A common misconception for 53 year olds in the market for life insurance is that rates increase a lot once you hit your 50's. It's true that your life insurance will cost more as you get older, but there's not a big jump once you hit your 50's.
See for yourself. Run an instant life insurance quote on our website to see how inexpensive term life insurance can be for a healthy 53 year old. We'll compare all the top rated life insurance companies for you.
A big mistake people look for over 50 life insurance make is waiting a few years to buy a policy hoping to save some money on premiums by waiting it out a little.
The reality is, your life insurance rates are based upon your current health and the older you get the more likely you are to have health problems which will make your life insurance rates higher.
Also, many people take out life insurance to supplement their income and protect their families if anything unexpected were to happen to them. If your family has any sort of financial dependence on yo, you're rolling the dice. You’ll be leaving them in a poor financial situation if something were to happen to you and you don’t have a life insurance policy in place.
Tomorrow is promised to no one.
Cheap Term Life Insurance Quotes for 53 Year Olds
In order to get you started, we have prepared the table below which is full of sample rates to give you an idea of approximately how much life insurance should cost. Keep in mind that these are just sample rates and while fairly accurate, are not completely current. To find up-to-date rates please use our free tool or contact one of our agents.
Also, the rates below are for NON-SMOKERS. If you do smoke, expect the rates to be double.
Term life insurance for a 53 year old male "Preferred" health class (no or minor health issues), monthly rates:
$50,000 $100,000 $250,000 $500,000 $1,000,000
10 year term $16 $20 $39 $73 $137
15 year term $20 $27 $53 $100 $194
20 year term $23 $35 $66 $127 $243
Term life insurance for a 53 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 $22 $26 $58 $109 $211
15 year term $29 $36 $79 $153 $286
20 year term $33 $48 $107 $208 $401
Term life insurance for a 53 year old female "Preferred" health class (no or minor health issues), monthly rates:
$50,000 $100,000 $250,000 $500,000 $1,000,000
10 year term $13 $16 $31 $57 $104
15 year term $16 $19 $38 $71 $129
20 year term $20 $24 $49 $90 $178
Term life insurance for a 53 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 $17 $19 $39 $71 $135
15 year term $20 $26 $58 $108 $202
20 year term $25 $35 $76 $143 $276
How to Find the Cheapest Life Insurance for 53 Year Olds
We know that cost is one of the most important factors in people taking out a life insurance policy. That is why we always recommend people to work with an independent life insurance agency to help them find the best rates possible.
We represent over 60 life insurance companies and we don’t ever play favorites with the ones we give business to. Instead we are much more concerned with getting you a good rate.
If your health is in good condition that we recommend you use the free online tools we offer on our website. All you need to do is input a few small pieces of information and submit and you will have a quote back to you in under a minute. These are direct quotes from the life insurance agencies themselves.
If you have any health issues though we will need to speak to you to figure out what your condition is like. Since each life insurance company assesses perceived risk in a different way, we will need to contact all of them individually to find the one that is right for you.
Don’t worry though, we do this every day so we are guaranteed to get you the best rate possible.
Choosing the Best Life Insurance Policy at Age 53
You can begin by asking yourself what is the purpose of you taking out this life insurance policy. Is it to supplement your income or pay off any debts you may still have when you pass? Or is it the cover the cost of your burial and other final expenses?
Also think about the term length. How long will you need? Some people have a policy to last until they retire while others have a policy that lasts until the day they pass.
Something many people do is buy life insurance until they retire but also keep another burial insurance policy.
An example of this is a 53-year-old person taking out a 15 year policy that would expire when they turn 68 and retire but they will still have the burial policy in place which will be very inexpensive since they bought it early and the rates will stay the same for the rest of their life.
We know most people are on a budget but we always say that it is better to have some coverage than no coverage at all. Try to find an affordable plan that’s within your budget but will still help your family.
Two Other Types of Policies to Consider
Most people in their 50s find that whole life insurance can be quite expensive but if they are just looking to cover the cost of their funeral and other final expenses things can be quite cheap. Most people take out a policy for $10,000 - $25,000 and it doesn’t require a medical exam and the payments will stay the same for long as you are alive.
If you are simply looking for the cheapest amount of life insurance that will never expire, you should look into guaranteed universal life insurance. It might be more expensive than term coverage but it is permanent so you will sleep much better at night. You run quotes on our website for this type of policy as well.
If you are looking at permanent life insurance you will want to get it before you hit 55. Permanent life insurance policies for 55 year olds are more expensive than those for people under that age.
Bottom Line
Don’t worry, we definitely understand your need to save money. That is why we urge you to contact one of our life-insurance agents who can help you find the best deal possible.
We know this is a lot of information so if there’s anything you don’t understand please just contact us, because we are here to help. Also don’t forget to start by using our free online quote calculator.
