Best Life Insurance Options for 58 Year Olds

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Life Insurance Quotes for 58 Year OldSome 58 year olds believe that life insurance is too costly, but it really isn’t! 

Click to compare rates for the top rated life insurance companies for 58 year old individuals.

One of the biggest mistakes people make is waiting too long to buy their life insurance. People think they should do this because they can pocket the money for another few years. Actually, life insurance rates are determined by your current health, so the older you get the more likely your health is to decline, in turn raising your life insurance rates.

Also, your 50s is also the time when life insurance is most important. These are your critical income earning years and if something unexpected is to happen to you in this time, your family will be left unprotected. You wouldn’t want to leave your family with all of your financial burdens when you pass would you? If not, then you need a life insurance policy.

Cheap Term Life Insurance Quotes for 58 Year Olds

We want to help you get a better understanding of how much life insurance should cost you, which is why we created this table of sample rates. Please be aware that these are simply sample rates and they may not be fully accurate to the current rates, although they are fairly close. This is because the rates fluctuate daily so use these as a guideline and then use our free tool calculator to find your real rate.

Also, the rates below are for NON-SMOKERS. If you do smoke, expect the rates to be double.

Term life insurance for a 58 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             $23           $29          $59            $113            $214
15 year term             $29           $41          $83            $164            $305
20 year term             $37           $52          $105          $210            $399

Term life insurance for a 58 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                $32          $43          $100          $185          $362
15 year term                $41          $54          $125          $244          $457
20 year term                $53          $71          $172          $332          $671

Term life insurance for a 58 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              $17         $21           $44           $83            $157
15 year term              $24         $26           $57           $105          $199
20 year term              $28         $36           $75           $144          $276

Term life insurance for a 58 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             $23           $29           $64           $121         $229
15 year term             $27           $39           $91           $170         $314
20 year term             $36           $48           $111          $216         $425

How to Save Money on Your Life Insurance

With our years of experience in this industry, we already know that people are always looking for the best deal. That is why we always recommend them to work with one of our life-insurance agents with access to all of the top insurance companies.

We work directly with over 60 life insurance carriers and we don’t ever play favorites with any specific one. Instead we would rather focus our energy on getting you the best deal possible.

If you don’t have any health issues the speak of, then you should visit our site and use the free online quote calculator that we have there. All you need to do is input a little bit of information about yourself and then submit it. A quote should come back to you instantly, directly from the companies themselves.

If you do have some health issues, you should skip the tool entirely and just contact one of our agents. They’ll ask you a couple questions about your health before moving on to find you the best rate possible. Since each individual company assesses risk differently they will have to contact them all one by one. If you try to do this yourself it would easily take you several days to complete.

Choosing the Best Life Insurance Policy at Age 58

The best way to start is by figuring out what you need your life insurance for. Do you need it to cover your income for your family if you are to suffer a tragic accident? Or do you simply need something to cover the expense of your funeral? Your answers to this question will help you to decide which sort of life insurance policy will be right for you.

The next thing to think about is a term length. Some people only need life insurance up until the point that they retire, while others will carry a policy until the day they die. Think about your individual needs and make a decision that works for you.

A strategy that is carried out by many people is to use one policy until they retire all while maintaining burial insurance for when they pass away. An example of this would be a 58 year old person taking out a 10 year policy, taking them right up to the point where they’ll retire at the age of 68. After that they will still have their burial insurance in place which will be quite inexpensive since they bought it so early.

We know for most of you in this age bracket the budget of the most important thing. We definitely understand that we want to work with you to find you the best deal possible.

Two Other Types of Policies to Consider

For most people, by the time they finally have reached the age of 58 a whole life insurance policy will be quite costly. If all you need is a policy to cover your burial and other final expenses then you can actually get a policy for quite cheap. Most people will just end up buying a $10,000 – $25,000 policy and this policy does not require a medical exam and your payments will be the same for the rest of your life.

If all you need is a small amount of insurance that will never expire then you should look into guaranteed universal life insurance. It might be more expensive than taking out term coverage, although if you need something more permanent, this would be the perfect solution for you.

Bottom Line

We know everyone is trying to save money and that is exactly what we are aiming to help you do. Our agents are standing by to help you get the best over 50 life insurance rates possible.

We know there’s a lot of information here to absorb, so if there is anything that doesn’t seem quite clear just contact us will be happy to help you. Remember to always use our free quote calculator if you ever need to double check your rates.

About Jeff Root

is the owner of 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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1 Comment

Georgeanne pinkston

I would be interested in a basic qoute for a 25,000.00 policy. I am 58 and the only health issue i am tx for is hypertension, which is very well controlled. I have recently lost my job and will have no life insurance, and need reasonable coverage.

September 18, 2016 at 9:39 am
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