Life Insurance for 56 Year Olds

If you think a life insurance plan will break your bank because of your age, think again! Yes, your age changes your premiums, but it isn’t the only determining factor.

Before we move on – compare life insurance quotes for 56 year olds here:  Instant Life Insurance Quotes.  See for yourself how inexpensive it can be.

The biggest mistake 56 year olds make is waiting to buy a policy thinking that they will save their money.  In all actuality, your life insurance rates will be impacted by your health.  The older you are older, the more likely your health is going to decline. Meaning that your policy will be more expensive if you wait to get one.

Also, it is very important for people over 50 to have a life insurance policy because they need something in place to supplement their income if they are to pass away suddenly. Since your family is dependent on you financially in some way, if you pass away with no life insurance policy in place they will be stuck with your burdens.

Cheap Term Life Insurance Quotes for 56 Year Olds

Now we are ready to discuss prices. We can’t tell you the exact rates, but here are some general ideas on premiums.

All of the rates below are generated for a non-smoker.

Monthly premiums for a 56 year old male in the “Preferred” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term         $20          $25           $51          $96             $183
15 year term         $25          $35           $69          $134           $258
20 year term         $30          $43           $87          $170           $318

Same plan for a  56 year old male but in the “Standard” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term         $27          $36           $84          $153           $300
15 year term         $35          $45           $103        $201           $378
20 year term         $44          $61           $144        $278           $560

Women get cheaper life insurance. Monthly rates for a  56 year old female “Preferred” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term         $16         $19           $38           $70             $133
15 year term         $20         $23           $49           $89             $167
20 year term         $24         $30           $63           $118            $227

Term life insurance for a 56 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         $22         $24           $49          $92             $178
15 year term         $23         $33           $73          $138           $259
20 year term         $31         $41           $94          $181           $356

How 56 Year Olds Save Money on Life Insurance

Unlike other insurance agents who work with a single company, we work with more than 60. Our only goal is to help you get the cheapest life insurance. What does this mean to you?

You can use our free quote calculator that will tell you how much your life insurance should cost you. All you do is tell it a bit of information, press submit, and you will have a quote back in under a minute.

What about if you’re not in the best health? No worries! Instead of using the quote tool, give us a call. We can work with you to bring you a specific set of insurance quotes tailored to your health and insurance needs.

Aside from using our quote tool, there is some work you can do beforehand to save you money on your insurance policy. Sure, buying life insurance easy, but getting cheap coverage isn’t as easy.

As you can see from the generic quotes above, the health class you’re put in is going to drastically impact how much you pay for your protection. Want to save money? Whip yourself into shape! Lose the weight, start exercising, quit smoking. All of these are going to chip down your premiums.
You shouldn’t wait to apply for life insurance. After you’ve bought a plan, you can have the carrier send out a paramedic to redo your medical exam.

Choosing the Best Life Insurance Policy at Age 56

When it comes to buying the best life insurance, there are a couple of steps you need to take. Having life insurance is good, but you need to ensure you’ve gotten the perfect plan to protect your family.

First, what kind of plan are you going to buy? Do you want a term policy (which is the most popular? Or do you want permanent coverage? If you decide to buy term insurance, then you need to know how long of a policy you’re going to buy.

Put simply, if you want the most amount of life insurance for the least amount of money, then term is the best.

Next, you need to answer the question, “how much life insurance do I need?” After you’ve picked the plan, you need to know how much to buy. Your policy should accomplish two goals:

  • Pay off your large debts
  • Replace your paycheck

As long as your plan is big enough to check off these two boxes, then you’re good. Make sure your plan will give your family enough money.

If you need help choosing an insurance plan, let us know. We can help you make some of these difficult decisions. We can ask you a few key questions to get the ball moving.

Your Next Step

Ready to get started? Call us!
Don’t wait any longer to protect your family. Not having life insurance is one of the most selfish things you could do.

Imagine if something awful happened. Not only would they suffer the emotional pain, but they would be at a loss without your income and being left with your debts. It’s a double whammy.
Life insurance won’t help ease the emotional pain, but it can take care of the financial component.

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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