Life Insurance For Age 57-59 in 2024
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are looking for life insurance for age 57-59, you have come to the right place!
A lot of people don’t think about getting life insurance until they have children. But, if you’re in your 50s and without a spouse or partner, it’s important to get coverage now. You may not be able to find an affordable policy after age 60.
Find out more by reading the rest of this post!
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Life Insurance at Age 57
Once you hit 57 years of age, you are officially in your late 50’s.
The dreaded 60’s are not far off, and it’s perfectly natural for people at this age to be thinking about their own mortality.
More specifically, a 57-year-old may be concerned for the well-being of their family if they were to pass away. A good life insurance policy can give you much-needed peace of mind.
The truth is, it’s never too late to get life insurance. If you are 57 years of age, it’s still possible to get life insurance coverage at a reasonable price.
Life insurance at 57 years of age is a lot different than applying for life insurance in your 30’s. Also much more affordable than purchasing life insurance over 75.
There are so many things to consider when deciding on a policy. Choosing a type of life insurance can be a long process, but the important thing is that you receive some coverage.
What Kind Of Policy Is Best For A 57-Year-Old
There is never a definitive answer to this question — it ultimately depends on your situation. However, we can tell you that most 57-year-olds are getting 10 or 20-year term life insurance policies.
Since the majority of 57-year-olds are at least close to paying off their mortgage, and their children are usually out of the house by this point, a permanent life insurance policy may not be necessary.
Instead, people in this age range are trying to get accepted for cheap term life insurance to cover their family until they have retired.
How Much is Life Insurance For Age 57
Again, these rates depend on the individual, the life insurance company, and the kind of policy contracted. However, we can give you an example quote.
A 57-year-old man in good health can expect to pay around $45/month on a 10-year term plan, while a woman may pay around $35/month for the same policy.
Cost of Term Life Insurance at Age 57
Term life insurance is the most affordable life insurance option that offers death benefit protection.
The older you are when you apply for life insurance, the more likely it is that term life insurance is the optimal option for you.
To get the best coverage, make sure you’re only working with the top life insurance companies. You should consider hiring an independent insurance agent to help you find coverage.
An independent insurance agent will allow you to compare more quotes, find you more affordable policies, and answer any of your questions along the way.
However, if you prefer to do it solo, it’s still possible to find cheap term life insurance as a 57-year-old.
If you make an effort to improve your health before applying for life insurance, you could save a significant amount of money on your premiums.
Dieting, exercising regularly, and quitting smoking before applying will lower your insurance rates.
However, if you are in bad health and you are having difficulty getting covered, you can choose to apply for a no-medical exam policy.
Although more expensive, you are guaranteed coverage with no medical exam policies.
They also will begin covering you almost immediately, while traditional life insurance policies may take weeks to process your application.
Sample Term Life Insurance Rates for age 57
How much is a $500,000 life insurance policy for someone age 57?
Here are a few samples of term life insurance for a male and female age 57 for a preferred rate and standard.
Average Term Life Insurance Rates By Age 57
| Gender & Rate Class | 10yr Term | 15yr Term | 20yr Term | 30yr Term |
|---|---|---|---|---|
| Male Preferred | $77.16 | $98.16 | $132.91 | $305.73 |
| Male Standard | $152.34 | $194.90 | $267.56 | $468.70 |
| Female Preferred | $55.61 | $72.34 | $103.53 | $233.06 |
| Female Standard | $105.53 | $131.75 | $182.90 | $406.35 |
How Much Life Insurance Do I Need?
Getting life insurance at the age of 50 can be a complicated process.
However, applying for life insurance is a responsible decision.
In fact, getting life insurance is one of the most selfless purchases that a person can make.
At 57 years of age, you probably don’t have as many expenses as you did when you were younger.
In fact, you’ll need to calculate any debts, how much you owe on your mortgage/car payments, and the cost of your final expenses.
Once you sort out these numbers, you’ll have a better idea of how much life insurance you’ll need to be fully covered.
You may also want to use your life insurance to replace your income for your family.
Furthermore, you can use life insurance to fund personal family things, such as your grandchildren’s college tuition.
Life Insurance at Age 58
Why might a 58-year-old need life insurance?
It’s not too late to get a life insurance policy.
The longer you wait, the more expensive it will be.
There are several common reasons why a 58-year-old would want a life insurance policy. Consider the following:
- The death of a parent has made them realize that they would prefer to have life insurance for their family.
- With the ’60s on the horizon, a 58-year-old wants to cover the costs of their final expenses.
- Social security and other forms of income may not be enough to support your surviving spouse if you were to die.
- When someone in the family retires, life insurance coverage is no longer covered by their work.
- A 58-year-old may find themselves in a better financial situation than ever before, making a life insurance policy more feasible.
The older you get, the more your life insurance premiums increase.
Don’t put it off any longer.
Even if you’ve never had a policy before, there is no issue with getting your first policy in your late 50’s.
Best Life Insurance Type for Age 58
What kinds of life insurance are available for a 58-year-old
It’s always good to have options. The two major categories for life insurance are term life insurance and permanent life insurance.
Term life insurance covers you for a predetermined amount of time, usually between 10 to 30 years. Term life insurance is more affordable and more basic in coverage.
Permanent life insurance, on the other hand, will cover you for your entire life.
There are a few types of permanent life insurance to choose from, including whole life insurance and universal life insurance.
These life insurance policies have a cash value build-up component where you can accumulate savings over time.
Cost of Life Insurance at Age 58
How much is life insurance for a 58-year-old
The cost of life insurance for a 58-year-old will depend on the individual, the life insurance company, and the kind of policy. However, to give you a general idea, we can offer a sample quote.
For a 58-year-old male in good health, a $250,000 20 year term life insurance policy might cost around $90/month. A 58-year-old woman in good health might pay about $65/month for the same policy.
In order to get the best deal, you should receive quotes from the top life insurance companies. This way, you can compare quotes, and then accept the most affordable offer.
If you have any severe health conditions, it may be difficult to get affordable coverage, but it’s possible to find a life insurance company that has more lenient medical underwriting.
How to Get Best Life Insurance Prices at Age 58
How can I get more affordable life insurance rates for age 58?
To be approved for most life insurance policies, you’ll first need to take a medical exam.
The results of this exam will play a major factor in the price of your premiums. Therefore, before you apply for life insurance, you should try to be in the best overall health possible.
Dieting and exercising before applying can make a big difference.
You should also quit any unhealthy habits. Cigarette smokers, for example, pay 2-3 times more for their life insurance than nonsmokers.
For people that are finding it difficult to get life insurance due to poor health conditions, no medical exam life insurance is always an option.
To make sure you’re getting the best life insurance policy for a person over 50, consider hiring an independent insurance agent. They can answer any of your questions and find you your ideal policy.
Cost of Term Life Insurance at Age 58
Here are some sample term life insurance rates for age 58. This example will be for $250,000 in coverage for a male and female.
| Gender & Rate Class | 10yr Term | 15yr Term | 20yr Term | 30yr Term |
|---|---|---|---|---|
| Male Preferred | $46.26 | $58.09 | $87.65 | $190.92 |
| Male Standard | $93.96 | $118.88 | $157.12 | $273.91 |
| Female Preferred | $34.09 | $43.79 | $63.06 | $138.89 |
| Female Standard | $63.38 | $81.99 | $108.62 | $242.74 |
Life Insurance at Age 59
At 59 years old, you do not want to wait any longer to get life insurance. Life insurance rates in your 60’s will be significantly higher. Therefore, you don’t have much time to spare.
It’s still possible for a 59-year-old in good health to get a reasonably priced life insurance policy. It’s never too late for life insurance.
Since the ’60s are knocking on your door, it’s natural to be concerned about your family’s well-being if you were to pass away. A life insurance plan can make sure that they stay financially secure after you’re gone.
What kinds of life insurance policies are available for a 59-year-old?
There is never a shortage of options when it comes to life insurance. For a 59-year-old, term life insurance is the most popular choice. Term life insurance covers you for a predetermined amount of time, between 10-30 years.
People in their late 50’s often prefer cheap term life insurance because they may only need coverage for a few more years.
Often, a 59-year-old has almost paid off all of their debts, and their children are becoming financially independent. In this case, a 10-year term life policy may be sufficient.
Term life insurance is significantly cheaper than permanent life insurance. Whole life insurance is the most popular kind of permanent life insurance.
Whole life insurance will cover you for your entire life, so long as you continue to pay the premiums. Whole life insurance also features a cash value build-up component.
Cost of Term Life Insurance at Age 59
How much does life insurance cost for a 59-year-old?
The cost of your life insurance largely depends on the company, the policy, and your personal health condition.
However, we can give you a sample quote for a 59-year-old in good health. For a $250,000 policy for a male and female with preferred and standard rates.
Sample Term Life Insurance Rates for Age 59
| Gender & Rate Class | 10yr Term | 15yr Term | 20yr Term | 25yr Term |
|---|---|---|---|---|
| Male Preferred | $50.74 | $64.09 | $98.11 | $178.25 |
| Male Standard | $102.79 | $137.27 | $174.83 | $260.84 |
| Female Preferred | $36.84 | $49.19 | $9.72 | $15.08 |
| Female Standard | $68.46 | $91.62 | $122.24 | $211.04 |
What if I’m a high-risk applicant
At the age of 59, there could be several reasons why you would be considered a high-risk applicant. If you have any serious medical conditions, such as diabetes, heart disease, etc., it can be difficult to be approved coverage.
However, anyone can be approved for life insurance. For one, it’s possible to seek out life insurance companies with more lenient medical underwriting. Otherwise, no medical exam life insurance is always an option. These plans are more expensive, but they have high acceptance rates and they begin coverage almost immediately.
How can I get more affordable life insurance
For motivated individuals, there are several things you can do before applying for life insurance that will lower the cost of your policy. For most life insurance policies, you’ll need to take a medical exam. The healthier you are when you take this exam, the less you’ll pay for your life insurance. Here are a few tips to help you lower your rates:
- Improve Your Overall Health — Exercising regularly and eating healthier months before applying can have a huge impact on your life insurance rates.
- Quit Smoking — This is one of the most effective ways to lower your life insurance rates. Cigarette smokers pay 2-3 times more for their life insurance than nonsmokers. You can use that as motivation to quit.
- Compare Quotes — Life insurance rates vary from company to company. If you receive several quotes, you’ll be able to find a more affordable policy.
You should consider working with an independent insurance agent. It helps to have an expert on your side, especially if you are in you’re late 50’s. An independent agent will connect you with the top life insurance companies. They’ll also know which companies have more lenient medical underwriting for your situation.
Working with an agent will save you both time and money. Getting life insurance for people over 50 can be tricky. However, getting life insurance is essential for those that want to protect their family.
If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.
FAQs
1. How does age affect the cost of life insurance?
As we get older, our likelihood of facing health issues generally increases. Life insurance companies use age as a primary factor in determining the premium costs. Simply put, the older you are, the higher the rates will typically be. It’s like this: imagine buying a car warranty. The older the car, the more you might have to pay because there’s a higher chance of something going wrong. Similarly, as we age, life insurance costs tend to rise.
2. I’m in the age group 51-53 OR 54-56. Can I still get affordable life insurance?
Absolutely! While every year counts, being in the 51-53 age bracket or the 54-56 age bracket doesn’t mean you’re out of options for affordable life insurance. The key is to shop around, compare rates, and ideally, get coverage sooner rather than later. Think of it like booking a flight; sometimes the prices are more affordable when you book in advance rather than waiting until the last minute.
3. Can you provide a brief overview of rates for life insurance for people over 70?
Sure thing! Once you hit the age of 70, you might think that life insurance rates will skyrocket. While rates do generally increase, there are still many policies available for those over 70. These policies can be tailored to meet specific needs, like covering funeral expenses or leaving a legacy. Rates vary based on factors like health, coverage amount, and policy type. It’s crucial to consult with insurance professionals to get a clear picture. Just remember, like buying a vintage treasure, it might be a bit pricier, but it’s still very much available!
4. Is it too late for someone over 70 to get life insurance?
No, it’s never too late! Though premiums might be higher compared to younger age groups, many insurance providers offer specialized plans for seniors, even those over 70. These plans can be beneficial for final expense coverage or ensuring loved ones are taken care of. It’s like planting a tree; the best time might have been 20 years ago, but the second-best time is now.
5. Why should someone aged 57-59 consider getting life insurance now?
If you’re between the ages of 57-59, there are several reasons to consider getting life insurance. Firstly, rates are generally more affordable now than they will be in the future. Secondly, having coverage can offer peace of mind for both you and your loved ones. It’s a way to ensure that they won’t have financial burdens in case of unexpected events. Think of it as securing a safety net; it’s always better to have it and not need it than to need it and not have it.
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Conclusion
We get it—life insurance is not the most exciting purchase you’ve ever made.
But when you consider how much your loved ones would benefit from a death benefits payout, and that we have some of the best rates on life insurance for people in their late 50s, maybe it should be more at the top of your priority list?
If so, don’t put off applying any longer! Fill out our quick form to request a quote today.
