Term Life Insurance at 55 Years Old

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.

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