Best Life Insurance Options for a 54 Year Old

Instant Quote

Quick tip: Complete the form on the right and you’ll see accurate life insurance rates displayed on the next page.

Life insurance is one of the best purchases that you’ll ever make for your family. It’s one of the few ways that you can ensure that your family has the money that they need, regardless of what happens to you.

Take 4 minutes to read this article and you’ll have all of the information you need in order to find the cheapest life insurance rates at age 54. 

Here’s what we’ll cover (click any topics in the table below to go straight there):

Many people in their 50s believe that they are no longer eligible to get affordable life insurance because the rates spike as soon as you reach 50 years old. The truth is that yes, your rates will go up when you turn 50, 51, 52, 53 or 54, but the same is true for every year.

When you apply for life insurance, the company is going to review dozens of different factors to determine how much they are going to charge you for insurance. One of the biggest factors is your age. The older that you are, the more that you’re going to pay for coverage, but that doesn’t mean that you have to buy a plan that’s going to break your bank every month. There are several ways that you can secure lower insurance rates.

Just take a second to compare life insurance quotes for a 54 year old using our instant life insurance quote tool.

The biggest reason people over 50 are buying life insurance is to protect their family during these critical income earning years in case something unexpected were to happen.

Your family is financially dependent upon you in some way, and if anything happened to you, you would risk leaving them with a financial burden.  Possibly for the rest of their lives.

Tomorrow isn’t promised to anyone.  Get this peace of mind taken care of.

Cheap Term Life Insurance Quotes for 54 Year Olds

To help get you going, we have made this table of sample rates so you can get an idea of how much life insurance might cost you.

Keep in mind though that these rates are just samples and to be used as guidelines only as the rates are known to fluctuate daily.  Use them as a guideline, but make sure to use our free quote tool to get up-to-date rates.

Also, the rates below are for NON-SMOKERS. If you do smoke, expect the rates to be double.

Term life insurance for a 54 year old male “Preferred” health class (minor or no health issues), monthly rates:

                         $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term       $17          $21           $42           $78            $150
15 year term       $22          $29           $58           $110          $215
20 year term       $25          $37           $72           $139          $264

Term life insurance for a 54 year old male “Standard” health class (controlled health issues), monthly rates:

                          $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term         $23         $29           $64           $121          $235
15 year term         $30         $39           $86           $167          $314
20 year term         $36         $52           $119         $227           $457

Term life insurance for a 54 year old female “Preferred” health class (minor or no health issues), monthly rates:

                          $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term         $13         $17           $33           $61            $114
15 year term         $17         $21           $41           $76            $141
20 year term         $21         $26           $53           $99            $189

Term life insurance for a 54 year old female “Standard” health class (controlled health issues), monthly rates:

                          $50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term         $18         $20           $42           $77            $145
15 year term         $21         $28           $61           $117          $221
20 year term         $27         $37           $82           $154          $296

How 54 Year Olds Are Saving Money on Their Life Insurance

Since cost is always one of the biggest factors in helping people get life insurance we want to help them get the best rates they can. We have our own life insurance agents standing by ready to help you get the best rates from the top rated life insurance carriers.

We represent over 60 different life insurance companies and we make a point not to play favorites with which ones we give business too. Instead we would much rather focus on finding you the best rates possible.

If you are in good health then you should start by heading over to our website quoter where you can use our free life insurance quote tool to get a life insurance quote back instantly. All these rates are current and accurate and they come directly from the life insurance companies themselves.

If you have some health problems then you will need to contact our agent and let them know little bit about your individual situation. Since each life insurance company perceives risk differently we will have to contact them all individually in order to find you the best rate. If you were to do this on your own you could easily take several days.

Instead of wasting hours and hours researching different companies and calling all of them yourselves. Let one of our independent brokers do all of the hard work for you. We work with dozens and dozens of highly rated companies across the nation. We know which companies are going to give you the best rates for your life insurance needs.

Choosing the Best Life Insurance Policy at Age 54

The first thing you need to do is ask yourself why you need a life insurance policy in the first place. Is it to supplement your income and take care of your family during your working years? Or is to cover the cost of your burial and other final expenses so your family doesn’t have to worry about it? Your answers to these questions will help you figure out what type of policy is right for you.

The next thing to think about is the term length. Some people only take a life insurance until they retire while others keep a policy in place until the day that they pass.

One thing many people do is take out a life insurance policy until they retire but also have another one in place for their burial with rates that remain the same forever. One example of this is a 54-year-old person takes out a 15 year policy which will end when they turn 69 and eventually retire. That policy will cover them for their income earning years but they will also have a burial policy in place to cover the expenses of their funeral.

Before you purchase life insurance coverage, it’s important that you determine how long you’re going to need life insurance protection. If you something were to happen to you, and your life insurance policy had expired, then your family won’t have the protection that they need.

We know that your budget is an issue, but we still believe it is better to have some coverage rather than no coverage. Just try to find a plan that fits your budget and is affordable so you can protect your family.

It’s important that you find the perfect life insurance plan for you and your family, but that doesn’t mean that you should a buy a life insurance plan that breaks your bank. There are several ways that you can secure lower rates from the insurance company. The lower your premiums, the more money that you keep in your pockets every month.

Two Other Types of Policies to Consider

For a 54 year old, whole life insurance can be very expensive but if all you need is your burial and other final expenses to be covered then it is quite cheap actually. Lots of people will buy a policy worth $10,000 to $25,000 and requires no medical exam and the payments will be the same for the rest of their life.

For others that just need smaller amount of life insurance that will never expire, a guaranteed universal life insurance policy is probably the best. It will be more expensive than term coverage but it lasts forever so that should give you peace of mind.

You will want to take out this type of policy before you get much older.  People who get permanent life insurance at 56 or older will tend to pay higher premiums than those who start their policy before they hit 55.

Bottom Line

We know you want to save money and that’s why we’re here to help our life insurance agents will shop around and won’t come back until they have found you the absolute best deal.

We work with dozens and dozens of the best rated insurance companies across the nation. It’s our mission to ensure that you’re getting the best rates possible. Working with one of our agents can save you both time and money on your life insurance coverage.

We know that there’s a lot of information here so if there’s anything you don’t understand please just let us know. Also don’t forget to start your search by using the free online quote calculator.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance protection, your family would be stuck with a massive amount of debt and other final expenses.

If you have any questions about life insurance, please contact us today. We would love to answer those questions and ensure that you’re getting the best rates available.

About Jeff Root

is the owner of He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

This entry was posted in Life Insurance in Your 50's. Bookmark the permalink.

Leave A Reply