2024 Guide to Life Insurance for Age 54-56
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
“It’s never too early to start planning for your retirement. It can be difficult deciding what type of life insurance policy is right for you, which is why we’ve made it easy with this blog post! With our help, you’ll know the best time to get coverage and how much you need.”
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Life Insurance For Age 54
Once you turn 54, you are officially in your mid 50’s. That includes ages 54-56. Although it’s not fun to think about, at age 54 you might find yourself considering what would happen to your family if you were to pass away.
Without any life insurance coverage, your mortgage, unpaid debts, and final expenses would become your family’s burden if something were to happen to you. Luckily, it’s never too late to buy life insurance
Actually, it’s still possible for a 54-year-old to obtain cheap life insurance. You certainly do not want to wait until your 60’s to get a life insurance policy. The longer you wait, the more expensive your premiums will be
Make sure you are only considering the top life insurance companies. These companies are more likely to offer you affordable policies and provide you and your family with stable coverage
What Is The Best Life Insurance For Someone age 54
There is no definite answer to this question. Your optimal policy depends on your circumstances, which life insurance company you choose, what your budget is, etc. However, we can tell you that you have several options.
The two most common options for life insurance are term life insurance and whole life insurance. Term life insurance is typically the more affordable choice. With term life insurance, you are covered for a specified duration, usually between 10 and 30 years. It exclusively offers death benefit protection.
Term life insurance is a popular option for those in their 50’s because they may feel they only need to be covered for a short amount of time. Maybe there are just a few years left on your mortgage; maybe your children are getting close to becoming financially independent. In these cases, a term life insurance plan makes sense.
On the other hand, whole life insurance provides permanent coverage. While the premiums are more expensive, they will not change over time. Whole life insurance also has a cash value build-up component, where you can accumulate money over time.
Best Life Insurance Rates by Age 54
What kind of rates can a 54-year-old expect?
Life insurance rates will be very different from company to company and for individual to individual. Here are some rates for a $250,000 10 year term policy for a healthy 54-year-old man and a healthy 54-year-old woman.
Sample Term Life Insurance Rates for Age 54
| Gender & Rate Class | 10yr Term | 20yr Term | 30yr Term |
|---|---|---|---|
| Male Preferred | $32.99 | $56.00 | $107.92 |
| Male Standard | $66.04 | $107.94 | $179.12 |
| Female Preferred | $25.76 | $43.31 | $81.97 |
| Female Standard | $48.33 | $76.06 | $143.93 |
This is just a ballpark estimate of the cost of a term policy at 54 years of age. The truth is until you apply, it can be difficult to know how much life insurance companies will charge you. As you can see, women pay less than men for term life insurance. This is because women, on average, live about five years longer than men do.
What can I do to get more affordable rates on my life insurance?
Nothing can motivate you to get in fantastic shape like saving a lot of money! Below, we’ll offer a few things you can do to get cheaper rates on your life insurance.
- Apply While You’re Young — Although it’s never too late to buy life insurance, the sooner you get it, the better. Age is one of the most significant factors in calculating your premium. The longer you wait, the more expensive your life insurance will be.
- Take Care Of Your Body — You will be offered more affordable life insurance by improving your diet and staying active. This can help you to lower your blood pressure, lose weight, and more. The healthier you are when you apply for life insurance, the lower your life insurance rates will be.
- Quit Your Bad Habits — If you smoke cigarettes, you can expect to pay 2-3 times more for your premiums than nonsmokers. If you can manage to quit smoking before you apply for life insurance. The reward will be much cheaper rates.
- Compare Quotes — By shopping around insurance companies, you’ll be able to find the most affordable coverage. After all, life insurance companies have different medical underwriting, meaning the premiums they offer you may vary drastically.
Getting affordable life insurance over 50 can be difficult, but it’s probably possible. You should consider hiring an independent insurance agent. They can find you the most affordable rates, and they can help you with any concerns along the way.
Life Insurance For Age 55
Many may think that 55 is too old to get life insurance. However, this is just not the case. There are several reasons why it might be necessary for people in their mid 50’s to be covered by life insurance.
A 55-year-old may be close to paying off their mortgage, and perhaps their kids have just moved out of the house. However, mortgages and financial dependents are not the only reasons that an adult should have life insurance.
Without life insurance, any debts you owe would be inherited by your loved ones if you were to pass away. Furthermore, your family would need to pay for your final expenses, which can cost around $10,000.
Some 55-year-olds may assume that they would not be accepted for life insurance coverage due to their age and poor health conditions. However, there is always a way to find coverage. For example, no medical exam policies have guaranteed acceptance, though these policies tend to be more expensive.
What Is The Best Life Insurance For Age 55
What kinds of life insurance are there for 55-year-olds?
As is true for people of all ages, 55-year-olds have no shortage of life insurance options. The most popular option for 55-year-olds is cheap term life insurance. Term life insurance is both affordable and practical for people that are getting life insurance at a later age.
Term life insurance provides death benefit protection for a predetermined amount of time. In fact, this is perfect for many 55-year-olds that need coverage for a few more years.
For example, if you have a few years left on your mortgage, or you would like coverage until your children are out of college, a 10-year term policy is an excellent option.
You’d be surprised at how possible it is to find affordable term life insurance at 55 years of age. If you are a 55-year-old man in good health, you could be paying less than 40 dollars a month on a $250,000 10 year term policy. For women, this figure is even less expensive.
While these figures are meant to give you a general idea of the kinds of rates you can expect. You won’t know until you start receiving quotes.
Every life insurance company will assess your level of risk differently, and therefore you can expect these rates to have high variance.
If you have any preexisting medical conditions, this will place you in a category as a high-risk applicant by life insurance companies. If this is the case, you’ll be paying a lot more for your premiums.
However, it is possible to find life insurance companies with more lenient underwriting in regards to your condition.
Cost of Life Insurance at Age 55
How can a 55-year-old find the best rates?
The good news is, there are several things you can do to get more affordable life insurance. Since you will need to take a medical exam for most policies. It’s essential to improve your overall health before applying can have a severe impact on your life insurance rates. Check out some of our tips below:
- Quit Tobacco Products — If you can find a way to quit smoking cigarettes before applying for life insurance, you’ll be offered a MUCH lower rate. Cigarette smokers tend to pay 2-3 times more for life insurance than nonsmokers.
- Implement A Healthier Lifestyle — If you get into the habit of exercising daily and eating healthier foods, you’ll make a much better impression at the medical exam.
- Don’t Wait To Apply — While the rates for people over the age of 50 may not seem that bad, the longer you wait, the more expensive your premiums will be. Applying while you’re young and still in decent health is one of the best ways to save money on life insurance. Life Insurance over 75 is challenging on a fixed income, so its best to get it as early as possible.
- Shop Around Life Insurance Companies — By comparing quotes, you can find the most affordable policies. As we’ve already mentioned, life insurance rates differ so much from company to company, so this is one of the most effective ways to save money on your life insurance policy. You can hire an independent insurance agent to help you compare quotes.
Term Life Insurance Rates Age 55
How much is life insurance for a 55-year-old?
Below we will show you the best rates for $250,000 on a 10, 20, 30yr terms for a standard and preferred rate for a male and female!
Sample Term Life Insurance Rates For Age 55
| Gender & Rate Class | 10yr Term | 20yr Term | 30yr Term |
|---|---|---|---|
| Male Preferred | $36.06 | $61.74 | $125.74 |
| Male Standard | $70.74 | $119.06 | $195.72 |
| Female Preferred | $27.71 | $46.88 | $92.85 |
| Female Standard | $51.76 | $81.93 | $160.44 |
Life Insurance For Age 56
More and more Americans in their mid 50’s are beginning to realize the importance of life insurance. At the age of 56, it’s natural to worry about the financial security of your family if you were to pass away.
Without life insurance, your loved ones would be responsible for covering your debts, what’s left of the mortgage, and your final expenses. This is the last thing that you would want to leave your family.
Unfortunately, at the age of 56, serious medical issues may be on the horizon, if they have not already started to affect you. You may need life insurance now more than ever. The longer you wait to apply, the more you will need to pay on your premiums.
Some people at the age of 56 with preexisting medical conditions might assume that they would not approve of life insurance coverage. However, there are always options, such as a no medical exam life insurance policy.
What kind of policy should I get at age 56?
The vast majority of 56-year-olds choose either a 10 or 20-year term policy. This could be for a variety of reasons. Cheap term life insurance is usually the best option for people in their mid 50’s.
At 56 years of age, your mortgage is likely to close to being paid off. Usually, your children are out of the house by this age, and you may not have much debt left to cover. A lot of 56-year-olds are just waiting a few more years for retirement.
It’s for this reason that a term life insurance policy is preferable for most 56-year-olds. Apparently, the policy you choose depends on your personal circumstances, but for most, a 10 or 20-year term life policy should do that trick.
Of course, a whole life insurance policy is also an option, but the premiums are more expensive. Whole life insurance plans offer permanent protection, so long as you continue to pay the premiums. Furthermore, full life insurance has a cash value build-up component.
Cost of Life Insurance Policy at age 56
How much does life insurance cost for a 56-year-old?
The price will vary depending on the company and the person. However, to give you a general idea of the cost of life insurance for a 56-year-old, we’ll give you an example quote for a 56-year-old in decent health.
A $500,000 10, 20, and 30-year term life insurance policies for a 56-year-old male and female. Here are the best rates for Preferred and Standard rates.
Sample Term Life Insurance Rates For Age 56
| Gender & Rate Class | 10yr Term | 20yr Term | 30yr Term |
|---|---|---|---|
| Male Preferred | $75.76 | $136.66 | $286.83 |
| Male Standard | $176.44 | $288.43 | $518.34 |
| Female Preferred | $60.26 | $111.26 | $205.89 |
| Female Standard | $126.70 | $210.72 | $387.60 |
These quotes are for a 56-year-old man and woman that are in good health. For high-risk applicants, a $500,000 20 year term policy will be more expensive. As you can see, women pay less than men for life insurance since women have a higher life expectancy.
How Much Life Insurance Do I Need at Age 56
How much life insurance should I buy?
To find the answer to this question, you’ll need to do some calculations. You’ll also have to decide on what you want to be covered. Getting life insurance at age 56 is a lot different than getting life insurance in your 30’s.
To come up with a number, you should add up how much debt you owe. Also, how much your final expenses will cost, how much you have left on your mortgage, and anything else you want to be covered. You may want to use your life insurance to replace your income as well.
How can I get more affordable rates on my life insurance policy?
To get cheaper premiums, it helps if you start exercising and eating healthier before you apply for life insurance. If you show up to the medical exam overweight, you may pay for it in premiums.
If you can, you should quit smoking before applying for life insurance. Smokers pay 2 to 3 times more for their life insurance than nonsmokers. If you have any medical conditions, life insurance companies will want to see that you are taking the proper measures to treat them.
Regardless of whether you’re thinking about getting a traditional term life insurance policy or a no medical exam life insurance policy, hiring an independent agent can save you a lot of money on your life insurance policy.
An independent insurance agent will be able to connect you with the top life insurance companies and find you more affordable policies. If you’re getting life insurance over the age of 50, it can help to have an expert on your side.
If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.
FAQs
Q: Can I still get life insurance at the age of 54-56?
A: Yes, it is possible to obtain life insurance at ages 54-56. While premiums may be higher than for younger individuals, many insurance providers offer coverage in this age range.
Q: What types of life insurance are available for individuals aged 54-56?
A: Both term life insurance and permanent life insurance options are available. Term life provides coverage for a specific period, while permanent life insurance offers lifelong protection with a cash value component.
Q: How do premiums for life insurance at ages 54-56 compare to those for younger individuals?
A: Premiums for life insurance at ages 54-56 are typically higher than for younger individuals due to the increased risk associated with age. However, rates can vary among insurance providers, so it’s advisable to compare quotes.
Q: What factors influence the cost of life insurance for individuals aged 54-56?
A: Factors such as health, lifestyle, coverage amount, and the type of policy can affect the cost of life insurance. Health conditions and habits like smoking may impact premiums.
Q: Is a medical exam required for life insurance at ages 54-56?
A: The need for a medical exam depends on the insurance provider and the type of policy. Some policies may require a medical exam, while others offer no-exam or simplified underwriting options.
Q: Can I still get a term life insurance policy at this age?
A: Yes, many insurance providers offer term life insurance for individuals aged 54-56. However, the duration of the term may be limited compared to policies available to younger individuals.
Q: What are the advantages of permanent life insurance for individuals in this age group?
A: Permanent life insurance, such as whole life or universal life, provides lifelong coverage and a cash value component. It can serve as both protection and an investment, offering stability for individuals in their mid-50s.
Q: How much life insurance coverage do I need at ages 54-56?
A: The appropriate coverage amount depends on individual circumstances, including financial obligations, outstanding debts, and future needs. It’s advisable to assess these factors to determine the right coverage.
Q: Can I modify my existing life insurance policy at ages 54-56?
A: Depending on the type of policy, some modifications may be possible. For example, you may be able to adjust coverage amounts, convert a term policy, or explore additional riders for specific needs.
Q: Can I still apply for life insurance online at ages 54-56?
A: Yes, many insurance providers, including those catering to individuals aged 54-56, offer online application processes. This can make obtaining life insurance convenient and accessible.
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Conclusion
The best way to cover your family’s financial future is with life insurance. If you have children, it’s so important that they are taken care of financially if something were to happen to you or the other parent. This makes mid 50’s an ideal time for people with kids in their late 20’s early 30’s- who haven’t yet bought a policy on themselves-to think about how much coverage they need and what kind of plan would work best for them. For those without kids, this age range might be more appropriate too since there may not be any dependents depending on them if anything happens. Whatever stage you’re at in life, it’s never too soon (or too late) to explore life insurance.
