Best Life Insurance Options for 59 Year Olds

Instant Quote

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 to go up at the age of 50 they go up every time you get a year older, no matter what age you are.

Just take a second to compare life insurance 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, life insurance rates are determined by your current health condition. Since the older you get the more likely it is your health will decline, you risk getting more expensive rates by waiting.

If you have health issues such as obesity, and want to know if you can qualify for life insurance if you’re overweight, we can answer this question and help you to obtain the coverage you deserve. Let us help you in your search.

Also, at the age of 59 you really should be thinking about a life insurance policy. These are your critical earning years and if anything were to happen to you in this time your family would be stuck footing the bill. 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

Since it is in our best interest to help you get a better understanding of how much life insurance should cost you, we created this sample table of rates. Keep in mind, that these are just samples and while they are fairly accurate they may not be 100% current. This because life insurance rates fluctuate daily, so to find your actual up to date rate, please use our free online calculator.

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

Term life insurance for a 59 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              $26          $31         $65          $124          $234
15 year term              $32          $44         $92          $174          $330
20 year term              $41          $57         $117        $229          $438

Term life insurance for a 59 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              $35           $46           $110         $204          $400
15 year term              $45           $60           $138         $270          $504
20 year term              $58           $77           $183         $360          $727

Term life insurance for a 59 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              $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 (controlled health issues), monthly rates:

                              $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

With several years experience in this industry under our belt we know that people are always looking for the best rates. That is why we have a collection of agents standing by to help you find the best rates possible.

We are directly representing over 60 life insurance companies and we don’t ever play favorites with any of them. In fact we would much rather focus on efforts on finding you the best deal possible.

If your health is in good condition, simply head over to our website where you’ll find a free life insurance quote calculator. All you need to do is input a little bit of information about yourself and your health and it will return a quote back to you in under minute directly from the companies.

If your health is not so good, then you will want to skip the tool and contact one of our agents directly. They’ll ask you a few questions about your health and also tell you how to answer them in a way that is truthful but also won’t raise your rates. Since every insurance company perceives risk differently, your agent will have to go around to each one of them individually to find the best rate. If you try to do this on your own it would easily be a project that would take you several days to complete.

Choosing the Best Life Insurance Policy at Age 59

The first step is to figure out what you need the policy for. Is it going to help supplement your income to support your family in case you suffer a tragic accident? Or do you simply need your funeral expenses taken care of? Your answers to these questions will help you figure out the rate that is most suitable for you.

The next thing to think about is term length. While some people only need a life insurance policy until they retire, others need one until the day that they die. Think long and hard about how long you will need yours, because once you pick a policy you’re stuck with it.

One clever thing that many people are doing is taking out a life insurance policy until they retire 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.

We know that for most people in this age bracket, budget is the most important thing. We get that and we would love to work with you to find you the policy that will work for your budget.

Two Other Types of Policies to Consider

For most people, by the time that they are 59 years old, a whole life insurance policy will be quite expensive. If all you’re in the market for is something to cover your burial expenses and other final expenses, it can actually be quite cheap. Many people take out a policy for $10,000 – $25,000 and this type of policy requires no medical exam and the payments are guaranteed to stay the same for the rest of your life.

If what you need is more along the lines of a small payout that doesn’t ever expire, then a guaranteed universal life insurance policy will be the best for you. While it definitely is more expensive than term coverage, the permanent nature of the policy definitely has its benefits for certain people.

Bottom Line

We know you’re trying to save money and we want to help you do it.  Contact one of our life insurance agents today, who will help you find the best rates on over 50 life policies possible.

We know there’s a lot of information here to digest all at once, so if there’s anything you don’t understand please feel free to contact us. 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.

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


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