Many people wait until they have children before considering purchasing life insurance. So it’s crucial to secure coverage today if you’re in your fifties and single.
After turning 60, it can be impossible to get an affordable policy.
Continue reading this post to learn more!
Life Insurance Age 57
You are considered to be in your late 50s once you turn 57. The dreaded 60s are quickly approaching, and it is entirely normal for persons of this age to be considering their mortality. More precisely, a 57-year-old could worry about their family’s future if they were to pass away.
A solid life insurance plan can provide you with the much-needed security. It’s never too late to purchase life insurance, in actuality. It’s still feasible to find affordable life insurance coverage if you’re 57 years old.
Applying for life insurance when you’re 57 years old is very different from doing so when you’re in your 30s. And significantly less expensive than buying life insurance after the age of 75. There are a lot of factors to take into account while choosing an insurance. It can take a while to decide on a sort of life insurance, but the most crucial thing is that you have some protection.
What Kind Of Policy Is Best For A 57-Year-Old
There is never a single correct response because it ultimately depends on your circumstances. We can, however, inform you that the majority of 57-year-olds purchase 10 or 20-year term life insurance plans.
A permanent life insurance policy may not be required since the majority of 57-year-olds are at least near to paying off their mortgage and their children are typically out of the house by this time.
Instead, those in this age group are attempting to obtain approved for affordable term life insurance to protect their families until retirement.
How Much is Life Insurance For Age 57
Once more, these rates vary depending on the person, the life insurance provider, and the type of policy purchased. We can, however, provide you with an illustration.
On a 10-year term plan, a 57-year-old man in good health might anticipate paying about $45 per month, while a woman may spend about $35 per month.
Cost of Term Life Insurance at Age 57
The least expensive type of life insurance that provides death benefit protection is term life insurance. The more likely it is that term life insurance is the best choice for you, the older you are when you apply for life insurance.
Make sure you’re only working with the best life insurance providers to obtain the best coverage. To assist you in finding coverage, you ought to think about working with a private insurance agent. You may compare more insurance rates, find more reasonable coverage, and get any questions you may have along the road by working with an independent insurance agent.
Yet, if you’d rather do it alone, 57-year-olds can still get affordable term life insurance. You could significantly reduce your premiums if you work to improve your health before submitting an application for life insurance.
Your insurance costs will be reduced if you follow a healthy diet, engage in regular exercise, and give up smoking before applying. But, you might choose to apply for a no-medical exam coverage if you are in poor condition and finding it difficult to get insured.
With no medical exam insurance, you are guaranteed coverage even though they are more expensive. In contrast to typical life insurance policies, which may take weeks to process your application, they will also start covering you practically instantly.
Sample Term Life Insurance Rates for age 57
What is the cost of a $500,000 life insurance policy for a 57-year-old?
For a male and female age 57, below are a few examples of term life insurance at a preferred rate and standard.
How Much Life Insurance Do I Need
Purchasing life insurance after the age of 50 might be challenging. Yet, submitting a life insurance application is a wise choice. One of the most selfless purchases a person can make is life insurance, in fact.
You probably don’t have as many costs now that you’re 57 as you had when you were younger. In fact, you’ll need to figure up any outstanding obligations, your mortgage/car payment balance, and the amount of your final costs.
You’ll have a better notion of how much life insurance you’ll need to buy after organising these figures. You might also utilise your life insurance to restore your family’s lost income.
Also, you can utilise life insurance proceeds to pay for private family expenses like your grandchildren’s education expenses.
Cost of Life Insurance at age 58
Why might a 58-year-old need life insurance?
Purchasing a life insurance coverage is still possible. The cost will increase the longer you wait. A 58-year-old might want a life insurance policy for a number of typical causes. Think about the following:
- They have come to the realisation that they would prefer to get life insurance for their family after a parent passed away.
- The 58-year-old wants to pay for their final bills as the 1960s approach.
- If you were to pass away, your surviving spouse might not be able to support themselves on Social Security and other sources of income.
- When a family member retires, their employer no longer provides life insurance coverage.
- A 58-year-old may discover that their financial situation is better than it has ever been, making purchasing a life insurance coverage more doable.
The older you get, the more your life insurance premiums increase. Don’t wait any longer to do it. Getting your first policy in your late 50s is not problematic, even if you have never had one before.
Best Life Insurance Type for Age 58
What kinds of life insurance are available for a 58-year-old
Having choices is always a good thing. Term life insurance and permanent life insurance are the two main types of life insurance. Term life insurance provides you with protection for a defined period of time, typically 10 to 30 years. Term life insurance is less expensive and offers more basic protection.
On the other hand, permanent life insurance will protect you for your entire life. There are several varieties of permanent life insurance available, including whole life and universal life. Some life insurance policies include a cash value build-up feature that allows you to save money over time.
Cost of Life Insurance at Age 58
How much is life insurance for a 58-year-old
A 58-year-life old’s insurance premium will vary depending on the person, the life insurance provider, and the type of policy. But, we may provide a sample quote to give you a rough idea.
A $250,000 20-year term life insurance policy might cost about $90 per month for a healthy 58-year-old male. The same policy might cost roughly $65 per month for a healthy 58-year-old female.
You should request quotations from the best life insurance providers in order to get the greatest deal. In this manner, you can evaluate bids and choose the most reasonable offer.
Finding affordable insurance may be challenging if you have any serious health issues, but you may be able to find a life insurance provider with a more lenient medical underwriting policy.
How to Get Best Life Insurance Prices at Age 58
How can I get more affordable life insurance rates for age 58?
Most life insurance policies require you to undergo a medical examination in order to be authorised. The cost of your premiums will be significantly influenced by the outcomes of this exam. As a result, you should attempt to be in the greatest overall condition possible before applying for life insurance.
Before applying, changing your diet and exercise can have a significant impact. Also, you need to stop any negative habits. For instance, cigarette smokers pay 2-3 times more for life insurance than nonsmokers.
No medical exam life insurance is always an alternative for people who are having trouble getting life insurance due to bad health circumstances. Consider working with an independent insurance agent to make sure you’re getting the finest life insurance coverage possible for someone over 50. They can provide you with whatever information you need and locate the best policy for you.
Cost of Term Life Insurance at Age 58
These are some illustrative age-58 term life insurance rates. A guy and female will each have $250,000 in insurance in this case.
Life Insurance For Age 59
You shouldn’t delay getting life insurance any longer at the age of 59.
In your 60s, life insurance premiums will be much higher. You therefore don’t have much free time.
A 59-year-old in good health can still obtain a reasonably cost life insurance policy. Insurance for your future is never too late. It makes sense to worry about your family’s future if you were to pass away, especially now that the 1960s are at your door. Once you pass away, a life insurance policy can guarantee them continued financial security.
What types of life insurance policies may a 59-year-old purchase?
When it comes to life insurance, there is never a lack of possibilities. Term life insurance is the most popular option for a 59-year-old. You are covered by term life insurance for a defined period of time, typically 10 to 30 years.
Because they may only want coverage for a short period of time, people in their late 50s frequently choose affordable term life insurance. A 59-year-old frequently has practically all of their bills paid off, and their children are starting to become financially independent. A 10-year term life insurance coverage might be adequate in this situation.
Short life insurance is considerably less expensive than whole life insurance. The most common type of permanent life insurance is whole life. As long as you keep making payments on your whole life insurance policy, you will be protected for the rest of your life. Cash value growth is another element of whole life insurance.
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 is mostly influenced by the insurer, the terms of the policy, and your current state of health.
Nonetheless, we can provide you with an example price for a healthy 59-year-old. For a male and female with preferred and standard rates on a $250,000 policy.
What if I’m a high-risk applicant
There are a number of reasons you can be viewed as a high-risk applicant at the age of 59. It can be challenging to get accepted for coverage if you have any major medical issues, such as diabetes, heart disease, etc.
But anyone can be given life insurance approval. One option is to look for life insurance providers with a more forgiving medical underwriting policy. Otherwise, there is always the choice of no medical exam life insurance. Although these plans are more expensive, they offer high acceptance rates and practically rapid coverage onset.
How can I get more affordable life insurance
There are a number of things you can do to minimise the cost of your life insurance coverage if you’re motivated before you apply. The majority of life insurance policies require you to undergo a medical examination. The cost of your life insurance will decrease the healthier you are at the time of this assessment. The following advice will help you reduce your rates:
- Enhance Your General Health – Months before to applying, you can significantly lower your life insurance rates by engaging in regular exercise and a better diet.
- Quit Smoking —One of the best methods to cut your life insurance costs is to stop smoking. The cost of life insurance is 2-3 times higher for smokers than for nonsmokers. You can use that as encouragement to give up.
- Compare prices – The cost of life insurance varies from one business to another. You can discover a more reasonable policy if you get numerous quotations.
Working with an impartial insurance agent is something you should think about. Having an expert on your side is advantageous, particularly if you are in your late 50s. You can contact the best life insurance companies through an independent agent. Also, they will be aware of which businesses will accept your scenario with laxer medical underwriting.
You will save time and money by working with an agent. It might be challenging for persons over 50 to obtain life insurance. For individuals who want to safeguard their families, however, purchasing life insurance is absolutely necessary.
Please feel free to get in touch with us at PinnacleQuote (855) 380-3300 if you have any queries.
We understand that buying life insurance isn’t the most fun thing you’ve ever done. Nevertheless, when you take into account how much your family would gain from a death benefit payout and the fact that we offer some of the best prices on life insurance for persons in their late 50s, perhaps it ought to be higher on your list of priorities. If yes, submit your application right away! Fill out our simple form to request a quote today.