As we grow older, our needs for life Insurance begin to diminish. However, for 60-year-olds, there are still plenty of important reasons that having life insurance is important, such as:

• • Planning for Long Term Care
  • Being able to cover existing debts
  • Providing for your spouse and children
  • Creating an estate or trust
  • Maximizing your pension benefits
  • And more…

Of course, finding affordable life insurance rates for 60-year-olds can be a bit more difficult than it was when you were younger. However, there are still plenty of companies that offer great Coverage options for seniors.

Quick Article Guide:

• • What Makes These Companies the Best for 60-Year-Olds
  • What Are the Best Life Insurance Plans for 60-Year-Olds?
    • Protective 
    • Prudential 
    • PacLife
  • Comparing Prudential vs. Protective vs. Pacific Life
  • Finding Affordable Life Insurance for 60-Year-Olds

What Makes These the Best Life Insurance Companies for 60-Year-Olds?

Before we dive into each of these companies, their policies, riders, and life insurance rates, let’s take a brief second to examine their history, financial ratings, customer ratings, and what they are best known for.

Company	A.M. Best Rating	Customer Satisfaction
Protective	A+	4.3 / 5
Prudential	A+	4.4 / 5
PacLife	A+	4 / 5

Protective Life Insurance Company Overview

Protective Life Insurance company is based out of Birmingham Alabama. They have been featured in Fortune 1000 and the Forbes Global 2000 list for the past 6 years. They operate across all 50 states and have done so successfully since 1907.

Protective is one of the least expensive options for any applicants over the age of 50. They are highly regarded for their customer service by J.D. Power & Associates and well known for their special permanent life insurance policies that give coverage to children and grandchildren.

Prudential Life Insurance Company Overview

Prudential Financial Insurance Company has over six types of term life insurance alongside a wide variety of universal life policies. A.M. Best has given Prudential

an A+ rating based on their excellent financial reputation.

Their customer service is top notch, with fewer complaints on average than almost all other insurance providers, according to the National Association of Insurance Commissioners. Prudential is highly regarded for their customer satisfaction by J.D. Power and Associates, with scores above average for all areas of satisfaction including: billing, payments, price, Policy offerings, and interaction.

Pacific Life Insurance Company Overview

Pacific Life (or PacLife) was founded in 1868. This company is well known for their living needs benefit included in their policies, which gives you coverage if you are diagnosed with a terminal illness or chronic illness at no additional cost.

If you become disabled and you cannot work anymore, PacLife will not deduct the premiums you cannot pay out of your death benefit. Their average application turnaround time is decent and they offer some of the most affordable life insurance on the market, especially for people over the age of 60.

What Are the Best Life Insurance Plans for 60-Year-Olds?

Now that we have a bit of a background on these companies, let’s take a look atsome of the life insurance policies they offer for 60-year-olds, and address what makes them the best on the market.

Protective

Custom Choice – Universal Life Policy

Protective offers a universal life insurance policy called Custom Choice. This is technically a term life insurance policy that shares some attributes with a Universal Life policy.

The way it works – you choose a term for your policy (10, 20, or 30 years). During this period, you pay for your policy on an annual or monthly basis like any other policy. However, once the term is up, you do not lose coverage, or have to pay more in premiums in the form of Annual Renewable Term (ART) coverage.

Instead, coverage remains permanent, but your death benefit decreases each year, until it reaches the minimum amount of $25,000.

Who Qualifies for this Plan?

This policy is offered to people ages 20 through 70, who are in good health, and who are willing to take a medical examination.

Who is this Policy Best For?

This policy is best for people who are in their 50’s and 60’s looking for affordable term life insurance that will last a long time, but for those who also don’t want to have to worry about finding more coverage or paying more once their term policy runs out.

Protective’s Custom Choice Universal Life Policy was specifically designed to give seniors an affordable option for life insurance that combines the low costs of term life insurance, with the guaranteed payout of permanent policies.

Alternative UL Plan

Protective also has an alternative universal life insurance plan. This is essentially a level term policy with a few unique features. Just like most term policies, it is offered in 10, 20 and 30-year terms.

At the end of this term policy, Protective gives you the option of decreasing your premiums by decreasing your coverage, or increasing your premiums by increasing your coverage.

Who Qualifies for this Plan?

This plan has the same qualifications as the Custom Choice policy.

Who is this Policy Best For?

This policy is best for people in their 50’s and 60’s who need a plan that can change with their life insurance needs. For example: You may have 10 years left on your mortgage, but need coverage beyond that.

However, you don’t want to purchase 10-year term life insurance because it will be very difficult to find affordable term coverage in your 70’s. But, you also don’t want to have to purchase a 30-year term life policy with $1,000,000 of coverage if you only need that coverage for 5 years. This is because often your needs will be drastically reduced once you retire, pay off your mortgage, and get the last of your kids out of the house.

The Alternative UL Plan by Protective is ideal for people who find themselves in similar situations, offering a term life insurance plan that is easy and affordable to renew, that also adjusts with your coverage needs.  

Variable Universal Life  

Protective offers a Variable Universal Life insurance policy for anyone interested in securing permanent coverage that also offers cash value accumulation.

Variable Universal policies base their performance from the stock market, usually being tied to a specific fund or group of stocks. Protective allows policyholders to select the stocks which govern the performance of their cash value accounts, which offers a unique opportunity to people who are familiar with the stock market.

Applicants who want to secure coverage for their spouse can also do so under this policy, with Protective’s Survivorship Universal Policy. This allows you to add your spouse to an existing life insurance policy, rather than taking out a separate one. Not only is this extremely convenient, but often times results in reduced rates when compared to purchasing two separate policies.

Who Qualifies for this Plan?

This plan has the same qualifications as the Custom Choice policy.

Who is this Policy Best For?

This plan is best for those who want to have some degree of permanent life insurance coverage for final expenses, etc… and also for 60-year-olds who are looking for a term life policy that can be re-evaluated over time.

While this may only allow for one revision as a 60-year-old, probably around the 10-year mark, this policy is still excellent because of its cash value accumulation, and its affordable price compared with other Variable Universal policies.

Protect My Child Life Insurance Policy

Those who have children or grandchildren and want to protect them with a life insurance policy can choose the Protect My Child policy. This is a whole life policy which allows you to add children between 14 days and 17 years old.  

The coverage amount ranges between $10,000 and $100,000. Once children insured by this policy turn 18, they have the option of converting this policy without undergoing an additional medical exam.  

This makes for a great life insurance policy for seniors who are looking to give back to their children or grandchildren. The cost is typically very low, and makes for a great gift to leave behind. The cash value accumulated over the course of the policy can be used by your child or grandchild in order to pay for college, a vehicle, a down payment on a home, or perhaps be saved away for future retirement.

Who Qualifies for this Plan?

Children must be between 14 days and 17 years old. Other terms apply to the policyholder as well.

Who is this Policy Best for?

This life insurance policy is best for 60-year-olds who have children or grandchildren they are looking to insure. This policy makes for an affordable way to leave a legacy.

Prudential Life Insurance Company Review

Prudential is one of the best life insurance companies for 60-year-olds because of their affordable and wide range of term life insurance policies. Prudential is known for their exceptionally cheap life insurance rates for diabetics, smokers, and seniors.

They offer 6 different term life policies, the most basic of which is the Term Essential.

Term Essential

Term Essential is simply a regular term life insurance policy with options for 10, 15, 20, and 30-year terms. The policy is very affordable, especially for people in their 60’s, and for those with pre-existing health conditions.

This policy can be converted to permanent life insurance up to age 65. It also includes a Living Needs Benefit, which allows you to access part of your death benefit in advance if you become terminally ill.

Who Qualifies for this Plan?

This term life policy by Prudential is offered to those who are in Standard health or better, ages 18 to 65.

Who is this Policy Best for?

A Term Essential policy is best for 60-year-olds who are looking for basic term life insurance, with an opportunity to convert, decent riders, and affordable rates.

Term Elite

A Term Elite term life policy from Prudential is an upgraded version of the Term Essential Policy. It allows you to pay for additional coverage for children or grandchildren. Also, within the first 5 years of having the policy if you want to change to a permanent plan, you can.

Term Elite is also convertible to age 65 (as long as it is within this 5-year period), and includes the same Living Needs Benefit.

Who Qualifies for this Plan?

If you qualify for Term Essential, you will also qualify for this policy.

Who is this Policy Best for?

This is one of the best term life insurance policies for seniors who are looking to find coverage that allows you to include children and grandchildren. It is also a great option for those who need cheap insurance now, but would like the option to convert it to permanent coverage in the near future.

PruTerm WorkLife 65

PruTerm WorkLife is a term life policy designed specifically for people who are up to 65 years of age. With this policy, you can choose to waive the premium if you become disabled. This benefit lasts until you are no longer disabled.

The main objective of this type of coverage is to give policyholders term life protection throughout their working lives, with extra protection in case they are unable to go to work.

Another benefit of this plan is that if you become unemployed, you can waive the premium for one year until you get another job.

This policy is also one of the best life insurance plans for 60-year-olds because it can be converted into permanent life insurance until you are 65 years old – without the need for a medical exam. Once you reach age 65, this policy expires, or can be renewed as Annual Renewable Term insurance (ART).

Who Qualifies for this Plan?

Healthy individuals between the ages of 18 and 65 qualify for this term life plan.

Who is this Policy Best For?

This term policy is best for people who are looking for insurance that is designed to last them until retirement. With coverage for disability and unemployment built in, it gives you extra support in the event that you are incapable to work, which is something many people fear more as retirement approaches.

It is also great for those who want the opportunity to be able to convert their policy into a more permanent type of coverage. Overall, this is one of the best life insurance policies for 60-year-olds because it offers affordable rates, with room for conversion, and critical protection for those who are approaching retirement with health conditions.

PruLife Return of Premiums

Return of Premium, or ROP, allows for all premiums paid into a policy to be returned to the policyholder if they outlive the policy. This does increase rates over other term life insurance policies, and people can expect to pay at least 50% more for this type of policy.

This policy includes the same Living Needs Benefit as the Term Essential plan, and is also convertible to permanent life insurance through age 65 without the need for another medical examination.

This policy is offered in 15, 20, or 30 year terms.

Who Qualifies for this Plan?

Healthy individuals between the ages of 18 and 65 qualify for the PruLife Return of Premiums policy.

Who is this Policy Best For?

This term life policy is best for people who feel as though term life may be a waste of money, but who cannot afford to purchase a permanent policy. It is a perfect cross between the two, paying back all premiums if you outlive the policy, but also allowing for conversion to permanent life coverage before age 65.

PacLife

PacLife Insurance has specialized individual term life insurance and whole life insurance for anyone up to 80 years of age. PacLife is best for their affordable life insurance rates for anyone with high cholesterol, sleep apnea, or a history of cancer. They also offer some of the best life insurance policies for seniors in terms of age, policy features, and cost.

PacLife is the leading seller of permanent life insurance policies. They are also well-known for their indexed universal life insurance plans. PacLife is also the number one seller for indexed universal life insurance policies in the United States.

Whole Life Insurance

Their whole life policies are offered with a minimum of $500,000 in coverage. The two policies they have are the Flex XV and Flex Protector II. Both are aptly named for their extremely flexible payment structures, which allow policyholders to change both the frequency and amount of premiums they pay on a monthly basis as needed.

These policies are also unique because they allow the insured to change their face value amount throughout the duration of the policy, after year 6. This allows you to easily get more or less coverage based on your needs, and removes the need for finding supplemental coverage.

If you live to age 100, when most whole life insurance policies are terminated, there are also options to extend this coverage through age 120. Depending on how premiums are paid, you can accumulate cash value at a maximum rate of 6.45% per year.

Who Qualifies for this Plan?

Anyone age 0-100, who is in Standard or better health.

Who is this Policy Best For?

This whole life insurance policy offered by Pacific Life is best for seniors who are looking to get life insurance for the rest of their life at an affordable rate. There is a few key reasons that PacLife is the leading seller of whole life products. It’s because they have amazing rates, policy features, and offer superior coverage.

PacLife Whole Life Insurance is also one of the best life insurance policies for people age 60 who are interested in permanent insurance that is flexible, with the ability to change rates, coverage, and cash value accumulation.

Universal Life Insurance

Pacific Life offers four types of Universal Life insurance policies:

• • Versa-Flex Venture UL
  • Versa-Flex NLG
  • Pacific Estate Preserver
  • PL Promise GUL

Each of these policies is designed specifically to meet certain needs that policyholders may have.

The Versa-Flex policies are designed to offer guaranteed life insurance coverage through to a certain age. This can be a specific period of time between 4 and 20 years, but a No Lapse Rider can be purchased, which upgrades these policies to guaranteed for the whole life of the owner.

These policies also offer flexibility when it comes to premiums paid, and coverage, allowing for policyholders to pay more or less on certain months, depending on what they can afford. PacLife guarantees a minimum of 2% yearly interest on the cash value of these policies.

The Versa-Flex NLG policy is the same mostly, with one major exception – the policy will remain in place even if the cash value drops to zero. This is a useful feature for those who plan on using the cash value benefits of their Universal policy within their lifetimes, allowing them to borrow against it with confidence that their coverage is still in place no matter what.

This policy can also be purchased to last specific periods of time or a lifetime, with insurance coverage lasting until the following ages: 95, 100, 105, 110, and lifetime depending on the plan.

Pacific Estate Preserver plans are designed for people who are looking to create and preserve estates. This type of policy acts just as a survivorship life insurance policy, but is combined with the flexibility of a universal life policy. It pays out when both spouses have died.

The last universal life insurance policy Pacific Life offers is their GUL policy. This stands for Guaranteed Universal Life, which means that the payout is guaranteed, and their premiums are stable throughout the life of the policy.

This policy also features a terminal illness rider, and a No Lapse Rider which lasts until age 90, but can be extended to age 121 (lifetime), and has optional riders for disability protection and children’s life insurance.

Lastly, this policy can also be purchased with an option for Return of Premium if you outlive the initial term of the policy. Ultimately, this feature combined with the riders, cash value accumulation, and the ability to have guaranteed coverage makes this the single best permanent life insurance policy for 60-year-olds that is on the market.

Who Are These Plans Best For?

Pacific Life’s Universal life insurance policies are best for seniors who are looking for complete customization. These policies are easy to change in terms of premiums, benefits, riders, and they also offer a fair amount of customization in terms of investment vehicles. Lastly, they have guaranteed returns, with options for extending coverage, or cancelling it as needed.

Variable Life Insurance

Pacific Life offers 4 types of variable life insurance. Each one of them is slightly different, based on the type of benefits you are looking for. The most basic of which is Select VUL.

Pacific Life’s variable policies are geared towards cash value growth based on a select group of investment vehicles, chosen by policyholders. PacLife mostly offers basket funds of stocks that are featured on the S&P 500.

The next Variable policy offered by PacLife is the Select VUL Accumulator. This policy is primarily geared towards people who are focused on wealth accumulation, income replacement, and wealth protection.

This is a great option for 60-year-olds looking for whole life protection, with the opportunity to establish a trust or estate through their life insurance policy.

The most notable and relevant variable universal life insurance policy that Pacific Lfic Life offers for 60-year-olds is their Select Survivorship VUL policy. This is designed to help support your spouse in the event of your death.

The beauty of this policy is that it can be purchased as term life insurance and then extended or converted to permanent life insurance throughout the lifetime of the policy.

Who Qualifies for this Plan?

Anyone age 0-100, who is in Standard or better health.

Who is this Policy Best For?

This life insurance policy is best for primary income earners, or split income households who are looking to protect their spouse in the event of their death. It is ideal for those who also want the control of being able to extend their coverage permanently. Lastly, it is a great option for people who are looking for permanent coverage, with the customization of the investment vehicles used to generate cash value over time.

Comparing Prudential vs. Protective vs. Pacific Life

In order to make your decision easier, it is good to compare all three. We have done so based on a handful of key factors as listed below:

• • Cost
  • Policy Options
  • Riders
  • Financial Strength
  • Customer Satisfaction

All 3 of these companies are the best life insurance options for 60-year-olds, but each one has their own strengths depending on what you are looking for.  

Cost – Which is the Most Affordable?

Let’s compare term life insurance rates for 60-year-olds from each of these three companies.

$100,000 10-Year Term – Age 60

Company	Male	Female
Protective	$32.59	$25.11
Prudential	$37.54	$29.14
PacLife	$31.36	$24.95

$500,000, 10-Year Term – Age 60

Company	Male	Female
Protective	$126.85	$83.85
Prudential	$122.94	$87.06
PacLife	$113.47	$77.26

Protective is one of the most lenient companies for people with a history of heart disease, or anyone who has ever had any type of bypass surgery, heart attack, or heart disease.

On average, their premiums are between 25-40% lower than the competitors on average. They also offer affordable life insurance coverage for seniors with high cholesterol.

Prudential is one of the best life insurance companies out there for tobacco users and people with diabetes. They don’t require extra medical exams for diabetes and offer more favorable class ratings for smokers.

PacLife is best for anyone with high cholesterol, sleep apnea, or a history of cancer.

Policy Options – Which Company is the Most Convenient?

On a scale from fair to good to excellent, this is how the companies compare for different health problems in terms of the policy options they offer:

Condition	Protective	Prudential	PacLife
Cancer/Family history	Good	Fair	Excellent
Diabetes	Good	Excellent	Good
Sleep Apnea	Good	Excellent	Excellent
High Blood Pressure	Excellent	Good	Fair
High Cholesterol	Good	Excellent	Excellent
Heart Disease	Excellent	Good	Good

Riders – Which Company Allows the Most Add-Ons?

Policy riders play an essential part in getting the best value for your premiums, and getting the best coverage for your family. The table below compares each of these companies in terms of the riders they offer:

Rider	Protective	Prudential	PacLife
Child Protection Rider	✔	✔	✔
Accelerated Death Benefit	✔	✔	✔
Accidental Death Benefit	✔	✔
Disability Waiver of Premium	✔	✔	✔
Return of Premium	✔
Disability Income	✔
Term Insurance	✔
Additional Purchase Option (Guaranteed Insurability)	✔	✔

Customer Satisfaction & Financial Strength

Another extremely important factor in finding the best life insurance provider for your needs is considering their customer ratings and financial strength. Each of these companies has above average ratings for both, and are considered to be the best in the world partially due to these reasons.

Company	A.M. Best	JD Power	Customer Ratings
Protective	A+	4 overall satisfaction level	4.3 / 5
Prudential	A+	4 overall satisfaction level	4.4 / 5
PacLife	A+	3 overall satisfaction level	4 / 5

Learn More About Life Insurance for 60-Year-Olds

Are you not sure which type of life insurance policy is best for you, or what the next steps are?  No worries, life insurance is complex and can feel overwhelming.

But there is no reason to feel this way. In order to know which type of life insurance is best for you, and what options are available to you, these guides should be helpful:

• • What Type of Life Insurance is Best for Me? 
  • Life Insurance Rates for 60-Year-Olds: What to Expect 
  • Life Insurance Policies for 60-Year-Olds: What’s Available? 
  • What Age Should You Buy Life Insurance By? 
  • Maximizing Your Pension Benefits with Life Insurance: Complete Guide
  • Purchasing Life Insurance for Your Spouse 

If you have browsed around, and read through a lot of content about life insurance for seniors, but still do not understand it, give us a call. Our experienced agents are happy to answer any questions you may have, and guide you towards the best choice for your needs.

Finding Affordable Life Insurance for 60-Year-Olds

Are you looking for affordable life insurance as a 60-year-old? Whether you are looking for term or permanent life insurance coverage, we can help you find the best rates.

At JRC Insurance Group, we work with more than 50 of the best life insurance companies for 60-year-olds, in order to help our clients get the best coverage they need for their families.

Even if these companies do not seem right for you, our experienced independent agents can help you find the right solution for your needs.

Give us a call today, to speak with an experienced agent, toll free at: 855-247-9555 Or, get started comparing life insurance rates for 60-year-olds on your own with our instant quoting tool: