Life Insurance Guide for 55 year olds [Sample Rates]

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Term Life Insurance for 55 year old maleQuick Tip: If you want to see the cost of life insurance at age 55, complete the form on the side of this page for instant quotes.

Life insurance is the best safety net that you can purchase for the future of your family. It’s one of the only ways that you can ensure that your family will have the protection and money that they need, regardless of what happens to you. Shopping for life insurance can be a frustrating task, but that’s why we are her to help. It’s our mission to ensure that you’re getting the best insurance coverage possible.

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. 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.

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. Regardless of how old you are, it’s possible to get affordable life insurance protection for you and your family.

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.

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 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.

Every insurance company is different, and all of them are going to view your applications with different medical underwriting standards. That means that you’ll get drastically varying rates depending on which company that you contact. Instead of wasting hours and hours to call those companies yourself, let one of our independent brokers do all of the work for you. We can bring you a personalized set of quotes in a matter of minutes.

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.

Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. Losing something that you love is never going to be easy, but that’s where your life insurance comes in. It gives your family the money that they need, even if something tragic were to happen to you. Without life insurance, your family would have to get through the emotional stress as well as the financial strain.

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.

Our agents have years and years of experience working with all kinds of applicants across the country. We know which companies are going to give you the rest rates for your situation. Contact us today and we can get the process started.

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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