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 speak with Rikin to discuss your life insurance options or questions, don't hesitate to email him at hello [at] getsure.org.