Life Insurance Guide for 55 year olds [Sample Rates]

Term Life Insurance for 55 year old maleQuick Tip:If you want life insurance quotes ASAP, fill out the form. 

Let’s talk about life insurance. At 55, you’ve got some important decisions to make about your future. One of those is your life insurance policy.

In this guide for life insurance for 55 year old male and females, we’ll cover:

A lot of times people in their 50s are scared of getting life insurance because they believe that rates are going to be too expensive. Regardless of how many candles you have on your birthday cake, you can still get a plan you can afford.

Because life insurance is the most valuable investment that you can make, it’s important that you get the best coverage for your family, and the price tag shouldn’t keep you away.

Before continuing with our article, you can compare quotes yourself using our instant life insurance quote tool.  Compare quotes, policy details and financial strength of some of the nation’s top rated companies.

Waiting to buy is one of the biggest mistakes 55 year olds make. Usually people wait a few years thinking that they can save that extra money in the meantime. The longer you wait, the more the plan is going to cost. Also, the price is not based only on age, it will also be impacted by your health.

Also, most people over 50 need life insurance to replace their paycheck to take care of their families if anything unexpected were to happen to them.  It is quite likely that your family has some sort of dependence upon you financially, so you don’t want to risk leaving them in a poor financial situation if the unexpected were to happen.

Cheap Term Life Insurance Quotes for 55 Year Olds


Let’s give you a broad idea of how much your life insurance protection will cost you every month. The quotes below are only random quotes from 55 year old applicants. There are so many variables, your plan could be very different.

Term insurance quotes for a 55 year old male “Preferred” rate class:

$50,000  $100,000  $250,000  $500,000  $1,000,000

10 year term         $18         $23           $46           $86             $163

15 year term         $23         $32           $63           $121           $237

20 year term         $27         $40           $80           $154           $289

Term life insurance for a 55 year old male “Standard” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000

10 year term         $25         $32            $78          $143           $280

15 year term         $32         $42            $94          $182           $345

20 year term         $41         $56            $131        $251           $494

Women receive cheaper life insurance. Term life insurance for a 55 year old female “Preferred” class:

$50,000  $100,000  $250,000  $500,000  $1,000,000

10 year term         $16          $18           $35           $65            $122

15 year term         $18          $22           $45           $82            $152

20 year term         $22          $27           $57           $107          $205

55 year old female “Standard” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000

10 year term         $21          $22           $45           $84            $161

15 year term         $22          $28           $66           $126          $235

20 year term         $28          $39           $89           $167          $321

Tips for Saving Money on Your Life Insurance

Every insurance company is different, and that means you’ll get drastically varying rates depending on their medical underwriting and rating system. If you have any pre-existing conditions, finding the perfect company could be the difference between getting declined for coverage or getting a plan that fits in your budget and gives your family affordable protection.

We’ve partnered with more than 60 companies. Instead of focusing on helping the businesses, we focus on helping people find the best rates possible.

If you’re in good health, you can start the process by using our free online quote calculator. Enter a few bits of information and hit submit. It will come back with an up-to-date quote direct from the company in under a minute.

If there is anything atypical about your medical history though you should contact one of our agents. Our agents can get more information about your health and then point you in the right direction for insurance. Since each company perceives risk in a different way we will need to contact all the companies individually.

Choosing the Best Life Insurance Policy at Age 55

Start out by asking yourself what your reason is for your life insurance. Is it so you don’t leave a financial burden behind that your family will have to struggle with? Is it to cover your burial or other final expenses?

Now you know the WHY, you need to determine the HOW LONG. A lot of applicants buy life insurance until they retire, other people pay a plan which will last longer. Think about which one you are going to need to cover your family.

An example of this would be a 55-year-old person buying a 10 year policy which lasts until they are 65 years old. After that they have the burial insurance to cover their funeral and that is quite inexpensive since they took out the policy very early on.

For people who are 55, they are starting to plan for retirement and what their golden years are going to look like. Life insurance planning should be apart of this planning.

Two Other Types of Policies to Consider


Term life is the most popular option for applicants 55 or older, but they aren’t the only option. You can still buy whole life insurance plans, but they are going to be significantly more expensive.

These funeral insurance policies usually give up to $25,000 worth of coverage. They don’t have a medical exam, and you only have to answer a few simple questions.

You can also buy a guaranteed universal life insurance policy. These plans will never expire, and they build cash value.

It is important that you get this type of policy in place before you turn 56.  While 55 and 54 year olds looking for life insurance will pay almost exactly the same rates, those over 55 will tend to see rates rise significantly.

Life Insurance for 55-Year-Olds 


Losing someone that you love is never going to be easy, but that’s where your life insurance comes in. It’s not a fun thought, but it’s something you have to account for. With life insurance in place, your loved ones would be drowning in a sea of debts.

There is a lot of information contained in this article, so if there is anything you still don’t understand, contact us directly. We would love to help you. Also don’t forget to start out by using our free online quote calculator.

Our agents have years and years of experience working with all kinds of applicants across the country. Why spend your time trying to become a life insurance expert when we can do all the work for you?

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.

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