Life insurance can be a necessary investment, even if you are over 60 since your financial goals and needs will change. Some reasons seniors over 60 may want to consider purchasing life insurance would be if they still have an unpaid debt, want to cover end-of-life expenses, or want to leave an inheritance for their kids or grandchildren. For this reason, it is vital to reevaluate your existing policies and financial situation as you enter your later years so that you are adequately covered.
In your 60s, you will find relatively few restrictions on getting life insurance. However, only some policies will be suitable for your situation. Thus it is crucial 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 excellent if you are still working and need income protection. Longer-term life insurance, like a permanent policy, may be 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 aligns with your budget and financial goals!