Life Insurance for 50 to 59 Years Old | Tips & Sample Quotes

At Huntley Wealth Insurance, we specialize in understanding and meeting the life insurance needs of individuals ages 50-59.

Whether you are coming to us as a healthy, non-smoker, or if you have medical conditions such as diabetes, previous bouts with cancer or heart troubles, overweight, or are a smoker, we are experts at helping you find the most affordable premiums from the highest rated insurance companies.

Monthly Premiums for Healthy Male, Ages 50-59 Years Old

Age                       $100,000  $200,000  $300,000  $400,000
50 Year Old Male    $14.44    $21.15    $28.14    $35.84
51 Year Old Male    $14.70    $22.87    $31.26    $39.66
52 Year Old Male    $15.66    $24.57    $33.82    $43.07
53 Year Old Male    $17.11    $27.47    $38.17    $48.87
54 Year Old Male    $18.40    $30.36    $42.31    $54.27
55 Year Old Male    $19.69    $32.94    $46.18    $59.43
56 Year Old Male    $21.16    $35.86    $50.57    $65.27
57 Year Old Male    $22.88    $39.30    $55.73    $72.15
58 Year Old Male    $24.94    $43.49    $61.60    $80.39
59 Year Old Male    $26.80    $48.07    $66.56    $87.00

(10 Year Level Term Life Insurance Quotes – Premiums based on healthy, male, non-smoker.  Rates valid as of 5/28/10, subject to change)

Reasons Life Insurance is Needed in Fifties

1. Income replacement – You’re still working and want to leave your spouse, partner, or children a death benefit.
2. Estate Planning – You may need to add liquidity to an estate filled with real estate or business holdings, or after 2010, you may need the insurance to pay for estate taxes.
3. An Inheritance – You don’t care how old you are when you pass.  You want to leave something to your family.
4. Business Insurance
5. Used in Conjunction with a Trust – Common uses are to fund an AB or Bypass trust, or Irrevocable Life Insurance Trust.

Example Life Insurance at 52 Years Old – The Cost of Putting off Life Insurance to 53 Years Old

If you need life insurance at age 50 or older, please be aware that your premiums change substantially each year you wait.  For example, I had a 52 year old applicant wait to apply until a couple months after he turned 53 years old, and his premium went up from $592 per year at age 52 to $642 per year at 53 years old, for a 20 year term with $250,000 coverage.  That’s an 8% increase.  It’s higher if you wait longer.

For example, the jump from 56 years old to 57 years old is approximately 10% per year.  That’s because the older we get, the higher the annual increase is for waiting an extra year.  So if you’re in your early fifties, like 51 years old or 52 years old, you can expect about an 8% increase for each year you put off buying life insurance, whereas if you’re in your late fifties, say 58 or 59 years old, you’ll pay around 10% extra.

Guaranteed Level Term – 10, 15, 20, or 30 Years – Also, remember you should lock in your coverage for as long as you need life insurance.

Say a 54 year old male buys a 15 year term life insurance policy.  His premiums will be guaranteed to stay level until he’s 69. Many people in their early fifties may only need a 10 year term or 15 year term life insurance policy because they are nearing retirement an no longer need the coverage in 10 or 15 years.

Here’s how this works.  Let’s say a 51 year old purchases a 10 year term policy.  At the end of the 10 year term, the policy does not just cancel itself.  The 51 year old, now 61, will be offered a renewal rate, which will probably be too high to pay, and he’ll probably let the policy go, but he’ll at least have the option to keep it without proof of insurability.

That’s why it doesn’t matter if you’re 51 or even 57 years old; you should buy a term policy for a length that matches the amount of time you’ll need coverage.  You don’t want to buy a 15 year term policy at age 53 if you just refinanced your mortgage and need coverage for the next 30 years to cover your mortgage, right?

For instant quotes on 10, 15, 20, 25, and 30 year term, at ages 50 years old, 51 years old, 52 years old, 53 years old and 54 years old, along with return of premium and whole life insurance quotes, use the quote form on the right.  Please note for whole life to choose an option with level premiums to age 100 or 120.  We also have life insurance quotes at age 55 years old, 56 years old, 57 years old, 58 years old, and 59 years old.

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