The average cost of life insurance for seniors depends on the specific age of the policyholder and other factors. But for $250,000 worth of coverage, we found that non-smokers in good health ages 60 to 65 pay an average of $64 to $109 monthly if they're male, and between $51 to $73 monthly if they're female. For those aged 65 to 70 and male, they pay an average of between $109 and $191 monthly, while females in this age range pay between $73 and $124 monthly.