Life Insurance for 56 Year Olds
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Written by
Chris Huntley
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Reviewed by
Rachael Brennan
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UPDATED: Nov 19, 2021
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When searching for life insurance at 56 years old, the biggest factors affecting your premium will be the type of coverage needed and your health.
Typically by the time you reach your mid fifties, you’re almost always dealing with some sort of medical condition or medication.
We see everything from people taking only a blood pressure medication to insulin-dependent diabetics, to Olympic athletes in stellar health. The point is whether you’re in excellent health or have some pre-existing conditions, we have many life insurance options for 56 year olds from highly rated companies.
Table of Contents
Life Insurance at 56 Years Old – Policy Types
Ninety percent of my clients who purchase life insurance at age 56 only need coverage for 10, 15, or 20 years.
That’s because their purpose of the coverage is to replace lost income from their job.
Since at this age, most people will only work another 10 to 20 years, it’s understandable that upon retiring, they will no longer have a need for life insurance.
If this is your situation, term life insurance is the answer for you. Term insurance allows you to purchase a large amount of coverage for a reasonable premium and is used to meet temporary insurance needs. However, you may need coverage permanently.
If your desire is to have lifelong coverage, then whole life insurance could be your solution.
Enter your ZIP code below to view companies that have cheap insurance rates.
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How Much Does Life Insurance at 56 Years Old Cost?
Below please find a couple sample quotes for a healthy male and female non smokers needing life insurance at the age of 56. These rates assume a “preferred plus non-tobacco” rating class.
20 Year Term Life Insurance
| Death Benefit | $500,000 | $1,000,000 |
|---|---|---|
| 56 Year Old Male | $1655/year | $3135 per year |
| 56 Year Old Female | $1205/year | $2215 per year |
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Guaranteed Level Premiums for Whole Life
| Death Benefit | $100,000 | $250,000 |
|---|---|---|
| Male Age 56 | $1169/year | $2833 per year |
| Female Age 56 | $966/year | $2388 per year |
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Please note quotes are subject to change. Your actual premium may be higher if you cannot qualify for the best class.
RELATED: Check Sample Life Insurance Rates by Age (No Personal Info Required)
In order to determine whether you can qualify for this rating, we’ll need to know your date of birth, tobacco use or non-smoker, height, and weight.
Some other factors that can affect a life insurance rating are:
- Driving history
- Family history of disease in parents or siblings
- Hazardous hobbies
- Occupation
- Travel
It’s important to disclose whether any of these apply to you for an accurate quote.
How Is a 56 Year Old’s Rating Class Determined?
In the example above, if the 56 year old man or woman takes some medications for well-controlled blood pressure, cholesterol, or mild anxiety, the quote may be accurate.
Some common high risk medical issues that can drop the life insurance applicant in their 50’s out of preferred plus status could be:
- Diabetes type 2
- Being obese or overweight
- History of heart disorders such as replaced valve
- Coronary artery disease
- Need for a pacemaker
Even with these issues, though, “Standard” or better may be available for life insurance at 56 years old. For a standard non smoker, use “regular” in our instant quote form on the right.
For an instant, no-obligation quote for life insurance for 56 year olds, feel free to use our quote form on the right to compare quotes from over 130+ top rated carriers.
Since we work with so many great life insurance companies, we feel we have the lowest premiums anywhere online.
Plus, you don’t have to answer pages and pages of intrusive questions. Once you hit “Compare Now”, you’ll see your quotes for term or whole life insurance at age 56.