Life Insurance for 56 Year Olds

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We often have 56 year olds in the market for life insurance who think that it is way out of their price range.  Everyone's price range is different, but most of the time 56 year olds are surprised at how inexpensive term life insurance really is.

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 too long to get a policy thinking that they will save their money for a few more years.  In all actuality, your life insurance rates will be based on your current health condition.  As you get older your health is most likely only 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 financial burdens.

Cheap Term Life Insurance Quotes for 56 Year Olds

To help you better understand how much life insurance might cost you, we have prepared this sample table of rates for you to look at. Keep in mind that these rates are simply samples, since the rates are known to fluctuate. We feel that they’re fairly accurate, but you should still double check your rate using the 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 56 year old male "Preferred" health class (minor or no health issues), monthly rates:

                          $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

Term life insurance for a 56 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         $27          $36           $84          $153           $300
15 year term         $35          $45           $103        $201           $378
20 year term         $44          $61           $144        $278           $560

Term life insurance for a 56 year old female "Preferred" health class (minor or no health issues), monthly rates:

                         $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

Since we’ve been in this industry so long, we know that people are always looking for the cheapest life insurance policies possible.  We have many agents standing by to help you and they will shop your information around to the top rated life insurance companies to get you the best rate possible.

We represent over 60 life insurance companies and we don’t ever play favorites, giving business to one over another.  In fact, our only goal is to help you get the cheapest life insurance possible.

If you are in good health then you should start out by heading over to our website where you can find a 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.

If your medical condition is not so great then you will need to deal with the agent directly. They’ll ask you a few questions about your health and then take your information to the different companies. Since each life insurance company assesses risk differently, the agent will have to contact each one individually. This is a process that takes several days and not something you’d want to do on your own.

Choosing the Best Life Insurance Policy at Age 56

The best way to start is by asking yourself what the purpose of the life insurance policy is. Is it to handle any debts you might have when you pass? Or is it to supplement your income if you are to suffer a tragic accident? Your answers to these questions should help you in figuring out what type of policy you will need.

When it comes to term length, some people only have a policy until they retire while others have one until the day that they pass. Think hard about which length will be appropriate for your situation.

One thing that many people like to do is have two separate policies. One is a term life insurance policy until they retire and the other is a burial insurance policy they pay the same amount for every month for the rest of their life. An example of this if a 56-year-old person took out a 10 year policy until they retire at age 66, then they will have their burial insurance in place which should be cheap since they took it out very early.

This can adjust based off of your age.  So a 52 year-old looking for life insurance could get a 14 year policy to get them to 66 while a 59 year old could get a shorter term.

We know for most people that the budget is the most important thing and we understand that. We are always striving to find you the best rate we can.

Two Other Types of Policies to Consider

For someone who is 56 years old, whole life insurance can prove to be quite costly. If all you need is insurance to cover your burial and other final expenses then you can easily find a very inexpensive plan. Many people take out a policy for $10,000-$25,000 that doesn’t even require a medical exam. The rates will also be exactly the same until the day you die.

If all you’re looking for is a cheap amount of life insurance that will never expire, guaranteed universal life insurance is a good choice for you. It might be more expensive than the term policies but you can’t argue with the peace of mind you get from having a permanent policy.

Bottom Line

We know that everyone wants to save money and that is exactly what we are trying to help you do. Contact one of our life insurance agents and they will work to get you the best rate possible.

Since this is a lot of information to digest all at once, if you have any questions do not hesitate contact us. Also don’t forget to use our free quote tool to compare rates before doing anything.

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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