for $55 per month, while American Amicable offers the same policy with $100,000 coverage for $135 per month.
30-Year Term Life Rates (Male; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Men | No | 30 Years | $25,000 | Americo | $76 |
| 60 | Men | No | 30 Years | $50,000 | Americo | $145 |
| 60 | Men | No | 30 Years | $100,000 | Americo | $282 |
| 60 | Men | No | 30 Years | $250,000 | Americo | $694 |
As the table indicates, the cost of a 30 year term life insurance policy for a 60 year old non-smoking male depends largely on the coverage amount. For example, with $25,000 of coverage, there is a monthly rate of $76; with $50,000 of coverage, there is a monthly rate of $145; for $100,000 of coverage, the monthly rate is $282; and for $250,000 of coverage, the monthly rate is $694
These rates are from Americo, just one of the many companies that offer life insurance policies. Rates from other companies may vary, so it’s important to shop around to find the best deal available. Additionally, some companies charge extra fees and add-ons that could affect the total cost of the policy
Therefore, it’s important to read the policy contract and understand how these extra fees could affect the overall cost.
20-Year Life Insurance Pricing (Male Tobacco; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Men | Yes | 20 Years | $25,000 | Americo | $94 |
| 60 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $162 |
| 60 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $316 |
| 60 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $779 |
This table reflects the price of 20-Year Term Life Insurance for a 60-year-old male tobacco user. The first row of data shows that a $25,000 coverage policy with Americo costs $94 a month
The second row shows that a $50,000 policy with Prosperity Life would cost $162 per month, while a $100,000 policy with Prosperity Life would cost $316 each month. Lastly, a $250,000 coverage policy with Prosperity Life would have a cost of $779 each month.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Men | Yes | 30 Years | $25,000 | Americo | $131 |
| 60 | Men | Yes | 30 Years | $50,000 | Americo | $254 |
| 60 | Men | Yes | 30 Years | $100,000 | Americo | $500 |
| 60 | Men | Yes | 30 Years | $250,000 | Americo | $1,238 |
At age 60, a male smoker has the following options for 30-year term life insurance rates from Americo: for $25,000 in coverage, the monthly rate is $131; for $50,000 in coverage, the monthly rate is $254; for $100,000 in coverage, the monthly rate is $500; and for $250,000 in coverage, the monthly rate is $1, 238. Monthly rates tend to increase as the amount of coverage increases.
20-Year Term Premiums (Women; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $54 |
| 60 | Women | No | 20 Years | $50,000 | American Amicable | $45 |
| 60 | Women | No | 20 Years | $100,000 | American Amicable | $83 |
| 60 | Women | No | 20 Years | $250,000 | American Amicable | $189 |
The table provides information on the cost of 20-year term life insurance premiums for women aged 60 who do not smoke. The data shows premiums for four different companies and four different coverage amounts - $25,000, $50,000, $100,000, and $250,000
For example, Mutual of Omaha offers a 20-year term life policy for $25,000 of coverage for $54 a month, and American Amicable offers a 20-year term life policy for $250,000 of coverage for $189 a month.
30-Year Term Policies (Women; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Women | No | 30 Years | $25,000 | Americo | $76 |
| 60 | Women | No | 30 Years | $50,000 | Americo | $145 |
| 60 | Women | No | 30 Years | $100,000 | Americo | $282 |
| 60 | Women | No | 30 Years | $250,000 | Americo | $694 |
The table above indicates the cost of a 30-year term life insurance policy on a 60-year-old female non-smoker. The company featured in the table is Americo and it offers coverage in the amount of $25,000, $50,000, $100,000, and $250,000, with corresponding monthly rates of $76, $145, $282, and $694 respectively.
20-Year Term Monthly Premiums (Women Smokers; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $92 |
| 60 | Women | Yes | 20 Years | $50,000 | American Amicable | $110 |
| 60 | Women | Yes | 20 Years | $100,000 | American Amicable | $214 |
| 60 | Women | Yes | 20 Years | $250,000 | American Amicable | $500 |
This table demonstrates four different scenarios in which a female smoker aged 60 would need to purchase 20-year term life insurance. The first row indicates that from Mutual of Omaha, a $25,000 policy would cost $92 per month
With a $50,000 policy from American Amicable, the monthly rate would be $110. A policy for $100,000 from American Amicable would cost $214 per month. Finally, a policy for $250,000 from American Amicable comes to $500 per month.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 60)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 60 | Women | Yes | 30 Years | $25,000 | Americo | $131 |
| 60 | Women | Yes | 30 Years | $50,000 | Americo | $254 |
| 60 | Women | Yes | 30 Years | $100,000 | Americo | $500 |
| 60 | Women | Yes | 30 Years | $250,000 | Americo | $1,238 |
This table shows the term life insurance quotes for a 60-year-old female smoker over a 30-year term. The table lists the coverage amounts from $25,000 up to $250,000 offered by Americo and the monthly rates associated with each policy
A $25,000 policy for a 60-year-old female smoker would cost $131/month with Americo, while a $100,000 policy for the same person would cost $500/month. A $250,000 policy for a 60-year-old female smoker over a 30-year period would cost $1,238/month.
