If you are 55 years old and looking for life insurance, then your needs for life insurance are probably very different than when you were in your 20′s, 30′s, or 40′s. By this age you might be lucky enough to have a paid off mortgage or maybe your children have made it through college and are doing well on their own. If you are looking for a long-term policy, then you should know that at 55 years old, most carriers will only give you up to a 20 or 25 year term policy. You could also opt for a whole life insurance policy, which will provide you with benefits that will last you for the rest of your life at a fixed premium
Here are some sample quotes for a $250,000 20 year term policy for a 55 year old. These rates are based on a preferred health rating and are meant to be examples only.
55 year old male, non-smoker: $910.00 per year
55 year old female, non-smoker: $657.50 per year
55 year old male, smoker: $2347.50 per year
55 year old female, smoker: $2024.00 per year
If you are overweight or you have some health issues, then your rates will be much different than these. It’s best to talk to an experienced agent and be upfront with them about any and all health issues, occupational issues, and other factors that might affect your life insurance rate. An experienced agent who works with multiple companies will be able to guide you to the carrier who will give you the best rates for your situation. This is very important because every carrier has their own underwriting requirements. One carrier may reject you if you are a certain weight or if you have a certain health condition, while another carrier will offer you an affordable rate. If you’re looking for life insurance, then get a free quote for life insurance today.
Even though our life insurance needs change as we get older, (our children grow up and become self-sufficient and our homes are paid for) there is still a need for some coverage. Whether you need life insurance for funeral and final expenses, estate taxes, or you just want to leave a comfortable amount to your family, you still have many options at 62 years old.
Life insurance rates vary from person to person and also from carrier to carrier. A 62 year old man will pay more than a 62 year old woman. A smoker will also pay more than a non-smoker, and someone with health problems will pay more than someone in perfect health. Rates will also vary depending on whether you want term life insurance, which is temporary coverage, or whole life insurance that will last for the rest of your life.
Here are some rate examples to give you an idea of how much a $250,000 15 year term life insurance policy might cost you at 62 years old.
62 year old male non-smoker: $1432 per year
62 year old male smoker: $3802 per year (more than double!)
62 year old female non-smoker: $925 per year
62 year old female smoker: $2387 per year
These are meant to be examples only.Your rates may be higher or lower, depending on your health history, the amount and type of insurance you need, and which carrier you choose. It is very important to shop around because each company has their own unique criteria to qualify so rates can vary by as much as 70%. In the above example, a 62 year old male non-smoker can pay $4045 per year or $1432 per year for the same amount of insurance! The difference is the carrier. That’s a huge difference and that’s why it’s so important to compare multiple rates from many different insurers.
The first step is to shop around and compare rates from several carriers. Get a free quote online and compare multiple policies from top rated companies. If you have some questions about what type of coverage you need, or if you want to obtain rates over the phone, you can call 1-877-801-4402 to speak with an experienced insurance professional.
Do you have a whole life insurance policy that is becoming more and more unaffordable? Do you feel like you are paying too much for a small death benefit? Do you want more life insurance coverage for your family without having to pay an arm and a leg. You may want to consider a switch to term life insurance.
Whole life insurance has it’s places in the life insurance arena. If you are looking for permanent, lifelong insurance coverage, then whole life is a great choice. The only problem is that whole life insurance is expensive. It costs a lot more than term life because it’s permanent coverage and it also builds cash value. Another problem is that what you can afford to pay today can drastically change as time goes on. Take a look at the current economic condition. People are losing jobs left and right so family incomes are being cut. That expensive whole life policy that used to make you feel all warm and fuzzy may now be a thorn in your side.
Is your financial situation temporary? If you’ve lost your job or had a temporary decrease in your income, then you may still be able to hold onto your whole life policy. If you have cash value then that money can usually be used to cover your premiums. If your financial situation is not temporary and you really need to cut your costs, then a term life policy is a good idea. Be sure to shop around for competitive quotes and pick a policy that is affordable for you now and in the future. Get free quotes today.
Keep in mind that terminating a life insurance policy should be a well thought out decision. By taking out cash value or terminating a policy, you can incur tax costs so be sure to speak with your agent or tax advisor before you make a decision.
So you are shopping for life insurance and you want to compare quotes without having to give all of your information. You probably suspect that you’ll be called night and day by aggressive life insurance agents (that’s possible with some online quoting companies). You worry about getting spammed left and right by agents and companies. Because you don’t want to go through all of that, you’re looking for anonymous term life quotes right? The good news is that you can get anonymous term life quotes, but the bad news is that you’ll have to put in phony information. I know that sounds funny, but it’s true.
When you shop for term life insurance online, you have dozens and dozens of options. Just google “term life insurance” and you’ll find pages of life insurance companies who are ready and willing to give you quotes. Don’t be afraid to give your information to get some life insurance quotes because it’s actually to your advantage to work with a knowledgeable life insurance agent. There’s more to a life insurance quote than just putting in your age, height, weight and your smoking status. Just because you see a rate on a screen doesn’t mean you’ll be approved for that particular premium. Rates vary from carrier to carrier and if you have a little bit of high blood pressure, cholesterol or any other health issue, then there are certain companies that will give you better rates. That’s the type of information that you can’t find out by getting anonymous term life quotes.
So if you want to just get an idea of how much life insurance might cost you because you are bored at work, then anonymous term life quotes might be okay. But if you are seriously shopping for life insurance and you want to get the absolute lowest rates for your particular situation, you should definitely work with an experienced agent who knows the underwriting criteria for multiple carriers. Get a free quote today.
