Life Insurance for 55 year olds

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Term Life Insurance for 55 year old maleA lot of times people in their 50s are scared of getting life insurance because they believe that rates are going to be too expensive. Many 55 year olds in the market for life insurance are very surprised at how inexpensive term life insurance can be even if you are searching for life insurance with diabetes.

Before continuing with our article, compare for 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. In reality, your life insurance rates are based on your current health and the older you get, the more risk you have of getting sick and causing your life insurance rates to go up.

Also, most people over 50 need life insurance to supplement their income to take care of their families if anything unexpected where 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

In order to give you a better idea of how much life insurance might cost you, we have prepared this table of sample rates below.

Be aware that while these rates are accurate as of today, rates change all the time. Please use them as guidelines but always check your real, up-to-date rate using our free online quote calculator.

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

Term life insurance for a 55 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         $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 (controlled health issues), monthly rates:

                          $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

Term life insurance for a 55 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         $16          $18           $35           $65            $122
15 year term         $18          $22           $45           $82            $152
20 year term         $22          $27           $57           $107          $205

Term life insurance for a 55 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         $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

We’ve been in the business long enough to know the cost is always one of the deciding factors for people looking to get life insurance. If you’re looking for the cheapest policy, your best bet is to contact an independent life insurance agency who has access to all the top rated life insurance companies.

We represent over 60 life insurance companies and don’t ever play favorites with the ones we decide to give business too. 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. All you need to do is tell it a few bits of information about yourself and 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 skip using this tool and contact one of our agents directly. They will ask you a few questions about your condition and will then shop around to all the different companies. Since each company perceives risk in a different way we will need to contact all the companies individually to get you the best rate possible.

Choosing the Best Life Insurance Policy at Age 55

Start out by asking yourself what your reason is for taking out a life insurance policy in the first place. 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? Your answers to these questions will help you figure out what type of coverage you’re going to need.

The next thing to think about is term length. Some people take out a life insurance policy until they retire while others have one for the rest of their lives. Think about which one you are going to need to cover your family.

One thing that many people do is to have one life insurance policy until they retire but also have burial insurance that they keep for the rest of their life and pay the same amount on every month. An example of this would be a 55-year-old person buying a 10 year policy to get them until they retire at 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.

We know for most people in this age bracket it is about working with in the budget and we understand that. We want to work with you to find something that’s affordable.

Two Other Types of Policies to Consider

For a 55-year-old whole life insurance can prove to be quite expensive although if all you need is your burial costs covered you could get a very inexpensive plan. Some people take out a policy for $10,000-$25,000 and it doesn’t even require a medical exam. As a bonus, the payments are guaranteed to be the same price for the rest of their life.

If all you’re looking for is a cheap plan that won’t expire, then guaranteed universal life insurance is the best choice for you. It might be more expensive than term coverage, but the fact that it is permanent will give you peace of mind.

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.

Bottom Line

Everyone wants to save money and we want to help you do just that. Contact one of our life insurance agents who will work to get you the best price possible.

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

About Jeff Root

is the owner of rootfin.com. 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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