Last Updated: April 2021
57-year-olds are not too late to get a life insurance policy. At this age, you still have many types of life insurance to choose from, and can almost always find affordable rates.
Below, we’ll show you sample rates for 57-year-olds, along with the best companies for this age, and tips so that you can find the right life insurance policy.
- Why You Might Need Life Insurance at 57 Years Old
- Sample Rates: The Cost of Life Insurance for 57-Year-Olds
- The Best Life Insurance Companies for 57-Year-Olds
- The Best Types of Life Insurance for 57-Year-Olds
- Tips to Find Affordable Life Insurance at Age 57
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Finding affordable life insurance for a 57-year-old can be easy. A 57-year-old male can get $100,000 in 20-year term life insurance starting at $53 per month. A female at age 57 will pay around $36 per month for the same type of policy. Rates will vary based on health and other factors.
Why You Might Need Life Insurance at 57 Years Old
Not everybody needs life insurance. Some people buy it because they want to leave something behind for their families.
You typically need life insurance if you have financial dependents, like 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 a 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.
Sample Rates: The Cost of Life Insurance for 57-Year-Olds
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.
Term Life Insurance Rates for 57-Year-Old Males
Below are sample monthly rates for a 57-year-old male in good health (preferred rates).
These rates are for a 57-year-old male in average health (standard rates).
Term Life Insurance Rates for 57-Year-Old Females
Below are sample monthly rates for a 57-year-old female in good health (preferred rates).
These rates are for a 57-year-old female in average health (standard rates).
Whole Life Insurance Rates for 57-Year-Olds
Whole life insurance is a type of permanent life insurance that does not expire.
Below are sample monthly rates for 57-year-olds who do not smoke, in good health (preferred rates).
Below are sample whole life insurance rates for 57-year-olds in average health (standard rates).
You will notice that at the lower benefit amounts the difference between the rate classes is minimal if not the same.
The Best Life Insurance Companies for 57-Year-Olds
These are five of the best companies for 57-year-olds. We chose these carriers based on their pricing, claims processing, and financial strength.
Note that it is always best to compare as many companies as possible before choosing a policy. Fill out our quote form and with one of our agents to compare dozens of carriers.
Transamerica is one of the only companies that still offer 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 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 Life Insurance
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 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.
The Best Types of Life Insurance for 57-Year-Olds
The best type of policy for you will depend on why you are buying life insurance. Think about your reason for purchasing life insurance.
- 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.
- Leave a legacy for your family.
- Cover burial costs.
How you answer those questions will help you choose one of the policy types below.
Permanent Life Insurance
Permanent life insurance is the umbrella term that covers whole life insurance, 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 they last until you pass away. The insurance company will have to pay your life insurance beneficiary at some point.
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.
What is the Longest Term Policy You Can Get at Age 57?
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.
Also called final expense insurance, burial insurance is another popular option. 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. Most families will use it to cover any remaining debts or medical expenses.
Burial insurance costs very little compared to other types of life insurance.
With the average funeral costing around $8,000 in the United States (source: lhlic.com), it can strain families to come up with that type of money. It can be even more challenging to find it on short notice.
Tips to Find Affordable Life Insurance at Age 57
To get the best rates, you must shop around and compare. The good news is you don’t have to do that yourself.
Work with an Independent Life Insurance Agent
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.
Choose the Right Type of Insurance
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.
Find Out How Much Coverage You Need
Know how much life 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?
- Do you have any dependents?
Calculate these expenses to make sure that you are neither over-insured nor under-insured.
Compare Multiple Companies
Insurance is a process, but it doesn’t have to be a long one. Have your independent insurance agent shop the market for you by reviewing all the best life insurance companies.
At age 57, certain companies will view you more favorably than others. That’s why it’s so important to work with an expert who knows your situation, and the life insurance companies well.
This will allow you to choose the lowest rate for the same policy. You’ll know that you saved money by spending the time to do it right.
Stay as Healthy as Possible
Also, be upfront with any health issues you have so they can steer you away from any companies that 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 at any time of the day. They can understand your specific situation in order to help you find the best life insurance for 57-year-olds.
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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