We are dedicating this article to Betty Ford’s forthrightness about breast cancer. At age 57 she battled and defeated her own breast cancer, taking it public and speaking openly about the importance of screenings. Much of the breast cancer awareness we have today stems from her initiative decades ago
Why a 57-Year-Old Needs Life Insurance
You need life insurance if you have financial dependents. Not everybody needs life insurance. Some people buy it because they want to leave something behind for their families.
You need life insurance if you have minor children. They cannot support themselves until at least 16 when they can legally work. Even then, it can be difficult to create financial stability without finishing high school. With life insurance, you can provide for them until they’re adults. Many parents purchase enough coverage to entirely fund their child’s college education as well.
You need life insurance if you have a spouse who depends on your income. Without your help, they might be forced to sell the family home. Without you, they could end up in a situation where their standard of living is much lower. There is any number of scenarios at this point. Even pushing off retirement or not retiring at all. Life insurance is a way to continue caring for your spouse, even if something happens to you.
You need life insurance in your 50’s if you have an adult child who cannot care for themselves. Whether it’s a disability or an addiction problem, if you are still caring for them in adulthood, they might always need your help. Leaving them a trust funded by an insurance policy is a way to make sure they will always be taken care of.
The other primary reason for life insurance is so nobody gets put in a tight position paying for your funeral. If you don’t have a way to pay for that, getting burial insurance is a generous thing to do for your family.
Best Type of Life Insurance for a 57-Year-Old
The best type of policy for you will depend on why you are buying life insurance. Think about your reason. Is it to support children you had later in life? Is it to ensure your spouse can retire comfortably? Do you want to pay off your mortgage in case anything happens to you?
Are these reasons for life insurance permanent reasons or temporary ones? Minor children grow up. Spouses retire. Mortgages get paid off. It may make more sense to get a term policy for those reasons.
However, if you want to leave your family something after you’re gone or want to ensure they have enough cash to pay any estate or inheritance taxes, then permanent life insurance might be the better decision.
If you have a term life insurance policy now, you may be able to convert that into a permanent policy. Or renew the term. Some companies allow this. Before you do this, shop around. You might find lower rates by merely replacing the policy instead.
Permanent Life Insurance
Permanent life insurance is the umbrella term that covers whole life, universal life, and all other policies that last your lifetime. As long as you pay your premiums on time, you are covered. Some permanent policies offer a 20-pay option where you only pay premiums for 20 years. After you finish paying off your policy, it’s yours for life.
Permanent policies tend to cost more than term policies because everybody dies. The insurance company will have to pay your beneficiary at some point. (Your beneficiary is the person who receives the life insurance benefits upon your death.)
Most come with a cash value accumulation component. This is basically building equity in your life insurance policy. As you pay your premiums, the cash value grows. It also starts growing on its own depending on the type of policy you purchase.
You can use the cash value portion as a question-free, low-interest loan. The life insurance holds your death benefit as collateral. If you die before paying it back, they subtract the amount you still owe from your death benefits. Families use this for everything from emergency funds to vacation funds, and anything you can imagine in between.
Term Life Insurance
Term life insurance is best for covering temporary purposes. The most common terms are 10, 20, or 30 years. Some companies offer even shorter terms, but these are mostly to cover business reasons. 15-year terms are less common, but plenty of companies still provide them.
Term life insurance offers an interesting rider called return of premium. To combat a general hesitance of paying for something that you may never use, you can add this to your policy and have all the premiums you paid returned to you when your term expires. This sounds like a good deal, but it also adds considerably to the cost of your policy.
Burial Insurance
Also called final expense insurance, burial insurance covers exactly what it sounds like. The benefits are just big enough to cover your funeral and burial or cremation. If there is anything leftover, it can be used for whatever the beneficiary wants. Although most families will use it to cover any remaining debts or medical expenses.
Burial insurance is a kind thing to do for your family. Because costs so little compared to other types of life insurance, people turn to this when they have no other way to pay for their funeral.
With the average funeral costing just under $8,000 in the United States, it can strain families to come up with that type of money. It can be even more challenging to find it on short notice.
Term Life Insurance Rates for a 57-Year-Old
Even the best policies can startle someone who has no concept of what they might pay for life insurance. So below are some sample rates for popular term lengths and benefit amount. These all reflect non-smokers.
If you smoke, then you can expect to pay at least 50% more. Make sure you talk with an independent agent about finding the life insurance companies offer the best rates for smokers.
These rates reflect what a 57-year-old man in good health (preferred) might pay each month.
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10-Year | $25 | $29 | $61 | $110 | $200 |
| 20-Year | $38 | $53 | $104 | $195 | $376 |
| 30-Year | $106 | $101 | $248 | $476 | $906 |
These rates are for the same man in average (regular) health.
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10-Year | $35 | $43 | $97 | $174 | $326 |
| 20-Year | $51 | $77 | $168 | $319 | $615 |
| 30-Year | $106 | $122 | $283 | $535 | $1,033 |
The next table show possible rates for women in good health.
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10-Year | $19 | $23 | $44 | $81 | $145 |
| 20-Year | $27 | $36 | $75 | $138 | $265 |
| 30-Year | $106 | $94 | $196 | $377 | $811 |
Finally, rates for women in average health.
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| 10-Year | $24 | $33 | $64 | $120 | $223 |
| 20-Year | $40 | $55 | $117 | $221 | $411 |
| 30-Year | $106 | $108 | $238 | $459 | $905 |
What is the Longest Term Policy You Can Get?
Most companies limit their term policies to 30 years. You may be able to find a more extended policy with a company that specializes in non-traditional life insurance. But at 57 a 30-year term will put you at 87, over a decade beyond the average life expectancy for a U.S. citizen.
Permanent life insurance or burial insurance may serve your purposes better. But check with your insurance agent.
Whole Life Insurance Rates for 57 Year Olds
Whole life insurance is a type of permanent life insurance with the least amount of components to keep track of. It lasts until age 121, which is not a problem for virtually everyone. It contains a cash value accumulation portion that grows as you pay premiums. The growth is slower than other types of permanent life insurance in good years but also doesn’t stagnate in bad ones.
The monthly rates below are for men and women who do not smoke. The two tables reflect people in good health (preferred) and average health (regular). The preferred rates are shown first.
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| Men | $160 | $307 | $756 | $1,490 | $2,976 |
| Women | $146 | $271 | $656 | $1,306 | $2,607 |
Below are the regular health class whole life insurance rates for 57 year olds.
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|---|
| Men | $160 | $310 | $765 | $1,509 | $3,011 |
| Women | $146 | $282 | $696 | $1,371 | $2,735 |
You will notice that at the lower benefit amounts the difference between the rate classes is minimal if not the same.
Tips on Getting the Best Life Insurance Rates for 57 Year Old
You have to shop around to get the best rates. The good news is you don’t have to do that yourself. By working with an independent agent who can shop the market for you, you can save considerable amounts of time.
Independent agents can work with multiple companies. They aren’t affiliated with one particular one or even employed by one. They work for their clients. Independent agents sift through dozens of companies to match the company to the client.
The other type of insurance agent (captive agents) is employed by one insurance company. They can only offer products from that one company. It doesn’t matter whether that company’s underwriting guidelines fit well with the person looking for insurance. Do yourself a favor, and explore several different options to make sure you get the best company for you.
Another thing you can do is buy the right type of insurance for your situation. If you need a permanent policy, it will not do you any good in the long run to get a term policy. When your term runs out, and you have to either get another term policy or a permanent policy, it will be much more expensive.
Finally, know how much insurance you need. You can sit down with an insurance agent and calculate it. How much do you make a year? How much is your mortgage? How much more do you need before retiring? Calculate these expenses to make sure that you are neither over-insured nor under-insured.
Best Life Insurance Companies for 57 Year Olds
These are our five favorite companies for 57-year-olds. If the company that is best for you is not on this list, that’s okay. It’s not possible to make a list that accounts for every factor that goes into life insurance underwriting.
We chose these five based on their pricing, their claims processing, and their financial strength. We feel it’s essential for a company to be affordable and stick around for a long time.
| Company | A.M. Best Rating | Customer Satisfaction |
|---|---|---|
| Transamerica | A+ | 4.1 / 5 |
| Sagicor | A- | 4.2 / 5 |
| Protective Life | A+ | 4.1 / 5 |
| Lincoln Financial | A+ | 4.0 / 5 |
Transamerica
Transamerica is one of the only companies who still offers a 30-year term life insurance policy. Of the companies who do, they are almost always the most affordable.
With a long history and an A+ from AM Best, they are in superior financial standing and should continue to be around for a long time.
Sagicor
Sagicor eclipses the competition repeatedly for lower benefit amounts. Anything under $500,000 they are one of the lowest prices you will find.
With an A- from AM Best, they are handling their money responsibly. They will probably still be here to take care of your great-grandchildren.
Protective
Protective frequently shows up on our favorites list too. For many ages, they offer wonderfully low rates for higher benefit amounts.
With an A+ from AM Best for superior financial standing, it’s hard to go wrong.
Lincoln Financial
Lincoln is our jack of all trades pick. They are competitive in almost every category, sometimes coming in at the lowest bid. If not the lowest they are frequently within a dollar or two of the lowest premium.
AM Best rates them at an A+ for superior financial standing with a stable outlook.
Life Insurance for 57 Year Olds – Wrapping it Up
Insurance is a process, but it doesn’t have to be a long one. Have your independent insurance agent shop the market for you. Be upfront with any health issues you have so they can steer you away from any companies who will charge you extra.
Have a plan before applying with any company. If you aren’t sure what type of life insurance you should get, talk with an agent about your options. They have seen situations similar to yours come up time and time again. Take advantage of their experience.
Our agents are ready to speak with you any time of the day. They can understand your specific situation in order to help you find the best life insurance rates for your family.
Give us a call today, or get started using our online quoting engine for quick and easy life insurance rates instantly!
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