Life insurance can be a necessary investment even if you are over 60 years old since your financial goals and needs will be changing. For this reason, it is important to reevaluate your existing policies and financial situation as you enter your later years so that you are adequately covered. Some reasons seniors over 60 may want to consider purchasing life insurance would be if you still have an unpaid debt, want to cover end-of-life expenses, or want to leave an inheritance for your kids or grandchildren.
When you are in your 60s, you will find there are relatively few restrictions on getting life insurance. However, not every policy will be right for your situation and thus it is important to evaluate if you need life insurance for short-term or long-term needs. A short-term policy, like term life insurance with lengths of 10 to 20 years, can be great if you are still working and need income protection. Longer-term life insurance, like a permanent policy, maybe a better choice to cover final expenses like a funeral or burial.
Getting whole or universal life insurance would not be the best choice, as these products are expensive and are meant to be lifelong products that build cash value. Since you would be in the later stages of your lifetime, you would not be able to take advantage of the cash value growth.
Whatever you choose, make sure your policy falls in line with your budget and your financial goals!