Term Life Insurance Rates for 61-Year-Olds

Updated: March 5, 2023

Life insurance is an essential part of financial planning and should form a crucial component of any retirement strategy. In the past, many retirees have relied heavily on traditional life insurance products, such as term life insurance, which offer a variety of protections against unexpected economic and health issues

But how much is term life insurance for 61-year-olds? Let’s take a closer look at what affects term life insurance prices for this age group and how to get the best protection.

(Note: See here for 60-year-old rates or the cost of term life insurance for a 62-year-old.)

20-Year Term Life Insurance Cost (Men; Age 61)

Age	Gender	Smoker	Term	Coverage	Company	Monthly Rate
61	Men	No	20 Years	$25,000	Americo	$58
61	Men	No	20 Years	$50,000	American Amicable	$77
61	Men	No	20 Years	$100,000	American Amicable	$148
61	Men	No	20 Years	$250,000	American Amicable	$342

The table shows the cost of 20-year term life insurance for a 61-year-old man with no smoking history. Coverage ranges from $25,000 to $250,000, with American Amicable and Americo offering the policies

For a man of this age, the lowest monthly rate is $58 for the $25,000 coverage from Americo. American Amicable charges $77 a month for the same coverage, but has plans up to $250,000 coverage which carries a $342 monthly premium.

20-Year Life Insurance Pricing (Male Tobacco; Age 61)

Age	Gender	Smoker	Term	Coverage	Company	Monthly Rate
61	Men	Yes	20 Years	$25,000	Americo	$99
61	Men	Yes	20 Years	$50,000	Prosperity Life	$175
61	Men	Yes	20 Years	$100,000	Prosperity Life	$342
61	Men	Yes	20 Years	$250,000	Prosperity Life	$844

For a 61-year-old male tobacco user seeking a 20-year term life insurance policy, rates can significantly vary by company. With Americo, for example, a 61-year-old male smoker would pay an average monthly rate of $99 for a term life insurance policy of $25,000

For the same age, gender and smoking status, Prosperity Life offers an average of $175 a month for a term life insurance policy of $50,000. As the coverage amount increases, so too does the cost. A policy of $100,000 through Prosperity Life, for example, averages $342 monthly, while a policy of $250,000 averages $844 monthly.

20-Year Term Premiums (Women; Age 61)

Age	Gender	Smoker	Term	Coverage	Company	Monthly Rate
61	Women	No	20 Years	$25,000	Americo	$58
61	Women	No	20 Years	$50,000	American Amicable	$48
61	Women	No	20 Years	$100,000	American Amicable	$90
61	Women	No	20 Years	$250,000	American Amicable	$205

The table above demonstrates the expected costs of a 20-year term life insurance policy for a 61-year-old woman who does not smoke. In total, three life insurance companies were included in the table: Americo, American Amicable, and American Amicable. For the Americo company, the monthly rate for $25,000 of coverage is $58, for $50,000 of coverage is $48, for $100,000 of coverage is $90, and for $250,000 of coverage is $205. For the American Amicable company, the monthly rate for $50,000 of coverage is $48, for $100,000 of coverage is $90, and for $250,000 of coverage is $205.

20-Year Term Monthly Premiums (Women Smokers; Age 61)

Age	Gender	Smoker	Term	Coverage	Company	Monthly Rate
61	Women	Yes	20 Years	$25,000	Americo	$99
61	Women	Yes	20 Years	$50,000	American Amicable	$118
61	Women	Yes	20 Years	$100,000	American Amicable	$230
61	Women	Yes	20 Years	$250,000	American Amicable	$538

This table shows the monthly premiums for a 20-year-term life insurance policy for a 61-year-old woman who is a smoker. The policies range from $25,000 to $250,000 in coverage and are from two companies, Americo and American Amicable

For a $25,000 coverage through Americo, the monthly premium is $99. For a $50,000 coverage through American Amicable, the monthly rate is $118. For $100,000 coverage through American Amicable, the monthly rate is $230

And for $250,000 coverage through American Amicable, the monthly rate is $538.

Rikin Shah

Rikin is the Co-Founder & CEO of GetSure. He is a licensed life, accident & health insurance agent in all 50 states (plus D.C.) and has over 15 years of experience in the financial services industry. He holds a B.S. in Applied Mathematics from Columbia University and an MBA from The Stanford Graduate School of Business. If you'd like to book a call with Rikin to discuss your life insurance needs, don't hesitate to schedule a call.

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* Based on website quote requests, through 2/28/23.
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