Best Life Insurance Options for 59 Year Olds

Life insurance is a great way to afford yourself and your family financial protection in the face of unexpected events.

Why Do I Need Life Insurance at 59?

At age 59 you need life insurance for many reasons. Perhaps you are looking towards retirement, but want to ensure that you have the coverage you need for your family.

You may also have children who are long-term dependents, or a spouse who will still need an income to depend on in the event of your death.

Or, perhaps you have grandchildren, and you would like to help them in the future work towards a college education.

You could also be a business owner looking to protect your business, or even someone looking to establish and protect a trust or estate.

The point is, there are many different reasons people at age 59 need life insurance.  As a result, there are a variety of life insurance options available to them.

Types of Life Insurance for 59 Year Olds

Generally speaking, your life insurance coverage options at age 59 can be broken down into three categories:

  • Term Life Insurance
  • Whole Life Insurance 
  • Burial Insurance 

Each of them has their own pros and cons, and are better for people who have certain life insurance coverage needs:

Term Life Whole Life Burial
Have a mortgage paymentWant to create and protect an estate and your assetsNeed a small amount of protection for after death expenses
Need affordable life insurance coverage for a specific period of timeYou have lifelong dependents who will always need financial help in the event of your deathCan not afford more coverage
Have financial dependentsLooking to plan for retirement coverage such as long term careYou are a high risk to insure for other types of insurance
Own or operate a businessYou are looking for a death benefit for the rest of your lifeYou do not want to take a medical exam

When you reach age 59, one of the biggest issues you are going to have with regard to obtaining health insurance is your health.

For younger clients, health rarely causes a problem. But as you get older, your health can:

  1. Result in denial of coverage, especially if you have a severe case
  2. Result in higher prices because you are placed in a lower health class

At this age, you can choose from term policies or whole universal policies, but the price is going to change dramatically the older you get.  Health also plays a major role in the cost of life insurance.

Which Type of Life Insurance Policy is Best for 59 Year Olds

At age 59, your rates will be fairly high for permanent life insurance policies with a high face amount. For this reason, permanent life insurance for 59 year olds is usually purchased in the form of burial insurance.

This type of coverage often comes in amounts from $5,000 to $25,000 in face amount, with some policies offering as much as $100,000 in guaranteed protection.

If you want income replacement or money to pay off any outstanding debts in the even of your death, but only for a specific period of time (perhaps when your kids graduate college, or your spouse retires) then a 10 or 15 year term policy may be best.

Term life insurance for 59 year olds rarely comes in the form of 30 year policies, though term life insurance protection to age 95 is issued by Mutual of Omaha.

If you only need to plan for your final expenses, a guaranteed universal life insurance policy worth $25,000 or final expense policy is better suited to your needs.

At this age, you also want to look out for chronic illness and long-term care protection. This means finding a policy with good riders that offer additional protection as you get older.

Life Insurance Rates for 59 Year Olds

Whole Life 

Face AmountFemale PreferredFemale StandardMale PreferredMale Standard
$50,000$74.00$99.00$84.00$119.00
$100,000$115.87$141.69$133.74$167.89
$250,000$259.70$324.25$304.38$389.78
$500,000$499.40$628.55$588.75$759.60
$1,000,000$978.80$1,237.10$1,157.50$1,499.20
$2,000,000$1957.60$2,474.20$2,315.00$2,998.40
$5,000,000$4,894.00$6,185.50$5,787.00$7,496.00

Term Life Rates for 59 Year Old Females

Face Amount10 Year Term15 Year Term20 Year TermAge 90 Guaranteed UL
$100,000$21.76$27.18$33.97$96.06
$250,000$38.97$49.45$70.33$229.70
$500,000$66.57$86.86$126.42$439.45
$1,000,000$123.97$168.13$241.23$853.24

Term Life Rates for 59 Year Old Males 

Face Amount10 Year Term15 Year Term20 Year TermAge 90 Guaranteed UL
$100,000$34.66$46.01$58.91$121.61
$250,000$68.16$98.90$129.86$297.35
$500,000$129.43$187.05$245.96$558.64
$1,000,000$241.23$346.15$461.47$1,051.62

Preferred Term Life Rates for 59 Year Old Males 

Face Amount10 Year Term15 Year Term20 Year TermAge 90 Guaranteed UL
$100,000$26.23$35.26$48.16$113.06
$250,000$52.55$67.62$99.12$271.63
$500,000$98.57$126.72$172.02$523.30
$1,000,000$184.77$240.07$328.27$1,012.41

Standard Term Life Rates for 59 Year Old Males 

Face Amount10 Year Term15 Year Term20 Year TermAge 90 Guaranteed UL
$100,000$46.62$62.74$84.86$146.90
$250,000$106.21$139.47$184.47$350.53
$500,000$190.06$263.72$353.89$700.98
$1,000,000$359.61$491.22$691.48$1,306.32

Best Life Insurance Companies for 59 Year Olds

Term Life Insurance 

CompanyA.M. Best RatingCustomer Satisfaction
PrudentialA+4.2 / 5
Mutual of OmahaA+4.2 / 5
ProtectiveA+4.1 / 5
Banner LifeAA-4.4 / 5

Permanent Life Insurance 

CompanyA.M. Best RatingCustomer Satisfaction
AmeritasA4.1 / 5
SBLIA4.0 / 5
AssurityA-4.1 / 5
Mutual of OmahaA+4.2 / 5

Burial Insurance

CompanyA.M. Best RatingCustomer Satisfaction
AssurityA-4.1 / 5
Mutual of OmahaA+4.2 / 5
SagicorA-4.3 / 5
ForestersA4.0 / 5

Tips for Finding the Best Life Insurance for 59 Year Olds

Apply as Young as Possible

As you are nearer to 60, the rates for health insurance are going to climb. This is why, at 59, you want to lock in a good, lower rate while you still can.

Example: A male applicant who is a standard risk takes out a 10-year term. He is 59 now and lives another 30 years.

If he takes out a 10-year term with $100,000, then for the next ten years he pays $46.62 per month. In total, he paid $5,594.40 for the ten years.

He has to now take out another term policy at age 69, because he cannot find many other options. So he takes out a 20-year term for the same amount of coverage. This costs $169 per month. So, at the end of 20 years, he paid $40,560. This brings his total paid in coverage by the time he passes away at 89 to $46,154.40

By comparison, if that same man had taken out a guaranteed universal life insurance policy until age 90, he would have paid $52,884 at the end of his lifetime.

However, this does not account for any changes in health, or diseases and assumes that man stays the same between age 59 and 89—which is statistically not likely.

Apply When You Are Healthy

Example 2: The same male applicant is 59 now and takes out a 20 year term policy. For $100,000 in coverage, he pays $84.86 per month. At the end of 20 years he will have paid $20,366.40. But now he needs to take out a term policy at age 79 and there are even fewer options left.

Assuming he lives another 10 years (living a total of 30 years after age 59) that male will pay $305 per month assuming his health has not changed. That brings his next 10 year term to a total of $36,600. In total that man paid $56,966.40 for his two separate term policies.

By comparison, if that same man had taken out a guaranteed universal life insurance policy until age 90, he would have paid $52,884 at the end of his lifetime.

Choose a Policy with the Right Coverage Amount

Roughly 7 out of 10 Americans overestimated the amount of life insurance they need.

Speaking with an expert can help you understand exactly what your coverage needs are.

Consider these factors when choosing how much life insurance coverage you need:

  • Outstanding debts
  • Financial dependents needs
  • Average yearly salary
  • Death expenses
  • Leaving a legacy

Finding the Best Life Insurance for 59 Year Olds

When it comes to finding the best life insurance rates and policies as a 59 year old, the most important thing to do is to shop around to compare rates.

Even once you have done this though, it may be difficult to be sure that the coverage you are looking at is best for you.

The easiest way to be sure that you find the best life insurance company and policy for you and your family is to speak with a professional once you have compared rates.

Our independent life insurance agents are able to compare the best life insurance rates for 59 year olds from the best life insurance companies on the market.  They can also understand your personal situation in order to help you find the best policy.

Give us a call today, or get started using our online life insurance quoting tool to compare life insurance rates for 59 year olds.

Compare the Best Life Insurance Rates for 59 Year Olds

Quick and easy, quotes in seconds.

Instant Quote
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.

This entry was posted in Life Insurance in Your 50's. Bookmark the permalink.

2 Comments

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
Leave A Reply