The short answer
Life insurance isn't a separate product. It's a term life policy, and for you the difference is mainly how carriers review the application and set the rate. Rules vary by carrier, so comparing several through an independent agent is the simplest way to find a good fit.
This guide answers the most common questions about life insurance over 60.
A new baby changes everything, including your family's finances. Term life insurance is the simplest way to make sure the plan holds if an income stops.
Here is a practical guide for parents.
Part of our complete guide: Term Life Insurance: The Complete Guide.
Quick answer
Cover both parents, including a stay-at-home parent. Choose a term that lasts until the youngest is on their own. Use a trust or custodian for minor beneficiaries.
MarketView Agency is an independent insurance agency (National Producer Number 18345705).
On this page
- Life insurance over 60: how age changes life insurance
- Choosing the type
- Life insurance quotes for seniors: what affects the cost of life insurance for you?
- Life insurance for parents over 60: how much term life parents need
- Why both parents need coverage
- How much coverage do you need?
- Optional riders and what they do
- Which term length fits which need?
- Is term life right for you?
- Frequently asked questions
Life insurance over 60: how age changes life insurance
Age is one of the biggest factors in what coverage costs and which policies are available. Some products stop accepting applications at certain ages, and the choices narrow as you get older.
- Rates are based on your age when you apply, so applying sooner usually helps.
- Some products stop accepting applications at a certain age.
- Later in life, smaller permanent policies like final expense are a common choice.
We cover this in detail in 20 vs 30 Year Term Life Insurance: How to Choose.
Choosing the type
Term coverage costs less for a set number of years; permanent coverage lasts for life and builds cash value. Many people combine them.
Compare rates from several carriers in about two minutes. Free, no obligation.
Life insurance quotes for seniors: what affects the cost of life insurance for you?
Rates are set by each carrier after it reviews your application, so this page doesn't list prices. These are the main factors:
- Age: rates are lower the younger you are when you apply.
- Amount and type: more coverage, or coverage that lasts longer, costs more.
- Health and tobacco use: these set your rate class with most carriers.
- The carrier: companies price the same person differently.
Because carriers price the same person differently, comparing several quotes is the most reliable way to see your options.
Life insurance for parents over 60: how much term life parents need
For parents, term life insurance answers one question: if my income stopped, how would my family keep going? The policy can pay the mortgage, daily costs, child care and future school costs.
- Cover both parents, including a stay-at-home parent. Replacing child care and household work costs real money.
- Pick a term that lasts until the youngest child is on their own.
- Name a trust or custodian for minor children rather than naming them directly.
Why both parents need coverage
A stay-at-home parent may not earn a paycheck, but replacing what they do costs real money: child care, school runs, meals, and the time the working parent would need to take off.
Many couples buy a policy on each parent with the same term. The amount for a stay-at-home parent is often smaller, sized to years of child care and household help until the children are older.
How to get covered in 3 steps
- Check your rate. Pick your state and answer a few quick questions about the coverage you want.
- Compare carriers. A licensed agent compares term life insurance options from several insurers and explains the trade-offs.
- Apply and get covered. Many applications take one phone call. Coverage starts once the policy is issued and the first premium is paid.
How much coverage do you need?
A simple way to size coverage is to add up what your family would need to pay off or replace. Some agents call this the DIME method:
- Debt. Car loans, credit cards and other balances.
- Income. Years of income your family would need to replace.
- Mortgage. The balance on your home loan.
- Education. Future school costs for your children.
Subtract savings and any coverage you already have, such as a group policy through work. What is left is a reasonable target. You do not have to cover everything with one policy, and it is fine to start with the most important need.
Optional riders and what they do
Riders let you shape a policy around your situation. Here are the ones people ask about most. Not every carrier offers each one, and terms differ.
Living benefits
Accelerated benefit riders can pay part of the death benefit early after a qualifying terminal, chronic or critical illness. Many carriers include a terminal illness rider at no added cost.
Waiver of premium
If a covered disability keeps you from working, this rider can keep the policy going without premium payments for as long as the disability lasts, subject to the policy terms.
Return of premium
Pays back the premiums you paid if you outlive the term. It raises the cost, so compare it with a plain term policy before deciding.
Child and spouse riders
Add modest coverage for family members to your own policy. They are convenient, but a separate policy for a spouse is often more flexible.
Which term length fits which need?
The right term ends when the need ends. This table shows common pairings.
| Term | Often used for | Things to weigh |
|---|---|---|
| 10 years | A short loan or a gap until savings catch up | Renewal later costs more |
| 20 years | Raising older children, a shorter mortgage | A popular middle ground |
| 30 years | A new 30-year mortgage, young children | Higher price, longest protection |
| Two policies | Needs that end at different times | Laddering can lower total cost |
Is term life right for you?
Often a good fit
- Parents with children at home. Homeowners with a mortgage. Anyone whose income supports others. People who want a lot of coverage at a lower price.
Maybe not the right fit
- People who need coverage for life, such as for final costs or estate planning. People who want cash value they can use later. In those cases, permanent coverage may fit better.