How Much Does Life Insurance Cost at 60 and 70?

Life insurance cost by age follows one simple rule: the older you are when you apply, the more you pay, because the insurer is pricing a higher chance of paying a claim. Your health, tobacco use, the amount of coverage and the type of policy matter just as much. The good news for people in their 60s and 70s: coverage is still available, and the right design can keep it affordable.

Below I’ll walk you through why age changes the price, what a 60- or 70-year-old should expect, and how to get the most coverage for every dollar. If you’d rather skip the reading, book a free 15-minute call or call or text 561-542-8610 and I’ll run real quotes for your age and health.

Why does life insurance cost more as you get older?

Life insurance prices are built on mortality tables, the odds that a person of a given age will pass away in a given year. The Florida Department of Financial Services lists “age, health and habits (such as smoking),” family history and mortality tables among the things that determine what a policy costs. The Texas Department of Insurance puts it plainly: premiums depend on “your age, gender, medical condition, whether you use tobacco, and your hobbies and occupation.”

Here is what that risk looks like using the Social Security Administration’s actuarial life table:

Source: Social Security Administration, 2023 period life table (2026 Trustees Report).

Notice the jumps. The risk more than doubles from 50 to 60, then roughly doubles again from 60 to 70. That is why waiting even a few years can change your price, and why women often pay less than men of the same age.

How much is life insurance for a 60 year old?

There is no single price, and any website that gives you one number without asking about your health is guessing. At 60, your price mostly depends on:

• Your health class. A healthy 60-year-old who doesn’t use tobacco can often qualify for fully underwritten coverage, which is usually the best value.
• Tobacco use. Tobacco users pay meaningfully more at every age.
• How long you need coverage. A 10-year term costs less than a 20-year term, and permanent coverage costs more than both.
• How much coverage you buy. More death benefit means a higher premium, though price per $1,000 of coverage often improves at higher amounts.

Most 60-year-olds I work with are protecting a spouse’s income, paying off a mortgage, or leaving a set amount to the kids. Term life insurance with living benefits is often the most cost-effective way to cover those years.

How much is life insurance for a 70 year old?

At 70, you can still buy coverage, but the options narrow and prices rise. Many people at this age focus on:

• Final expenses such as funeral costs and medical bills, so the family isn’t left with a bill.
• Leaving a legacy to children or grandchildren, often with a permanent policy that won’t expire.
• Estate planning, where life insurance provides cash to settle an estate. See our estate planning life insurance page.

Be careful with the “no questions asked” policies you see on TV. Florida regulators describe graded death benefit policies as paying the full amount for accidental death, “but a much smaller amount for other causes of death in the first few years.” Many healthy seniors qualify for first-day, full coverage instead. I explain the difference in our guide to guaranteed issue and final expense insurance and life insurance for seniors over 50, 60 and 70.

Is term or whole life cheaper by age?

Term is cheaper up front at every age. Whole life costs more because it lasts your entire life and builds cash value. The NAIC (National Association of Insurance Commissioners) gives this example for a $100,000 policy at age 35: about $1,800 a year for whole life versus about $250 a year for annual renewable term. Your numbers will differ, but the pattern holds.

Want the full side-by-side? Read whole life vs. IUL vs. term. Interested in cash value for retirement? Try our IUL calculator or read about tax-free retirement with IUL.

What happens to the price if I wait?

Two things work against you when you wait: you get older, and your health can change. The NAIC notes that if you renew a term policy, “the new premiums are higher.” A new diagnosis can move you into a more expensive health class, or out of fully underwritten coverage altogether. Locking in coverage while you’re healthy is usually the cheapest move you can make.

How can I lower my life insurance cost at any age?

• Buy the right amount, not the biggest amount. Use our how much life insurance do I need calculator.
• Match the term to the need. If your mortgage has 12 years left, you may not need 30 years of coverage.
• Quit tobacco. Insurers treat tobacco use as a major risk factor.
• Compare more than one company. Florida regulators advise: “Compare plans from more than one company. Don’t feel pressured to make a quick decision.” An independent agent can do that for you.
• Look for living benefits. Many policies let you access part of the death benefit early for a qualifying chronic, critical or terminal illness. Learn more about life insurance with living benefits. Availability varies by policy and state.

Frequently asked questions

Can I get life insurance at 70 or older?

Yes. Many policies accept applicants into their 70s and beyond. The type of coverage and the amount you qualify for depend on your health. See our senior life insurance options.

Do women pay less for life insurance than men?

Generally, yes. Women have lower mortality rates at every age in the Social Security life table, and insurers can use gender as a pricing factor, as the Texas Department of Insurance notes.

Does life insurance cost go up every year?

Not with level term or most permanent policies. A level term premium stays the same for the term. Annual renewable term and renewals after a term ends do go up.

What if I change my mind after I buy?

Policies include a “free look” period. In Florida, the Department of Financial Services describes it as a 14-day or longer window to cancel for a full refund.

Is there an average life insurance cost per month?

Averages hide more than they show, because age, health and coverage amount move the price so much. A real quote based on your situation takes about 15 minutes.

Get your real price in 15 minutes

I’m an independent agent based in Boca Raton, FL, serving clients nationwide. I shop multiple companies so you don’t have to, and I’ll tell you straight if waiting or a different policy type makes more sense. Book a free 15-minute call or call or text 561-542-8610.

Sources: Social Security Administration, Actuarial Life Table; NAIC, Life Insurance consumer guide; NAIC Life Insurance Buyer’s Guide; Florida Department of Financial Services, Life Insurance consumer guide; Texas Department of Insurance, Life insurance guide.

Educational only, not tax or legal advice.

Buying coverage for your mom or dad? Read life insurance for parents: how to buy a policy on your mom or dad.