Many 57 year olds think that term life insurance is unaffordable. But it doesn't have to be.
Click here to compare all of the top rated life insurance companies' quotes for 57 year olds.
In fact one of the biggest mistakes that people make is waiting to buy life insurance because they think they can pocket the money for a few more years. The actuality of the situation is, that life insurance rates are based on your current health condition and the older you get the more likely your health is going to decline, causing your life insurance to become more expensive.
Also, around 50 years old is when you really need to start thinking about having life insurance. If something were to happen to you unexpectedly, how would your family deal with the situation? If you don’t have a life insurance policy in place, the chances are very good that your family would be stuck with all of your financial burdens.
Cheap Term Life Insurance Quotes for 57 year olds
As an effort to help you get a better understanding of how much life insurance should cost you, we have created this sample table of rates below. Please be aware that these rates are just samples and should be viewed as such. While we believe they are fairly accurate, life insurance rates do fluctuate daily so you would be well advised to double check your 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 57 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 $22 $27 $55 $104 $199
15 year term $27 $38 $76 $150 $290
20 year term $33 $47 $96 $186 $367
Term life insurance for a 57 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 $29 $34 $91 $167 $327
15 year term $38 $50 $114 $222 $415
20 year term $49 $66 $157 $313 $607
Term life insurance for a 57 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 $20 $41 $77 $146
15 year term $21 $25 $52 $96 $181
20 year term $26 $33 $63 $130 $257
Term life insurance for a 57 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 $26 $56 $105 $203
15 year term $25 $36 $81 $153 $285
20 year term $33 $44 $101 $196 $385
How to Save Money on Your Life Insurance if You're 57
After being in this industry for so long, we’ve come to know that people are always looking for the best deal possible on their life insurance. That is why we always recommend them to work with one of our life insurance agents with access to all the top rated insurance companies.
We represent over 60 of these life insurance companies and we don’t ever play favorites with the ones that we decide to get business to. Instead we much prefer to focus on getting you the best rates possible.
If you don’t have any outstanding health issues, then your best bet is to use our free online quote calculator to figure out how much life insurance should cost you. Simply input a bit of information into the tool, click submit and then wait for a quote to come back. It should all take less than a minute to do.
If you do have some outstanding health issues though, your best bet would be to get in touch with one of our agents directly instead of using the tool. They’ll conduct a short interview with you to see what your health situation is and then move onto the different life insurance companies. Since each company has a different way in which they assess risk, your agent will have to contact each one individually to find out which one will be the cheapest option for you. Trying to do this on your own could easily take you several days.
May the BEST quote win!
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Choosing the Best Life Insurance Policy at Age 57
The best way to go about this is by asking yourself what the purpose of your life insurance policy is. If it is simply to cover the cost of your burial or whether it is to take care of your family’s financial responsibility over any that you might still have. Your answers to this question will help you decide which sort of life insurance policy will be suitable for you.
When it comes to term length you will also need to make a decision. Some people only carry an insurance policy until they retire while some have one until the day they die.
One thing that many people are doing these days is taking out life insurance until they retire but have another policy that will give them a payout to cover their burial on the day that day pass. An example of this is a 57-year-old taking out a 10 year policy to last until they reach the age of 67 when they retire. After that they will still have their burial insurance in place to cover those costs and that policy will be quite cheap since they took it out very early on.
This can be done for any age. For example, a 53-year-old looking for life insurance could get a 15 year term policy to get them to their desired age.
We know that most people in this age bracket are on a budget and we understand that. Our goal is to find you something that works for you.
Two Other Types of Policies to Consider
For a 57-year-old it could be quite costly to take out a whole life insurance policy, although if you only need your burial and other final expenses to be covered it can be quite cheap. Lots of people take out a $10,000-$25,000 life insurance policy to cover their burial. This policy does not require a medical exam and the payments will be the same price for the rest of your life.
If all you need is a small amount of life insurance that will never expire then you should look into a guaranteed universal life insurance policy. It might be more expensive than taking out a term policy but the permanent nature of the policy will help you sleep better at night.
Bottom Line
We know you are concerned about saving money so that is what we are trying to help you do. Our agents are always willing to help you find the best life insurance rates for people over 50.
We know there is a lot of info here to digest so if there’s anything at all that you don’t understand please do not hesitate contact us. Also remember to use our free quote calculator whenever you have a question about your rates.
