Can a 60-Year-Old Get Term Life Insurance?

Shawn Plummer

CEO, The Annuity Expert

Eligibility for Term Life Insurance at Age 60

Yes, a 60-year-old can obtain term life insurance. Many insurance providers offer term life policies to individuals up to and including the age of 80.

However, the availability, terms, and cost of the insurance can vary significantly based on several factors.

Factors Influencing Insurance Eligibility and Premiums

  1. Age: Age is a primary factor in determining eligibility and premiums. Generally, premiums increase with age.
  2. Health Status: Your current health and medical history play a crucial role. Insurers will assess these to gauge risk.
  3. Lifestyle Choices: Smoking, alcohol consumption, and high-risk hobbies can impact premiums and eligibility.
  4. Policy Term: The length of the term also influences the cost. Shorter terms might have lower premiums.
  5. Coverage Amount: Higher coverage amounts lead to higher premiums.

Instantly compare life insurance quotes to find your ideal policy.

Medical Underwriting for 60-Year-Old Applicants

  1. Medical Exam: Most term life insurance policies for people over 60 require a medical exam.
  2. Health Questions: Expect detailed questions about your health, including any chronic conditions or medications.
  3. Review of Medical Records: Insurers often request access to your medical records.
  4. Possible Outcomes: Based on the underwriting process, you could be offered standard rates, higher premiums, or potentially be declined.

Term Life Insurance at Age 60

Age BracketPremium RangePolicy Term OptionsMedical Exam RequiredCoverage Limits
60-65Moderate-High10-20 yearsYesVaries
66-70High10-15 yearsYesVaries
71-75Very High5-10 yearsYesVaries
76-80Highest5 yearsYesVaries

Conclusion

Obtaining term life insurance at the age of 60 is definitely possible, but it comes with specific considerations regarding medical underwriting and the cost of premiums. Understanding these factors can help you make an informed decision about your life insurance needs. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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