Best Life Insurance Options for 59 Year Olds

life insurance for people who are 59 years oldIs it cheaper to wait to buy life insurance? No. It’s more affordable than you might think. We’ll show you the best life insurance options for 59 year olds.

Click here for rate comparisons from the best life insurance companies.

We are constantly hearing from people in their 50s that they feel that taking out a life insurance policy is just too expensive. They believe this because they think life insurance rates jumped drastically once they reach the age of 50. While it is true life insurance rates increase at 50 they go up every time you get a year older, no matter what age you are.

Lets compare quotes for a 58-year-old and a 59-year-old. You’ll notice that there’s not much difference between the ages.

Is that proof that you should wait to buy life insurance? NO!  In fact, waiting is one of the biggest mistakes you can make. Lots of people figure they’ll just wait a few more years and pocket the money they would’ve spent on life insurance in that time.

In actuality, age isn’t the only factor. Your health is just as important.

If you have health issues such as obesity, you can still get life insurance if you’re overweight. There are some companies who have broader weight classes. Those companies are better for applicants who are carrying a few extra pounds.

Also, at the age of 59 you really should be thinking about a life insurance policy. If you don’t have a policy, your debts are going straight to your family. We are sure that is not something you want to do them because the last thing they need when they are mourning is a financial burden.

Cheap Term Life Insurance Quotes for 59 Year Olds


At 59, your insurance won’t cost you a small fortune every month. To prove this, we’ve put together some generic insurance quotes.

All of these premium quotes are based on a non-smoker.

Monthly rates on a term insurance policy for 59 year old male “Preferred” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term              $26          $31         $65          $124          $234
15 year term              $32          $44         $92          $174          $330
20 year term              $41          $57         $117        $229          $438

Same term life insurance for a 59 year old male “Standard” health class:

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term              $35           $46           $110         $204          $400
15 year term              $45           $60           $138         $270          $504
20 year term              $58           $77           $183         $360          $727

Women are usually given lower insurance . Rates for a 59 year old female “Preferred” health class (no or minor health issues):

$50,000  $100,000  $250,000  $500,000  $1,000,000
10 year term              $18           $22           $48          $89            $167
15 year term              $26           $29           $62          $113          $214
20 year term              $31           $39           $83          $157          $304

Term life insurance for a 59 year old female “Standard” health class:

$50,000   $100,000   $250,000  $500,000   $1,000,000
10 year term              $25            $31           $68           $130           $246
15 year term              $29            $43           $100         $182           $347
20 year term              $39            $54           $126         $244           $483

How to Save Money on Your Life Insurance

See! Life insurance can be affordable, regardless of your age! As you can see, the health class you get put into is going to play a huge role in how much you’re going to pay every month.

What does this mean to you? It’s simple – if your health is better, you can pay less for your life insurance.

Unless you’re okay with paying more for your life insurance, you should do some work before you apply for life insurance.

To start, you should quit some of your bad lifestyle habits, like excessive drinking or smoking. These will drive your premiums to higher.

After you’ve finally kicked those bad habits to the curb, you should make a few more health adjustments. How is your diet? If you just grimaced, it’s probably not great. What you put in your body is going to change your weight, cholesterol, blood pressure, and more. Making those improvements can completely change your overall health.


Choosing the Best Life Insurance Policy at Age 59


Picking a life insurance policy can be tricky. The two main decisions you have to make are how much to buy and how long you need insurance.

Make sure your plan is large enough. It should pay off your debts and replace your income if someone needs your monthly paycheck.

One clever thing that many people are doing is taking out a policy until they reach retirement while also maintaining a burial insurance policy. For example a 59-year-old person may take out a 10 year policy to get them up to the point where they retire at age 69. Then their burial insurance will kick in, which will be quite inexpensive for the fact that they have taken it out so long ago.

This can actually work for any age.  For example, a 51 year old looking for life insurance can get a 20 year or 15 year term and a burial policy to make this work the same.


Your Next Steps 

After reading all of this, you might be wondering, “now what?”  Contact one of our life insurance agents today, who will help you find the best rates on over 50 life policies possible. You can make one call and get in touch with over 50 carriers. It’s time efficient and cash efficient.

Also remember to use our free quote calculator for any of your rate questions.

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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Jerry Nelson

If a person takes out 50,000 term life for 15 yrs and that person dies in 12 yrs does it pay out the entire 50,000.

October 23, 2017 at 4:25 pm
    Jeff Root

    Yes. You have the full $50,000 of coverage as long as the policy is in force.

    October 23, 2017 at 4:33 pm
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