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How Much Does $1 Million Term Life Insurance Cost at Age 60? (Full 2026 Market Rates)
- mattmims
- Dec 30, 2025
- 8 min read
If you’re shopping for $1 million of term life insurance at age 60, pricing can vary significantly depending on the carrier and the length of the term. At this age, even small underwriting differences can lead to large changes in monthly premiums, which is why comparing the full market is critical.
The charts below show real monthly pricing for 2026 from top U.S. life insurance companies for a 60-year-old applicant, broken down by 10-, 15-, 20-, and 25-year term lengths. Each chart lists the carrier, product, and monthly cost so you can see exactly how prices compare across the market and choose the term length that best fits your needs.
10-Year $1 Million Term Life Insurance Monthly Costs at Age 60 (2026 Full Market Rates)
Company | Product | Monthly Price |
Corebridge Financial | Select-A-Term | $205.58 |
Banner Life | OPTerm | $206.35 |
Protective Life | Classic Choice Term | $206.36 |
Symetra | SwiftTerm Instant | $206.36 |
Pacific Life | Promise Term | $206.79 |
Principal | Term (Non-Convertible) | $209.22 |
John Hancock | Vitality Term | $209.62 |
Prudential | Essential Term Value | $220.07 |
North American | ADDvantage Term Gen 9 | $223.08 |
Minnesota Life | Advantage Elite Select | $223.96 |
Lincoln Financial | LifeElements Level Term | $219.18 |
Nationwide | Guaranteed Level Term | $227.94 |
MassMutual | MassMutual Term | $242.30 |
National Life Group | LSW 10-G | $257.40 |
Mutual of Omaha | Term Life Answers | $258.22 |
This chart shows the monthly cost of a $1,000,000 10-year term life insurance policy for a 60-year-old applicant, based on full U.S. market pricing for 2026. Rates are listed by carrier and product to highlight how much pricing can vary between insurers for shorter-term coverage at age 60. A 10-year term is often chosen by individuals looking to cover a specific financial obligation, such as a remaining mortgage balance or short-term income replacement, while keeping premiums as low as possible.
15-Year $1 Million Term Life Insurance Monthly Costs at Age 60 (2026 Full Market Rates)
Company | Product | Monthly Price |
Corebridge Financial | Select-A-Term | $275.66 |
Banner Life | OPTerm | $277.26 |
Protective Life | Classic Choice Term | $277.27 |
Symetra | SwiftTerm Instant | $277.27 |
Pacific Life | Promise Term | $277.29 |
Principal | Term (Non-Convertible) | $280.55 |
John Hancock | Vitality Term | $280.82 |
Prudential | Essential Term Value | $298.82 |
North American | ADDvantage Term Gen 9 | $297.88 |
Lincoln Financial | LifeElements Level Term | $294.20 |
Nationwide | Guaranteed Level Term | $304.06 |
Cincinnati Life | Termsetter | $313.07 |
MassMutual | MassMutual Term | $325.82 |
Minnesota Life | Advantage Elite Select | $349.80 |
National Life Group | LSW 15-G | $371.80 |
This chart displays 2026 monthly premiums for a $1 million 15-year term life insurance policy at age 60, comparing top carriers across the full market. The data helps show how pricing increases as the term length extends beyond 10 years, while still remaining more affordable than longer options like 20- or 25-year terms. A 15-year term is commonly selected by buyers who want coverage through their early to mid-70s without committing to the higher cost of longer durations.
20-Year $1 Million Term Life Insurance Monthly Costs at Age 60 (2026 Full Market Rates)
Company | Product | Monthly Price |
Corebridge Financial | Select-A-Term | $378.76 |
Banner Life | OPTerm | $380.64 |
Protective Life | Classic Choice Term | $380.65 |
Symetra | SwiftTerm Instant | $380.75 |
Pacific Life | Promise Term | $381.00 |
Principal | Term (Non-Convertible) | $385.48 |
Lincoln Financial | LifeElements Level Term | $399.43 |
John Hancock | Protection Term | $412.06 |
North American | ADDvantage Term Gen 9 | $432.52 |
MassMutual | MassMutual Term | $451.10 |
Minnesota Life | Advantage Elite Select | $464.20 |
Prudential | Essential Term Value | $473.82 |
Nationwide | Guaranteed Level Term | $483.44 |
National Life Group | LSW 20-G | $491.48 |
Mutual of Omaha | Term Life Answers | $517.08 |
This chart outlines the monthly cost of $1,000,000 in 20-year term life insurance for a 60-year-old, using full market 2026 pricing from major life insurance carriers. A 20-year term provides coverage through age 80, making it a popular choice for individuals who want longer-lasting protection for a spouse, estate planning needs, or business obligations. The pricing differences shown here demonstrate why comparing carriers is critical at this age and coverage amount.
25-Year $1 Million Term Life Insurance Monthly Costs at Age 60 (2026 Full Market Rates)
Company | Product | Monthly Price |
Corebridge Financial | Select-A-Term | $674.63 |
Banner Life | OPTerm | $678.61 |
Protective Life | Classic Choice Term | $678.62 |
Pacific Life | Promise Term | $682.66 |
Cincinnati Life | Termsetter | $720.36 |
Foresters | Your Term (Medical) | $784.01 |
MassMutual | MassMutual Term | $851.30 |
This chart shows 2026 monthly pricing for a $1 million 25-year term life insurance policy at age 60, reflecting full-market carrier comparisons. Coverage of this length extends protection into the mid-80s and typically carries a significantly higher premium due to the increased likelihood of a claim. This data is useful for buyers evaluating whether the additional years of coverage justify the higher monthly cost compared to shorter-term alternatives.
What This $1 Million Term Life Insurance Data at Age 60 Shows
Looking across the 10-, 15-, 20-, and 25-year term options, one thing becomes clear: term length is the single biggest driver of cost at age 60. While all policies shown provide the same $1,000,000 death benefit, monthly premiums increase sharply as coverage extends further into later years.
For many buyers at age 60, the difference between a 10-year and a 20-year term can be hundreds of dollars per month, even when health is excellent. That’s why it’s important to choose a term length based on how long the coverage is actually needed, not simply the longest option available.
Why Full-Market Comparisons Matter at Age 60
At age 60, pricing differences between life insurance companies widen. Each carrier weighs age, health history, build, and risk slightly differently, which leads to meaningful pricing gaps even for identical applicants. In the charts above, you can see that two well-rated insurers may be separated by dozens—or even hundreds—of dollars per month for the same term length.
This is why relying on a single company quote often leads to overpaying. A full-market comparison allows you to identify which insurers are most competitive right now for your age and coverage amount, instead of guessing or defaulting to a familiar brand.
Choosing the Right Term Length at Age 60
Most 60-year-olds buying $1 million of term life insurance fall into one of a few common scenarios:
Covering income replacement for a working spouse
Protecting retirement assets or an estate
Covering a mortgage or other long-term debt
Providing liquidity for taxes or final expenses
Shorter terms, such as 10 or 15 years, are often used when coverage is only needed through early retirement years. Longer terms, like 20 or 25 years, are typically chosen by those who want protection well into their late 70s or 80s, knowing the premium will be higher in exchange for longer guarantees.
How LifeStein Helps You Secure the Best Rate
LifeStein compares rates from across the entire U.S. life insurance market, not just a handful of carriers. Instead of pushing one company, we help match your age, coverage amount, and term length with insurers that are pricing most favorably right now.
If you’re considering $1 million of term life insurance at age 60, we can help you:
Compare all major carriers side-by-side
Identify the most cost-effective term length
Avoid overpaying due to limited quotes
Apply with the carrier most likely to offer the best pricing based on your profile
Frequently Asked Questions About $1 Million Term Life Insurance at Age 60
How much does a $1 million term life insurance policy cost per month at age 60?
A $1 million term life insurance policy at age 60 typically costs anywhere from the low $200s per month for a 10-year term to $700 or more per month for a 25-year term in 2026, depending on the carrier and term length.
What is the cheapest $1 million term life insurance at age 60 right now?
The cheapest options are usually 10-year term policies offered by carriers that price aggressively for older applicants, with monthly premiums just over $200 for applicants in excellent health.
How much more expensive is a 20-year term compared to a 10-year term at age 60?
A 20-year term can cost nearly twice as much per month as a 10-year term at age 60 because it extends coverage into significantly higher-risk years.
Is $1 million term life insurance at age 60 still affordable?
Yes, especially with a shorter term length. Many 60-year-olds find 10- or 15-year term policies affordable when coverage is only needed for a limited period.
What companies offer the lowest monthly rates for $1 million term life insurance at age 60?
Companies that frequently offer competitive pricing at age 60 include Corebridge, Banner Life, Protective, Symetra, Pacific Life, and similar national carriers.
Why do $1 million term life insurance rates jump so much at age 60?
Rates increase at age 60 because mortality risk rises and insurers price more conservatively, especially for longer term lengths.
How much does a 10-year $1 million term policy cost at age 60?
A 10-year $1 million term policy at age 60 typically costs in the low to mid-$200s per month for applicants in excellent health based on 2026 pricing.
How much does a 15-year $1 million term policy cost at age 60?
A 15-year $1 million term policy at age 60 usually ranges from the high $200s to the mid-$300s per month, depending on the carrier.
How much does a 20-year $1 million term policy cost at age 60?
A 20-year $1 million term policy at age 60 often costs between the high $300s and low $500s per month in 2026.
How much does a 25-year $1 million term policy cost at age 60?
A 25-year $1 million term policy at age 60 commonly costs between the high $600s and $800+ per month.
Is it better to choose a shorter or longer term for $1 million life insurance at age 60?
Shorter terms are usually better if coverage is only needed through early retirement, while longer terms make sense when protection is needed into later years despite higher costs.
Why are monthly prices so different between life insurance companies at age 60?
Each company uses different underwriting rules, health assumptions, and pricing models, which creates wide pricing gaps at older ages.
Can a healthy 60-year-old get preferred rates on a $1 million term policy?
Yes, many healthy 60-year-olds still qualify for preferred or top health classes if they have good medical history and favorable build.
How much money can you save by comparing life insurance companies at age 60?
Comparing carriers can save hundreds of dollars per month, which can add up to tens of thousands of dollars over the life of the policy.
Does the monthly price for $1 million term life insurance change after you buy the policy?
No, the monthly premium is locked in for the full term length once the policy is issued.
Is it cheaper to buy $1 million of term life insurance at 59 instead of 60?
Yes, buying at age 59 typically results in lower premiums that remain locked in for the entire term.
What term length makes the most sense for a $1 million policy at age 60?
Many buyers choose 10 or 15 years to balance affordability with the length of coverage actually needed.
How long does $1 million term life insurance last if I buy it at age 60?
A 10-year term lasts to age 70, a 15-year term to age 75, a 20-year term to age 80, and a 25-year term to age 85.
Can I qualify for $1 million term life insurance at age 60 without a medical exam?
Some carriers offer no-exam options at age 60, but pricing is often higher and eligibility varies compared to fully underwritten policies.
Why does a 25-year $1 million term policy cost so much more at age 60?
A 25-year term extends coverage into advanced ages where claim risk is much higher, which significantly increases monthly premiums.
Matt Mims
Founder of LifeStein.com, A National Life Broker
Call/Text (601)-218-7854
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