Life insurance offers a safety net, financially speaking, for your dependents. Even at 52-years-old you might need a policy to offset the debts you leave behind, replace your income, or cover extra expenses such as a funeral.
Once you are gone, beneficiaries can use the proceeds from a life insurance policy to cover things like funeral costs, mortgage expenses, college tuition, and more.
Below, we will show you how to find the right life insurance coverage for 52-year-olds:
- Types of Life Insurance for 52-Year-Olds
- Term Life Insurance Rates at Age 52
- Best Life Insurance Companies for 52-Year-Olds
- Two of the Better Life Insurance Options at Age 52
- Finding the Best Life Insurance Rates for 52-Year-Olds
Types of Life Insurance for 52-Year-Olds
There are three main types of life insurance coverage for 52 year olds:
- Burial Insurance
- Term Life Insurance
- Permanent Life Insurance
Burial insurance is the lowest not only in cost but in coverage options. It is simply there for your burial expenses, specifically things like the cemetery plot, burial shrouds, gravestone, funeral service, and everything else that goes along with your final expenses.
This is the cheapest option monthly and typically ranges between $5,000 and $25,000 in coverage so that your loved ones have enough money to handle your burial without having to dip into their own savings.
Who is Burial Insurance Right for?
- This is a great policy for people who will not leave behind any other type of expense.
- It is a great policy for people who cannot afford a lot of life insurance and just want to make sure their beneficiaries do not get saddled with the debt of the service.
- It is also an ideal solution for people who might already have some form of retirement or life insurance from a former employer and just need a little bit extra to cover burial expenses.
Term Life Insurance
Term life insurance is perhaps one of the easiest to understand and it offers the next lowest prices not only on a monthly basis but in terms of coverage.
Term life insurance, as the name suggests, is set up for a specific term or a specific length of time. Most of the time the term life insurance is available for increments of 10 years up to 30 years.
This is usually sufficient for any family who needs life insurance but doesn’t necessarily want a permanent and expensive policy
Who is Term Life Insurance Right for?
- You should buy term life insurance if you need life insurance to replace your income over a specific set of time. If, for example, you are paying off your mortgage currently and you have roughly 12 years left on the mortgage, you can set up a 10 or 15 year life insurance policy so that in the event that you pass away before the mortgage is paid off, your beneficiaries will have money to do it.
- Another reason people might pick a Term Policy is that they are still raising children and want to provide their spouse with enough money to cover the daily expenses until the point that the children are grown.
- You might also consider buying a Term Policy because you want affordable coverage that doesn’t cost hundreds or upwards of thousands of dollars per month.
- If you simply cannot afford a permanent life insurance policy, you can invest in a Term Policy right now. There are many reasons why someone would be unable to afford a permanent life insurance policy.
- Life insurance companies will typically provide premiums based on your health primarily, so you might not qualify for an affordable permanent policy based on your current health.
However, getting a Term Policy for 10 or 15 years might give you enough time to change some of your lifestyle habits and improve your health so that you can convert the term policy at the end of the amount of time, into a permanent policy.
Different companies have different deadlines for conversions and many of them will allow you to do this without having to undergo another medical exam, but you can request one to reevaluate your current health.
Permanent Life Insurance
Permanent life insurance plans come in many forms but all of them, as the name suggests, is a permanent plan. It is there for the remainder of your life. This one is the most expensive option and it typically has higher maximums for the covered you can take out.
There are different versions some of which allow you to build cash value to your life insurance policy by tying it into some form of investment. You might be able to choose the stocks, or it could be tied to the company portfolio for the insurance provider.
In either case, you can make extra cash value when certain portfolios perform well but this does bring the risk of losing cash value if portfolios perform poorly. For these plans, you can typically borrow that cash value before you’re passing if you need.
Some people like this if they are diagnosed with a chronic or terminal illness in which case they can borrow against that cash value and still have a substantial part of their life insurance death benefit left when they pass.
People who don’t want to take this risk can choose other whole life insurance policies that are permanent but aren’t tied to any type of fluctuating cash value.
Who is Permanent Life Insurance for?
- You can buy permanent policies if you want to provide money to your heirs specifically to cover estate taxes. Any estate that is valued at more than 5.49 million dollars is subject to federal estate taxes. These vary based on which state you live in, but you might want to help offset that cost by taking out a multimillion-dollar permanent policy.
- If you have a lifelong dependent such as a child with special needs parents or a spouse who are in some sort of nursing home, getting a permanent life insurance policy will set up a special fun to make sure that your loved ones are taken care of for the duration of their lives after you pass, should you pass before them.
- Another reason to buy a permanent policy is simply affording yourself the ability to spend your retirement savings now and still leave behind money for an inheritance or for your final expenses.
- You might also buy a permanent policy if you want to equalize your inheritance and give one child your property or your business, and then provide the other children with compensation through your life insurance death benefit.
Term Life Insurance Rates at Age 52
Rates for Males
The sample below is a comparison of a 52-year-old male who resides in California. He is 5’7” and weighs 160 pounds. He has no family history of serious medical conditions and the individual has had no issues with his license over the last 5 years. This male is a non-smoker, and otherwise healthy enough to fit into the “preferred category” looking for a $500,000 term policy. Here are the sample monthly rates:
|Company||20 Year Term||30 Year Term|
|Mutual of Omaha||$92||$177|
|Lincoln Financial Group||$92||$175|
Rates for Females
Now let’s look at a sample comparison of a 52-year-old female who resides in California. She is 5’5” and weighs 140 pounds. There is no family history of serious medical conditions and the individual has had no issues with her license over the last 5 years. This female is a non-smoker, and otherwise healthy enough to fit into the “preferred category” looking for a $500,000 term policy. Here are the sample monthly rates:
|Company||20 Year Term||30 Year Term|
|Mutual of Omaha||$69||$129|
|Lincoln Financial Group||$69||$127|
Best Life Insurance Companies for 52 Year Olds
|Company||Life Insurance Policies||A.M. Best Rating|
Two of the Better Life Insurance Options at Age 52
Protective has life insurance plans for those in their 50’s for their term and universal life insurance policies fit for grandparents and children. They have low priced policies and have ranked average in their customer satisfaction according to J.D. Power.
They have term policies between 10 and 30 years with quotes between $100,000 and $10 million. They are known for their alternative Custom Choice plan which lets you pay a level premium for a set term, the same as term coverage.
However, at the end of that, your price stays the same, but your coverage drops. So, the cost is less than a permanent policy, but the coverage continues.
AIG has a high number of customer complaints given their relative size, but they do have a range of products including whole life insurance.
They are one of the biggest providers of insurance in the world and they work in over 80 countries.
Their “Quality of Life” policy gives access to benefits before death, if you are diagnosed with a terminal, critical, or chronic illness.
Finding the Best Life Insurance Rates for 52-Year-Olds
When it comes to finding the best life insurance rates, there is a lot of option on the market. Perhaps enough options to make finding the right coverage seem overwhelming.
Life insurance is a big life investment, and you want to be sure that you choose a life insurance policy that best suits you and your family’s financial needs.
For this reason, we suggest working with an independent life insurance agent who can compare rates from the best life insurance companies and speak with you in order to find the best policy for you and your family.
Give us a call today to speak with one of our agents, or get started online using our online quoting engine for quick and easy life insurance rates for 52-year-olds.
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