Life Insurance At Age 57
If you are shopping for life insurance at age 57, then you are probably
concerned about leaving a financial burden on your loved ones. Most shoppers look for life insurance in
their fifties so that they can lock in a low rate while they are still in good health. This is a wise
decision because as you get older, you may develop health concerns that make it much more difficult to obtain
affordable coverage. Learn more about your options and compare
rates from several highly rated carriers.
Your Options Coverage Options
You have two basic options for coverage in your mid fifties - term
life insurance and permanent life insurance. Term life insurance
is temporary coverage that can last anywhere from one year or as long as 30 years, depending on the company that
you choose. Term is very affordable coverage because you can get a lot of coverage for a very reasonable premium.
Unlike term insurance, permanent life insurance will last you for your entire lifetime, as long as you continue to
pay your premiums. Your policy will also accumulate cash value on a tax-deferred basis. Whole life and universal
life are the 2 most common permanent coverage options.
Sample Rates to Consider
So how much does a life insurance policy cost at age 57? Here are a few sample rates to give you a general
estimate of what you might pay. These are based on a non-smoker with a preferred health rating. Your rate could be
lower or higher depending on your situation.
$200,000 20 Year Term Life Insurance:
57 Year Old Male - $1471 per year
57 Year Old Female - $987 per year
$50,000 Level Pay Whole Life Insurance:
57 Year Old Male - $1360 per year
57 Year Old Female - $1129 per year
Keep in mind that the actual rate that you will pay is going to depend on several variables such as your smoking
status, your health history, your family health history, your occupation and hobbies, and even your driving
history. Life insurance companies look at all of these things when determining your eligibility for a policy.
Do You Have Some Health Concerns?
Although most 57 year olds are in excellent health, there are some who have pre-existing health conditions from
childhood or other things that have developed over the years. In most cases, you can still get affordable rates for
life insurance with a few health issues. The type of policy that you can qualify for and the rate you pay will
depend on what that particular health concern is. For example, if you have type 2 diabetes, then some insurers will
offer you a standard rate if your condition is well controlled. If you have some heart problems or instances of a
past heart attack or stroke, then you may only qualify for a guaranteed issue life insurance policy. It is best to speak with an
experienced agent about your particular health situation because he or she can guide you towards the best carrier
for your needs.
Get A Quote Today and Compare Multiple Rates
The first step when shopping for coverage in your fifties or at any age is to shop around. Whether you need a
temporary policy for a certain number of years or if you want something permanent that will be there for the
remainder of your life, it is very important to compare quotes from several different companies. This is because
rates can vary by as much as 70% from one carrier to another depending on your age, your health, your smoking
status, and even your driving record. So be sure to get a free no obligation quote
today. You can view multiple rates in less than a minute and get closer to peace of mind in knowing that your
family is protected.