LIFE INSURANCE FOR AGE 54-56

Written by Danny Ray

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Life Insurance For A 54 Year Old

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 60s 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 Kind Of Life Insurance For A 54 Year Old?

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 are term life insurance and whole life insurance. Term life insurance is the cheaper of the two. While term life insurance will cover you for a predetermined amount of time, usually between 10 and 30 years in length. Term life insurance only provides 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.

 

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. For a $250,000 10 year term policy, a healthy 54 year old man can expect to pay around $35/month. Meanwhile, a healthy 54 year old women should be paying around $27/month for the same plan.

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 Youre 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 A 55 Year Old

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 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.

 

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.
  • Dont 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.

 

Life Insurance For A 56 Year Old

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 for life insurance coverage. However, there are always options, such as a no medical exam life insurance policy.

 

As A 56 Year Old, What Kind Of Policy Should I Get?

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.

 

How Much Does Life Insurance Cost For A 56 Year Old?

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 20 year term life insurance policy for a 56 year old can cost around $1650/year. While a 56 year old female may pay something around $1200/year for the same policy.

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 higher life expectancies.

 

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.

 

 

Danny Ray & Lisamarie Monaco Contributed To This Article
Danny Ray & Lisamarie Monaco Contributed To This Article

Here at PinnacleQuote Life Insurance Specialists we always put the CLIENT FIRST!! We are not in the business of selling life insurance, but to educate, and provide the best options for you and your family. This way you can make the best choice to properly protect your family. We have over 300 life products available to tailor make a policy for any one of our client’s needs!

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