Quick Tip: If you’re ages 57-59 and want an instant quote, fill out the form on the side and rates will be displayed immediately.
Life Insurance For A 57 Year Old
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 wellbeing 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 through until they have retired.
How Much Is Life Insurance For A 57 Year Old?
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.
More On Term Life Insurance
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 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.
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 the 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 tuitions.
Life Insurance For 58 Year Olds
At 58 years of age, it’s natural to think about what would happen to your family if you were to pass away. You want to know that your family will be financially secure without you. On top of this, you do not want them to pay for the rest of the mortgage, car payments, or your final expenses.
This is where life insurance can help. At 58 years old, it’s still possible to find a reasonably priced policy if you are in good health. If you are not in good health, you can still be covered. Guaranteed issue plans, for example, will cover you despite your medical conditions.
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 60’s 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.
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.
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 Can I Get More Affordable Life Insurance Rates?
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.
Life Insurance For A 59 Year Old
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 60’s are knocking on your door, it’s natural to be concerned about your family’s wellbeing 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.
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 20 year term life insurance policy, a 59 year old man may pay about $1770/year, while a 59 year old woman might pay around $1160/year for the same policy.
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.