Life Insurance for 57 Year Olds

Life Insurance Quotes for 57 Year OldMany 57 year olds think that term life insurance is too expensive. But this isn’t always true.

Sure, the older you get, the higher your premiums are going to be, but this doesn’t mean they are going to be through the roof.

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. Here is the problem with this thinking: it’s going to cause you to pay more in the future for life insurance.

Also, around 50 years old is when you really need to start thinking about having life insurance. Your debts are going straight to your loved ones when you pass away, and they will no longer have your paycheck.

Cheap Term Life Insurance Quotes for 57 year olds

 

Let’s talk cost. If you’re shopping for life insurance, the cost is going to be the driving force in determining which plan you buy.

We’ve calculated a few random quotes for some 57 year old applicants. These are random quotes and won’t directly reflect the quotes you can get.

When you’re looking through these rates, be aware, they are non-smokers rates.

Here are some rates for a 57-year-old man who is put in the Preferred (excellent health) rate class:

$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

These are monthly quotes for the same 57 year old male, but he’s put in the “Standard” health class (controlled health issues):

$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

Now, let’s look at a term 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:

$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 people want the cheapest insurance deal possible.  That is why we always recommend them to work with one of our life insurance agents.

Why us?

We represent over 60 of these life insurance companies and we aren’t going to sell you expensive coverage for our own gain. Instead, we prefer to focus on getting the lowest rate available.

If you’re still wondering how much life insurance to buy, you can use our free insurance calculator. 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 contact each one 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!

Compare life insurance rates within 1 minute

Choosing the Best Life Insurance Policy at Age 57

Why are you buying insurance? 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.

Next, ask yourself how long you need life insurance. Until you retire or until you pass away.

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.  For example, a 57-year-old takes out a 10 year policy to last until they reach the age of 67 when they retire.  After they retire, they buy a burial insurance plan. This is cheaper and covers the necessary expenses for a funeral.

This can be done for any age.  For example, a 53-year-old looking for life insurance can get a 15 year term policy to get them to 68.

We know that most people in this age 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 expenses covered it can be quite cheap. Some applicants buy a $10,000-$25,000 life insurance policy to cover their burial.  This policy does not require a medical exam and the payments stay the same.

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. These policies could be a little more expensive, but it’s worth paying extra for the protection they need.

Bottom Line

We know you are concerned about saving money, and we are here to help you do just that. 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 don’t wait. Also remember to use our quote tool if you have a question about your rates.

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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