Key takeaways
- $250,000 of 20-year term at 60 averages $157 a month for a woman and $215 for a man; the cheapest quotes on the market are $82 and $118.
- The gap between average and cheapest is $97 a month at 60, against about $15 at 40. Not shopping costs more every year you age.
- A 10-year term costs roughly 40% less than a 20-year at this age, and usually covers what the money is actually for.
- Health stops being a footnote. A rate class is locked at issue and never reprices upward — apply while you are as healthy as you will be.
- Waiting to 65 raises the male average from $215 to $245 — and adds five years of diagnosis risk that no table shows.
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What it costs at 60
A 20-year level term policy at 60, non-smoker. First the market-wide average:
| Cover | Female | Male |
|---|---|---|
| $250,000 | $157 | $215 |
| $500,000 | $286 | $395 |
Source: MoneyGeek — How Much Does a $250,000 Life Insurance Policy Cost?, updated 16 September 2026, and 20-Year Term Life Insurance Rates, published 28 August 2026 (248,399 quotes from 20 insurers). Two separate studies, so treat the comparison between face amounts as close rather than exact. Source.
And the same policy averaging only the cheapest quotes on the market:
| Cover | Female | Male |
|---|---|---|
| $250,000 | $82 | $118 |
| $500,000 | $153 | $217 |
Source: Forbes Advisor, How Much Is Life Insurance?, last updated 22 June 2026 — an average of the three lowest quotes found online for non-smokers of average height and weight, from 9,526 term life rates across 26 insurers. Source.
The gap between those two tables is the point of this page. At 40 the market average and the cheapest quotes differ by about $15 a month. At 60 they differ by $97 for the same man and the same $250,000 policy — $23,280 over a twenty-year term. Age does not just raise the price; it widens the penalty for not shopping.
Ten years usually beats twenty at this age
At 40 the advice runs the other way. At 60 it does not:
| Term length | Female, 60 | Male, 60 |
|---|---|---|
| 10 years | $93 | $131 |
| 20 years | $157 | $215 |
Source: MoneyGeek, How Much Does a $250,000 Life Insurance Policy Cost?, updated 16 September 2026 — market-wide averages across more than 30 carriers, non-smoker of average health. Source. Both lengths from the same study, so directly comparable.
A ten-year term costs about 40% less and runs to 70. Ask what the money is actually for. If it is a mortgage with eight years left, or the gap until a pension starts, ten years covers it and the twenty-year policy is $84 a month of cover you will not use. If there is a dependant who will still need support at 75, the longer term earns its price.
The mistake at this age is buying the longer term out of caution. It is the one decision where the cautious choice is frequently the expensive one.
Find out what you would pay at 60
Start with your ZIP code — availability varies by state.
Health stops being a footnote
At 30, a minor health issue costs about $3 a month. At 60 the same issue moves you between rate classes that are now separated by real money, because every class is anchored to a much higher base. This is why the cheapest-quote column above is out of reach for most 60-year-olds: those figures assume a clean build, no nicotine, no medication history and no family cardiac history.
Two practical consequences. Apply while you are as healthy as you are going to be, because the rate class is locked at issue and never reprices upward afterwards. And if you have a manageable condition, use an agent who knows which carriers are lenient on it — at this age carrier selection is worth more than anything else you can do.
When term stops being the answer
Sixty is roughly where the product decision reopens. Term is still the cheapest way to buy a large death benefit and remains right for a mortgage or an income gap. But two other products start to fit:
- Final expense. A small whole life policy, typically $5,000 to $25,000, underwritten on health questions rather than an exam, designed to cover a funeral and last bills. It never expires. How final expense works.
- No medical exam cover. Useful if an exam is the obstacle rather than the health itself. No-exam policies.
The question that separates them is simple: is there an amount that has to be paid on a date, or is this about not leaving a bill behind? The first is term. The second is final expense.
What waiting costs
Between 60 and 65 the market average for $250,000 of 20-year term rises from $215 to $245 a month for a man, and from $157 to $178 for a woman. That is the visible cost. The invisible one is larger: five more years is five more chances for a diagnosis that moves you two rate classes or closes the term market to you altogether.
Source: MoneyGeek, How Much Does a $250,000 Life Insurance Policy Cost?, updated 16 September 2026 — market-wide averages across more than 30 carriers, non-smoker of average health. Source.
If you have decided you need cover, the cheapest day to buy it is the day you decide. What changes after 70.
Frequently asked questions
How much is life insurance at 60?
For $250,000 of 20-year level term, the market-wide average is about $157 a month for a non-smoking woman and $215 for a man. Averaging only the cheapest quotes on the market gives $82 and $118. A 10-year term costs roughly 40% less than the 20-year at this age.
Is 20-year term worth it at 60?
Often not. A 20-year policy bought at 60 runs to 80 and costs about 40% more than a 10-year. Match the term to what the money is for: a mortgage with eight years left, or the gap until a pension starts, is covered by the shorter and cheaper policy.
Can I still get life insurance at 60 with a health condition?
Usually yes, though the rate class matters far more at 60 than it does at 40 because every class sits on a higher base. Carriers differ widely in how they treat specific conditions, so applying through someone who knows which ones are lenient is worth more at this age than any other single factor.
Should I buy term or final expense at 60?
Term if there is an amount that has to be paid — a mortgage balance, an income gap until a partner's pension. Final expense if the goal is not leaving a funeral and last bills behind: a small whole life policy, typically $5,000 to $25,000, underwritten on health questions and never expiring.